Is this really the second best time ever to raise seed capital? •

“The Enterprise of 2022” capital market” is almost a misnomer, as each quarter that passes seems to bring a new standard for startup investment. The pace of the quarterly change in how venture capitalists pay out capital makes the full-year figures almost misleading.

In other words, the change in 2022 can sometimes mask how much things have evolved lately; January and February feel like years ago in boot time, not just a few quarters back.

Such is the case with the early stage venture capital market in the United States. PitchBook Data outlines two perspectives on what’s going on for younger startups today. The first is that 2022, when it closes in less than three months, will be the second richest start-up investment period in history. That’s good and we suppose welcome news for founders.

The Exchange explores startups, markets and money.

Read it every morning on or get The Exchange’s newsletter every Saturday.

At the same time, however, given the successive quarterly declines, we are also seeing a market decline at an early stage. So is it more important to look at Q3 2022 data for enterprise segments than year-to-date data for the same, if our goal is to assess, or at least understand, the current investment climate for startups?