The State of U.S. Early-Stage Venture & Startups: 2Q23

AngelList

Research

26 Pages

The authors analyze the state of United States early stage venture and startups in the second quarter of 2023 using AngelList and Brex data. They track markups, deal activity, valuations, sector trends, funding patterns and founder spending to show how the downturn is reshaping outcomes.

Date published: July 27, 2023

Key Takeaways

Early stage slump: Early stage venture activity hit a cycle low, with roughly 5% of tracked startups transacting.
Valuation repricing: Median valuations fell across stages, pushing prices closer to pre pandemic norms and resetting expectations.
AI and spending: Data show AI related startups attracting attention while founders cut and reallocate spend amid tighter conditions.
VIEW FULL REPORT

Join our newsletter to have all of this content + Exclusive Newsletter Bonus Content delivered to your inbox every week

Related Content

Alternative Assets
State of Startups 2025
Feb 2026
Market Outlooks
2026 U.S. Real Estate Market Outlook
Feb 2026
Alternative Assets
Alternative Investments: Outlook 2026
Jan 2026

The information contained in this communication is of a general nature for informational purposes only, and does not constitute financial, investment, tax or legal advice. The information contained within this communication reflects the opinions of those referenced herein, and do not reflect the opinions of The Idea Farm, L.P. and its affiliates. Such opinions expressed herein are as of the date of production and are subject to change at any time without notice due to various factors, including changing market conditions or tax laws. Where data or information prepared by third parties is presented, no representation, warranty, or undertaking, expressed or implied, is given to the accuracy or completeness of such information by The Idea Farm, L.P. or any other person. While such sources are believed to be reliable, The Idea Farm, L.P. does not assume any responsibility for the accuracy or completeness of such information and does not undertake any obligation to update the information contained herein as of any future date. Any links to third party websites are offered only for use at your own discretion. The Idea Farm L.P., and its affiliates, are separate and unaffiliated from any third parties listed herein and are not responsible for their products, services, policies or the content of their website. All investments are subject to varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy or product referenced directly or indirectly in this communication will be profitable, perform equally to any corresponding indicated historical performance level(s), or be suitable for your portfolio. Past performance is not an indicator of future results.

Scroll to Top