The 2022 VC crash, in 4 charts

Venture capital funds performed pretty poorly last year, to put it mildly, according to a PitchBook performance report. After a peak in the second quarter of 2021, where rolling one-year IRRs briefly hit 74.9%, performance for VC funds was down to -17% by the fourth quarter of 2022. Here’s a look at performance over the last decade:

With the IPO market effectively halted in 2022, distributions waned and contributions shrank, too. That took a toll on net cash flow. Take a look:

All of this has had an impact on fundraising for this year. Here’s a look at fundraising data, as of Sept. 14, 2023:

Another reason for the slowed fundraising likely has to do with the amount of money either sitting in companies without a clear path to exit, or capital still sitting on the sidelines in the form of dry powder, waiting to be deployed. Here’s a look at the amount of dry capital in the market:

See you tomorrow,

Jessica Mathews
Twitter: @jessicakmathews
Email: jessica.mathews@fortune.com
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Joe Abrams curated the deals section of today’s newsletter.

VENTURE DEALS

- Stoke Space, a Kent, Wash.-based developer of a fully reusable space rocket, raised $100 million in new funding. Industrious Ventures led the round and was joined by the University of Michigan, Sparta Group, Long Journey, and others.

- Harri, a New York City-based employee management company for hospitality businesses, raised $43 million in Series B funding. Atalaya Capital Management led the round and was joined by Golub Growth and others. 

- LimmaTech, a Schlieren, Switzerland-based vaccine developer, raised $37 million in Series A funding from Adjuvant Capital, AXA IM Alts, and the Novo Holdings REPAIR Impact Fund. 

- TileDB, a Cambridge, Mass.-based data management platform, raised $34 million in Series B funding. AlleyCorp led the round and was joined by Two Bear Capital, Nexus Venture Partners, Big Pi Ventures, Intel Capital, Uncorrelated, and others. 

- HarfangLab, a Paris, France-based cybersecurity provider for companies, raised €25 million ($26.4 million) in Series A funding. Crédit Mutuel Innovation led the round and was joined by MassMutual Ventures and Elaia. 

- Tquila Automation, an Austin, Texas-based company designed to integrate company automation tools, raised $20 million in Series A funding. Delta-v Capital led the round and was joined by Tquila and Momentum Partners. 

- SuperOps.ai, a Claymont, Del.-based platform designed to put IT processes in one place, raised $12.4 million in Series B funding. Addition and March Capital led the round and were joined by Matrix Partners. 

- Orus, a Paris, France-based insurance provider, raised €11 million ($11.6 million) in Series A funding. Notion Capital and VR Ventures/Redstone led the round and were joined by existing investors Frst, Partech, Portage, and angel investors.

- Ounce, a Washington, D.C.-based company that coordinates health care plans and provides health services to low-income housing communities, raised $5.2 million in seed funding. Meridian Street Capital and Flare Capital Partners led the round and were joined by Metrodora Ventures and others.

- Goodhood, an Ann Arbor, Mich.-based subscription service for car maintenance and repairs, raised $2.6 million in seed funding from Bullish, Mucker Capital, Okapi Capital, New Age Ventures, Kubera Venture Capital, and Impact Ventures. 

- Komment, a Munich, Germany-based platform using AI for software and code documentation, raised $1 million in pre-seed funding. Craft Ventures led the round and was joined by angel investors.

PRIVATE EQUITY

- Aeven, a portfolio company of Agilitas Private Equity, agreed to acquire Sentia, a Herlev, Denmark-based company designed to help other companies integrate into the cloud. Financial terms were not disclosed. 

- QHP Capital acquired Applied StemCell, a Milpitas, Calif.-based cell and gene therapy specialist. Financial terms were not disclosed.

Correction, Oct. 10, 2023: A previous version of this newsletter misspelled the name of the company Aeven.

OTHER

- Bristol-Myers Squibb agreed to acquire Mirati Therapeutics, a San Diego-based developer of cancer therapeutics, for $4.8 billion.

- Tquila Automation acquired Element Blue, a Houston, Texas-based AI-powered healthcare portal for patients and providers. Financial terms were not disclosed.  

FUNDS + FUNDS OF FUNDS

- Accolade Partners, a Washington, D.C.-based investment firm, raised $325 million in their second fund focused on venture and growth-equity funds controlled by women and minority managers.

PEOPLE

- ICG, a London, U.K.-based private equity firm, hired Sarah Faulkner as chief operating officer. Formerly, she was with Goldman Sachs.