Mega-round momentum drops The combination of the withdrawal of crossover investors and the general slowdown in late-stage investment activity is unsurprisingly re昀氀ected in a huge decline in the number of so-called mega-rounds, meaning round sizes of $100M or more. In the peak of 2021, there were almost 200 rounds of this magnitude, including more than 50 rounds greater than $250M. While this number declined slightly in 2022 to 163 rounds of $100M or more (of which 38 were greater than $250M), the 昀椀rst nine months of 2023 saw a far more signi昀椀cant decrease. In the 昀椀rst nine months of 2023 to date, there have been 36 rounds of $100M or more, of which only seven have been sized in excess of $250M. Number of $100M+ rounds, 2014 to 2023YTD $250M+ $100-250M 250 200 s 150 d n u o r f o # 100 50 0 4 5 6 7 8 9 0 1 2 D 1 1 1 1 1 1 2 2 2 T 0 0 0 20 0 0 0 0 0 Y 2 2 2 2 2 2 2 2 3 2 20 Notes: Data is as of 30 September Sources: Powered by 2023. Excludes the follow- ing: biotech, secondary transactions, debt, lending capital, and grants. 77 | Companies