San Diego startups raise $1 billion in the third quarter but that’s a drop of 60 percent from last year’s record-setting pace
San Diego startups continue to be swept up in the turmoil of global financial markets, with the amount of venture capital flowing to young local companies falling more than 60 percent compared with the same quarter last year.
The San Diego region ranked eighth nationwide for venture capital raised in the third quarter, trailing San Francisco, Los Angeles, New York, Boston, San Jose, Seattle and Miami, according to Venture Monitor. The region historically lands around the top 10 metropolitan areas for startup funding, thanks to dual pillars of life science firms and technology companies.
But 2022 has been a tougher slog. A declining stock market has sidelined most initial public stock offerings —the key vehicle for venture capitalists to cash in on their investments in young companies. “The venture capital market, they are in defense mode right now,” said Holl. “They are protecting their winners, and they are being very valuation sensitive, which is not surprising given the market volatility that’s out there.”
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