For multiple years, the most active startup investors kept upping their games. They did more deals, backed larger rounds, and kept pushing up valuations.

In 2022, they took a breather. Per Crunchbase, virtually all of the most prolific venture and seed investors did fewer deals last year than the year before. The value of rounds they led shrunk too, with particularly steep declines for SoftBank Vision Fund and Tiger Global Management, which pulled back in the wake of heavy losses in their existing portfolios. READ MORE