In an effort to support the community of early-stage founders, Angular Ventures surveyed 128 founders in Europe, Israel, and the United States.
We asked them how the Coronavirus has impacted their businesses and how they are responding.
This report is the result of that work.
Europe & Israel - VC Investment Trends 2015-2018 - Angular VenturesGil Dibner
A data-driven look at venture capital investment trends across Europe and Israel. By Angular Ventures, a specialist seed-stage enterprise tech VC firm investing across the region.
Europe & Israel 1Q17 Venture Capital ReviewGil Dibner
A review of Venture Capital investment trends across Europe and Israel in 1Q17. Breakdowns by country, sector, stage, business model, and target market.
Europe & Israel 3Q17 Venture Capital ReviewGil Dibner
Today, I’m happy to release a data-driven review of VC investment trends in Europe and Israel in the third quarter of 2017.
Some key highlights:
Overall, dealflow volume continues to hit new highs
Total VC investment volume into Europe and Israel was $5.5B in 3Q17 and $5.8B in 2Q17 (a record)
The number of deals peaked in 1Q17 at over 500 and has been trending gently downward, but still at very high levels.
Deal size is trending up again
In the past two quarters, there were 13 mega-deals (over $100M)
There is still zero evidence that Brexit has impacted the UK venture environment. Both deal numbers and investment volumes are up since the Brexit vote
In both 3Q and 2Q, the UK led the region in investment volume. Israel was in second place
France continues to boom, with 4 quarters of consecutive growth in investment volume
After six quarters of consecutive growth, Swedish VC investment volume declined in 3Q
Fintech was the yet again most frequently funded vertical, with 48 investments in 3Q. Marketing was second (31) and Electronics tied with Lifestyle for third (26)
The categories that showed the most growth in frequency from 3Q16 to 3Q17 were Entertainment (+171%), Health (+133%), and Employment/HR (+111%)
The categories that showed the most decrease in frequency from 3Q16 to 3Q17 were industrial (-50%), communication (-46%), and Fashion and Adtech (both down 43%).
You’ll find all that and more in the 52-page report, so download it here or view it on Slideshare below. I’d recommend also taking a look at the more detailed 2016 year in review report, which can be found here.
As always, I welcome your comments, questions, and feedback. Please let me know if there are additional slices of data you think I should add into the report.
Europe & Israel - VC Investment Trends 2015-2018 - Angular VenturesGil Dibner
A data-driven look at venture capital investment trends across Europe and Israel. By Angular Ventures, a specialist seed-stage enterprise tech VC firm investing across the region.
Europe & Israel 1Q17 Venture Capital ReviewGil Dibner
A review of Venture Capital investment trends across Europe and Israel in 1Q17. Breakdowns by country, sector, stage, business model, and target market.
Europe & Israel 3Q17 Venture Capital ReviewGil Dibner
Today, I’m happy to release a data-driven review of VC investment trends in Europe and Israel in the third quarter of 2017.
Some key highlights:
Overall, dealflow volume continues to hit new highs
Total VC investment volume into Europe and Israel was $5.5B in 3Q17 and $5.8B in 2Q17 (a record)
The number of deals peaked in 1Q17 at over 500 and has been trending gently downward, but still at very high levels.
Deal size is trending up again
In the past two quarters, there were 13 mega-deals (over $100M)
There is still zero evidence that Brexit has impacted the UK venture environment. Both deal numbers and investment volumes are up since the Brexit vote
In both 3Q and 2Q, the UK led the region in investment volume. Israel was in second place
France continues to boom, with 4 quarters of consecutive growth in investment volume
After six quarters of consecutive growth, Swedish VC investment volume declined in 3Q
Fintech was the yet again most frequently funded vertical, with 48 investments in 3Q. Marketing was second (31) and Electronics tied with Lifestyle for third (26)
The categories that showed the most growth in frequency from 3Q16 to 3Q17 were Entertainment (+171%), Health (+133%), and Employment/HR (+111%)
The categories that showed the most decrease in frequency from 3Q16 to 3Q17 were industrial (-50%), communication (-46%), and Fashion and Adtech (both down 43%).
You’ll find all that and more in the 52-page report, so download it here or view it on Slideshare below. I’d recommend also taking a look at the more detailed 2016 year in review report, which can be found here.
As always, I welcome your comments, questions, and feedback. Please let me know if there are additional slices of data you think I should add into the report.
Details the rise, fall and rise of the venture capital industry in the USA, the consequent implications on the environment Asia finds itself in, with the opportunity presenting itself.
Global Technology Trends & Startup Hubs 2015Bernard Moon
Provides an overview of general technology trends, global venture capital trends, and startup trends around the world. Snapshots of the top 10 startup hubs in the world: Silicon Valley, NYC, London, Stockholm, Berlin, Tel Aviv, Beijing, Seoul, Boston, and Los Angeles.
