Venture-capital firms raised a grand total of $20.6 billion in 22Q4, a 65% decline from a year ago, the lowest fourth-quarter amount since 2013, and returns fundraising to levels last seen in 2015. It was also less than half the amount raised in 22Q3, and the first time fundraising levels declined from Q3 to Q4 since 2009. Investors put money into 266 venture-capital funds compared to 620 funds in 21Q4.