Axios Pro Exclusive Content

Climate-tech VC deals stall in January

Feb 6, 2023
Data: PitchBook Data; Chart: Axios Visuals

The number of VC deals in January fell considerably in 2023 when compared to the same month across the past several years.

Why it matters: Climate tech remained fairly resilient compared to other industries amid a broader VC pullback in 2022, but may not get so lucky in 2023.

By the numbers: The 54 deals completed in January 2023 raised roughly $250 million in venture funding, per PitchBook data.

  • By contrast, the 120 deals completed in January 2020 raised just $300 million in venture funding and the 224 deals in January 2021 raised $700 million, indicating that the vast majority of deals in 2020 and 2021 were significantly smaller than the deals completed in 2023.
  • The number of deals and value of deals both peaked in 2022 with 386 deals raising roughly $4.2 billion.

Yes, but: PitchBook counts deals that are publicly announced, making the above data a lagging indicator as to how many deals were actually done in January 2023.

  • Investors and founders told Axios throughout January that the funding rounds they announced that month closed anywhere from July to December 2022.
Go deeper