State of Consumer Internet 2023
A new landscape emerges
US VC investment year-over-year (YoY) increase in commerce enablement — an encouraging statistic in a difficult fundraising year for most consumer tech subsectors.
Median burn multiple for early-stage companies in Q4 2022, down from a high of 3.1x in Q1, as consumer tech companies pivoted towards profitability and reduced cash burn.
Median valuation step-up from seed to Series A, a slight drop from 2021 but higher than the 2.8x step-up in 2020, an indication that VC demand remains strong for early-stage consumer startups.