Founders having to adjust expectations In this year’s survey, we asked founders to share their speci昀椀c experiences in attempting to raise their most recent rounds of investment. The responses make for tough reading. The vast majority of founders highlighted the impact of challenging fundraising conditions on most aspects of their process. The most notable impacts cited were extended process timelines, the need to adjust valuation expectations down, and having to reduce round sizes or take more dilution than hoped. That being said, there’s always a small number of founders and companies that are able to successfully navigate challenging market conditions to negotiate with potential investors and command more favourable terms. In which areas (if any) did you have to make changes over the course of your most recent fundraising, were these favourable or unfavourable? Favourable change No change Unfavourable change Extending the timeline of th… Expectations on valuation Round size Postponing fundraise Founding team dilution Investor outreach Due diligence scope Investor round composition (… Introduce liquidation prefer… Top up ESOP pool 0 20 40 60 80 100 % of respondents Notes: Founder respondents only. Sources: Respondents who selected "No change / Not applica- ble" are excluded from the data. | 80