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First Half 2023 Aumni Venture Beacon

Aumni, in partnership with Capital Connect by J.P. Morgan, proudly offers the new First Half 2023 Aumni Venture Beacon.

Welcome to the Aumni Venture Beacon: First Half 2023. We're proud to offer this latest view of the private capital markets, which leverages Aumni’s broad range of data to examine contrasting trends in venture in 1H23.

Among other key developments, the report examines median lead investor check sizes, which fell among early-stage deals last year, coinciding with an overall decline in the venture capital market. The drop in Series B lead investor check sizes was particularly steep, sliding by 64% to $7.2 million in 1Q23 from $20 million in 1Q22.

This year, however, Seed and Series A lead investor check sizes are holding steady, at approximately $2 million and $5 million, respectively. At the same time, Series B lead investor check sizes have been on an upswing since 1Q23. This data may indicate more balanced investor sentiment.

The Beacon also delves into some of the continued challenges in the market. For example, the pace of new investments slowed significantly: Average fund velocity declined from 3-4 deals per quarter between 1Q18 and 4Q22 to under 2 deals per quarter in the first half of 2023.

Overall, the first half of 2023 presents a venture landscape that may be starting to normalize toward historical trends, but remains challenged. These dynamics underscore the importance of adaptability in a continually evolving environment.

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