Venture Capital Funding for Start-Ups Plummets, Fewest Deals in Five Years

Employees of start-up companies work at their designated spaces at the offices of 1776 business incubator in Washington D.C., on Feb. 11, 2014. Mladen Antonov/AFP/Getty Images

Venture capital funding for start-ups plummeted by more than half in the first quarter of 2023 compared with the year before.

The period saw a massive slowdown in the tech industry, as the number of new funding agreements fell to less than 3,000, a 55 percent decline and the lowest level in more than five years.