Global VC investment fell from $81.4 billion across 9,563 deals in Q2’23 to $77.05 billion across 7,434 deals in Q3’23 as VC investors continued to act cautiously, taking much longer to make deals than in recent quarters, intensifying their due diligence, business models and the paths to profitability of startups looking for investment. Both total global investment and deal volume reflected multi-year lows; VC investment in Q3’23 was the lowest since Q3’16 while VC deal volume was the lowest since Q2’19, according to the Q3’23 edition of KPMG Private Enterprise’s Venture Pulse – a quarterly report highlighting VC investment trends globally and in key regions around the world.

Q3'23 - Key Highlights

  • Global VC investment dropped from $81.4 billion across 9,563 in Q2’23 to $77.05 billion across 7,435 deals in Q3’23.
  • VC investment in Europe rose from $16.4 billion to $17.3 billion quarter-over-quarter.
  • The Americas accounted for $38.6 billion in VC investment in Q3’23 (a drop from $39.8 billion in Q2’23). The US accounted for $36.7 billion of this total – down from $37 billion in Q2’23.
  • VC investment in the Asia-Pacific also dropped from $24.2 billion in Q2’23 to $20.3 billion in Q3’23.
  • Global Corporate VC-participating investment grew only slightly from $39.1 billion in Q2’23 to $40.4 billion in Q3’23.
  • Global unicorn deal value barely increased but stayed at a low level, accounting for just $15.75 billion in Q3’23—the lowest quarter for unicorn deals in over six years.
  • Exit value grew from $53.3 billion in Q2’22 to $82.8 billion in Q3’23.