Poor public stock performance put a pause on the hoped-for IPO revival in 2023. According to our analysts, however, the economy still performed better than anticipated and we could see a steadier trickle of IPOs next year if interest rates begin to decrease.
The issue of capital availability continues to put pressure on startups. Dwindling cash runways coupled with a stagnant exit environment have created intense challenges. These ongoing hurdles are driving startups and their investors to approach the new year with great caution.
In partnership with the National Venture Capital Association (NVCA) and sponsored by J.P. Morgan, Dentons, and Deloitte, this webinar will highlight key findings from the Q4 2023 PitchBook-NVCA Venture Monitor report and what investors should be aware of in 2024.
- Later-stage companies, many of which should have exited by now, have been impacted the most by the significant slowing of deal activity YoY across all stages.
- Despite some high-profile IPOs, we are a long way from an IPO comeback, leaving many companies at the mercy of an investor-friendly fundraising market.
- Nontraditional investors have continued to reduce their VC appetite. Given the current interest rate environment, we don’t expect many of them to return for quite some time.
Shiloh Tillemann-Dick serves as the research director at NVCA. His work focuses on the development of qualitative and quantitative analytical products that 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 coverage group for J.P. Morgan Commercial Banking, within the Middle Market Banking & Specialized Industries 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 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 financing and strategic transactions from Silicon Valley to Boston to New York and around the globe.
With more than 30 years of financial services experience, Heather serves as the national Private Growth Leader, overseeing the Deloitte Private, Emerging Growth Company, and Private Equity businesses within Audit & Assurance.