Lehot and Thiollier summarize CB Insights' State of Venture 2023 Report, noting venture funding fell to $248.4 billion, the lowest since 2017, with deal volume down 30% year over year and Q4 marking the harshest global VC quarter in six years, while fintech and retail tech saw minor late-quarter gains. US deal volume hit a 10-year low with just 2,182 equity deals in Q4, late-stage deal size fell more than 50% since 2021 from a $50 million to $21 million median, mega rounds hit their lowest level since 2017, VC-backed IPOs fell to their fewest since 2013 at under 200 globally, and unicorn creation dropped 73% to just 71 new unicorns, a seven-year low. Despite this, the authors argue 2024 shows green shoots: inflation fell below 3% from over 5% a year earlier, unemployment stayed at historic lows, supply chains reinforced, oil prices and semiconductor demand moved favorably, and generative AI and sustainability tech drew the majority of top Q4 deals, all pointing toward a more risk-on environment ahead.

Founders who struggled to raise in 2023 get a concise, data-backed explanation for why the environment felt so difficult, from a 10-year low in US deal count to a 73% collapse in new unicorn creation, useful context for benchmarking their own fundraising experience against the actual market rather than assuming it reflected something specific to their company. The specific macro indicators cited as reasons for 2024 optimism, falling inflation, stable unemployment, reinforced supply chains, and rising semiconductor demand, give investors and founders a concrete checklist of economic signals to track themselves when trying to judge whether fundraising conditions are genuinely improving rather than relying on sentiment alone. The late-stage deal size collapse, from a $50 million to $21 million median since 2021, is also a useful, specific benchmark for growth-stage founders trying to set realistic expectations for how much a round at their stage might actually raise compared to the boom-era comparisons often cited in older articles or advice.