Overall VC funds raised ($B) by fund type per year, 2014 to H1 2023 Early-stage Later stage venture 30 Venture (all stages) 25 ) B20 $ ( d e s i a r s d 15 n u f C V l a t 10 o T 5 0 0 0 0 0 0 0 0 0 0 3 . . . . . . . 1. . 2 4 5 6 7 8 9 0 2 1 1 1 1 1 1 2 2 2 0 0 0 0 20 0 0 0 0 0 2 2 2 2 2 2 2 2 2 H1 Notes: Taken from the European Data Cooperative, developed by Invest Europe. Data is as of Sources: June 2023. The data shows incremental amounts in each year for venture funds, not only final closing. First-time funds taking a hit There has been a lot of discussion about the impact of a challenging fundraising environment on 昀椀rst-time fund managers. Despite the fact that conditions had clearly already shifted in 2022, there was an all-time re- cord high in terms of funds raised by 昀椀rst-time European VC managers, while the number of funds closed also approached the record level of 2021. This year, however, shows a clear reversal of these record numbers. In the 昀椀rst half of 2023, only 29 昀椀rst-time European VC funds were closed for a total of less than $1B in aggregate funds raised. Based on the level of ac- tivity seen year to date, it’s clear that the full-year total will fall well short of recent highs and look set to drop back to levels last seen in pre-Covid years. | 196