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JUNE 2
2020
Part II
NFX is an early-stage venture firm based in San Francisco that
is transforming how true innovators are funded. As founders
ourselves, we built 10 network effect companies with more
than $10 billion in exits across multiple industries and
geographies.
We believe that creating something of true significance starts
with seeing what others do not.
www.nfx.com @nfx
Introduction
About the Survey
The VC & Founder Sentiment Survey is an ongoing
initiative to track how early stage Investors and
Founders are reacting to the COVID-19 crisis.
The goal is to provide a series of reference points over
time to the community, in the midst of one of the
most unpredictable climates we will ever face.
Part I of The Sentiment Survey was conducted on April 3rd, 2020.
This is our June 2020 check-in with VCs and Founders
to see how they are feeling and responding
nearly 2 months later.
5
Sentiment Survey #2 - June 2, 2020
451 Seed-Stage & Series A
Founders
141 VCs
6
The survey data captures how both tech VCs and startup Founders
feel about the COVID-19 pandemic, including:
● How VCs and Founders are grading the Federal Government's
handling of the pandemic?
● How VCs and Founders really feel about remote work, once
the quarantine is over?
● What tech startup valuations are looking like now, several
months into the pandemic?
● Which tech markets are seeing significant revenue gains vs.
revenue losses?
● How VCs really feel about funding companies that are fully
remote, going forward?
● At what rate are VCs investing compared to pre-COVID-19?
5
Key Findings
1. Startup Valuations Continue Dropping
○ 60% of VCs have seen valuations drop by 20-30% so far as a result
of COVID-19. They predict additional decline in valuations over the
next 12 months, adding up to an average predicted decrease of
40.1% in valuations.
2. VCs Find Remote Companies Less Attractive As Investments
○ Though 74% of Founders plan to move to majority or fully remote
work, nearly 60% of VCs report that remote teams are less
attractive as investments.
3. VC and Founder Predictions for Economic Recovery Are Getting
Worse, Not Better
○ Founders remain much more optimistic than VCs about how long
it will take for the economy to recover. Still, Founders and VCs alike
have revised their predictions for the worse.
Key Findings (cont’d)
4. Startups May Have A Competitive Advantage In Their Speed To
Adapt To Changing Market Conditions.
● 40% of tech founders have reported no change to revenues; and
20% have reported an increase in revenues.
5. Startups Are Still Hiring (And Getting Talent For Less $$)
● 60% of Founders are still hiring (some slower than usual; some
playing offense and hiring more aggressively).
● Of those companies hiring, 50% report lower salary
requirements for new hires than before the pandemic.
6. 60% of Tech Startup Founders give the Federal Government’s
handling of the COVID-19 pandemic a D or F failing grade.
VC & Founder
Survey Data
8
NFX is an early-stage venture firm based in San Francisco that
is transforming how true innovators are funded. As founders
ourselves, we built 10 network effect companies with more
than $10 billion in exits across multiple industries and
geographies.
We believe that creating something of true significance starts
with seeing what others do not.
www.nfx.com @nfx

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Results from the VC & Founder COVID-19 Sentiment Survey, Part II

  • 2. NFX is an early-stage venture firm based in San Francisco that is transforming how true innovators are funded. As founders ourselves, we built 10 network effect companies with more than $10 billion in exits across multiple industries and geographies. We believe that creating something of true significance starts with seeing what others do not. www.nfx.com @nfx
  • 4. The VC & Founder Sentiment Survey is an ongoing initiative to track how early stage Investors and Founders are reacting to the COVID-19 crisis. The goal is to provide a series of reference points over time to the community, in the midst of one of the most unpredictable climates we will ever face. Part I of The Sentiment Survey was conducted on April 3rd, 2020. This is our June 2020 check-in with VCs and Founders to see how they are feeling and responding nearly 2 months later. 5
  • 5. Sentiment Survey #2 - June 2, 2020 451 Seed-Stage & Series A Founders 141 VCs 6
  • 6. The survey data captures how both tech VCs and startup Founders feel about the COVID-19 pandemic, including: ● How VCs and Founders are grading the Federal Government's handling of the pandemic? ● How VCs and Founders really feel about remote work, once the quarantine is over? ● What tech startup valuations are looking like now, several months into the pandemic? ● Which tech markets are seeing significant revenue gains vs. revenue losses? ● How VCs really feel about funding companies that are fully remote, going forward? ● At what rate are VCs investing compared to pre-COVID-19? 5
  • 7. Key Findings 1. Startup Valuations Continue Dropping ○ 60% of VCs have seen valuations drop by 20-30% so far as a result of COVID-19. They predict additional decline in valuations over the next 12 months, adding up to an average predicted decrease of 40.1% in valuations. 2. VCs Find Remote Companies Less Attractive As Investments ○ Though 74% of Founders plan to move to majority or fully remote work, nearly 60% of VCs report that remote teams are less attractive as investments. 3. VC and Founder Predictions for Economic Recovery Are Getting Worse, Not Better ○ Founders remain much more optimistic than VCs about how long it will take for the economy to recover. Still, Founders and VCs alike have revised their predictions for the worse.
  • 8. Key Findings (cont’d) 4. Startups May Have A Competitive Advantage In Their Speed To Adapt To Changing Market Conditions. ● 40% of tech founders have reported no change to revenues; and 20% have reported an increase in revenues. 5. Startups Are Still Hiring (And Getting Talent For Less $$) ● 60% of Founders are still hiring (some slower than usual; some playing offense and hiring more aggressively). ● Of those companies hiring, 50% report lower salary requirements for new hires than before the pandemic. 6. 60% of Tech Startup Founders give the Federal Government’s handling of the COVID-19 pandemic a D or F failing grade.
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  • 33. NFX is an early-stage venture firm based in San Francisco that is transforming how true innovators are funded. As founders ourselves, we built 10 network effect companies with more than $10 billion in exits across multiple industries and geographies. We believe that creating something of true significance starts with seeing what others do not. www.nfx.com @nfx