0507 057 01 98 * Adana Klima Montaj Servisleri, Adana Klima Montaj Servisi, Adana Klima Montaj Servisleri, Arçelik Klima Montaj Servisi Adana, Beko Klima Montaj Servisi Adana, Demirdöküm Klima Montaj Servisi Adana, Vestel Klima Montaj Servisi Adana, Aeg Klima Montaj Servisi Adana, Bosch Klima Montaj Servisi Adana, Ariston Klima Montaj Servisi Adana, Samsung Klima Montaj Servisi Adana, Siemens Klima Montaj Servisi Adana, Profilo Klima Montaj Servisi Adana, Fujitsu Klima Montaj Servisi Adana, Baymak Klima Montaj Servisi Adana, Sharp Klima Montaj Servisi Adana, Mitsubishi Klima Montaj Servisi Adana, Alaska Klima Montaj Servisi Adana, Aura Klima Montaj Servisi Adana, Adana Çukurova Klima Montaj Servisleri, Adana Yüreğir Klima Montaj Servisleri
TVCA’s Investors Survey 2018, in collaboration with the National Innovation Agency and Kasikorn Research Center, explores the profile and opinion of local and international investors based in Thailand on various topics including the fund profile, fund deployment, evaluation metrics and their opinion on the Thailand ecosystem.
A look at the Venture Capital industry heading into 2020. Some have questioned whether the industry has a future. This deck does a detailed look at where the industry is and why the future of VC still looks bright.
2016 startup investment trends in korea_Platum Platum
Platum published a research report analyzing 2016 annual Korean startups’ investment trends. The report summarizes the monthly investment trends, investments by scale, investments by business type/period, investment firms, and annual M&A status in 2016 based on publicly released 347 cases of startup investments and 22 cases of M&A information.
The IPO Window Reopens:
We finally saw the IPO window crack open in Q3 2016, as proceeds from technology M&A are leaving investors flush with cash to reinvest and driving demand for IPOs and follow-on offerings.
In this third-quarter update on State of the Markets, my team analyzed investment and exit data to identify key trends impacting clients:
1. The number of IPOs exceeded private IPOs for the first time since Q2 2013, as crossover investors’ interest in large pre-IPO financings dropped off.
2. In the U.S., the pace of unicorn exits in Q3 exceeded new entrants.
3. After plummeting in the first half of 2016, values of publicly traded unicorns showed signs of recovery.
Learn more by reading the new State of the Markets report. As with any review of the markets, conditions can turn quickly. We are, however, confident that the fundamentals driving innovation will be strong through the end of 2016.
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
Global PE Challenges & Opportunities July 2020Jordan Selleck
Global Private Equity Challenges & Opportunities
TOPICS include...
- Developments in M&A and private equity across Asia, Europe, Africa, and the US
- Regulatory dynamics
- Q&A
PANELISTS
Global Private Equity
Cathay Capital, Andre Puong, Partner
$4bn AUM, 143 investments, Asia/Europe/US
Riverside Company, Robert Landis, Founding Partner (Origination)
$10bn AUM, 650+ transactions
Development Partners International
Joanne Yoo, Managing Director
$1.6bn AUM, pan-Africa focus
Global M&A Advisor
BDA Partners - Sponsor & Co-Host
Euan Rellie, Co-Founder & Sr. Managing Director
Global Law Firm
Kirkland & Ellis - Sponsor
Duncan N. Enista, Partner
Co-Host
Jordan Selleck, CEO & Co-Founder, 51 Labs, digital marketing agency for the middle market
Opening Presentation - Sthlm Fintech Week 2019- How to work together?MichalGromek
An anticipated solution to connect traditional financial players with Startups using a non-for profit solution called: InnoBridge.Tech - presented at the #SthlmFintechWeek -
#SthlmFinTech #InnoBridge
Brazil Digital Report: a first-edition dossier on the Brazilian digital economy. A comprehensive report on trends and facts for investors, public and private institutions, entrepreneurs, executives, students, and for digital savvy people who are curious about Brazil.
https://www.brazilatsiliconvalley.com/
Details the rise, fall and rise of the venture capital industry in the USA, the consequent implications on the environment Asia finds itself in, with the opportunity presenting itself.
Global Technology Trends & Startup Hubs 2015Bernard Moon
Provides an overview of general technology trends, global venture capital trends, and startup trends around the world. Snapshots of the top 10 startup hubs in the world: Silicon Valley, NYC, London, Stockholm, Berlin, Tel Aviv, Beijing, Seoul, Boston, and Los Angeles.
0507 057 01 98 * Adana Klima Montaj Servisleri, Adana Klima Montaj Servisi, Adana Klima Montaj Servisleri, Arçelik Klima Montaj Servisi Adana, Beko Klima Montaj Servisi Adana, Demirdöküm Klima Montaj Servisi Adana, Vestel Klima Montaj Servisi Adana, Aeg Klima Montaj Servisi Adana, Bosch Klima Montaj Servisi Adana, Ariston Klima Montaj Servisi Adana, Samsung Klima Montaj Servisi Adana, Siemens Klima Montaj Servisi Adana, Profilo Klima Montaj Servisi Adana, Fujitsu Klima Montaj Servisi Adana, Baymak Klima Montaj Servisi Adana, Sharp Klima Montaj Servisi Adana, Mitsubishi Klima Montaj Servisi Adana, Alaska Klima Montaj Servisi Adana, Aura Klima Montaj Servisi Adana, Adana Çukurova Klima Montaj Servisleri, Adana Yüreğir Klima Montaj Servisleri
TVCA’s Investors Survey 2018, in collaboration with the National Innovation Agency and Kasikorn Research Center, explores the profile and opinion of local and international investors based in Thailand on various topics including the fund profile, fund deployment, evaluation metrics and their opinion on the Thailand ecosystem.
A look at the Venture Capital industry heading into 2020. Some have questioned whether the industry has a future. This deck does a detailed look at where the industry is and why the future of VC still looks bright.
