Climate-tech VC deals stall in January

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.