
E141: State of Series A's, VC dry powder, IPO window opens + more with Bill Gurley & Brad Gerstner
All-In with Chamath, Jason, Sacks & Friedberg
Venture capital market trends and stability post-pandemic
The venture capital market reached its peak in Q4 of 2021 but declined throughout 2022. It bottomed out in Q1 of 2023 but has now stabilized at a pre-pandemic level. Series A rounds are more competitive while late stage rounds have less capital available. This is because it's harder to raise money based on narrative when there's more operating history. Early-stage companies can raise money based on a dream and a story.
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