What’s di昀케cult for a business leader to see is that your company’s valuation isn’t the be all and end all, this is always going to 昀氀uctuate and the pressures surrounding that will always exist. Vishal Marria Founder & CEO, Quantexa Raising cash is important. But to do so, you have to be prepared to walk away. What I mean by this is, as the entrepreneur, own the process, and don’t fall foul of investors trying to own that process. So, as you enter your Series A, B, C, D or E fundraise, think about what the optimum pack looks like. Remind yourself of your vision, the data you have, the product you have, how you stack up against the competition, and run with it. Ensure you have clear milestones and dates in mind. Or it’ll be easy to keep delaying things. And it’ll be easy to lose control. It’s also impor- tant to think about who is involved in these funding rounds – and how you work with them to strategically support your organisa- tion on its growth journey. You all need to be working towards the same vision and the same end goal. But, the biggest piece of advice that I can give to any entrepreneur is that great conver- sations, are just great conversations. Remember, the signed term sheet is what counts. That’s a sign of something real. And it’ll help you to set expectations with both parties. Down rounds increasing, but remain in minority While down rounds have captured a large share of industry attention, the market reality captured in the data is that the vast majority of new rounds of investment raised in 2023 (74%) were completed at valuations that were higher than that of the preceding round. In fact, despite a notable increase in the share of new rounds of investment raised at lower valuations to a company’s prior round in 2023, these still remain in the minority, comprising 21% of all rounds this year. Looking ahead to 2024, it is likely that this increased prevalence of down rounds will continue to be a charac- teristic of fundraising conditions, as more companies are forced to go back to market to raise capital and test valuations that haven’t recalibrated since the change in market conditions. 89 | Companies