Valuations: Seed valuations have dropped from $15-30M post to $10-20M post and Series A valuations have dropped from $50-100M+ post to $30-50M post

Round dilution: Has increased from 15-20% to 20-30% at Seed and from 15-25% to 20-30% at Series A

Diligence processes: Gone from 1-2 months to 2-4 months at Seed and from 2-3 months to 3-6 months for Series A

Round Metrics: There is a higher bar at all stages. Pre-revenue at Seed has become less likely and those companies are now raising $1-2M Pre-Seed rounds. The Series A bar is now $1.5-2.5M ARR with strong unit economics

Fund Pacing: Most we spoke with did zero to very few new deals in Q4. Many haven’t called capital on funds raised in 2022

Acquisitions: More acquisitions as many startups can’t raise the next round before running out of cash. Many founders and employees unfortunately won't make money as the exits won't cross the liquidity preferences

Bridge Rounds: 2023 will be the year of the bridge round as startups can’t cut enough costs to get to 2024. the average time between rounds is now 24+ months

This is based on what I am seeing in my 40+ active companies as well as what I’ve heard from 10+ VCs. Every market and startup will vary, but these are averages across many data points so I hope it provides some context.