2020 DocSend Startup Index: Pitch Deck Interest

Tracking pitch deck interest and engagement for the startup community.

We know there’s currently a lot of uncertainty in the startup community right now, especially among founders who are currently fundraising, or are looking to fundraise in the coming months. To help gauge VC appetite for pitch decks, we’ve begun tracking three key metrics using the 2020 DocSend Startup Index.

We’re looking at the amount of pitch decks potential investors are reviewing, how long they’re spending reading those decks, and how many pitch decks founders are sending out. We’ve created interactive charts for each of these metrics below, and will be providing weekly analysis around what these mean for the current fundraising landscape. However, some VCs will be more active than others based on their current portfolio and areas of investment. If you want to know if a specific VC is currently reviewing and making deals, check out our Active VC List.

Pitch Deck Interest

Our main pitch deck interest metric looks at the average number of pitch deck interactions for each founder happening on our platform right now. We will track this metric over time to show the health of current fundraising activity.

Pitch Deck Interest: Time Spent

We’re measuring the average time spent per pitch deck by potential investors. This offers a look at how long VCs are spending reviewing deals. As they get busy, the time spent tends to go down. We expect to see a lot of fluctuation in this number over the coming weeks.

Pitch Deck Interest: Founder Links Created

We’re measuring how many links each founder is creating. Lots of founder activity means lots of decks being sent out. The less links created, the less pitch decks investors are receiving.

 

What it Means

*Analysis updated every Monday for the previous week

Updated: May 26, 2020

  • Pitch Deck Interest: +2.6%
  • Pitch Deck Interest: Time Spent: -0.6%
  • Pitch Deck Interest: Links Created: -14.3%

While Memorial Day weekend seemed to affect founders (links sent was down over 14%0, it seems VCs spent their downtime reading decks. Overall pitch deck interest was up another 2.6%, which puts it up 30% YoY. It also means that interest is continuing to buck the seasonal downward trend we would expect to see as we move into summer. The amount of time spent reading each pitch deck also went down slightly as VCs read through more decks. With founders taking a break last week we might see a drop in VC interest as they will have less decks in their pipeline to read, but expect it to remain high.

Updated: May 18, 2020

  • Pitch Deck Interest: -1.5%
  • Pitch Deck Interest: Time Spent: -1.9%
  • Pitch Deck Interest: Links Created: +8.2%

Investor interest dropped slightly this week, but it’s still higher than in any week in 2019. We may be seeing an indicator that the fundraising market is going to begin to adhere to its seasonal pattern, however, the number of links created by founders rose once again this week. If interest rises to meet it, we’re going to see another spike next week. Last week was the second highest week for founder activity in 2020. The main trend that founders need to be aware of is the amount of time spent per pitch deck. Earlier this year we found that VCs spent around 3:23 on successful pitch deck, meaning you had less than three and a half minutes to get everything across in your send ahead deck. That’s not a lot of time to describe your entire business. We’re now seeing that VCs are spending just over three minutes on a deck. While the loss of 20 seconds doesn’t seem significant, that’s nearly 10% of the overall time spent on a deck. Founders need to make sure their decks contain the right information without anything superfluous.

Updated: May 11, 2020

  • Pitch Deck Interest: +8.4%
  • Pitch Deck Interest: Time Spent: -4%
  • Pitch Deck Interest: Links Created: +5.5%

Investor interest is continuing on at a high rate, despite this time of year traditionally seeing a drop. In fact, interest is 11% higher than this week in 2018 and 23% higher than this week in 2019. The number of links created by founders has also jumped again, meaning founders are also bucking the seasonal trend. Read More...

This is the fourth week in a row that we’ve seen the amount of time spent per deck drop. While it’s still within normal range, it likely means VCs are reading more decks, and spending less time on each than they typically would.

Updated: May 4, 2020

  • Pitch Deck Interest: -10%
  • Pitch Deck Interest: Time Spent: -5%
  • Pitch Deck Interest: Links Created: +1%

While interest came down again last week, it’s still historically high. Overall interest is up 10% YoY and it looks likely to maintain that bump is founders remain active. And while they didn’t bounce back much this week, and increase of 1% will likely lead to a small resurgence of VC interest next week. What’s interesting is that the amount of time VCs are spending on decks is down 5%. As shelter-in-place orders are lifted and people begin to get out of their houses, we could see a change in this number.

