Worry not: Down rounds are still rare by historical standards

If you thought that the recent venture capital market was tough, let me tell you about 2016, 2017, 2018, 2019 and 2020.

With the first week of December under our belts, we’re not too far away from the end of the year. That means that 2022’s venture capital story has largely been written. It’s not a single narrative; instead, this year started on a high, with momentum from the monstrous 2021 funding period persisting into the new year. From that point, we’ve seen a slowdown accelerate into what some consider a downturn.


The Exchange explores startups, markets and money.

Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.


Startups raised lots of capital this year. Less, yes, than last year, but more than in nearly any year in recent memory. It’s still a good time to build a tech upstart.

Does that perspective feel too sunny when we hear so much doom and gloom on Twitter regarding startup prospects in a more conservative investing climate?