Persistent market headwinds, culminating in the collapse of Silicon Valley Bank, added to the pall of uncertainty in the venture capital ecosystem in Q1 2023. According to PitchBook analysts, as fundraising continued its downward trend, the roughly $12 billion in closed commitments was not nearly enough to sustain the VC market. Without the ability to build capital stores, we expect that investors will remain cautious into Q2 despite higher than typical amounts of dry powder.
In this webinar, our panel of speakers will highlight key findings from the Q1 2023 PitchBook-NVCA Venture Monitor report, as well as what developments investors should be aware of in the year ahead.
- Venture growth stage pre-money valuations have fallen to roughly 2018 levels, 64% below the annual high from 2021
- Crossover investors have pulled back to 2017 levels of investments, leaving a gap in financing needs and available equity funds
- Preliminary data shows that exit value is at a low of $5.8 billion providing no reason to believe the IPO market will thaw in the near term
Vincent Harrison is a venture capital research analyst at PitchBook, where he contributes to the firm’s research efforts covering all aspects of the venture ecosystem. His research and expertise focus primarily on early- and growth-stage venture capital, nontraditional investors, M&A, exits and fundraising. Prior to joining PitchBook, Harrison was the founder of his own fintech company that focused on consumer data monetization, and he was also an Associate at Goldman Sachs within their Asset Management Division.
Harrison holds a bachelor’s degree in Hospitality from Cornell University. He is based in PitchBook’s New York office.
Shiloh Tillemann-Dick serves as the research director at NVCA. His work focuses on the development of qualitative and quantitative analytical products which provide the rest of the team with the material they need to tell NVCA’s story. Before joining NVCA Shiloh was the Political Director at the Leadership Now Project, where he developed the organization’s political strategy, oversaw expansion into eight new states, and organized the group’s 2022 candidate program. Shiloh is a graduate of Yale University and has lectured on analytics, public policy, and project management at the University of Maryland.
Andy Kelly is a managing director and relationship executive in the Venture Capital (VC) coverage group for J.P. Morgan Commercial Banking, within the Middle Market Banking & Specialized Industries (MMBSI) business. In this role, he is responsible for developing relationships with key VC firms from his base in the Bay Area. He is a current independent board member for US Speedskating, as well as a former board member for the American Red Cross’s Bay Area chapter and a former advisory board member for USAA.
Victor Boyajian is the global chair of Dentons Global Venture Technology and Emerging Growth Companies Group. Victor leads a global team focused on representing emerging growth technology companies, venture capital firms, corporate strategies, and private equity firms in a broad array of financings and strategic transactions from Silicon Valley to Boston to New York and around the globe.
Donna JW Hare
Donna JW Hare has more than 24 years of experience in the professional employer organization (PEO) industry. For the past 21 years with Insperity, Donna has been a Sr. Business Performance Consultant advising C-level executives & HR leaders on strategies related to human capital and employment risk with a specialty in mergers and acquisitions, spinoffs and exit strategies. 16 of Donna’s years at Insperity have been in the Middle Market segment serving clients from 150 to 5,000 employees. Donna served on ACG-Silicon Valley's board of directors & continues to support ACG and other partnerships at the national and local level as a speaker, author, and advisor. Donna also continues to participate in webinars and has published white papers on the importance of assessing the risk and value of human capital in M&A transactions, cultural alignment, and navigating today’s workforce. Donna is also an advisory member at the University of Houston, Bauer College of Business’s Managing Human Resources Program. In Donna’s free time, she loves to cook and spend time with her husband Scott & 5 children who range in age from 19 to 1 year old.