The State of U.S. Early-Stage Venture & Startups: 2022

AngelList

Research

29 Pages

AngelList and Silicon Valley Bank track early stage venture through a strong first half followed by a sharp cooldown and late year stabilization. Activity slowed, median valuations reset at seed and Series B, and founders tightened burn. Dry powder remained elevated, setting up a more selective buyer environment.

Key Takeaways

Cycle whiplash: Early strength gave way to a rapid pullback before modest stabilization late in the year.
Valuation reset: Entry points improved as seed and Series B pricing stepped down from prior highs.
Terms and sectors: SAFEs stayed dominant while fintech held share and Web3 enthusiasm faded.
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