After record years in 2021 and 2022, venture capital has pulled back dramatically in 2023. During the first three quarters of this year, VC firms only raised about $43B, according to PitchBook.
Venture capital fundraising peaked in 2022 at about $163B, up from $154B in 2021. Even in the depths of the pandemic, in 2020, VC firms were able to generate more than $93B.
The VC tally for 2023 is not expected to top $57B. However, despite this limited fundraising activity, one red-hot sector is driving the growth of VC funds this year: generative AI.
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