Venture Capital Valuations: Mid-Year Outlook

VC down rounds still prevalent but first signs of performance bottoming out 

• Venture capital performance improves for the first time in two years, while investor concerns about overvaluation are easing 

• Down rounds are still prevalent and affecting one in five companies 

• In the weak exit environment, sales to GPs in the first quarter of 2024 made up 9% of exits – the highest in a quarter in the period since 2017