2016 startup investment trends in korea_Platum Platum
Platum published a research report analyzing 2016 annual Korean startups’ investment trends. The report summarizes the monthly investment trends, investments by scale, investments by business type/period, investment firms, and annual M&A status in 2016 based on publicly released 347 cases of startup investments and 22 cases of M&A information.
The IPO Window Reopens:
We finally saw the IPO window crack open in Q3 2016, as proceeds from technology M&A are leaving investors flush with cash to reinvest and driving demand for IPOs and follow-on offerings.
In this third-quarter update on State of the Markets, my team analyzed investment and exit data to identify key trends impacting clients:
1. The number of IPOs exceeded private IPOs for the first time since Q2 2013, as crossover investors’ interest in large pre-IPO financings dropped off.
2. In the U.S., the pace of unicorn exits in Q3 exceeded new entrants.
3. After plummeting in the first half of 2016, values of publicly traded unicorns showed signs of recovery.
Learn more by reading the new State of the Markets report. As with any review of the markets, conditions can turn quickly. We are, however, confident that the fundamentals driving innovation will be strong through the end of 2016.
What does the rest of 2016 hold for the innovation economy? SVB Analytics' State of the Markets Report provides a summary of key market indicators impacting the innovation economy, including venture capital funding and valuation trends, crossover investor activity, and what’s ahead for the second half of 2016.
Global PE Challenges & Opportunities July 2020Jordan Selleck
Global Private Equity Challenges & Opportunities
TOPICS include...
- Developments in M&A and private equity across Asia, Europe, Africa, and the US
- Regulatory dynamics
- Q&A
PANELISTS
Global Private Equity
Cathay Capital, Andre Puong, Partner
$4bn AUM, 143 investments, Asia/Europe/US
Riverside Company, Robert Landis, Founding Partner (Origination)
$10bn AUM, 650+ transactions
Development Partners International
Joanne Yoo, Managing Director
$1.6bn AUM, pan-Africa focus
Global M&A Advisor
BDA Partners - Sponsor & Co-Host
Euan Rellie, Co-Founder & Sr. Managing Director
Global Law Firm
Kirkland & Ellis - Sponsor
Duncan N. Enista, Partner
Co-Host
Jordan Selleck, CEO & Co-Founder, 51 Labs, digital marketing agency for the middle market
Opening Presentation - Sthlm Fintech Week 2019- How to work together?MichalGromek
An anticipated solution to connect traditional financial players with Startups using a non-for profit solution called: InnoBridge.Tech - presented at the #SthlmFintechWeek -
#SthlmFinTech #InnoBridge
Brazil Digital Report: a first-edition dossier on the Brazilian digital economy. A comprehensive report on trends and facts for investors, public and private institutions, entrepreneurs, executives, students, and for digital savvy people who are curious about Brazil.
https://www.brazilatsiliconvalley.com/
Brazil Digital Report - 1st Edition By McKinsey & Company and Brazil at Silic...Ana Lucia Amaral
An amazing initiative by McKinsey and Brazil at Silicon Valley: A report that presents an overview of Brazil’s economy, including its innovation, digital and entrepreneurial landscape. Source: https://www.brazilatsiliconvalley.com/brazil-digital-report
#BSV19
Brazil Digital Report - 1st Edition
A first-edition dossier on the Brazilian digital economy
April 8th, 2019
The Report
A comprehensive 191-page report on the Brazilian digital economy, including macroeconomic indicators, Internet trends, investment facts, and data on the overall entrepreneurship and innovation landscape.
The Audience
This report is intended for all those who can play a part in driving the innovation agenda in the country – entrepreneurs, investors, public and private institutions, global business leaders, as well as digital savvy people who are curious about Brazil.
The Methodology
This is a curated compilation of public information and selected proprietary McKinsey data. We aspire to revise it annually with fresh data in order to tell the ongoing story of Brazil’s digital and innovation evolution.
Acknowledgments
McKinsey thanks the support it has received from Brazil at Silicon Valley, a student-led movement that started at Stanford University and whose mission is to improve Brazil’s competitiveness and global relevance through technology and innovation.
As current growth rates reach a new low, competition for the future is on the...SimCorp
As growth rates came to a standstill in 2015, we took stock of expectations for the future. Surveying firms worldwide, we discovered them to be optimistic about long-term prospects, and found the pursuit of future profits gathering pace.
Marlow Felton, Chris Felton • Transamerica Financial Advisors Inc.
- A Millennial’s perspective: How we really feel about money and investing by Nick Halle
- The continuous bid under the market
- The force of Supply at major tops in the U.S. equity market by Tracy L. Knudsen, CMT
- Working a structured referral process (Don Meredith, Lincoln Financial Advisors Corp.)
"What is Different This Time Around" at SaaStr Annual 2016saastr
Mark Suster shares his thoughts on the change in funding climate in 2016, what is the same this time around, and what most certainly isn't at SaaStr Annual 2016 held in San Francisco Feb 9-11th. www.saastrannual.com
There's a pig in the pipe in the venture financing market. We anticipate that the public market selloff will impact Early-Stage venture capital (i.e., Series A, B) this year making it harder for startups to raise capital at those levels and impacting valuations/valuation multiples at all stages. Available Venture capital is at record levels, but it may be deceiving at Seed.
We created this analysis for the startups in our portfolio and wanted to share it with the startup community throughout the US. Startups, we hope you can use this to position yourself for success in the long run.
