As we bid adieu to 2022, it seems easy in hindsight to sum up the startup investment climate as your usual cyclic clean-up after a big party. Valuations fell, investors got pickier, and a cratering public market reminded us that tech stocks do sometimes go down.

But parsing through the quarter-by-quarter numbers for active investors, it’s clear 2022 wasn’t entirely a clean-up-the-mess year. For large investors, the party actually continued to rage through the first quarter and remained festive in the second. Only in the latter half of the year did we really see a big slowdown. READ MORE