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    Fundraising by @ttunguz

    Venture Capitalist at Theory

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    Fundraising

    2025

    Auctions in AI : Cost of Capital as a Strategic Advantage

    February 21

    2024

    The Market Size Mistake

    April 17

    The Sudden Repricing of Startups in Early 2024

    February 9

    2023

    Step-Ups & Duration : The Shape of Things to Come to the Series A in 2024

    December 14

    Seizing the Moment: Strategies for Startups to Outmaneuver Competition in a Turning Economy

    August 17

    Surprising Data Points about the Venture Capital Market

    August 8

    Busting the Myth: Higher Funding Doesn't Mean Faster Hiring in Startups

    August 3

    There is No Such Thing as Series A Metrics

    July 9

    Does an AI Premium Exist in the Fundraising Market?

    June 15

    How Much will the US Early Stage Venture Market Contract in 2023?

    April 17

    The Hardest Round to Raise in 2023

    March 24

    Venture Capital, Withering & Dying

    February 10

    Predicting Cloud Growth Rates for 2023

    February 3

    Microsoft as a Mirror - What We Can Expect for SaaS in 2023

    January 24

    2022

    From a $200k Annual Burn to Raising $80m+ : Notes from Office Hours with Fredrik Haga

    December 23

    A Funny Thing Happened on the Way to Sand Hill Road

    December 14

    The Best Time of Year to Raise for Your Startup

    November 21

    Grey Skies in Cloud Earnings

    October 28

    How Low Could Valuations Go?

    October 13

    Just How Troubled is the Bay Area Startup Scene?

    October 3

    Figma's 50x ARR Multiple & What it Means for Startup Fundraising

    September 15

    Growth is No Longer the Best Predictor of a Software Company's Value

    August 10

    The Math Behind Starting a Successful Software Startup

    August 2

    How Much Should You Expect Your Startup to Slow in 2022? About 21%.

    July 29

    The Health of Cloud Spending in Mid-2022

    July 26

    PE in VC in 22

    July 19

    The Bid/Ask Spread in Venture Capital

    July 18

    How VCs Value Rainbow Foals in 2022

    June 21

    The Most Popular Financing Round in 2022

    June 17

    Top 10 Insights from the 2022 Startup Sentiment Survey

    June 6

    The Macroeconomic Signal to Watch for Software & Infrastructure Startups

    June 1

    The 4 Startup States During a Recession

    May 16

    5 Key Data Points about the Early Venture Market in Q1 2022

    May 4

    Product-Market Fit in Different Capital Environments

    May 3

    The Three Eras of Startup Valuations

    April 28

    Startup Self-Repricing as a Recruiting Tool

    March 25

    Why Early Valuations Might Surge in 2022

    February 23

    Will Your Startup Borrow More in 2022?

    February 14

    How Will the 52% Correction in the Stock Market Impact the Startup Fundraising Market?

    January 19

    2021

    Mark-to-Market Rounds - What Will Your Startup's Strategy Be?

    December 28

    The Fifth SaaS Correction

    December 13

    The 100x ARR Multiple

    November 4

    The Two Cap Tables of Crypto Companies: What They Are and How They Relate to Each Other

    October 11

    Passive Investing in Venture Capital and the Parallels to Public Equities

    October 8

    How Will We Value a Crypto Token?

    September 6

    The Velocity of Money in Startupland

    July 30

    The Figures that Will Move the Venture Capital Market in the Next 3-5 Years

    June 6

    The Inflationary Forces in Startupland

    May 24

    This is the Most Ridiculous Use of Money Management I've Ever Heard. What is Wrong with You?

    March 7

    The Fastest Growing Sectors of Startup Fundraising in 2020

    January 18

    2020

    The Supercharger Boosting Startupland Fundraising and Exits

    November 20

    Why IPOs, Direct Listings, and SPACs Will Flourish in Startupland

    October 19

    Conflicting Data on the State of the US Early Stage Market

    August 10

    Inside Rounds Have Become a Sign of Strength at the Series B

    August 2

    The Fundraising Market Two Quarters into COVID

    July 5

    The Fundraising Market Has Changed, But Not in the Way I Thought

    May 6

    What Could the Venture Market Look Like in the Coronavirus Era

    March 12

    2019

    The Radically Different Early Stage Fundraising Market

    October 7

    Where Have All the Angels Gone?