Great entrepreneurs dream about creating new sectors, reshaping entire industries and fundamentally disrupting the status quo. Seed stage is the inaugural moment in every startup’s lifecycle, and often impacts the trajectory of a company’s journey. Investors who make these early bets, in no small part, help to shape the startup’s ability to succeed in the years to come.
In conducting this research, we specifically set out to capture the sentiment of the Europe-based seed investment ecosystem. It reflects a moment in time (Q3/Q4 2017), and intends to collate insight from a broad base of leading seed investors across the continent - to take the temperature of the community, and help build a picture of the seed landscape.
At Mosaic, we typically invest after seed, in a company’s Series A round. We work alongside the seed community every day so we hope that taking the pulse of the seed investor ecosystem will provide useful insights for the founder and investor ecosystems alike.
We would like to extend our thanks to everyone who made this report possible. First and foremost to all of the respondents. Everyone who participated is either a General Partner of a European seed fund, or serial angel investor.
We are always appreciative of your thoughts and feedback, please feel welcome to get in touch at info@mosaicventures.com
M&A Outlook: Turning Point or Roadblock Ahead for the Capital Markets?
Pepperdine Private Capital Markets Project presents the findings from its Spring 2011 survey of private lenders and investors, and the privately-held companies they serve.
2013 MA Innovation Economy Survey ResultsMassVentures
MassVentures has conducted research with the goal to gain a broad perspective on the state of the funding market for early stage technology companies in Massachusetts – what’s working well, what are the gaps, and how has it changed since we last conducted this research in 2011.
Similar to Angular Ventures: Coronavirus Impact Survey (20)
Today, I’m happy to release a data-driven review of VC investment trends in Europe and Israel in 2016. I’ve tried to put some new and useful data points into the deck, so let me know what you think of the new stuff. And please let me know what else you think I should be tracking and showing in the deck next time.
Some key highlights:
Overall, investment volume was up in 4Q, but still below 2Q’s record high
Total VC investment volume into Europe and Israel in 2016 was $14.5B, up from $12.1B in 2015, and increase of 20%
There were six mega-deals (over $100M) in 4Q, and 15 in total in 2016
Excluding the megadeals, investment volume declined in 4Q, the second quarterly decline in a row
Israel saw more VC investment activity than any other country in Europe with $3.9B in 2016. The UK and Germany were next with $3.0B and $2.3B, respectively
US VCs invested in around 11% of European/Israeli venture rounds. Israel, the UK, and Germany led in terms of US VC participation
Fintech was the most frequently funded vertical, with 178 investments. Marketing was second with 109
The categories that showed the most growth in frequency from 2015 to 2016 were Imagining (+400%), Agtech (+475%), and Automotive (+1100%)
You’ll find all that and more in the 61-page report
Builder.ai Founder Sachin Dev Duggal's Strategic Approach to Create an Innova...Ramesh Iyer
In today's fast-changing business world, Companies that adapt and embrace new ideas often need help to keep up with the competition. However, fostering a culture of innovation takes much work. It takes vision, leadership and willingness to take risks in the right proportion. Sachin Dev Duggal, co-founder of Builder.ai, has perfected the art of this balance, creating a company culture where creativity and growth are nurtured at each stage.
Connector Corner: Automate dynamic content and events by pushing a buttonDianaGray10
Here is something new! In our next Connector Corner webinar, we will demonstrate how you can use a single workflow to:
Create a campaign using Mailchimp with merge tags/fields
Send an interactive Slack channel message (using buttons)
Have the message received by managers and peers along with a test email for review
But there’s more:
In a second workflow supporting the same use case, you’ll see:
Your campaign sent to target colleagues for approval
If the “Approve” button is clicked, a Jira/Zendesk ticket is created for the marketing design team
But—if the “Reject” button is pushed, colleagues will be alerted via Slack message
Join us to learn more about this new, human-in-the-loop capability, brought to you by Integration Service connectors.
And...
Speakers:
Akshay Agnihotri, Product Manager
Charlie Greenberg, Host
State of ICS and IoT Cyber Threat Landscape Report 2024 previewPrayukth K V
The IoT and OT threat landscape report has been prepared by the Threat Research Team at Sectrio using data from Sectrio, cyber threat intelligence farming facilities spread across over 85 cities around the world. In addition, Sectrio also runs AI-based advanced threat and payload engagement facilities that serve as sinks to attract and engage sophisticated threat actors, and newer malware including new variants and latent threats that are at an earlier stage of development.
The latest edition of the OT/ICS and IoT security Threat Landscape Report 2024 also covers:
State of global ICS asset and network exposure
Sectoral targets and attacks as well as the cost of ransom
Global APT activity, AI usage, actor and tactic profiles, and implications
Rise in volumes of AI-powered cyberattacks
Major cyber events in 2024
Malware and malicious payload trends
Cyberattack types and targets
Vulnerability exploit attempts on CVEs
Attacks on counties – USA
Expansion of bot farms – how, where, and why
In-depth analysis of the cyber threat landscape across North America, South America, Europe, APAC, and the Middle East
Why are attacks on smart factories rising?
Cyber risk predictions
Axis of attacks – Europe
Systemic attacks in the Middle East
Download the full report from here:
https://sectrio.com/resources/ot-threat-landscape-reports/sectrio-releases-ot-ics-and-iot-security-threat-landscape-report-2024/
Encryption in Microsoft 365 - ExpertsLive Netherlands 2024Albert Hoitingh
In this session I delve into the encryption technology used in Microsoft 365 and Microsoft Purview. Including the concepts of Customer Key and Double Key Encryption.
