The global venture capital market is not done retreating yet

Even though news of potential interest rate cuts has led to optimism that the IPO window might reopen and things might improve in startup land, it appears the global venture capital market has yet to level out: Early data from PitchBook indicates global VC investment in startups continued to slide in the fourth quarter of 2023.

The Exchange explores startups, markets and money.

Read it every morning on TechCrunch+ or get The Exchange newsletter every Saturday.

While things are down sharply in the United States compared to the heady days of 2021, investment trends seem to have largely reached a new normal — U.S. startups raised $37.5 billion in Q4 2023, which wasn’t much less than the $37.6 billion they raised in Q2 2023 and the $39.8 billion in Q4 2022.

In contrast, here’s what’s happening globally:

Data from PitchBook. Image Credits: Alex Wilhelm / TechCrunch

We are still going down, folks!