LONDON — Venture capital funding for startups based in the United States tumbled in the first nine months of the year, according to data and insights company GlobalData.

A total of 8,142 funding deals were announced during the period, totaling $160.1 billion, marking a 23% decline in deals volume and a 33% decline in funding value when compared to the same period of the previous year. Total funding value increased in September, up 19% to $11.9 billion from $10 billion in August, despite a 13% decline in deals volume when compared to the previous month. Big-ticket investments in September included $310 million in Series E funding raised by indoor farming operator Gotham Greens. Additionally, True Food Kitchen, a restaurant and lifestyle brand with 42 locations in 17 states, raised more than $100 million in funding to support accelerated growth. Smaller food and beverage deals occurring in September included a Series A funding for sparkling water brand Aura Bora, a $13 million Series A funding round for Japanese-inspired sauce maker Bachan’s, and a $3 million seed funding round for condiment startup Red Clay Hot Sauce.

“Although the US saw a year-on-year decline in VC funding activity during Q1-Q3 2022, the growth in funding value in September 2022 and announcement of a billion-dollar deal (for Terawatt Infrastructure) during the month suggest that despite their cautiousness, VC investors still see it as their preferred investment destination,” said Aurojyoti Bose, lead analyst at GlobalData. “In fact, the US was the only market to see a billion-dollar deal in September, while several other key markets including China experienced a fall in capital raising.”