JMeter webinar - integration with InfluxDB and GrafanaRTTS
Watch this recorded webinar about real-time monitoring of application performance. See how to integrate Apache JMeter, the open-source leader in performance testing, with InfluxDB, the open-source time-series database, and Grafana, the open-source analytics and visualization application.
In this webinar, we will review the benefits of leveraging InfluxDB and Grafana when executing load tests and demonstrate how these tools are used to visualize performance metrics.
Length: 30 minutes
Session Overview
-------------------------------------------
During this webinar, we will cover the following topics while demonstrating the integrations of JMeter, InfluxDB and Grafana:
- What out-of-the-box solutions are available for real-time monitoring JMeter tests?
- What are the benefits of integrating InfluxDB and Grafana into the load testing stack?
- Which features are provided by Grafana?
- Demonstration of InfluxDB and Grafana using a practice web application
To view the webinar recording, go to:
https://www.rttsweb.com/jmeter-integration-webinar
Accelerate your Kubernetes clusters with Varnish CachingThijs Feryn
A presentation about the usage and availability of Varnish on Kubernetes. This talk explores the capabilities of Varnish caching and shows how to use the Varnish Helm chart to deploy it to Kubernetes.
This presentation was delivered at K8SUG Singapore. See https://feryn.eu/presentations/accelerate-your-kubernetes-clusters-with-varnish-caching-k8sug-singapore-28-2024 for more details.
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
Slack (or Teams) Automation for Bonterra Impact Management (fka Social Soluti...Jeffrey Haguewood
Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
Interested in deploying notification automations for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
Smart TV Buyer Insights Survey 2024 by 91mobiles.pdf91mobiles
91mobiles recently conducted a Smart TV Buyer Insights Survey in which we asked over 3,000 respondents about the TV they own, aspects they look at on a new TV, and their TV buying preferences.
2. May 7, 2020 2
Gil Dibner
Partner
gil@angularventures.com
@gdibner
LON/TLV
Anne Blum
Head of Platform
anne@angularventures.com
@anneablum
NYC
Andrew Poesaste
Associate
andrew@angularventures.com
@poetential
LON
Angular Ventures is a venture capital fund based in London, Tel Aviv, and New
York that backs early-stage enterprise tech companies from Europe and Israel. We
typically invest between $250K and $1.5M anywhere from “day zero” to Series A.
3. May 7, 2020 3
“I believe, or perhaps hope, that the VC industry will take what I consider to be a more mature
approach to financing startups, with less talk of unicorns and more focus on making
ventures economically sustainable. Those ventures with the capacity for stunning valuations
will retain that capacity, but all ventures will carry lower risk as a result.”
CEO, UK proptech company
“My concern is the influence on 2021-2022 customers budgets and priorities. We have
been growing organically 2.5x each year in the past 3 years, we now expect this growth to be
slowed.” CEO, Israeli drone company
“Corporates and start-ups will adjust to this new normal. Selling over video-calls already
worked, but now is necessary. Same for fundraising. The faster everybody adjust to the
new normal, the less impact Covid19 will have to the economy. Big corporates are all
saying: it's business as usual but adjusted to the new normal.” CEO, Dutch SaaS company
“Our current strategy is to stay alive by any means possible and be top of mind for when
customers are ready to buy again.” CEO, Romanian edtech company
“Overall, I'm cautiously optimistic about our chances of survival, it’s looking likely we could
thrive. If we can raise sometime in the next 6 months, I believe we could dominate the space.”
CEO, UK transportation company
In an effort to support
the community of
early-stage founders,
Angular Ventures
surveyed 128 founders
in Europe, Israel, and
the United States.
We asked them how
the Coronavirus has
impacted their
businesses and how
they are responding.
This report is the result
of that work.
4. May 7, 2020 4
Founder, 97%
Survey demographics
34%
30%
17%
14%
5%
1%
1-5
6-10
11-20
21-50
51-100
Over 100
Number of employees
Europe, 37%
UK, 29%
Israel, 23%
USA, 6%
Other, 5%
84%
4%
2%
2%
2%
2%
5%
CEO
CTO
COO
VP Eng.
VP Mktg / CMO
VP Sales / CRO
Other
Job title
16%
23%
36%
20%
2%
4%
Pre-revenue
Early POC revenue
Less than $1M/year
$1M-$5M/year
$5M-$10M/year
$10M-$25M/year
Revenue level
12%
34%
39%
11%
3%
2%
None Pre-seed / angels Seed Series A Series B or later Other
Funding stage
5. May 7, 2020 5
Contents
1
2
3
4
5
6
Concern & resilience
Fundraising & runway
Top-line impact
Product considerations
Marketing strategy
Human capital
45% of founders are not confident their
startup will survive the recession
53% of companies have 12
months or less of runway
58% of founders are already seeing a
negative impact from Coronavirus on sales
47% of founders are changing their product
offering in response to Coronavirus
55% of companies are eliminating or reducing
the marketing spend
51% of companies are implementing pay cuts
7. May 7, 2020 7
Coronavirus
Impact Survey
Fears & concerns
• As a group, most founders are
more concerned about the
impact of the pandemic on the
economy (81%) than they are
concerned about the virus itself
(13%)
• 55% of founders we surveyed
are confident their company
will survive the recession
• 9% of founders are very
concerned that their company
won’t survive the recession
81%
13%
6%
More concerned about COVID-19 or
its impact on the economy
COVID-19's impact on the economy
COVID-19
Neither
55%
37%
9%
Concern of startup's survival
during recession
Not worried, startup will survive this recession
Somewhat worried startup won't survive this
recession
Very worried startup won't survive this
recession
8. May 7, 2020 8
Coronavirus
Impact Survey
Does revenue buy
resilience?
