Venture capital (VC) funding in China dropped 48.2 percent during the first quarter of 2023 to $9.5 billion, reveals GlobalData.
VC funding deals in China declined 20.5 percent to 820 in Q1 2023.
VC funding deal volume in the US, the UK and India YoY declined by 45.3 percent, 33.8 percent and 48.7 percent, respectively, in Q1 2023. The decline in terms of value for these markets stood at 50.2 percent, 58.1 percent and 74 percent, respectively.
China continues to be the top APAC market for VC funding in terms of deals volume as well as value. It accounted for 47 percent of the number of VC deals announced in the APAC region during Q1 2023 while its share of the corresponding deal value stood at 56.8 percent.
Subsequently, China stands next only to the US in terms of VC deals volume and value. It accounted for 15.3 percent of the number of VC deals announced globally during Q1 2023 and 14.3 percent of the total deal value.