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Justin Izzo headshot
Justin IzzoResearch Lead, Dropbox DocSend
February 27, 2023
Introducing the DocSend Fundraising Scores: A Singular Indicator of Investor and Founder Activity

The DocSend Fundraising Scores are designed to provide clear signals on fundraising activity in the midst of pronounced and sometimes inconsistent market shifts. 

Following 2021’s explosive year of fundraising, 2022 resembled a return to healthy and responsible investing practices, despite a somewhat “doom and gloom” portrayal. Increased investor due diligence, combined with economic uncertainties surrounding a potential recession, has ratcheted up the intensity for founders looking to raise capital. In 2023, while investors are sitting on  “dry powder” as they search for the right investments, founders are searching for ways to interpret fluid market dynamics.  

While data on the overall health and status of fundraising typically becomes available after the end of each business quarter, DocSend Fundraising Scores are a mid-quarter check-in to gauge activity relative to historical context to inform strategic startup fundraising efforts. Rather than a lagging indicator, like other post-quarter reports, these cohesive scores provide a real-time read on current fundraising activity between quarterly data.

Fundraising-Score-Q1-2023-Option-1.png

Q1 2023 Scores:

Founders: +4 Investors: 0

At the mid-quarter mark of Q1 2023, founders scored a +4 and VCs scored a 0. VC activity is well aligned with average activity levels over the past 3 years, but founders are more active than their historical benchmarks. The discrepancy between these scores means VCs are likely to have their pick of pitch decks from eager founders, and founders may have to work harder to stand out from the crowd in the startup fundraising process.

How we get the score: Historical startup founder and investor activity, as well as quarterly data, contrasted year-over-year, quarter-over-quarter, and year-to-date is measured on a 21-point scale – with a “+10” representing the highest level of activity, a “-10” representing the lowest level of activity, and a “0” representing average activity over the last three years. The methodology of including multiple analyses of quarterly data gives each score factual depth, and together serves as a holistic view..

Startup Fundraising Score Methodology Cont. 

DocSend’s Fundraising Scores measure quarterly VC and startup founder activity according to five weighted factors from our historical data:

  • 3년간의 감사 평균

  • 지난해 분기별 활동

  • 이전 분기의 활동

  • 창업자와 VC의 연간 누적 평균

  • 연간 누적 VC/창업자 활동 대비 연간 누적 창업자/VC 활동

+/- 10이라는 점수를 획득하려면 0에서부터 시작해서 분기별 활동이 5개의 과거 벤치마크보다 얼마나 초과하는지 또는 부족한지를 바탕으로 0, 1, 2 점을 더하거나 뺍니다. DocSend의 모델은 최근 벤치마크에 더욱 비중을 두고 있습니다.

DocSend’s Pitch Deck Interest metrics factor into each score, which provide weekly access to founder links created, investor deck interactions, and investor time spent. These metrics are defined as:

  • Founder links created - the average number of pitch deck links each founder is creating via DocSend. This serves as a proxy for the supply of startups seeking funding. A "link" refers to the unique URL a founder creates using DocSend to share their pitch deck with investors. When the average number of links increases it means that founders are sending their decks out to more investors.

  • Investor deck interactions - the average number of investor interactions for each pitch deck link. This serves as a proxy of investment demands. The higher the interaction metric, the more often decks are viewed, shared, and revisited by potential investors. 

  • Investor time spent - the average time spent per pitch deck by potential investors. This metric offers a look at how long VCs are spending reviewing deals. More time spent per deck could mean investors are more closely scrutinizing deals.

The DocSend Fundraising Scores will be updated every quarter at the mid-quarter mark, which will serve as a check-in on founder and investor activity. 

자금 조달 연구 결과 자세히 살펴보기

Data-driven insights into the latest fundraising trends and how to succeed are tracked with our Startup Fundraising Playbook. To contribute to our research, fill out our startup fundraising survey

저자 정보

Justin Izzo headshot

Justin Izzo

Research Lead, Dropbox DocSendJustin Izzo is Research Lead, DocSend at Dropbox. He joined DocSend in 2020 to run startup and venture capital fundraising research. Previously, Justin was a Professor at Brown University and Duke University. He also received his Ph.D. from Duke University.

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