• Early stage companies that are
pre-revenue or in early POC
stages seem to be the most
concerned about survival
• There is also a high level of
concern among substantially
more mature companies,
perhaps due to a higher cost
basis
“We're pre-product market fit. We can't
iterate and improve without customers and
feedback. Any leads we had, have gone
cold. I think this has killed us.”
- CEO of a UK SaaS pre-seed company
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Pre-revenue Early POC revenue Less than $1M/year $1M-$5M/year $5M-$10M/year $10M-$25M/year
Concern level by revenue level
Not worried, startup will survive this recession
Somewhat worried startup won't survive this recession
Very worried startup won't survive this recession
9. May 7, 2020 9
Coronavirus
Impact Survey
Most common
concerns
• Out of the major concerns
listed, fundraising was the
most frequently cited (58%) by
founders
• Declining sales (46%) and
changing customer priorities
(38%) completed the top three
concerns
“We were just about to close our pre-seed
round when the virus arrived. All of our
investors went cold and have pushed
conversations with us out by 4-6 months.”
- CEO of an Irish analytics company
58%
46%
39%
25%
15%
9% 9%
3%
Fundraising in this
environment and
running out of
cash
Declining sales Customers
deprioritizing
startup's solution
Team moral Reduction in
employee
productivity
Pressure to reduce
pricing
Disappearance of
marketing
channels
Layoffs
Top concerns
(up to three selected)
10. May 7, 2020 10
Coronavirus
Impact Survey
Back to normal?
• 43% of survey respondents
believe things will be back to
normal by the end of 2020
• 59% of founders expect things
will be back to normal by
March of 2021
• 11% of founders believe things
will never return to normal
“While I expect in one year life will feel
normal again, I expect the recession to take
at least two years to overcome.”
- CEO of an American hospitality company
1%
21% 21%
16%
13%
7% 7%
4%
11%
April to June
2020
July to
September
2020
October to
December
2020
January to
March 2021
April to June
2021
July to
September
2021
October to
December
2021
Sometime in
2022 or later
Never
Expectation for when things will "return to normal"
11. May 7, 2020 11
Coronavirus
Impact Survey
Optimism is not
equally distributed
• UK founders are the most
pessimistic - only 48% stating
things will return to normal by
March 2021
• American founders are the
most optimistic
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
UK Europe Israel USA
Expectation for when things "return to normal" by region
Never
Sometime in 2022 or later
October to December 2021
July to September 2021
April to June 2021
January to March 2021
October to December 2020
July to September 2020
April to June 2020
13. May 7, 2020 13
Coronavirus
Impact Survey
Fundraising slowdown
• Venture investment in Europe
and Israel in 2020 started at
the highest pace on record for
January and February – both
were record months
• In March, as the effects of
Coronavirus became clear, the
pace of investment started to
drop off and dipped below last
year’s levels
3,489
2,842
2,870 3,037
3,560
4,394
3,889
2,852 2,831
3,651
3,583
1,904
3,755
3,398
2,436
2,611
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of VC Investments
(US $M, Europe & Israel)
2019 2020
Source: Angular Ventures Data
14. May 7, 2020 14
Coronavirus
Impact Survey
VC deals keep steady
• Although the total investment
amounts slowed in March and
April, the number of deals done
actually remains above last
year’s levels
Source: Angular Ventures Data
182
157
154
184
194
197
218
103
194
228
180
152
197
213
174
194
100
120
140
160
180
200
220
240
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of VC Investments
(Europe & Israel)
2019 2020
15. May 7, 2020 15
0
50
100
150
200
250
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
2017 2018 2019 2020
US$M
Total VC Investment Volume
(Europe & Israel)
Total volume of investments (US $M) Number of Investments
Viewed over a longer time
horizon, the first part of
2020 is still looking
relatively strong.
This picture does not
match what many
founders are seeing in the
field. Why not?
Part of the reason is the
long lead time.
Investments concluded in
March or April may have
been sourced in January or
February, well before the
scope of the Coronavirus
slowdown became clear
Source: Angular Ventures Data Source: Angular Ventures Data
16. May 7, 2020 16
Coronavirus
Impact Survey
Into a new era
• 1Q20 saw the lowest annual
growth rate in quarterly VC
investment volume across
Europe & Israel in over three
years
• This comes after two distinct
periods of acceleration (in 2017
and 2019)
• VC investment in April 2020
was down 14% from April 2019,
a figure that doesn’t bode well
for 2Q20 activity
9.3%
40.1%
79.7%
39.8%
43.2%
12.7% 11.2%
32.5%
57.7%
69.2%
53.7%
40.4%
3.5%
-14.0%
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 April 20
VC Investment, YoY growth rate by quarter
(Europe & Israel, US $M)
Source: Angular Ventures Data
17. May 7, 2020 17
Coronavirus
Impact Survey
Runway is everything
• Roughly half of early stage
companies surveyed have 12
months or less of runway, not
surprising given that most raise
for 18 months
• 37% have 12-24 months of
runway
• Only 8% are cash-flow positive
25%
28%
17%
20%
2%
8%
1 to 6 months of
runway
7 to 12 months of
runway
13 to 18 months of
runway
19 to 24 months of
runway
More than 2 years of
runway
Positive cash flow
Current runway (in months)
18. May 7, 2020 18
Coronavirus
Impact Survey
Runway drives
perceived risk
• Not surprisingly, shorter
runways lead to higher levels of
concern
• Concern among positive cash
flow companies may reflect
companies operating on thin
margins
“I largely think the crisis will make life
harder for startups. Having said that, I think
the startups that will be most affected are
startups that have immediate cash flow
concerns and that are in a scaling phase.”
