So we’ve looked at a lot of great sources of data on how much tougher the late-stage venture markets are now, and yeah, they all point the same way.  It’s a lot, lot, lot harder than 12 months ago to raise a Series A or later round.  And growth rounds are down 80%+ or more.

But this latest chart from Carta visualizes it in perhaps the most helpful way — around $100m rounds.  Forget about valuations and letters, let’s talk about money.  How much money is coming into startups?

And Q4’22 was … terrible.  Not just worse than 2021, of course.  Not even just down 80% year-over-year.  But worse than any quarter in 2020, and worse than any quarter in 2019:

The only quarter that came close was the Covid Quarter of Q1’20, but even there, there were 19 $100m+ rounds.

Q4’22 was even worse.

Times are still pretty good in SaaS in many ways.  The markets remain strong in many cases, if shaky.

But $100m+ rounds?

They’re at recent all-time lows.  You have to go back years to find a slower time for $100m+ rounds.

I don’t think public multiples will stay this low forever. I do think they’ll come back 20%-30% higher, at least, later in 2023.  And when they do, it will be easier to raise growth rounds.  But for now, $100m+ deals are basically frozen.

A related post here:

Cooley: Series D Deals Dropped 78% in Just Q3 Alone. Late Stage Has Fallen Off a Cliff.

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