    March 11

    Series A SaaS Startup Benchmarks for 2018

    January 4

    2018

    Access is the Scarcest Commodity in Startupland

    September 3

    Jacob's Ladder in the Startup Fundraising Market - How Startups Today Skip a Round of Fundraising

    July 23

    A Deeper Dive into the Dynamics of the Seed Market

    June 27

    Why Series As are Much Easier to Raise in 2018 than the Past 5 Years

    June 24

    The 5 Forces Driving Startup Valuations Today

    June 3

    The Effect of Flush Private Markets on Software IPOs

    April 30

    The Disappearance of the Fundraising Demo

    April 14

    Where are We in the SaaS Valuation Cycle?

    March 18

    Is Geographic Dispersion of Seed Dollars Really Happening?

    March 8

    2017

    Premoney vs Postmoney - Which is a Better Technique for Negotiating?

    December 10

    Just How Disruptive Are ICOs to the Classic VC Model?

    November 5

    The Rising Stakes in SaaS

    October 22

    The Volatility of Multiples in the Public SaaS Market

    August 21

    When, If Ever, Should Profitable Bootstrapped Startups Raise Capital?

    August 13

    The Quickest Way to Estimate How Much Your Startup Needs to Raise

    July 20

    The Decline of Investment in San Francisco Startups

    July 16

    SaaS Fundraising in 2017

    June 12

    The Challenges of Raising Your Series B

    May 14

    A Spike of Venture Debt in Startups

    April 30

    The Narrowing of SaaS Valuations

    March 1

    How Much Money Should I Raise for My Startup?

    January 29

    The Software Startup Sectors Raising the Most Capital in 2017

    January 27

    Which Round Will Be the Hardest to Raise in 2017?

    January 5

    2016

    Just How Global is the SaaS Startup Phenomenon?

    December 18

    How to Build Auction Pressure in Acquisitions and Financings

    November 9

    Trends in Early Stage SaaS Fundraising Market of 2016

    November 7

    Are SMB SaaS Companies Valued Differently than Mid-Market SaaS Businesses?

    September 21

    How Much is Your SaaS Startup Worth?

    August 31

    Median Startup Valuations and Down Rounds in 2016

    August 8

    Flux in the Fundraising Market

    July 19

    Dream Teams: The Characteristics of Billion-Dollar Startup Founders

    July 14

    Five Charts on the State of the Early Stage SaaS Market in 2016

    April 26

    Party Rounds in Seeds - Just Getting Started or Has the Clock Struck Midnight?

    April 18

    The Optimal Seed Round Strategy - Timing and Size

    April 7

    Inflation and Deflation in the Startup Fundraising Market

    April 4

    Q1 2016 Startup Investment Trends

    April 1

    A Technology Innovation Leading to a Go-To-Market Advantage

    March 11

    What's Really Happening in the US Venture Fundraising Market in Early 2016

    March 7

    Benchmarking Exceptional Series A SaaS Companies

    February 25

    The Impact of a Changing Venture Environment on Startup Fundraising Terms

    February 22

    SaaS Office Hours in New York - A Q&A on the State of the SaaS Market

    February 18

    Venture Debt for SaaS Startups

    February 15

    The Nature of Leverage in Fundraising Conversations Has Changed

    February 5

    3 Questions for Startups to Answer for Themselves in a Volatile Fundraising Environment

    January 21

    The State of the Startup Fundraising Market in 2016

    January 11

    2015

    What 10x More Seed Capital Means for Founders

    September 27

    Why Skillful Fundraising is a Huge Competitive Advantage

    August 30

    The Impact of the Stock Market on SaaS Valuations in 2015

    August 24

    The Implications of Raising a High-Priced Round

    August 9

    Why Startups Are Growing Faster Today than Ever Before

    August 7

    Why Consumer Startups Dominate the Megaround Market

    July 26

    How Similar is the Fundraising Environment Today to 2000?

    July 16

    The Fastest Growing Areas of Startup Investment in 2015

    July 14

    Startup Investment Trends in 2015

    July 9

    Five Charts on the Second Seed Market

    July 6

    The Impact of Interest Rates on Startup Fundraising

    June 22

    The Decreasing Follow On Financing Success of Startups

    May 11

    The Gamble of the Private IPO

    April 10

    The Runaway Train of Late Stage Fundraising

    April 1

    The Forces in Tension in the SaaS Fundraising Market

    March 18

    Why Your Startup's Churn Rate Affects Your Company's Ability to Plan Its Future

    March 16

    The State of the SaaS Fundraising Market

    March 13

    The Sudden Growth in Series A Round Sizes

    March 6

    The Compression in SaaS Valuations

    January 23

    The Fundraising Patterns of Unicorn SaaS Companies

    January 22

    2014

    Why the Time to $1B in Valuation for Startups is Decreasing

    December 16

    When Will the Tech Bull Market End?