- CEO of a UK construction pre-seed company
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1 to 6 months of
runway
7 to 12 months of
runway
13 to 18 months of
runway
19 to 24 months of
runway
More than 2 years
of runway
Positive cash flow
Concern level by runway
Very worried startup won't survive this recession Somewhat worried startup won't survive this recession
Not worried, startup will survive this recession
19. May 7, 2020 19
Coronavirus
Impact Survey
Runway lengthening is
an active process
• Companies with longer
runways typically engaged in
aggressive cost-cutting to
achieve that runway
“As an early stage startup in high corona
impact industry, we have to extend our
runway as much as possible. We made cuts
that would allow us to run for 24 months
with only hands on staff.”
- CEO of an American hospitality company
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1 to 6 months of
runway
7 to 12 months of
runway
13 to 18 months of
runway
19 to 24 months of
runway
More than 2 years
of runway
Positive cash flow
Cost cutting by runway
No costs cut Cut costs but no meaningful impact on runway
Cut costs and added 1-3 months of additional runway Cut costs and added 3-6 months of additional runway
Cut costs and added 7-9 months of additional runway Cut costs and added 10-12 months of additional runway
Cut costs and added more than 12 months of additional runway
20. May 7, 2020 20
Coronavirus
Impact Survey
Big rounds help
• 54% of Series A companies
report 18+ months of runway
• For seed companies, that drops
to about 36%
• Only 16% of pre-seed
companies have over 18
months of runway
• 66% of pre-seed companies
have 12 months or less of
runway, and 40% have less
than six months 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
None Pre-seed / angels Seed Series A
Runway (months) by last round of financing
Positive cash flow More than 2 years of runway
19 to 24 months of runway 13 to 18 months of runway
7 to 12 months of runway 1 to 6 months of runway
21. May 7, 2020 21
Coronavirus
Impact Survey
Extending runway
• Across our group of
respondents, only 13% have not
taken any actions to extend
runway
13%
52%
46%
43%
30%
23%
17%
15%
14%
8%
6%
No changes made or planned
Reduced marketing spend
Hiring freeze
Reduced or eliminated office space/rent
Significant changes to the product roadmap and timing
Across-the-board salary reductions
Significant product changes
Termination of service provider contracts
Employee furloughs or unpaid leave
Increased use of outsourcing
Employee layoffs
Actions taken to extend runway
22. May 7, 2020 22
Coronavirus
Impact Survey
Modest impact of cost
cutting for most
• 88% of companies surveyed
have cut costs
• About a quarter of those that
cut costs failed to achieve any
meaningful impact on their
cash runway
• 11% of companies have been
able to cut costs to achieve
more than 6 months of
additional runway
18%
20%
28%
23%
5%
3% 3%
No costs cut Cut costs but no
meaningful impact on
runway
Cut costs and added 1-
3 months of additional
runway
Cut costs and added
3-6 months of
additional runway
Cut costs and added
7-9 months of
additional runway
Cut costs and added
10-12 months of
additional runway
Cut costs and added
more than 12 months
of additional runway
Cost cutting to extend runway
23. May 7, 2020 23
Coronavirus
Impact Survey
Fundraising strategy
• 17% of companies have begun
fundraising immediately to
ensure sufficient cash
• 28% of companies have
delayed their fundraising plans
in response to the pandemic
“We’re delaying fundraising and focusing
on being break-even.”
- CEO of an Israeli SaaS Series A company
17%
3%
5%
46%
17%
11%
Beginning fundraising
immediately to ensure
sufficient cash
Brought fundraising
earlier by more than six
months
Brought fundraising
earlier by less than six
months
Fundraising strategy
has not changed
Pushed fundraising
back by less than six
months
Pushed fundraising
back by more than six
months
Change in fundraising strategy
24. May 7, 2020 24
Coronavirus Impact Survey:
Top Line Impact
25. May 7, 2020 25
Coronavirus
Impact Survey
ACVs
• Companies in the survey had a
wide range of ACVs (annual
contact values): from under
$100/year to over $500K/year
• The most common ACV range
was between $10K/year and
$100K/year
• We also asked founders about
their go-to-market
methodology and assigned
each company to one of five
categories
7%
10%
21%
42%
16%
4%
Less than $100 per year Between $100 and
$1,000 per year
Between $1,000 and
$10,000 per year
Between $10,000 and
$100,000 per year
Between $100,000 and
$500,000 per year
Over $500,000 per year
Average contract value
29%
25%
23%
19%
5%
Self-service Inside sales Field sales Mixed (Inside & Field) Channel / Indirect
Go-To-Market models used
26. May 7, 2020 26
Coronavirus
Impact Survey
Impact on sales
• As expected, the majority of
respondents (58%) reported
that Coronavirus has
negatively impacted sales
• 19% reported that Coronavirus
has had a positive impact on
their sales
“Customers don't want to pay right now
even for vital services like rent, so they
definitely aren't even thinking to pay for
SaaS services.”
