The Hardest Round to Raise in 2023

Series B funding became the most difficult round to raise in Q1 2023, with venture capital volumes across all early- and mid-stage rounds declining 64-86% year-over-year to 5-10 year lows. The author attributes this to uncertainty in Series B pricing multiples and the fact that companies with large Series A raises from the prior 18 months have sufficient capital runway and are choosing to wait for better valuation terms rather than rush to market.