The State of U.S. Early Stage Venture & Startups: 3Q23

AngelList

Matthew Speiser

Research

26 Pages

AngelList reviews how early stage venture finally showed signs of life after a long stretch of worsening performance. Investment activity and markups ticked up, valuations stabilized, and founders started spending more again, especially on marketing and AI tools. Even so, conditions still resemble a weak environment, so the tone stays cautiously optimistic rather than celebratory.

Date published: October 18, 2023

Key Takeaways

Activity rebounds: Investment activity and markups move back toward more normal levels as investors re engage with early stage deals.
AI drives interest: Demand for AI and machine learning startups explains much of the improvement in performance and investor appetite.
Cautious optimism: The quarter is better than recent lows but still fragile, so founders and investors must stay selective and disciplined.
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