    December 5

    Why It's a Great Time to Raise a Seed Round

    November 6

    The Meteoric Acceleration in Series A Valuations

    November 3

    The Impact of Investor Geography on Your Seed, Series A and B Check Size

    October 26

    The Key Financing Attributes of Startups in the Billion Dollar Club

    October 10

    The Unexpected and Uneven Evolution of the Startup Fundraising Market

    October 8

    Second Seed Rounds: How They Impact a Startup's Ability to Raise a Series A

    October 6

    How Much Cash Should Your Startup Burn?

    September 29

    The Three Frameworks You Need to Create Powerful Presentations and Tell Compelling Stories

    September 24

    The Three Most Important Trends in the Seed Fund Raising Market

    August 18

    The Secret Ingredient to the Best Startup Fundraising Pitches

    August 1

    The Coming Wave of Venture Capital and What It Means for Your Startup

    July 23

    The Importance of Hometown Investors for Startups

    July 1

    The Five Forces Shaping the Fundraising Market

    June 25

    The Hottest Startup Sectors

    June 24

    The Optimal Seed Round Construction to Maximize Series A Success

    June 12

    The Impact of VCs in Seed Rounds in Seven Charts

    June 9

    How the Fund Raising Market Will Evolve in 2014

    May 19

    The Worst Time of Year to Raise A Seed Round

    May 9

    The Current State of the Consumer Internet Market

    May 6

    What's Happening to the SaaS Market?

    May 1

    Do Startups Require Less Capital to Succeed than 10 Years Ago?

    April 4

    The Financing Trends of Billion Dollar SaaS Companies

    April 3

    The Hardest Round to Raise for Startups

    March 21

    Are VC Mega-Rounds the New Normal?

    March 19

    How Fast Must a SaaS Startup Grow to Raise a Series A?

    March 17

    How Quickly Does a SaaS Startup Have to Grow to Go Public?

    March 13

    Why There's Never Been a Better Time to Found a SaaS Startup

    March 11

    Do More Competitors in a Sector Decrease Fundraising Success?

    March 3

    The Four Key Steps in Startup Fund Raising Processes

    February 28

    The Impact of a Startup's Location on Its Ability to Raise Capital

    February 18

    Why Startups Face Increasing Competition in Raising Series As and Bs

    February 12

    How Your Startup's Sector Affects Your Ability to Raise a Series A

    February 9

    Using Data to Pick the Optimal Name for Your Startup

    February 7

    The Minimum Size Seed Round to Maximize Series A Follow On Investment

    February 6

    Do Larger Seed Rounds Lead to Bigger Series As?

    February 4

    The Maximum Viable Churn Rate for a Startup

    January 29

    The Best Times of Year to Raise Capital for Your Startup

    January 28

    2013

    The 10 Most Important Metrics in a Startup's Financial Statements

    December 16

    Why the Petal Diagram Isn't the Best Competition Diagram for Startup's Pitch

    November 12

    Quick and Dirty Product/Market Fit Validation: Can You Hit Your Quota?

    October 30

    A Startup's Rosetta Stone - How to Succinctly Communicate the Details of a Business

    October 23

    The SaaS Valuation Bubble

    October 22

    The Series A Is Overloaded

    August 29

    The Seed Investment Patterns of Billion Dollar Startups,w

    August 15

    Maximizing the Value of Investor Referrals

    July 29

    Framing Your Startup’s Sales Pitch: Focus on Value, Not on Cost

    July 24

    How to Analyze Your Startup Like A VC in 15 Minutes Or Less

    June 24

    It’s Time to Start Worrying About the Next Round for Your Startup

    June 19

    Investing in the Consumer Web is Dead

    May 22

    Breaking Down a Typical VC/Startup Diligence Process

    April 2

    The 7 Questions A Startup Should Answer in their Fund Raising Pitch

    March 29

    The 11 Risks VCs Evaluate

    March 28

    How to Align Founder and VC Incentives - Why Fund Size Matters

    March 27

    Your Startup’s 10 Most Important Metrics

    March 26

    The Five Key Dynamics of the Seed Market in 2013

    February 21

    The Most Important Principle of Start Up Fund Raising

    February 1

    What I Learned From a Two-Year Fund Raising Process

    January 30

    How to nail your product market fit and sales pitch with a value proposition diagram

    January 17

    2012

    Demo to term sheet in 3 hours

    October 24

    Building auction pressure in financings

    September 3

    2010

    How Do VCs Analyze Companies?

    February 26