The toughest fundraising environment The impact of the market reset is visible in founder sentiment when asked about the change in fundraising conditions over the past 12 months. 80% of founder respondents to the survey say that it has become harder to raise venture capital over the past year. Just 7% of respondents stated that conditions had eased. It’s worth noting that this year’s responses suggest that fundraising conditions have deteriorated even further from what was already a challenging moment at the time of last year’s survey, when 82% of founder respond- ents said that it had become more challenging to raise venture capital. Looking at respondents from different demographics, underrepresented founders are having a relative- ly harder time. While the views of women and men founders are aligned, non-white founders report facing tougher barriers (87%) to fundraising compared to their white peers (79%). In your opinion, is it easier or harder to raise venture capital in Europe than it was 12 months ago? Easier Unchanged Harder 100 80 s t60 n e d n o p s e r f o 40 % 20 0 2019 2020 2021 2022 2023 Notes: Sources: Founder respondents only. Numbers may not add up to 100 due to rounding. | 72