Updated: Apr 27, 2020

  • Pitch Deck Interest: +14%
  • Pitch Deck Interest: Time Spent: -1%
  • Pitch Deck Interest: Links Created: -11%

Last week brought us another spike in VC interest. In fact, investor interest was the second highest it’s been since the beginning of 2018. But that interest has peaked in a week where we watched the number of links being created by founders drop another 11 percent. Links created is a leading indicator of founder interest, so with the spike last week in links it makes sense that VCs are consuming more decks this week.

Updated: Apr 20, 2020

  • Pitch Deck Interest: Flat
  • Pitch Deck Interest: Time Spent: -3%
  • Pitch Deck Interest: Links Created: +17%

It looks like founders are getting back into action and sending out their pitch decks. While pitch deck interest has remained flat, the time spent per deck has dropped slightly. With an increase in decks being sent this makes sense. This has traditionally been the week each year where we start to see a drop in interest, so flat interest from VCs here is actually great news. Interest is 4% more than it was this week in 2018 and a whopping 18% more than in 2019. Founder links created is still slightly behind its peak from earlier this year. If you’re a founder looking to get funding, you may want to consider sending out your pitch deck now.

Updated: Apr 13, 2020

  • Pitch Deck Interest: +3.5%
  • Pitch Deck Interest: Time Spent: +3%
  • Pitch Deck Interest: Links Created: -7.6%

We’ve had another week showing increasing investor interest. This was paired with founders sending out less decks and investors spending slightly more time per deck. These conditions are very good for founders looking to send out a pitch deck. Investors are showing interest, and they’re spending more time per deck. We recommend adding a slide to your deck that shows how you expect COVID-19 to impact your business and market opportunity over the coming 12-18 months.

Apr 6, 2020

Investor interest is increasing, but the amount of decks being sent has not yet risen to match. If you need to fundraise now might be the right time to take advantage of a less crowded market.

Based on our three metrics, we can see that after a decline over the last few weeks, investors are back to reviewing decks at nearly the pace they were before the COVID-19 pandemic struck. In fact, last week was only 5.4% down from the week of February 17th. That interest can most likely be correlated with the amount of decks being sent. The average number of links sent out per company was at an all-time low two weeks ago, but is now creeping back up to the pre-COVID-19 range. It looks like founders are slowly starting to fundraise again, or they’re working on much more targeted fundraising efforts.

With investor interest in pitch decks rising, but the amount of links not rising to match, it means now could be a great time to send out your deck. The market could be less crowded when vying for a VC’s attention.

It also tracks that investors are spending slightly less time reviewing deals than normal. The added complication of working from home, plus spending more time with their current portfolio, means many VCs will have less hours in the day to review decks for new business deals. As things become more settled over the next few weeks, these numbers may start to stabilize. But for now, decks are being sent, VCs are reviewing more decks, and they’re doing it quickly.

Mar 30, 2020

This week saw a 10% increase in pitch deck interest from the week before and we’re just 5% down YoY.

While many investors have reported spending more time with their portfolio companies, it looks like the lack of events and meetings has given them plenty of time to still peruse pitch decks. VCs are approaching investing in multiple different ways. Many still have large funds that need to be deployed, while others are taking time to look at deals, but not necessarily pulling the trigger right away. If you’re a founder who’s looking for funding in the next few quarters, now might be the perfect time to get your pitch deck in front of potential investors.

Mar 23, 2020

Despite the current crisis, pitch deck interest only dropped 11% YoY over the course of the week.

With the announcement that all non-essential businesses in California will remain closed for the foreseeable future, it’s not a surprise that pitch deck interest dipped over the course of last week. Many VCs are looking at new ways to meet with founders, with many already taking meetings via Zoom. We also must note that many of the usual ways that VCs receive deck (warm intros from portfolio companies, meetings at events) are no longer happening due to the current restrictions. That means VCs are not only spending time on internal alignment in how best to move forward, they are also facing a limited pipeline. But both Axios and TechCrunch are reporting that many VCs are still actively seeking deals. Their funds have already been raised and they still very much plan to deploy them.

 

 

About the DocSend Startup Index

This is a first of its kind index covering fundraising from pre-seed to series B. It offers the first look under the hood at what makes a founder successful, from their age to team size to the order of their pitch deck. Our first report on the index is The Pre-Seed Round Defined: How to Succeed as an Early-Stage Startup. We took a deep dive into what makes a company successful in the (somewhat) new pre-seed round.

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