Greater Philadelphia hit its lowest VC deal total since 2020 in 4Q. These were the 10 largest funding rounds.

It was a tale of two halves for venture capital fundraising in Greater Philadelphia in 2022, but the region still secured some $5.2 billion in funding across 488 deals. Close to $4 billion of that funding and 299 of those deals came in the first two quarters of the year, according to data from the latest PitchBook-NVCA Venture Monitor.

The fourth quarter saw startups strike 87 deals, the region's lowest quarterly total since it recorded 84 deals in the first quarter of 2020. However, the $683 million raised was a bump up from $611.3 million in the third quarter, according to PitchBook data.

Compared to metro areas across the country, the Philadelphia-Camden-Wilmington area ranked 12th in total venture capital raised in the fourth quarter. It barely beat out the Denver region and came in about $70 million behind the Austin metro area.

The long-anticipated market slowdown seems to have made deep inroads in the local venture capital scene and readjusted what a normal fundraising quarter looks like. The two consecutive quarters with less than $700 million in total capital invested follow seven of the past eight quarters in which fundraising in the region topped $1 billion.

The slowdown in venture capital deals and funding in Greater Philadelphia was echoed across the country. Pitchbook CEO John Gabbert said that "many investors are pulling back until the ecosystem returns to a more palatable normal.”

“Although earlier stage deal activity and fundraising totals show remarkable resiliency in 2022, the overall slowdown in annual VC activity reflects the sizable headwinds presented by ongoing macroeconomic factors, rising interest rates and frozen avenues for startup liquidity,” Gabbert said in a statement.

Despite the economic slowdown, Southeastern Pennsylvania continues to gain ground on traditional startup hubs. Across the larger Philadelphia combined statistical area (CSA) — which stretches as far as Reading to the west, the Jersey Shore to the east, and Dover, Delaware, to the south — there were a total of 554 deals in 2022. That trails only the Bay Area, New York, Los Angeles and Boston for total deal count, and those four CSAs made up 50% of all VC deals in the U.S. in 2022.

Health care startups continue to bring in the bulk of the venture capital coming to the Philadelphia area with five of the top 10 fundraising rounds going to health care companies.

Here is a look at the top 10 venture capital deals in the Philadelphia metro area in the fourth quarter, according to PitchBook: