Startup Fundraising Pitch Deck Metrics

Pitch Deck Interest (PDI) Metrics

DocSend’s Pitch Deck Interest metrics measure the activity of founders and investors in the fundraising marketplace. They track how pitch decks are being shared and viewed across our platform on a weekly basis.

We break pitch deck activity down into three metrics:

• The number of pitch decks investors are reviewing

• How long investors spend reading those decks

• How many pitch decks founders are sending out

These metrics allow us to evaluate activity in the fundraising marketplace using a supply-and-demand model. We use founder activity as a proxy for supply and investor activity as a proxy for demand.

We’ve created charts for each of these metrics below and provide weekly analysis of what they mean for the current fundraising landscape.

Note: all charts are interactive and years can be toggled on/off as needed.

PDI Metric 1: Investor Deck Interactions

This Pitch Deck Interest metric tracks VC activity in the marketplace by showing how potential investors are interacting with decks. It looks at the average number of pitch deck interactions for each founder happening on our platform right now. This metric gauges the strength of investor demand for startup deals.

PDI Metric 2: Investor Time Spent

Here we measure the average time spent per pitch deck by potential investors. This offers a look at how long VCs are spending reviewing deals. As investors get busy, the time spent tends to go down.

PDI Metric 3: Founder Links Created

This Pitch Deck Interest metric measures the average number of links each founder is creating per week. High founder activity means lots of decks being sent out. Fewer links created means investors are receiving fewer decks. This metric tracks the strength of founder supply of pitch decks in the marketplace.

For weekly updates on these metrics, subscribe to The Weekly Index.

PDI Put Into Action: Q3 2024

Weekly updates for the current quarter

*Analysis updated every Monday for the previous week

Updated: September 23, 2024

Pitch Deck Interest: -10.78% Pitch Deck Interest: Founder Links Created: -0.85%

Founder and investor activity both declined last week following their surge in dealmaking interest the week prior. VC activity fell by 10.78% from last week’s record high for Q3, but interest in pitch decks still remains strong, both from a Y-Y perspective and compared to the hotter market of 2021. This sustained activity, coupled with last week’s interest rate cut, bodes well for founders raising capital through the end of the year and into early 2025. Founder activity was largely unchanged, ticking downwards by just 0.85% and remaining at a very high level compared to previous years. Historically, the fall rush tends to peter out during late September and early October, but with so much optimism in the system look for this dropoff to be shallower than it usually is.

Updated: September 16, 2024

Pitch Deck Interest: +24.39% Pitch Deck Interest: Founder Links Created: +26.88%

The fall fundraising season is well and truly underway, with VC and founder activity making large week-over-week gains. First, investor activity rose by 24.39% to reach a record Q3 high and is now up nearly 28% Y-Y and 21% over 2021 levels (a much hotter fundraising climate). Founder activity came close to the Q3 record set in early July of this year and was up 26.88% compared to last week and 12.38% Y-Y. Investor appetite for deals is high, and news of interest rate cuts this week could keep VCs more active in the private markets for longer than just the few weeks of the early fall fundraising rush. Look for investors to stick to this pace over the next several weeks at least. But can founders keep up? Check back next week to see how the start of the “rate-cut era” affected startup fundraising.

Updated: September 9, 2024

Pitch Deck Interest: -1.2% Pitch Deck Interest: Founder Links Created: +1.09%

Founder and investor activity mostly held steady last week, as the Labor Day holiday marked the end of the summer fundraising off-season. VC activity dipped by 1.2% but is still poised for a solid uptick in the next several weeks as the fall fundraising rush gets under way. Founder activity was similarly little changed, rising by just 1.09% after a pre-holiday drop in late-August. Historical data suggests that founder and VC interest in deals will soon begin rising throughout the fall, perhaps as early as next week. Interest rate cuts may further boost private-market enthusiasm, so check back starting next week to see how the new fundraising season kicked off.

Updated: August 12, 2024

Pitch Deck Interest: -2.59% Pitch Deck Interest: Founder Links Created: +17.35%

Founders grew busier last week whereas VCs took their feet off the gas slightly, although both sides of the dealmaking table remain healthy from a Y-Y perspective. Investor activity tailed off by 2.59% but is at an all-time Y-Y high (and up nearly 22% compared to this time last year). Founder activity jumped by 17.35% after several weeks of slowing fundraising business that, historically, is due to founders focusing on company goals to kick off the second half of the year. Last week’s surge in pitch decks shared means founder activity is up nearly 14% Y-Y. Compared to historical averages, the data continues to augur well for the fall fundraising rush. If macroeconomic signals this week still point toward a September interest-rate cut, then we can confidently predict a historically busy fundraising season beginning in about five weeks.

Updated: August 5, 2024

Pitch Deck Interest: +8.87% Pitch Deck Interest: Founder Links Created: -13.27%

Founders and investors moved in opposite directions last week in seasonally-expected behavior. VC activity rose by 8.87%, remaining in line with 2022 levels and well above those of other years. The difference between 2022 and this year is that investor deck interest tailed off two years ago and never recovered, whereas we expect a healthy rise in activity in September. Founder activity fell by just over 13% and now sits just below 2023 and 2022 from a Y-Y perspective. Much like with investors, we expect strong funding interest from founders in September, so last week’s dip isn’t a concern. Will the ongoing public-market correction dampen enthusiasm in the private markets over the short term? Check back over the next several weeks to see how founders and investors digest the selloff.

Updated: July 29, 2024

Pitch Deck Interest: -5.34% Pitch Deck Interest: Founder Links Created: +5.61%

Founders and investors moved in opposite directions last week. First, in seasonally appropriate movement, VC activity was down by 5.34%, though it remains at a Y-Y high. We expect investor activity to continue trending downwards until late-August, when VCs begin ramping up their pitch deck interest in advance of the fall rush. Next, founders bucked seasonal trends and grew busier last week: founder activity rose by 5.61% during a week that hasn’t seen positive founder movement since 2021. As with investors, founder activity is at an all-time high from a Y-Y perspective and is up 15% compared to this time last year. Check back next week to see if summer dealmaking interest continues to augur well for the fall.

Updated: July 22, 2024

Pitch Deck Interest: -7.75% Pitch Deck Interest: Founder Links Created: -13.71%

After a busy start to the new quarter, founders and investors slowed down their activity last week. VC activity dipped by 7.75%, but even this downward movement positions investor interest in pitch decks at an all-time high for the third week of July. Likewise, founder activity fell by 13.71% but remains at a Y-Y high-water mark. We expect fundraising activity to follow historical trends over the next several weeks and to continue tailing off. However, the high relative baseline of activity likely means that the seasonal cooling will be slightly less noticeable. It also augurs well for an uptick in early September. Check back over the next several weeks to see whether political news in the US and a rotation out of tech in the public equities markets affects our outlook on fundraising.

Updated: July 15, 2024

Pitch Deck Interest: +21.9% Pitch Deck Interest: Founder Links Created: +5.08%

Fundraising activity grew busier during the first full week of Q3. Investor activity rose by a healthy 21.9% following a July 4th dip to kick off the new quarter. Founder activity rose by a comparably modest 5.08%, but this bump is coming hot on the heels of a 14% increase to start Q3–founders seem not to have rested for the holiday. Although it’s early days yet in the new quarter, both VC and founder activity are at all-time highs for this time of the year. As the public markets continue to surge, and as economic conditions continue to point toward the feasibility of interest rate cuts in the early fall, private-market activity may continue at this pace for much of the summer. Further, a faster-paced “summer vacation” could signal an even more intense fall rush after August. Check back next week to see if investors and founders kept to their unseasonably hot pace.

Weekly Analyses for Previous Quarters

Q2 Pitch Deck Interest Metrics 2024

Updated: June 24, 2024

Pitch Deck Interest: -8.59% Pitch Deck Interest: Founder Links Created: -20.93%

Founder and VC activity each fell last week, potentially signaling a slower end to H1 than anticipated. Investor activity dropped by 8.59%, an expected move as the third week in June historically sees VCs pulling back. Founder activity fell by a considerable 20.93%, by contrast. Over the past several years, founder activity has also fallen at this time of the month, so a slowdown of some kind was likely always in the cards. However, the size of last week’s drop suggests that we may not see founder activity pick up significantly during the last week of Q2. Has the summer lull already begun for founders and funders? Check back next week to see how the quarter finished up.

Updated: June 17, 2024

Pitch Deck Interest: +9.4% Pitch Deck Interest: Founder Links Created: +4.03%

Founders and investors both increased their activity levels last week as the end of Q2 drew nearer. Mid-June is historically a busy week for VCs, and last week was no exception, with investor activity rising by 9.4%. Founder activity rose by a more modest 4.03% but still hit a record high for mid-June. VC activity tends to tail off between now and the end of the quarter, although this year’s seasonal slowdown will be happening from a higher baseline than usual. We also expect founder activity to dip over the next week, but it tends to spike a final time before H1 ends. Watch for these seasonal moves in our data over the next two weeks. Overall, though, the historically high activity levels we’ve seen throughout Q2 suggest that dealmaking may pick up during the second half of 2024, especially if interest rates finally begin ticking downwards in the fall.

Updated: June 10, 2024

Pitch Deck Interest: +2.7% Pitch Deck Interest: Time Spent: -8% Pitch Deck Interest: Founder Links Created: -5.34%

Investor activity rose last week after two weeks of declines, whereas founder activity dipped after two weeks of sharp increases. VCs upped their pace last week, increasing activity by 2.7%. Further, they raced through pitch decks at an average of 2 minutes, 18 seconds, an 8% drop week-over-week. Founder activity fell by 5.34% but still remains very healthy and up nearly 11% Y-Y. Investors’ uptick and founders’ continued strong pace suggest a busy end to Q2 before the summer lull sets in. More signs of a normalizing economy may help spur investors to seek out more potential deals to close in H2, so look for continued increases in pitch deck interest over the next two weeks before an end-of-quarter rush at the end of the month.

Updated: June 3, 2024

Pitch Deck Interest: -12.5% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +4.8%

For the second week in a row, founders and investors moved in opposite directions. During the short Memorial Day week, investor activity dropped by 12.5% and the average time spent reviewing decks was unchanged at 2 minutes, 30 seconds. VC activity historically dips during this week, so last week’s slowdown was expected. The fact that investor activity is still up nearly 19% YoY and 11% over 2021 levels (in a hotter economy) suggests that this pitch deck interest may turn into dealmaking later this year. Founders, by contrast, were more active last week: their activity levels jumped by 4.8% and are not far off the all-time high for Q2 that we saw in early May. Although founder activity may dip a bit over the next week or two, we expect one more push from both them and VCs before the end of the quarter and the summer lull.

Updated: May 28, 2024

Pitch Deck Interest: -3.9% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +13.64%

Founders and investors moved in opposite directions last week but overall activity remains very healthy heading into the historically slower summer season. Investor activity fell by 3.9% but is up nearly 28% Y-Y, signaling continued optimism for dealmaking even if interest rate cuts may not quite be around the corner yet. Founder activity rose by 13.64% last week, mirroring a similar spike this time last year, and activity levels are nearly on pace with those of 2023. We predict fundraising activity on both sides of the dealmaking table will undergo a seasonal cooling by the end of Q2, though any surprise macro data could alter our outlook. In the near-term, inflation data released later this week could affect how founders and investors perceive deal opportunities before any end-of-quarter rush.

Updated: April 15, 2024

Pitch Deck Interest: -17.71% Pitch Deck Interest: Time Spent: -4.17% Pitch Deck Interest: Founder Links Created: -18.44%

Founders and investors both cooled their activity last week amid a pullback in the public equities markets. VC activity fell by 17.71% and the average time spent reviewing decks dropped by 4.17% to sit at 2 minutes, 18 seconds. After beginning Q2 with healthy momentum, investor activity now sits below 2021-2023 from a Y-Y perspective. Founders dropped off even more than investors last week: their activity levels sank by 18.44% and are down almost 30% since late-March. Last week’s inflation data, coupled with a commensurate drop in the public equities markets, will undoubtedly have spooked startup founders and VCs. The reality that the Fed may take longer to begin cutting interest rates (and may cut by less than initially hoped) may dent fundraising confidence in the short term. The public markets seemed to digest the news relatively well, and we anticipate that founders and investors in the private markets may bounce back to some extent fairly soon.

Updated: April 8, 2024

Pitch Deck Interest: +6.69% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -12.71%

Founders and investors moved in opposite directions last week as Q2 got under way. VC activity rose by 6.69% to start the new quarter and the average time on deck was unchanged at 2 minutes, 24 seconds. The last time investor activity rose at the start of Q2 was in the brighter fundraising climate of 2021, so last week’s jump may be an encouraging sign for future dealmaking. By contrast, founder activity dipped by 12.71% last week as founders seemed to focus more on business-building than fundraising at the start of the new quarter. This drop was expected, since founder activity usually falls at the start of Q2. Last week’s strong jobs data could generate continued confidence in the private markets, so check back next week to see whether momentum grows further.

Q1 Pitch Deck Interest Metrics 2024

Updated: April 1, 2024

Pitch Deck Interest: -7.3% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +21.65%

Founders and investors moved in opposite directions last week to close out Q1. VC activity fell by 7.3% and the average time on deck dropped by 4%. From a year-over-year perspective, the last week of Q1 2024 is broadly in line with those of previous years, and the flurry of investory activity earlier in the quarter gives us continued confidence in increased dealmaking later in 2024. Founders ended the quarter on a high note: activity rose by 21.65% to hit a new Y-Y high for the final week of Q1. Fundraising activity seems primed for a robust start to Q2. Will VCs increase their pace quickly? Check back next week to see how the new quarter began.

Updated: March 25, 2024

Pitch Deck Interest: +0.74% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -16.38%

Whereas investor activity stabilized last week, founder activity dropped off after a comparatively busy two-week period. VC activity rose by just 0.73% as investors held to their previous week’s form. The average time on deck once again remained at 2 minutes, 30 seconds, where it has been for most of the quarter. Founder activity fell by 16.38% but even with this drop VCs and founders still recorded the highest-ever entries for the twelfth week of the year in their respective metrics. This year-over-year perspective shows that fundraising activity is in good health overall, although it remains to be seen how much of this activity will turn into capital allocations a bit later in the year. Will investors and founders pick up the pace for the last week of Q1? Check back next week to see how the quarter ended.

Updated: March 18, 2024

Pitch Deck Interest: -10.82% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +10.48%

Founders and investors moved in opposite directions last week as the end of Q1 drew a bit closer. VC activity fell by 10.82% and the average time spent reviewing decks was once again unchanged at 2 minutes, 30 seconds. Activity now sits just below 2021’s very healthy levels from a year-over-year perspective, and the fact that we saw two all-time Q1 highs earlier in the quarter makes last week’s decline unconcerning. Investors tend to slow down their pace at the end of Q1, and we anticipate this trend to continue in 2024 before activity levels pick up again in early April. By contrast, founder activity picked up for the second week in a row last week and now sits right in line with 2021 levels. Founders tend to moderate their pace toward the end of Q1, but even if activity levels do tail off by the end of the month founders, like investors, have given us enough positive signals this quarter to remain upbeat about fundraising activity over the medium term. Continued optimism in both public and private markets about eventual interest rate cuts this year should sustain dealmakers over this time period.

Updated: March 11, 2024

Pitch Deck Interest: -12.1% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +3.96%

Investor activity slowed last week (while remaining quite healthy overall), whereas founder activity ticked slightly upwards. VCs took something of a break following the previous week’s Q1 high: investor activity dipped by 12.1% but is still higher than previous years at this time. The average time on deck held steady at 2 minutes, 30 seconds. Founder activity rose by 3.96% and is nearly 12% higher than this time last year. The strength of these numbers suggests that even if activity dips slightly as end-of-quarter responsibilities kick in for VCs and founders, the market overall remains well-positioned for dealmaking over the next six months. Check back next week to see how the approaching end of Q1 affects activity levels.

Updated: March 4, 2024

Pitch Deck Interest: +11.22% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -10.62%

Founders and investors moved in opposite directions last week, with VC activity hitting a new Q1 high. Activity on the investor side rose by 11.22%, continuing the steady growth of interest in pitch decks we’ve seen since the beginning of 2024. The average time on deck held steady at 2 minutes, 30 seconds. Investor activity tends to rise around this point in Q1, so although the movement wasn’t unexpected the fact that overall levels remain high is a persistent signal of private-market confidence. Founder activity continued to drop off last week, dipping by 10.62% after a record high in mid-February. Current activity levels are in line with those of 2021-23, and we expect this pace to hold at least through the end of the quarter. Overall, fundraising activity levels continue to be encouraging and mirror the confidence we’re seeing in public equities markets. Check back next week to see if founders and investors maintain their activity levels as they keep an eye on the end of Q1.

Updated: February 26, 2024

Pitch Deck Interest: -7.14% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -15.67%

Founders and investors took something of a rest last week following recent surges in fundraising activity. VC activity dipped by 7.14% and the average time spent reviewing decks was unchanged at 2 minutes, 30 seconds. Nonetheless, VC activity is still up nearly 23% year-over-year, and we anticipate that investors will outpace last year’s activity levels over at least the near term. Shifting expectations about eventual interest rate cuts do not alter this view. Founder activity also declined last week, dropping by 15.67% to stay right in line with last year’s healthy pace. The fact that we saw an all-time high in founder activity the week prior helps put this dip into perspective. Although it’s still early days in 2024, the persistent buzz in the private markets may be a sign of healthy fundraising (and dealmaking) activity throughout the year.

Updated: February 12, 2024

Pitch Deck Interest: +6.15% Pitch Deck Interest: Time Spent: -3.85% Pitch Deck Interest: Founder Links Created: 0% (no change)

Founder activity held steady last week while investors upped their pace once again. VC activity rose by 6.15% and is up nearly 13% year-over-year. In fact, investor deck interactions last week trailed only 2022 from a YoY perspective. This is impressive because of these years’ very different contexts: in 2022, VC activity started the year hot only to quickly cool off as the macro environment changed markedly. In 2024, the macro outlook may be shifting once again and investors have increased their pace each week of the year so far. Although we can’t expect this trend to continue indefinitely, it seems to signal a sustained increase in confidence in the fundraising environment. Founder activity was unchanged last week, but the fact that we’re just several weeks removed from an all-time January high is another indication of robust private-market confidence. We don’t expect the overall mood to shift appreciably in the next month or two, but check back over the coming weeks to see if the pace of the early-year rush slows down a bit.

Updated: January 29, 2024

Pitch Deck Interest: +17.46% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +32.29%

Founder and investor activity both spiked last week as the busy start to 2024 continued. Investor activity rose by 17.46% and the average time spent reviewing decks was once again unchanged at 2 minutes, 30 seconds. From a year-over-year perspective, VC activity is currently outpacing 2023 by 28%, 2022 by 5%, and 2021 by 24%. Founder activity was no less robust last week: it rose by 32.29% and is outpacing 2023 by 41%, 2022 by 13%, and 2021 by 65%. Encouraging macro data suggesting that a soft landing for the economy is within reach may be fueling some of the enthusiasm we’re seeing in the private markets so far this year. Although both sides of the dealmaking table will take a needed breather at some point, we expect these positive YoY comparisons to hold somewhat steady as long as the macro outlook remains unchanged. Check back next week to see whether founders and investors managed to keep up the pace.

Updated: January 22, 2024

Pitch Deck Interest: +8.16% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +3.23%

Founders and investors continued their encouraging start to 2024 as the Q1 fundraising season gathered momentum last week. Investor activity was particularly strong: interest in pitch decks rose by 8.16% and the average time on deck was again unchanged. Investor activity is up 12.5% year-over-year and this gap may widen as we head into February. Founder activity didn’t increase as sharply last week: it rose by 3.23% and lags behind 2023 levels by 4%. Founders remain quite active relative to longer-term historical benchmarks, though, and we expect another spike in activity over the next several weeks. For now, the early-year fundraising rush remains healthy, and Q4 GDP data released this week could boost dealmakers’ confidence in the broader economic outlook. Check back next week to see whether founders and especially investors kept to their current pace.

Updated: January 16, 2024

Pitch Deck Interest: +16.5% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +13.42%

Founder and investor activity both increased last week as the fundraising marketplace buzzed in the second week of 2024. VC activity rose by 16.5% and the average time spent reviewing decks remained unchanged at 2 minutes, 30 seconds. VC activity is already up 11.5% year-over-year, suggesting that there may be a bit more optimism around 2024’s January rush compared to 2023. Founder activity also rose for the second week in a row, spiking by 13.42% and outpacing 2023 levels by nearly 9.5% YoY. We anticipate at least one or two more weeks of solid activity gains as new-year fundraising heats up. This week’s activity should give us an indication of just how busy the Q1 fundraising market is likely to be: more spikes in our metrics could herald an unexpectedly robust season. Check in next week for our latest data.

Updated: January 9, 2024

Pitch Deck Interest: +51.52% Pitch Deck Interest: Time Spent: -3.85% Pitch Deck Interest: Founder Links Created: +22.39%

The first week of Q1, 2024, showed healthy activity gains for both founders and investors. VC activity rose by 51.52%, signaling that the January fundraising rush may already be underway. Alongside this activity increase, investors spent less time looking through decks: the average time on deck fell by 3.85% back to 2 minutes, 30 seconds. Founder activity also increased significantly, rising by 22.39% to open Q1. Although there has already been some public-market volatility to kick off 2024, these swings shouldn’t unduly affect private-market fundraising sentiment as the seasonal rush will take precedent over any worries about public equities movements. Check back next week to see whether the January rush has increased in intensity.

Q4 Pitch Deck Interest Metrics 2023

Updated: January 2, 2024

Pitch Deck Interest: -36.54% Pitch Deck Interest: Time Spent: +4% Pitch Deck Interest: Founder Links Created: -21.18%

As expected, founders and investors continued their holiday break last week. VC activity fell by 36.54% and the time on deck rose by 4%. Founder activity declined by 21.18%, as well. These holiday drops are in line with those of previous years. Check back next week to see how the fundraising marketplace rang in 2024–historically, we see activity ramp up quickly to kick off Q1.

Updated: December 26, 2023

Pitch Deck Interest: -14.05% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: -17.48%

It was a predictably quiet week last week for both founders and investors. VC activity fell by 14.05% and the average time on deck rose by 4.17%. Founder activity fell a bit further, dropping by 17.48% last week. These end-of-year dips are entirely normal and reflect founders and investors taking time off for the holidays. We expect both activity metrics to fall a bit further this week before dealmaking begins again in earnest at the start of the new year.

Updated: December 18, 2023

Pitch Deck Interest: -3.97% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -2.83%

Founders and investors were both slightly less active last week in what is typically the year’s final week of significant fundraising activity. Investor deck interactions were down 3.97% and the time on deck remained unchanged. Founder activity fell by 2.83% and is down just 6% year-over-year, whereas investors are in line with last year’s pace. We expect fundraising activity to tail off for the holidays, but the sustained healthy pace of the fall and early winter dealmaking suggests that founders and investors will start the new year with some enthusiasm.

Updated: December 11, 2023

Pitch Deck Interest: 0% (no change) Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +7.07%

Investors kept to their pace last week but founders increased theirs as the final few days of fundraising season draw near before the holidays. Investor deck interactions were unchanged from last week, and VCs are right in line with last year’s pace. The first week of December is typically the last period of significant activity from investors before they begin to take time off for the holiday season. This year looks to be no exception, so we expect VC activity to trail off starting this week. Founder activity rose by 7.07% last week: founders are likely aware that the last days for 2023 dealmaking are upon us, so they may be making one final push to get decks out before the marketplace quiets down. We could see another increase in founder activity this week, but after that we expect activity to die down appreciably until the new year begins. Check back next week to see what the final days of the fundraising season have in store for us.

Updated: November 27, 2023

Pitch Deck Interest: -20.44% Pitch Deck Interest: Time Spent: +8.7% Pitch Deck Interest: Founder Links Created: -22.02%

As expected, fundraising activity was quiet last week across the board during the short holiday week. Investor deck interactions were down 20.44%, but VC activity continues to chart a course between last year’s lows and the brighter climate of 2021. The average time on deck rose by 8.7% and now sits once again at 2 minutes, 30 seconds. Founder activity dropped by 22.02% and is right in line with 2021 levels. We expect to see something of a bump from both founders and investors over the next couple weeks, but since the slower holiday season is officially upon us any Q4 highs may already be in the rearview mirror. Check in with us next week to see what the post-Thanksgiving rebound looked like.

Updated: November 21, 2023

Pitch Deck Interest: +2.24% Pitch Deck Interest: Time Spent: -4.17% Pitch Deck Interest: Founder Links Created: -6.86%

VC and founder activity both increased last week and the fall fundraising rush looks set to end on a high note. Investor activity rose by 2.24% and the average time on deck fell by 4.17% to sit at 2 minutes, 18 seconds. The week before Thanksgiving typically sees investors keeping to their current pace, so last week’s unexpected burst of activity may be a positive sign for deals getting over the line by the end of the year. Founder activity rose by a healthy 6.86% as fundraising teams likely prioritized sending out more pitch decks before the short holiday week. Normally, we’d expect fundraising activity to tail off until the end of Q4, save for a bounce in early December. But does last week’s flurry of activity mean VCs and founders have surprises in store for us? Check back over the next several weeks to see if the fall fundraising season has longer legs than we think.

Updated: November 14, 2023

Pitch Deck Interest: +9.83% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -2.86%

Investors and founders moved in opposite directions last week, but both metrics currently sit above 2022 levels from a year-over-year perspective. VC activity rose by a healthy 9.83% and the average time on deck was unchanged. Investors picked up their pace at this time in 2021 (hitting record activity levels), and although last week’s spike pales in comparison it means that VC activity is up over 16% YoY. Founders, by contrast, were slightly less busy: founder activity slipped by 2.86%, and is now up over 5% YoY. Continued VC interest in deals could signal a healthier-than-expected end to the fall fundraising season. However, new CPI data from October is due out this week, and what this inflation data means for future interest rate hikes could dampen recent optimism in the private markets. Check in with us next week for a clearer picture.

Updated: November 6, 2023

Pitch Deck Interest: -0.81% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +3.96%

Founder activity rose last week while investor deck-viewing times dropped again as the fall fundraising season entered November. VC activity held steady, dipping by just 0.81%, but the average time on deck fell by 4% and now stands at 2 minutes, 24 seconds. Founder activity rose by 3.96% and is up nearly 12% year-over-year: founders who want to capture limited VC attention will have to tell compelling stories to cut through the noise and make those stories as concise as possible. We expect founder activity to continue rising over the next several weeks, but do not expect investor activity to respond in kind. Check back next week to see if rallies in the public equities markets spark any late-fall enthusiasm among VCs.

Updated: October 30, 2023

Pitch Deck Interest: -0.81% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -5.61%

Investors held steady last week whereas founders backed off slightly from their strong start to the fall fundraising season. VC activity was down by just 0.81% and the average time on deck was unchanged at 2 minutes, 30 seconds. Founder activity fell by 5.61%, dropping below the pace of both 2022 and 2021. These movements are seasonally appropriate: we predict that VC activity will slowly start to taper off before the Thanksgiving holiday in the US, and that founder activity will spike a few more times before the end-of-year holidays (as it usually does). As always, the macro outlook could shift our Q4 analyses, so keep an eye on our weekly data to see how larger trends might be reflected in the private fundraising space.

Updated: October 23, 2023

Pitch Deck Interest: -0.4% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: -5.31%

Founders and investors mostly held steady last week as the fall fundraising season continues. Investor activity was nearly unchanged, dipping by just 0.4% with the average time on deck rising by 4.17%. VC activity is up just over 3% year-over-year, fueling our prediction that we’ll see a relatively healthier fundraising climate this fall compared to last year. Founder activity dropped by 5.31% last week and is right in line with last year’s pace. Will the volatility we’ve seen over the past few weeks in the public equities markets show up in private fundraising activity? Or will VCs’ long-term focus win out over short-term pressures? We expect the latter, as public-market fluctuations don’t always map neatly onto the private investment scene, but check back for any signs of sentiment change among investors.

Updated: October 16, 2023

Pitch Deck Interest: +1.63% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +22.83%

Founders and investors were both more active last week than the week prior, as the fall rush presses on. VC activity was up a modest 1.63% and the average time on deck fell by 4% to sit at 2 minutes, 24 seconds. Founder activity rose by a considerable 22.83% after a seasonally normal drop to start Q4. Even though the rise in founder activity was greater, the rise in VC activity last week was more significant: this time last year, investor activity fell during the fall rush and never recovered during the rest of Q4. In the much hotter market of 2021, however, investor activity rose during this same week and stayed high through the end of the year. Although we don’t expect VCs to be nearly as active as they were in 2021, last week’s increase inspires confidence that investor demand for deals will outpace 2022 levels during the fall fundraising season. Will founders respond in kind and increase the already high numbers of pitch decks they’re sending out? Check back next week to see if the pace heats up again.

Updated: October 9, 2023

Pitch Deck Interest: +2.51% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -20%

Investor activity ticked upwards last week while many founders who had been eagerly sending out decks took a break to start Q4. VC activity rose by 2.51% and the average time on deck was unchanged at 2 minutes, 24 seconds. In year-over-year terms, investors are sticking close to 2022’s pace and are actually ahead of 2021’s pace. Looks can be deceiving, though: in the hotter 2021 market, investor activity increased throughout the fall season, whereas last year it tailed off at the start of Q4. We expect 2023’s pace to split the difference between the two climates (erring a bit more toward 2022), but the next few weeks will be a barometer. By contrast, founder activity declined sharply last week, dropping by 20%. This isn’t cause for concern: founder activity historically drops at the start of Q4 as many founders who have been raising turn their attention back to growing their business. The outsized drop we’re seeing reflects the very high activity baseline we’ve seen all year, and we predict founder activity to begin moving back upwards through October. Will VC demand rise to meet the incoming founder supply of decks? Check back next week for an early look at what the rest of the year might look like.

Q3 Pitch Deck Interest Metrics 2023

Updated: October 2, 2023

Pitch Deck Interest: -7% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +1.77%

Founders and investors moved in opposite directions last week as fall fundraising activity remains higher than last year. VC activity fell by 7% and the average time on deck fell by 4%. This drop in activity isn’t especially worrisome: for one thing, it follows a month of sustained year-over-year increases, and for another, it shows 2023 fall activity hewing very closely to that of 2021, when the market was much hotter. By contrast, founder activity increased by 1.77% last week and is up 16% year-over-year. Founders certainly seem to be feeling the urgency to complete raises by the end of the year, and if VC activity continues to follow 2021 trends we can expect another spike in investor interest over the next few weeks. Check back next week to see how the start of Q4 affected the fundraising marketplace.

Updated: September 25, 2023

Pitch Deck Interest: +6.64% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +7.62%

Fundraising activity rose on both sides of the dealmaking table last week, as investors finally joined founders in the fall fundraising season. VC activity rose by 6.64% and the average time on deck was unchanged at 2 minutes, 30 seconds. Investor activity is down just 1.5% from this time in 2021–this is an encouraging sign as the 2021 macro climate was far more optimistic overall. Founders picked up their early-fall pace even more last week: founder activity was up by 7.62% and is now outpacing both 2022 and 2021. Last week’s Fed meeting indicated that interest rates will be kept higher for longer; will this temper the investor optimism we’re now seeing or will the fall rush continue to pick up speed? Check back next week to see how the market responded to the news.

Updated: September 18, 2023

Pitch Deck Interest: -3.21% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: +17.98%

The fall rush seemed to get underway for founders last week, whereas VCs may be taking their time reviewing new decks. VC activity fell by 3.21% and the average deck review time rose by 4.17%, sitting now at 2 minutes, 30 seconds. Based on historical trends, we might have expected an increase, not a decrease in investor deck engagement last week as the fall fundraising season begins. However, it’s important to contextualize this unseasonal dip: fall fundraising is just beginning and VC activity is currently up 8% year-over-year. We’ll need a fuller picture before predicting how active investors are likely to be this season. By contrast, founder activity was up a healthy 17.98% and sits right in line with 2022 and 2021 levels. Founders seem optimistic about the potential for funding before the end of 2023, but will VC deck engagement rise to meet founder enthusiasm? Check back next week for a clearer outlook.

Updated: September 12, 2023

Pitch Deck Interest: -7.09% Pitch Deck Interest: Time Spent: -11.11% Pitch Deck Interest: Founder Links Created: -5.32%

Founder and investor activity both dropped last week, as was expected following the Labor Day holiday. VC activity dipped by 7.09% and the average time on deck fell by 11.11% after spiking the week prior. Investor activity is up by 4% over the same time in 2021 (a much hotter market overall), suggesting that the upcoming “fall rush” may be a bit more active than anticipated. Founder activity fell, as well, last week: it slid by 5.32% as was expected for the season. With encouraging data about the labor market and inflation coming in, founders and investors may be more optimistic about post-summer fundraising than we initially thought. Check back next week to see if activity begins ramping up for the mid-/late-September rush.

Updated: August 29, 2023

Pitch Deck Interest: +5.88% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: 0% (no change)

Investors grew busier while founders held steady last week. VC activity rose by 5.88% and the average time on deck was unchanged. Investors may be quickening their pace before the Labor Day holiday in the US, which typically sees reduced VC activity for the entire week. Founder activity was also unchanged last week and activity levels are 10% higher year-over-year. Despite this gap, we expect founder activity to drop over the next two weeks–this end-of-summer period is historically slow for pitch deck submissions, which tend to pick up again around mid-September. Investor activity is likely to dip, as well, as both sides of the dealmaking table gear up for the fall rush in several weeks’ time. Check back next week for the latest read on VC/founder activity, but expect a relatively quiet fundraising marketplace.

Updated: August 21, 2023

Pitch Deck Interest: +1.84% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -2.97%

Founders and investors moved in opposite directions last week in another week of seasonally-expected fundraising activity. VC activity crept upwards by 1.84% and the average time on deck held steady. We’ve seen modest-to-moderate upticks in investor activity at this time for the past several years, so last week’s increase was appropriate. Activity levels still lag from a year-over-year perspective, with VC activity down about 4% from this time last year. Founder activity fell by 2.97% last week in another seasonally-expected move. Unlike investors, though, founders remain more active than in 2022: their activity levels are up 14% compared to this time last year. Given the seasonality in fundraising, we expect these trends to hold for the rest of the summer: VC activity may rise only slightly and founder activity should dip a bit further before the fall rush begins.

Updated: August 14, 2023

Pitch Deck Interest: +1.88% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -4.72%

Last week was relatively light for founders and investors, and both sides of the dealmaking table are now right in line with 2022’s pace. VC activity rose by 1.88% and the average time on deck remained stable at two minutes, 30 seconds. Despite all the volatility we’ve seen in the macro landscape this summer, investor activity is down by just over 1% compared to last year. Founders were slightly less busy last week: their activity levels fell by 4.72% and now sit just 2% higher than this time last year. Given this parity, we expect both founders and investors to hew closely to seasonal trends through the rest of the summer and early fall. Although the fall rush will happen as always around late-September, it may nonetheless be slightly muted when compared to years past.

Updated: August 8, 2023

Pitch Deck Interest: -4.05% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +8.16%

Founders and investors moved in opposite directions last week amid public-market volatility following the US credit downgrading. Investor activity continued its slide, falling by 4.05% while the average time on deck remained the same. Although VC activity is approaching 2020 levels, investors’ behavioral patterns remain enough like 2021 and 2022 to suggest they won’t drop below this crucial threshold. Founders, by contrast, were more active last week: founder activity rose by 8.16% and is right in line with 2022 levels. Investors seem likely to stick to their current pacing for the next several weeks (barring any macro events), but we expect some more volatility on the founder side of the dealmaking table. A clearer picture for the rest of the summer should emerge next week.

Updated: July 31, 2023

Pitch Deck Interest: -2.2% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -4.85%

Founders and investors both pumped the brakes last week as startup fundraising activity hit seasonally-appropriate levels. VC activity fell by 2.2% with the time on deck remaining unchanged. Although investor activity is down about 7% year-over-year, the seasonal activity patterns match those of 2021 and 2022. Founder activity fell again last week, by 4.85%, and now stands right in line with both 2021 and 2022 activity levels. In an unpredictable year, this relative stability is actually reassuring: even though VCs are less active than they have been in the recent past, their behavior patterns allow us to look ahead to a potential seasonal uptick in deal-making interest in the fall, as usual. This may not be the “fall frenzy” of previous years, but it should be a healthy jump in activity compared to the summer lull. Check back next week to see if the latest data prompts us to stick with this forecast.

Updated: July 25, 2023

Pitch Deck Interest: -6.97% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: -11.21%

Founder and investor activity both dipped last week despite another strong week in the public equities markets, signaling that we are indeed in the seasonal slowdown for startup fundraising. VC activity fell by 6.97% and the average time on deck rose by 4.17%. Last week is historically one that sees lighter investor activity, so these moves were to be expected. Founder activity fell a bit further: founders sent out 11.21% fewer pitch decks on average following three weeks of unexpectedly intense activity. As it stands currently, founder activity is right in line with 2022 levels whereas VC activity is down just over 9%. Based on historical seasonal trends, we don’t expect VC activity to heat up much over the next several weeks, and founders may trend a bit lower, as well. However, there have been bouts of volatility this year, so check back next week to see if founders and investors have any surprises for us.

Updated: July 18, 2023

Pitch Deck Interest: +22.61% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +0% (no change)

Investors picked up their pace last week while founders kept to theirs. VC activity rose by a healthy 22.61% in a burst of activity that matches a similar one from the same week last year. With this surge of activity the average time on deck fell by 4%. The second week of July is historically an active week for investors, as many of them who take time off for the July 4th holiday return to their desks. Beyond seasonal trends, though, news of slowing inflation may have buoyed private-market investor confidence just as it caused a swell of optimism in the public markets. Founder activity was unchanged last week and remains above 2022 levels. With Q2 earnings season upon us and reappraisals of the macro environment following in the wake of the positive CPI data, will startup fundraising keep to this pace? Check back next week for a fuller picture.

Updated: July 10, 2023

Pitch Deck Interest: -7.44% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: +0.87%

Investor activity continued to trend downwards last week whereas founder activity held steady. VC activity was down 7.44% and the average time on deck rose by 4.17%, now sitting at 2 minutes, 30 seconds. Of special interest here is the fact that investor activity is coming closer to crossing below 2020 levels, which has happened only once since the start of 2021. This will be a metric to keep an eye on in the coming weeks, as investor activity may slow even further due to the summer recess. By contrast, founder activity remained comparably high last week: this metric crept upwards by 0.87% and, unlike investor activity, is outpacing previous years by a fair margin. With new inflation data due out this week, will we see a positive response from VCs if price pressures are shown to be easing as suspected? Check back next week to find out.

Q2 Pitch Deck Interest Metrics 2023

Updated: June 26, 2023

Pitch Deck Interest: -11.84% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -7.22%

Founder and investor activity both dropped last week, signaling that an end-of-quarter fundraising rush may already have taken place. VC activity dropped by 11.84%, although the time on deck was unchanged. Historically, investor activity usually drops around this time, so last week’s fall was to be expected. Even though the timing of this drop was historically normal, the ongoing slowdown in investor demand for deals has pushed activity levels to lows we haven’t seen since January. Although there may be some short-term volatility ahead, we don’t expect investor demand to increase substantially until the fall. Founders were also less active last week: founder activity fell by 7.22% in a second consecutive week of declines. The timing of this drop suggests that founders are aware of the summer lull in investor activity and have slowed their pitching accordingly. Will fundraising activity continue to peter out during the last week of Q2? Check back next week to see how the quarter ended.

Updated: June 20, 2023

Pitch Deck Interest: +9.87% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: -13.39%

Founders and investors moved in opposite directions last week before the Juneteenth holiday weekend. Investor activity rose by 9.87%, likely fueled by the rally in public equities markets and an end-of-quarter rush to review pitch decks before the seasonal summer lull kicks in. VC activity is right in line with last year’s levels. The average time on deck fell by 4% and now stands at 2 minutes, 24 seconds. Founder activity dropped by 13.39% following several weeks of unexpected spikes. Founders may have gotten their end-of-quarter rush out of the way, knowing that investors may spend the rest of Q2 looking for a few final deals to make. Will these trends continue through the end of the quarter? Check back next week to find out.

Updated: June 12, 2023

Pitch Deck Interest: +2.29% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +9.8%

Founder and VC activity both ticked upwards last week amid ongoing enthusiasm in the public equities markets. Investors were only slightly busier, though: VC activity levels rose by 2.29% but still trail behind 2022 levels from a year-over-year perspective. Founder activity jumped by 9.8% and continues to outpace 2022 levels, suggesting that the climate will remain investor-friendly over the short and even medium term. Although public equities markets reached yearly highs last week, the release of new inflation data this week alongside the Fed’s decision on interest rates may likely do more to set the tone for startup fundraising over the summer. Check back next week to see how the private markets react to the data and interest-rate news.

Updated: June 5, 2023

Pitch Deck Interest: -6.03% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -20.93%

Founder and investor activity both fell last week, suggesting that the slower summer season may be upon us. VC activity dropped by 6.03% and the average time on deck was unchanged. Activity levels for investors continue to fall behind those of previous years: VC activity is down 9% compared to this time last year and 6% compared to the same time in 2021. The same cannot be said, however, of founder activity: this metric fell by 20.93% last week, but a drop like this was to be expected after the sudden spike the week prior. Regardless, founder activity is right in line with 2022 levels and is up 27% over 2021 levels. If the summer lull has indeed begun for investors, then the discrepancies in founder/VC activity levels suggest that founders will have a tough time raising in Q3. Check back next week to see if investors pick up the pace a bit as Q2 begins to draw to a close.

Updated: May 30, 2023

Pitch Deck Interest: +6.14% Pitch Deck Interest: Time Spent: -4.17% Pitch Deck Interest: Founder Links Created: +45.83%

Last week saw investors increase their activity levels slightly and founders increase theirs appreciably. VC activity was up by 6.14%, bringing investor demand for deals right in line with 2022 levels from a year-over-year perspective. To go back slightly further, VC activity is down just 3% from 2021 levels. The average time on deck fell by 4.17% and currently sits at 2 minutes, 18 seconds. Whereas VCs are holding steady compared to previous years, founder activity rose by a surprising amount last week: founder activity rose by 45.83% to a pace we haven’t seen since February of this year. An unexpectedly busy pre-Memorial Day rush might partly account for this sudden spike. More broadly, though, the holiday weekend may kick off a summer fundraising season that we predict will be a bit slower than those of previous years, at least from a VC point of view. Investor activity has been “slow and steady” all year so far, and VCs may opt to keep to their current pace (or even slow it down) over the summer while waiting for clarity on the macro environment. If founders have been receiving signals to this effect, they may be rushing to get decks reviewed before any prolonged summer lull this year. Check back next week to see if founder activity subsides a bit following the holiday.

Updated: May 22, 2023

Pitch Deck Interest: -10.94% Pitch Deck Interest: Time Spent: -4.17% Pitch Deck Interest: Founder Links Created: +7.87%

Just like the week prior, founders and investors moved in opposite directions last week. However, the directions in which they moved changed. VC activity fell by 10.94% last week and the average time on deck fell by 4.17%. Investor interest in deals has more or less kept pace with 2022 activity levels for much of Q2, but it’s now down 6.5% year-over-year. This trend may continue for the next few weeks as debt-ceiling talks and concerns over future Fed interest rate hikes occupy headline space in the news. Founder activity was undeterred last week, though, rising by 7.87% after a sharp fall the week before. Founder fundraising activity is right in line with 2022 levels, but this may be less of a signal of optimism in the market than more short-term concerns about raising funds quickly amid predictions of a coming recession. Check back next week to see if VCs end up picking up their pace or if founders slow theirs.

Updated: May 15, 2023

Pitch Deck Interest: +3.64% Pitch Deck Interest: Time Spent: -4.17% Pitch Deck Interest: Founder Links Created: -13.59%

Last week, founder and investor activity moved in opposite directions for the first time this quarter. VC activity rose by 3.64% and the average time on deck fell by 4.17% to hit 2 minutes, 18 seconds. From a year-over-year perspective, investor activity is 3.6% higher than this time last year. Founder activity fell last week following the prior week’s 25% rise: it dropped by 13.59% and is down 4.3% year-over-year. News of easing inflation in April may have sparked some optimism among investors in the private marketplace, but negotiations over the debt ceiling may trigger volatility in the startup fundraising space for the next several weeks. Check back next week to see how the private markets digest any news.

Updated: May 8, 2023

Pitch Deck Interest: +2.92% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +25.61%

Fundraising activity rose across the board last week, with founders bouncing back after what has become a traditional late-April pause. Investors were slightly more active last week: VC activity rose by 2.92% and the average time on deck was unchanged at 2 minutes, 24 seconds. This uptick means investor activity is currently down 2.4% year-over-year. Founders, for their part, are exactly in line with 2022 activity levels after last week’s burst of activity. Founder activity rose by 25.61% after falling by more than 15% the week prior. Although the last several years have seen a late-April lull, they’ve also seen an early-May bump, so a rise like this was not unexpected. Even with this context, however, founders may be buoyed by the Fed hinting that interest-rate hikes may be done for the time being. We predict that founder and investor activity will continue at pace over the short term. Check back next week to see whether this week’s inflation data impacts the private fundraising space.

Updated: May 1, 2023

Pitch Deck Interest: -4.76% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -15.46%

Founder and investor activity both fell last week, suggesting that an early-Q2 fundraising push may be ending for now. VC activity fell by 4.76% last week and the average time on deck was unchanged. Founder activity fell by much more, however: it dropped by 15.46%, sitting now at 6% below 2022 levels and 8% below 2021 levels. Historical context puts last week’s drops into perspective. Both founder and investor activity tend to fall around the second or third week of April, indicating that both sides of the dealmaking table take a breather before picking up their pace later in the spring. How much that pace picks up may depend on macro factors like interest rates and jobs report data, so check back next week to see how these factors may impact fundraising in the short term.

Updated: April 24, 2023

Pitch Deck Interest: +7.69% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +6.39%

Founder and investor activity both moved upwards last week, following a comparatively slow start to Q2. Investor activity rose by 7.69% and the average time on deck was unchanged, remaining at 2 minutes, 24 seconds. Founder activity increased by 6.39% after two weeks of declines to kick off the quarter. Last week’s rise in fundraising activity was to be expected: historically, founders and investors take a bit of a break at the end of Q1 and begin thinking about fundraising deals again around mid-April. Will this uptick in activity be sustainable through the rest of the quarter? Questions about the labor market and potentially cooling economic activity later in the year may weigh on founders’ and investors’ minds, meaning fundraising may go on the back burner. Check back next week to see whether any potential headwinds appear more clearly on the horizon.

Updated: April 17, 2023

Pitch Deck Interest: -2.09% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -6.19%

Founder and investor activity fell again last week, as the beginning of Q2 sees a slowdown in fundraising activity compared to the end of Q1. Investor activity dipped by 2.09% and the average time on deck remained unchanged, at 2 minutes, 24 seconds. Founder activity fell by slightly more, dropping by 6.19% after falling by nearly 4% the week prior. These recent dips are unlikely to be reflections of macro trends, as positive inflation news came out last week, signaling that the Fed may slow its succession of rate hikes sooner than feared. The slowdown we’ve seen over the past few weeks is more likely to indicate that founders are focusing on solidifying their businesses rather than on fundraising. VCs, aware of these priorities, are stepping back slightly in response. Will founders turn their attention back to fundraising in the short-term? Check back next week to see whether they pick up the pace.

Updated: April 10, 2023

Pitch Deck Interest: -9.13% Pitch Deck Interest: Time Spent: +4.35% Pitch Deck Interest: Founder Links Created: -3.96%

Founder and investor activity both fell last week to begin Q2 after the previous week’s end-of-quarter rush. Investor activity dropped by 9.13% and the average time on deck rose by 4.35%–as VCs grew less busy, they didn’t race through decks as quickly as the week before. Founder activity fell less sharply, dipping by 3.96% after a steady rise in activity levels to end Q1. Short-term drops in fundraising activity at the start of Q2 are historically normal, so last week’s drops don’t necessarily reflect macro pressures. However, it will be worth keeping an eye on the latest jobs report’s impact on the public markets, as any volatility may eventually make its way into the private fundraising space. Check back next week to see if this influence is already making itself felt.

Q1 Pitch Deck Interest Metrics 2023

Updated: April 3, 2023

Pitch Deck Interest: +9.13% Pitch Deck Interest: Time Spent: -4.17% Pitch Deck Interest: Founder Links Created: +6.32%

VC and founder activity both rose last week to close out Q1 with forward momentum. Investor activity ticked upwards by a healthy 9.13%, ending the quarter in line with 2022’s pace and 4% above 2021’s pace. Given the macro volatility we saw throughout Q1, this end-of-quarter figure is a sign of ongoing resilience in the demand for deals. The average time on deck fell by 4.17% with this burst in VC activity and now sits at 2 minutes, 18 seconds. Founder activity rose by 6.32% last week, also ending Q1 right in line with 2022’s pace. However, founders are even more active now compared to 2021: founder activity is nearly 15% higher now than it was at this time in 2021. Since investor demand for decks hasn’t risen by quite as much, founders should be aware that competition for VC attention is still keen. They’ll need to sharpen their storytelling to stand out from the crowd. Check back next week to see if this momentum carried through to the start of Q2.

Updated: March 27, 2023

Pitch Deck Interest: +0.42% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +5.56%

Founder and VC activity both moved slightly upwards last week, signaling continued resilience in the startup fundraising marketplace. Investor activity rose by 0.42% and the average time on deck remained unchanged at 2 minutes, 24 seconds. Although investor activity is currently down compared to 2022 and 2021, the fact that it has held steady during a very volatile March is an encouraging sign. Founder activity rose by 5.56% and is currently right in line with 2022 and 2021. The fact that both founder and investor activity have not shown lingering impacts from the SVB collapse and public-market volatility suggests that there’s still broad confidence in getting funding deals across the line in a challenging macro environment. Although we may be in for more near-term volatility in the public equities markets, we predict that founders and investors are prepared to ride out the stormy weather–at least for the time being.

Updated: March 20, 2023

Pitch Deck Interest: -3.23% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -1.1%

Founder and investor activity levels both fell last week, but not by nearly as much as might have been feared after the SVB collapse. VC activity ticked lower by 3.23% and the average time on deck remained unchanged at 2 minutes, 24 seconds. Pitch deck interactions are down 7% from this time last year. Founder activity fell by even less than investor activity last week: it dropped by just 1.1% and is down 4.25% year-over-year. The SVB collapse and continued pressure on the global banking sector may be weighing on both investors and founders, but the fact that activity in the fundraising marketplace didn’t fall by as much as we might have expected could signal optimism in the startup community about the SVB fallout not morphing into a severe structural problem. Check in with us next week to see whether this optimism holds steady.

Updated: March 13, 2023

Pitch Deck Interest: -13.29% Pitch Deck Interest: Time Spent: -7.69% Pitch Deck Interest: Founder Links Created: -9%

All three Pitch Deck Interest Metrics fell last week amid mixed signals from the February jobs report and renewed concerns about inflation and extended rate hikes. VC activity dropped by 13.29% and the average time on deck fell by 7.69%. Founder activity fell for the third week in a row, dipping by 9% after briefly outpacing 2021 and 2022 from a year-over-year perspective. We expect the impact on investor and founder sentiment from the SVB collapse to begin to show up in our metrics starting next week. If the fallout is contained, fundraising activity may not be hit overly hard. However, if we see significant spillover across banking and tech then the collapse could well trigger a period of more sustained private-market pessimism. Check back next week to see how founders and investors began processing these events in their deal-making.

Updated: March 6, 2023

Pitch Deck Interest: +10.43% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: -13.79%

Founders and investors moved in opposite directions last week. VC activity rose by 10.43% and is now up 7.5% year-over-year–this is the first time investor activity in 2023 has outpaced 2022 activity levels. With this increase came slightly longer average deck viewing times: these rose by 4.17% last week and now stand at 2 minutes, 30 seconds. Founder activity fell by 13.79% after sustained strength since the end of January. However, even with this dip founder activity sits right in line with 2022 and 2021 levels. Although founder activity may not pick up before the end of Q1, when taken all together last week’s metrics signal ongoing optimism, even in the face of recent public-market volatility. Check back next week to see whether sentiment remains relatively high, particularly among investors.

Updated: February 27, 2023

Pitch Deck Interest: +5.71% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +11.54%

Founder and investor activity rose again last week, despite the fact that the public markets saw their worst week of the year so far. VC activity rose by 5.71% and the average time on deck fell by 4%. Although investor activity still lags a bit behind 2022 levels (by 8%), it’s still relatively healthy overall and just 4% lower than 2021 levels. Founder activity continues to be unexpectedly robust: it rose by 11.54% last week and currently exceeds 2022 and 2021 levels by 25% and 36%, respectively. This private-market optimism is welcome after a comparatively sluggish Q4, but will it hold up in the face of concerns about continued aggressive approaches to inflation from the Fed? Check back next week to see if the latest consumer spending and inflation data, both higher than expected, affects private investment sentiment.

Updated: February 13, 2023

Pitch Deck Interest: +3.63% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +38.54%

VC activity increased modestly last week, but founder activity unexpectedly reached a new record high. Investor deck interactions rose by 3.63% while the average time on deck fell by 4% and now stands at 2 minutes, 24 seconds. Although investor activity has increased in recent weeks, it’s still down 9.5% year-over-year–VCs began slowing their pace around this time last year in response to macro events, and 2023 activity may stay mostly in line with Y-Y trends over the short term. Founder activity, by contrast, increased considerably: it rose by 38.54% to hit a new all-time high. Interestingly, the week of February 7th also saw last year’s high for founder activity, but this year’s increase saw founders beat last year’s high-water mark by almost 5%. The ongoing rally in the public equities markets, alongside an easing of inflation, may partly explain sustained founder optimism and signal its near-term continuation. Persistent concerns about an economic downturn at some point in 2023 could make these activity levels difficult to sustain. Check back next week to see if founders held to their breakneck pace.

Updated: February 6, 2023

Pitch Deck Interest: +7.36% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +4.35%

Founder and investor activity both ticked upwards last week, although activity levels still lag behind 2022’s hot pace. Investor deck interactions rose by 7.36%, marking four straight weeks of gains to start 2023, and the average time on deck remained unchanged at 2 minutes, 30 seconds. VC activity is down nearly 9% year over year, but the recent rally in the public markets and smaller Fed interest rate hikes may help explain why investors have been increasingly hungry for deals to start the year. Founder activity rose by 4.35% after the previous week’s 12% decline. Although founder activity lags behind 2022 levels by 17%, we can expect it to remain relatively healthy given founders’ active start to the year. Will this burst of optimism continue? Check back next week to see where founders and investors stand.

Updated: January 30, 2023

Pitch Deck Interest: -0.88% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: -12.38%

Following several weeks of ramped-up fundraising activity after the holidays, founders and investors slowed their pace last week. VC activity was mostly flat, falling by 0.88%, and the average time spent reviewing decks crept upwards by 4.17%. Investor activity is down 20% year-over-year amid conflicting signals in the public markets, and we don’t foresee VCs making year-over-year gains anytime soon. Founder activity fell more sharply last week, dropping by 12.38% as founders also fell behind last year’s pace. Founder activity is now nearly 18% lower than 2022 levels. The jitters we’re seeing in the private markets look set to continue over the near term: if investors don’t increase their pace, more and more founders may follow suit, opting to retrench instead of embarking on a fundraise. Check back next week to see if the markets express further anxiety.

Updated: January 23, 2023

Pitch Deck Interest: +6.04% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +29.63%

Founders and investors both increased their activity last week, though the increase was far more pronounced on the founder side of the dealmaking table. VC activity rose by 6.04% and the average time on deck was unchanged from the previous week, remaining at 2 minutes, 24 seconds. Founders were much busier compared to the previous week’s activity levels: founder activity rose by 29.63%, continuing founders’ optimistic start to 2023. Founder optimism and investor hesitancy become more striking when considered year-over-year: founder activity is down just 9.5% compared to this time last year, whereas VC activity is down over 28%. With so much macro uncertainty, we don’t foresee investor activity picking up appreciably over the next few weeks, so founders who need to raise will have to sharpen their pitch deck narratives in order to stand out from the crowd. Check back next week to see if founder optimism continues apace.

Updated: January 9, 2023

Pitch Deck Interest: +31.88% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +25.46%

Founders and investors began to get back to business last week: activity was up on both sides of the dealmaking table. Investor activity rose by 31.88% to kick off Q1. Despite this rise, investors are still far from pre-holiday activity levels: VC activity is down 32% from before the holiday slowdown. The average time spent reviewing decks was unchanged last week and stands at 2 minutes, 30 seconds. Founder activity spiked as well, but by less than VC activity: founder activity rose by 25.46% last week, but is also down 32% from pre-holiday levels. The short week last week may account for this comparatively slow start to Q1–check back next week to see how founders and investors took on the first full week of 2023.

Q4 Pitch Deck Interest Metrics 2022

Updated: January 3, 2023

Pitch Deck Interest: -48.7% Pitch Deck Interest: Time Spent: +8.7% Pitch Deck Interest: Founder Links Created: -45.55%

Activity was predictably light last week during the short few days between Christmas and New Year’s. Investor activity fell by 48.7% and the average time on deck rose by 8.7%. As big as the drop in VC activity may seem, last year’s post-Christmas dip was much larger (70%), so VCs were a bit more active this year than they were over the holiday week in 2021. Founder activity also fell last week: activity dropped by 45.55%, which is a bigger dip than we saw during the final week of 2021, when founder activity fell by 37%. Fundraising activity will pick up the pace again as Q1 ramps up, but will it start off as strongly as it did at the beginning of 2022? Check back next week to see how founders and investors began the new year.

Updated: December 19, 2022

Pitch Deck Interest: -1.47% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +5.05%

Founders and VCs kept up their healthy pace last week before the holiday season begins in earnest. Investor activity was down by 1.47%, but despite this dip activity is up 1.5% from a year-over-year perspective. The average time on deck remained unchanged. Founder activity was up by 5.05% last week, and founders are even more active in year-over-year terms: founder activity is up 19.5% over this time last year. Even with recent weekly losses in the public markets, startup fundraising is holding steady heading into 2023. We’re unlikely to see any records broken early in Q1, but by the same token there’s a solid base of optimism in the private marketplace that suggests the current pace will continue after the holidays.

Updated: December 12, 2022

Pitch Deck Interest: +6.64% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -3.88%

Founders and investors remained active last week, continuing a pre-holiday push that’s nearly in line with 2021 activity levels. VC activity rose by a healthy 6.64% and is now down just 6% from this week last year. Q4 2021 was a record-setting quarter for VC activity, so this delta is an encouraging sign of optimism heading into 2023. The average time on deck was unchanged and still sits at a record low of 2 minutes, 18 seconds. Founders were slightly less active following the prior week’s surge: founder activity dipped by 3.88% but is up 5% over this time last year. Will this week’s new inflation data and the last Fed meeting of the year dent the strong end-of-year rush we’re seeing in the private markets? Check back next week to find out.

Updated: December 5, 2022

Pitch Deck Interest: +27.36% Pitch Deck Interest: Time Spent: -4.17% Pitch Deck Interest: Founder Links Created: +41.1%

Founders and investors got right back to work last week after the Thanksgiving break. Investor activity jumped by 27.36% to reach its highest level since late-August. Activity remains down nearly 10% from a year-over-year perspective, though. As VCs got busier last week, their average time on deck fell: time spent on pitch decks dropped by 4.17% to reach an all-time low of 2 minutes, 18 seconds. Founders were even busier than investors last week: founder activity spiked by 41.1%, slightly outpacing 2021’s post-Thanksgiving bounce. After a comparatively slow fall season, these rises point to lasting optimism in the fundraising marketplace. However, the burst of activity might be short-lived as founders and investors historically tend to slow down between now and the end of Q4. Will this year buck historical trends? Check back next week to find out.

Updated: November 28, 2022

Pitch Deck Interest: -11.06% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -25.51%

Activity in the startup fundraising marketplace slowed markedly last week, as tends to be the case in the run-up to Thanksgiving. Investor activity dropped by 11.06% but the average time on deck remained unchanged. In week-over-week terms, last week’s unsurprising holiday drop wasn’t especially drastic. In year-over-year terms, however, it’s more significant: VCs were 23% less active last week than during the same week last year. Founder activity fell more sharply, dropping by 25.51% and coming in 16% lower than this time last year. History suggests there will be a bounceback for both founders and investors before the end of the year. However, with less optimism in the overall economy right now, any rebounds may not be as strong as in previous years. Will founders and VCs get back to business quickly? Check back next week to find out.

Updated: November 14, 2022

Pitch Deck Interest: +1.73% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +1.04%

Both founder and investor activity saw modest increases last week as new inflation data that was less severe than expected caused a surge of optimism in the public markets. Investor activity rose by 1.73% and the average time on deck fell by 4%: VCs continue to hold serve but don’t look poised to ramp up deck engagement much further, at least in the short term. Founder activity rose by 1.04% and is down just 9% year-over-year–this is significant because last year’s activity levels were record-setting. Founders continue to push ahead with their fall fundraising plans, but the fact that we aren’t seeing a corresponding uptick in investor activity means they’ll need to work harder to stand out from the crowd to secure VC meetings. Will we see a mini-rush in activity before the Thanksgiving holiday? Check back next week to find out.

Updated: November 7, 2022

Pitch Deck Interest: -1.7% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: -3.03%

Founder and VC activity crept slightly downwards last week as the outlook for the fall fundraising season became clearer. Following the widely-anticipated interest rate hike on Wednesday, investor deck interactions fell by 1.7% and the average time on deck rose by 4.17%. Founder activity fell a bit more, dropping by 3.03%. These week-over-week drops appear minimal at first glance, but we’re now getting a clearer picture of how the normally-busy fall fundraising season is looking in 2022 compared to past years. Investor activity is down nearly 37% from the near-record highs of last year, but it’s still up almost 13% from the post-COVID bounce back of 2020. Founder activity is right in line with last year’s pace, however: it’s down just 1% from 2021 levels and up almost 30% from 2020. These activity levels signal a sense of overall optimism in the startup fundraising landscape but, at the same time, they continue to show that VCs may not be rushing to make deals like they were last year. Will the bedrock of optimism remain strong after this week’s midterm elections? Check back next week to see how the marketplace responded.

Updated: October 31, 2022

Pitch Deck Interest: -2.08% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -5.71%

Founder and investor activity both fell last week amid unconvincing tech earnings reports and expectations of another Fed rate hike. VC pitch deck interactions dipped by 2.08% as investors keep more or less to their late-summer pace but seem less likely to intensify their activity levels during what’s normally a busy fall season. Relatedly, the average VC time on deck remained unchanged last week. Founder activity fell as well, dropping by 5.71% after the previous week’s spike. Despite this decline, founder demand for funding remains very strong, if not quite at the all-time highs we saw last year at this time. The strength of founder activity compared to the steadiness of investor activity suggests that we’ll see the current “investor-friendly” fundraising climate persist through the end of Q4 and into 2023. Will ongoing macroeconomic volatility dent founder optimism? Check back next week to see where activity levels stand.

Updated: October 24, 2022

Pitch Deck Interest: -1.64% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: +17.98%

With continued volatility in the public markets, and ahead of another big week in earnings reporting, the startup fundraising marketplace saw VCs hold their pace last week while founders got even busier. Investor deck interactions were down 1.64% last week: although this drop is minimal, from a year-over-year perspective, VC activity is down over 14%. The average time on deck fell by 4% and continues to hover at the all-time low of 2 minutes, 24 seconds. Founders pressed on with their raises last week, increasing their activity by 17.98%. For founders, last week was one of the most active we’ve seen since February. The current pace of startup fundraising suggests that although the “fall rush” has begun in earnest for founders, VCs are remaining cautious. As founders send out more decks, investors aren’t responding in kind (but nor are they growing substantially less active). We predict that founder activity will remain hot until the holiday season, whereas VC activity looks likely to hover around today’s levels. With so much uncertainty, a change in outlook is always possible, so check back next week for our latest market forecast.

Updated: October 17, 2022

Pitch Deck Interest: -2.4% Pitch Deck Interest: Time Spent: +4.17% Pitch Deck Interest: Founder Links Created: -2.2%

Founder and investor activity both dipped last week, suggesting that continued volatility in public equities markets and persistent inflation concerns may be impacting the fall startup fundraising season. VC activity fell by 2.4% last week and the average time on deck moved upwards by 4.17%. Founder activity dipped for the third week in a row, falling by 2.2%. These drops aren’t worrisome in and of themselves, but they do come at a time when startup fundraising activity has historically begun to heat up. Will we see a more tepid “fall rush” this year? More data will help paint a clearer picture, but for now it looks like both founders and investors are holding steady rather than diving into dealmaking wholeheartedly. Will activity pick up after more Q3 earnings announcements this week? Check back next week to see how the private markets responded.

Updated: October 11, 2022

Pitch Deck Interest: +12.11% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: -3.19%

Founders and investors moved in opposite directions last week to kick off Q4, with VC activity trending upwards. Investor deck interactions rose by 12.11% amid ongoing turbulence in the public markets. The average time on deck remained unchanged from its historically low levels, suggesting that the fall fundraising season is getting underway for VCs. Founder activity fell slightly to start the new quarter, dipping by 3.19%. However, founder activity is up over 2% from a year-over-year perspective, indicating that founders may be busily preparing materials for a seasonal push. How will these indices react to public-market jitters ahead of third-quarter earnings reporting? Check back next week to see if the private marketplace recorded similar fears.

Q3 Pitch Deck Interest Metrics 2022

Updated: October 3, 2022

Pitch Deck Interest: -2.62% Pitch Deck Interest: Time Spent: -4% Pitch Deck Interest: Founder Links Created: -11.32%

All three Pitch Deck Interest Metrics fell last week, but overall fundraising activity remains in line with 2021 activity levels. This is a strong signal of overall health in the fundraising marketplace, since 2021 was a much hotter climate with far fewer macroeconomic concerns impinging on the private markets. Investor activity dipped last week by 2.62%: a late-September drop is historically normal, and VC activity is just 5.5% lower than this time last year. The average time on deck fell by 4%, tying the all-time low of 2 minutes, 24 seconds we saw back in June. Founder activity dropped by 11.32% and is now nearly 8% off last year’s pace. As with investors, a drop before the beginning of Q4 is historically normal, so it looks like both founders and VCs are poised for a busy end-of-year fundraising cycle. Check back next week to see how Q4 got started.

Updated: September 26, 2022

Pitch Deck Interest: +1.33% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +3.92%

As turbulence continues to hit the public markets, the startup fundraising marketplace held steady last week. VC activity rose by 1.33% and the average investor time on deck remained unchanged at 2 minutes, 30 seconds. Founder activity also ticked upwards, rising by 3.92%. However modest, these increases in activity are significant: first, because they continue to signal that the supply of and demand for deals remain healthy despite ongoing macroeconomic uncertainty. Second, they indicate that we are still on track for an expected autumn increase in fundraising activity that historically picks up steam starting in late-September. Will investors remain optimistic amid debates on current/future Fed tightening and volatility in the currency markets? Check back next week for a clearer picture.

Updated: September 19, 2022

Pitch Deck Interest: +3.67% Pitch Deck Interest: Time Spent: 0% (no change) Pitch Deck Interest: Founder Links Created: +25.93%

Both sides of the fundraising marketplace were more active last week, with founders seeing significant gains. VC activity rose by 3.67% with the average time on deck (2 minutes, 30 seconds) remaining unchanged from the week before. Investor activity is lagging 11% behind 2021 levels from a year-over-year perspective, likely reflecting caution in the private markets as public markets remain volatile. Founders, however, were far more active last week–their activity levels are right in line with red-hot 2021 levels. Founder activity rose 25.93% last week, signaling that founders are well and truly back in the swing of fundraising after the summer holidays. We expect founder activity to remain near these levels throughout the fall. VC activity may be quieter for the next few weeks, as investor activity usually picks up in early October. Check back next week to see if a continued downturn in the public equities markets causes us to revise our outlook.

Updated: September 6, 2022

Pitch Deck Interest: -12.68% Pitch Deck Interest: Time Spent: -10.35% Pitch Deck Interest: Founder Links Created: -1.12%

All three Pitch Deck Interest Metrics dipped last week in advance of the long weekend. Investors continued the seesawing we’ve seen since late June as VC activity fell by 12.68%. Last week’s drop was to be expected, though, as many VCs would have been enjoying a final summer holiday before ramping up operations in September. The average time on deck also fell appreciably, by 10.35%, and returned to a more normal 2 minutes, 36 seconds. Founder activity was nearly unchanged last week: this metric fell by just 1.12%. Even though founder activity has fallen by 19% since early August, it’s still up more than 11% from a year-over-year perspective. This suggests a busy fall for founders, but how far will VC interest rise to meet founder activity? Check back next week for our first look at the fall fundraising marketplace.

Updated: August 29, 2022

Pitch Deck Interest: +19.48% Pitch Deck Interest: Time Spent: +11.54% Pitch Deck Interest: Founder Links Created: +3.49%

All three Pitch Deck Interest Metrics ticked upwards last week. Investor activity rose the most, increasing by 19.48% as VCs logged their busiest week since late-February. This activity bucked seasonal trends and signals optimism in the private markets even as hawkish tones from the Fed has caused jitters in public equities markets. Accompanying this sudden rise in VC activity is an 11.54% rise in the average time spent on pitch decks, which now stands at just under 3 minutes. Founders were slightly more active last week, as well: founder activity rose by 3.49% after falling for two weeks in a row. Will investors remain optimistic despite a sell-off in the public markets late last week? Check back next week to see how the startup fundraising marketplace responded.

Updated: August 23, 2022

Pitch Deck Interest: +4.05% Pitch Deck Interest: Time Spent: +4% Pitch Deck Interest: Founder Links Created: -13.13%

Founders and investors moved in opposite directions last week. VC activity ticked upwards slightly, by 4.05%, as investors continue the seesawing we’ve seen since late June. The average time on deck crept up as well, by 4%, to stand at 2 minutes, 36 seconds. The biggest movement was on the founder side of the dealmaking table: founder activity dropped for the second week in a row, falling by 13.13% last week. Founder activity has been robust all summer, so this dip may not signal anything more than a late-summer break before the fundraising season kicks off again in earnest in early September. Will the founder lull continue? Check back next week for an update.

Updated: August 15, 2022

Pitch Deck Interest: -16.85% Pitch Deck Interest: Time Spent: -13.79% Pitch Deck Interest: Founder Links Created: -9.17%

After some surprising activity increases, all three Pitch Deck Interest Metrics fell last week, continuing the seesawing we’ve seen in the fundraising marketplace lately. Investor activity fell by 16.85%, and the average time on deck fell by 13.79%. Investors are now more in line with 2021 activity levels than they were last week (down about 7% year-over-year), and the average deck viewing time is in line with broader 2022 trends. Founder activity also fell, but not by as much: it dipped by 9.17%, keeping founders just ahead of 2021 activity levels (by about 7% here, as well). Given the recent volatility in the fundraising marketplace coupled with last week’s rally in the public markets, we expect another tick upwards this week. Will reports of slowing growth in China affect both private and public markets? Check back next week to see if the volatility continues.

Updated: August 8, 2022

Pitch Deck Interest: +12.19% Pitch Deck Interest: Time Spent: +16% Pitch Deck Interest: Founder Links Created: +15.96%

Just when we thought some seasonal predictability had entered the marketplace, VCs and founders threw us a curveball. Activity was up sharply on both sides of the deal-making table. VC activity was up 12.19% last week and is up 17% year-over-year. The rush of investor activity meant longer deck viewing times, as well: the average VC time on deck increased by 16% to nearly 3 minutes. As has been the case for much of 2022, founders were even more active than investors: founder activity rose by 15.96% last week and is up an impressive 33% year-over-year. Optimism from recent rallies in the public markets is filtering into startup fundraising, and last week’s gains may not be the only disruption to the normally quieter summertime period. Last Friday’s jobs report may reduce fears of a near-term recession, and if this week’s CPI index comes shows a slowing of inflation, the optimism we’ve been seeing in the private markets may continue at pace. Check in with us next week to see how these reports affected fundraising.

Updated: August 1, 2022

Pitch Deck Interest: -5.18% Pitch Deck Interest: Time Spent: -3.85% Pitch Deck Interest: Founder Links Created: -10.48%

All three Pitch Deck Interest Metrics dipped last week. Investor activity fell by 5.18% and remains just about in line with last summer’s activity, suggesting that many VCs may be taking a summer break. The average time on deck fell by 3.85% and continues to hover around the 2 minutes, 30 seconds mark. Founder activity fell a bit more sharply, by 10.48%. However, much like investors, founders are right in line with where they were last summer: founder activity is down just 3% year-over-year. Taken holistically, last week’s fundraising activity is further evidence that seasonality is back in the marketplace. With that in mind, we don’t expect activity to tick significantly upwards again until after Labor Day. Check back next week to see if the current year-over-year trends continue to hold steady.

Updated: July 25, 2022

Pitch Deck Interest: -3.83% Pitch Deck Interest: Time Spent: -3.85% Pitch Deck Interest: Founder Links Created: -0.94%

After a quick post-holiday jump, the fundraising marketplace mostly held steady last week. Investor activity fell by 3.85%, bringing this metric nearly in line with where we were last year. This near-parity with 2021 suggests that we may indeed be in a summer lull despite the bump in activity from the week before. The average time on deck fell slightly, by 3.85%, and now stands at 2 minutes, 30 seconds. Founders kept up their momentum last week: activity here dipped by just 0.94%. Whereas investors are in line with 2021, founder activity is up 14% year-over-year. Many VCs may be on break for the summer, but the supply of pitch decks remains robust. Check back next week to see whether this pace of founder activity continues.

Updated: July 18, 2022

• Pitch Deck Interest: +20.3%

• Pitch Deck Interest: Time Spent: 0% (no change)

• Pitch Deck Interest: Founder Links Created: +29.3%

Founders and investors got right back to business last week: activity on both sides of the marketplace spiked as Q3 got underway after the July 4th holiday. VC activity rose by 20.3% and is up nearly 13% year-over-year. The average time on deck was unchanged. Founders were even more active than investors last week: founder activity rose by 29.3% and is up nearly 18% year-over-year. By this time last year, the summer lull had kicked in and we appeared to be heading for a similar seasonal slowdown this year. However, this surprising surge of activity suggests that the marketplace might be a bit livelier this summer than previously expected. Was last week’s uptick just a one-off, or will we see a busier July than last year? Check back next week to see whether founders and investors kept up their momentum.

Updated: July 11, 2022

• Pitch Deck Interest: -13.89%

• Pitch Deck Interest: Time Spent: +4.17%

• Pitch Deck Interest: Founder Links Created: -18.81%

After an uptick in founder and investor activity prior to the July 4th holiday, the fundraising marketplace cooled off last week. Investor activity dropped by 13.89% and the average time on deck rose by 4.17%. These changes could be due to seasonality, on the one hand, and to continued volatility in the public markets, on the other. Despite the dip, however, VC activity is right in line with 2021 from a year-over-year perspective, indicating that the market overall is still healthy. Founder activity fell even more sharply last week, by 18.81%. Seasonality exists for founders, as well: if VCs are on vacation, founders may be prioritizing growing their businesses, especially at the start of a new quarter. That said, founder activity too is in line with 2021 levels. These dips signal that the “summer lull” is in full swing. Macroeconomic changes may still affect the private markets, though, so check back next week to see how the fundraising market responded to new inflation data coming out this week.

Q2 Pitch Deck Interest Metrics 2022

Updated: July 5th, 2022

• Pitch Deck Interest: +9.57%

• Pitch Deck Interest: Time Spent: -7.69%

• Pitch Deck Interest: Founder Links Created: +2.02%

Both founders and investors were more active last week heading into the long holiday weekend. We might have expected a slowdown in the marketplace before the July 4th holiday, but with the end of Q2 activity actually ticked upwards. VC activity rose by 9.57% and the average time on deck fell to a new record low of 2 minutes, 24 seconds. Investors may have been looking to review new decks as efficiently as possible before switching off for the holiday. Founder activity rose less sharply, by just 2.02%, but this rise continues a trend of founder activity outpacing 2021 levels. Although investors may not keep up their current pace through the summer, we expect founder activity to remain high from a year-over-year perspective. Check back next week to see how Q3 got started.

Updated: June 27, 2022

• Pitch Deck Interest: -6.12%

• Pitch Deck Interest: Time Spent: 0% (no change)

• Pitch Deck Interest: Founder Links Created: -7.48%

Both founders and investors took a breather last week as summer officially began. VC activity fell by 6.12% and is down just over 4% year-over-year. Last year, investors were less active during the summer months and our 2022 data is beginning to suggest that the same seasonal pattern is underway this year. This summer, we expect this year’s data to behave a bit like last year’s data; however, the overall numbers may be shifted downwards slightly to reflect increased investor caution in the marketplace. VC time on deck continues to hold steady at about 2 minutes, 36 seconds. Like investors, founders were less active last week: founder activity dipped by 7.48% but is up almost 14% year over year. We expect this trend to continue, as well, since founders have been so active this year. What will the last week of Q2 hold for the marketplace? Check back next week to find out.

Updated: June 21, 2022

• Pitch Deck Interest: +2.94%

• Pitch Deck Interest: Time Spent: 0% (no change)

• Pitch Deck Interest: Founder Links Created: +5.94%

Founders and investors were both more active last week. Investor activity was up 2.94%–this is the first increase in VC activity we’ve seen since early May. Is it the start of a trend or a sign that investors are getting extra work done before taking a summer break? On the founder side, the trend is a bit clearer: founder activity continues to rise and outpace 2021 levels. In fact, founder activity is up 37% compared to this time last year. It’s clear that founders are undeterred by investor hesitancy–we may see a summer slowdown in this metric, but we don’t expect it to fall below 2021 levels anytime soon. Check back next week to see whether there’s a sustained uptick in VC interest or whether last week was an outlier.

Updated: June 6, 2022

• Pitch Deck Interest: -0.83%

• Pitch Deck Interest: Time Spent: 0% (no change)

• Pitch Deck Interest: Founder Links Created: +8.16%

Last week saw another small drop in investor activity coupled with a healthy bump in founder activity. Continuing a trend we’ve seen since early May, VC activity fell by a relatively small amount, just 0.83%. Investor deck interactions are actually at the same level they were last year at this time; the difference being that VC activity in 2021 climbed up to this level whereas in 2022 it has tailed off. What’s new is that the investor time on deck remains at all-time lows: VCs are still averaging 2 minutes, 30 seconds per deck amid a flurry of founder activity. Indeed, founder activity rose again last week, this time by a robust 8.16%. From a year-over-year perspective, this is over 34% higher than 2021. What does this signal heading into the summer? Both VC and founder activity should cool a bit during the warmer months (as has often been the case, historically), but we expect investors to slow down a bit more than their founder counterparts. Check back next week to see whether the summer slowdown has begun.

Updated: June 1, 2022

• Pitch Deck Interest: -0.82%

• Pitch Deck Interest: Time Spent: -3.85%

• Pitch Deck Interest: Founder Links Created: +2.08%

Last week saw VC activity remain nearly unchanged as founder activity continued its robust pace. Investor deck interactions dipped slightly, by just 0.82%, but this overall activity metric doesn’t tell the whole story. The average time on deck fell by nearly 4% (to 2 minutes, 30 seconds), equaling the all-time low we saw during Q4 last year. Since we’re in an investor’s market for the time being, this low time on deck signals that VCs may be bouncing out of decks quite quickly when founders aren’t making a strong early impression. Founder activity rose by just over 2% last week: the supply of pitch decks continues to be healthy, even in the face of uncertainty in the public and private markets. This is another sign that founders will have to work harder to cut through the noise when communicating with investors. Check back next week to see whether the Memorial Day weekend slowed fundraising down.

Updated: May 23, 2022

• Pitch Deck Interest: -1.21%

• Pitch Deck Interest: Time Spent: -3.85%

• Pitch Deck Interest: Founder Links Created: +3.23%

Last week’s fundraising marketplace activity shows why we have entered an investor’s market, at least for the time being. VC activity fell by 1.21% but the average time spent reviewing decks fell by 3.85%–a sizable drop for this metric. Investors have been interacting with fewer decks since the start of the year, and when they do engage with a pitch deck they’re at near-record lows for time spent. This suggests that investors are becoming increasingly judicious even before setting meetings with founders. By contrast, founder activity rose by 3.23% last week: there continues to be a steady supply of pitch decks in the marketplace for VC review. These contrasting behaviors (hesitancy on the part of investors and optimism on the part of founders) show that investors can afford to be much more picky than they were last year when reviewing decks. Will this cause founder optimism to wane eventually? Check back next week to see what the marketplace looks like.

Updated: May 17, 2022

• Pitch Deck Interest: -2.76%

• Pitch Deck Interest: Time Spent: -3.7%

• Pitch Deck Interest: Founder Links Created: -9.71%

All three Pitch Deck Interest Metrics fell last week after rising together the week before. VC activity fell by 2.76% and continues to remain lower than 2021 levels, as it has for most weeks since late February. However, when investors are engaging with decks they are doing so with high efficiency: the average time on deck stands at 2 minutes, 36 seconds, only 4% higher than the all-time low we saw last year. On the founder side, founder activity fell by 9.71% last week after a significant rise the week before. Founder activity has been keeping pace with 2021 levels since late February, meaning that there’s increasing competition for VC attention. With continued declines in the public markets and nervousness about growth forecasts (not to mention persistent inflation), we may see this “investor’s market” continue over the short- to medium-term.

Updated: May 10, 2022

• Pitch Deck Interest: +5.39%

• Pitch Deck Interest: Time Spent: +3.85%

• Pitch Deck Interest: Founder Links Created: +18.39%

All three Pitch Deck Interest Metrics ticked upwards last week, despite volatility in the public markets. VC activity rose by 5.39%, continuing the seesawing we’ve seen since early April. Investor time on deck increased by 3.85% but remains lower than 2021 from a year-over-year perspective. Founder activity rose by a healthy 18.39% last week and is over 5% higher than this time last year. With VC activity down almost 7% year-over-year, this spike in founder activity is another indication that the supply of pitch decks continues to outpace demand. What does this mean for founders? With continued macroeconomic uncertainty, VC activity may not rise to meet the extra supply of potential deals right away. Founders may face more competition for funding and investor capital may be deployed at lower valuations. Follow our weekly PDI updates to see whether a clearer picture emerges in the coming weeks.

Updated: May 2, 2022

• Pitch Deck Interest: -8.02%

• Pitch Deck Interest: Time Spent: -3.7%

• Pitch Deck Interest: Founder Links Created: -8.42%

Fundraising activity slowed last week for both founders and investors. VC activity fell by just over 8% and is down more than 16% year-over-year. That said, investors were more efficient when going through decks last week: the average VC time on deck fell by 3.7% and is down 7% year-over-year. Although investors are going through fewer decks, they’re even more focused than last year when choosing to evaluate potential deals. Founders should note that they’ll need to quickly hook investors with the first few slides of their deck. Founder activity fell, too, last week: the average number of founder links created dipped by 8.42%, bringing us nearly in line with 2021 levels. Overall, then, the supply of potential deals remains robust when compared to last year, whereas demand is still a bit sluggish when compared to last year. This signals an increasingly competitive fundraising marketplace for founders. Check in with us next week to see whether any signs of increased investor optimism have emerged.

Updated: April 25, 2022

• Pitch Deck Interest: +11.49%

• Pitch Deck Interest: Time Spent: +3.85%

• Pitch Deck Interest: Founder Links Created: -1.04%

Founders kept up their pace last week while investors increased theirs. VC activity was up 11.49% following nearly two months of steady decline or only modest increases. Perhaps because of this uptick in activity, the average investor time on deck also increased (by 3.85%) and now stands at 2 minutes, 42 seconds. Founder activity remained nearly unchanged last week, dropping by just 1.04% to stay just about in line with 2021 levels. It’s clear the supply of pitch decks remains healthy (even though it’s fallen from its Q1 highs), but does the increase in VC demand for deals indicate a reversal of recent trends on their side? We’ll need a few more weeks of data to know for sure. However, good earnings reports in the public markets and some easing of geopolitical tensions would go a long way toward boosting investor confidence over the short to medium term. Check back next week to see if we can begin to discern a new trend on the demand side.

Updated: April 18, 2022

• Pitch Deck Interest: -9.96%

• Pitch Deck Interest: Time Spent: 0% (no change)

• Pitch Deck Interest: Founder Links Created: +6.67%

Whereas Q1 got off to a slow start at the beginning of April, last week saw more movement in our Pitch Deck Interest Metrics. However, that movement was not all in the same direction. VC activity was down sharply last week, declining by 9.96%. The average time spent on deck was unchanged. Putting the activity dip into a year-over-year perspective brings it into sharper relief: investor deck interactions are down over 23% compared to this time last year. Although there’s still VC optimism in the marketplace, it’s clear that macroeconomic factors (specifically the war in Ukraine and inflation) are continuing to weigh heavily on investors’ minds. Founders, for their part, appear much more buoyant: founder activity rose by 6.67% last week and remains in line with 2021 levels. Record numbers of companies were founded in 2021, so we can expect founder activity to remain robust for the time being as those startups seek new capital. Will investors be enticed by these potential deals, though? Check back next week as we see whether VC activity rises to meet an increased supply of founder pitch decks.

Updated: April 11, 2022

• Pitch Deck Interest: -1.51%

• Pitch Deck Interest: Time Spent: -7.14%

• Pitch Deck Interest: Founder Links Created: -9.09%

After an uptick across all metrics to close out Q1, Q2 got off to a slower start last week. VC activity was down 1.51% and is currently down nearly 8% from a year-over-year perspective. The overall activity baseline remains high, but the short term trend is one of continued caution. Even though they were less active last week, VCs were much more efficient when going through decks: the average time on deck fell by 7.14%, indicating that while investors may be cautious they’re still quite focused when evaluating potential deals. Founder activity fell the most last week, dropping by 9.09%. The timing of this drop, coupled with last week’s increase, suggests that founders have turned their attention to beginning-of-quarter matters at their businesses and may not be in a rush to send out decks. Will marketplace activity ramp up as Q2 gets in full swing? Check back next week to learn more.