PB: VC valuations extend slump

PITCHBOOK reports:

Venture capital valuations continued their descent in Q1. The dearth of IPO exits, a pullback from nontraditional investors, and ongoing economic headwinds have all contributed to lower valuations and smaller round sizes for all stages except seed.

Not only did valuations drop, but the share of down rounds as a percentage of all deals began to creep higher, according to our Q1 2023 US VC Valuations Report, sponsored by Morgan Stanley At Work. We estimate the market environment has become ...