• Remember fundraising outcomes are not only dependent on your business and its metrics but also on the macro environment
• Assume it will be very difficult to raise financing in the next 3 months, and possibly longer
• The goal should be to have 12-18 months of runway given the current macro environment
• Assumptions from bull market financings or even from a few weeks ago do not apply. Many investors will move away from thinking about “growth at all costs” to “reasonable growth with a path to profitability”. Adjust your business plan and messaging accordingly
• Valuation multiples will be reset. This is because many investors perceive there is much more macro risk today and public markets are now valuing companies differently than a few weeks ago
• It’s more important to optimize for company runway than valuation at this point
• A “flat round” that extends your runway to at least 12 months is a good outcome in these times
• If you need to fundraise today, progress with “decreasing familiarity”:
  • Start with your existing investors and ask them how much they may be willing to invest and at what price
  • Then reach out to other investors who you have gotten to know well or who have tracked your journey for the last few years to gauge their interest
  • Then cast a wider outreach
• Even positive fundraising outcomes will take longer than usual in these times; be patient
• Do not perceive a slow response time from investors as lack of interest - many are working through situations with their portfolio companies or in their personal lives. Be responsive and persistent