No spike in late-stage venture despite 2022’s lack of IPO market

With the IPO window essentially slammed shut in 2022, it was reasonable to predict that more private companies would choose to raise an additional venture round rather than go public. But series C, D and E rounds all represented smaller fractions of the total venture raised in 2022 versus 2021, according to an analysis of financings in BioCentury’s BCIQ database.

It was seed and series A rounds that became a larger portion of the total in 2022, with the year’s total raised in series A rounds coming in head of 2018, 2019 and 2020. The strong early-stage venture environment, and continued growth of the sector, could have been part of the reason later-stage rounds did not become a larger piece of the pie in 2022. ...