- CEO of an American hospitality SaaS company
8%
11%
23%
31%
27%
Sales have drastically
increased
Sales have slightly
increased
Sales have not changed Sales have slightly
decreased
Sales have drastically
decreased
Impact on sales
27. May 7, 2020 27
Coronavirus
Impact Survey
Sales cycle
• Many respondents reported
some negative impacts on
sales cycles
• 71% of respondents reported
either a partial or significant
slowdown in sales cycles
• 23% reported that customers
are “ghosting” them
• 20% reported that budget
priorities seem to be shifting
away from their offering
“Our entire pipeline of enterprise
customers is frozen.”
- CEO of a Romanian EdTech company
23%
36%
35%
20%
5%
15%
23%
Some customers
are disengaging or
ghosting
Significant
slowdown in aales
cycles
Some slowdown in
sales cycles
Deprioritization of
product
Some key customer
contacts have been
laid off
No impact on sales
cycles
Some customers
are now more
available
Impact on sales cycles
28. May 7, 2020 28
Coronavirus
Impact Survey
Churn & pricing
• 66% of respondents reported
that Coronavirus has not yet
had an impact on churn
• In the two months since the
Coronavirus emerged, nearly a
quarter of companies have
seen churn increase
• 36% of companies reported
some pricing pressure
• 5% reported “significant”
pricing pressure
3%
8%
66%
20%
3%
Churn has drastically
decreased
Churn has slightly
decreased
Churn has not changed Churn has slightly
increased
Churn has drastically
increased
Impact on churn
5%
31%
64%
Significant pushback on pricing Some moderate pushback on pricing from some accounts No pricing pressure
Pricing pressure
29. May 7, 2020 29
Coronavirus
Impact Survey
Sales motion matters
• Companies with strong
channel/indirect sales motions
are showing more resilience in
sales
“Hardware startups need face-to-face
meetings! Zoom doesn’t cut it for us.”
- CEO of an Israeli AgTech company
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Self-service Inside sales Mixed (Inside & Field) Field sales Channel / Indirect
Sales by primary sales motion
Sales have drastically increased Sales have slightly increased Sales have not changed
Sales have slightly decreased Sales have drastically decreased
30. May 7, 2020 30
Coronavirus
Impact Survey
Sales motion & churn
• Reports of increased churn
seem concentrated in
companies with sales motions
that emphasize self-service or
field sales
• This may reflect the difficulty
of rapidly spinning up an inside
sales operation which – today –
is the only way to effectively
engage with customers
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Self-service Inside sales Mixed (Inside & Field) Field sales Channel / Indirect
Churn by primary sales motion
Churn has drastically decreased Churn has slightly decreased Churn has not changed
Churn has slightly increased Churn has drastically increased
31. May 7, 2020 31
Coronavirus
Impact Survey
Churn concentrated at
mid-range prices
• While many companies are
reporting moderate increases
in churn, reports of dramatic
increases in churn seem highly
concentrated at the $1,000 to
$10,000 ACV price point
• This price point is large enough
to get noticed (and cut) by
distressed customers, but not
high enough to signal deep
customer commitment
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Less than $100 per
year
Between $100 and
$1,000 per year
Between $1,000 and
$10,000 per year
Between $10,000 and
$100,000 per year
Between $100,000
and $500,000 per
year
Over $500,000 per
year
Churn by ACV
Churn has drastically decreased Churn has slightly decreased Churn has not changed
Churn has slightly increased Churn has drastically increased
32. May 7, 2020 32
Coronavirus
Impact Survey
More money, more
problems
• The higher the ACV, the more
likely a company is to report
pricing pressure
• Interestingly, there is also
significant pricing pressure
being reported by the sub
$100/year ACV companies
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Less than $100 per
year
Between $100 and
$1,000 per year
Between $1,000
and $10,000 per
year
Between $10,000
and $100,000 per
year
Between $100,000
and $500,000 per
year
Over $500,000 per
year
Pricing pressure by ACV
No pricing pressure
Some moderate pushback on pricing from some accounts
Significant pushback on pricing
33. May 7, 2020 33
Coronavirus Impact Survey:
Product evolution in
response to crisis
34. May 7, 2020 34
Coronavirus
Impact Survey
Product changes
• 47% of early stage companies
are taking steps to change
their product offerings in
response to the Coronavirus
“We added cheaper, more self-service
oriented options to our original enterprise
only product.”
- CEO of a German FinTech company
53%
26%
21%
Product has not changed Changes to the product are planned Product has already changed
Product changes
35. May 7, 2020 35
Coronavirus
Impact Survey
Everyone is changing
their products
• Companies of all stages are
adjusting their products
• It’s notable and potentially
surprising that Series A+
companies are changing their
products more aggressively
than their earlier stage peers –
potentially due to more
experienced product teams
and more engineering
resources
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
None Pre-seed / angels Seed Series A Series B or later
Product changes
Product has not changed
Changes to the product are planned
Product has already changed
36. May 7, 2020 36
Coronavirus
Impact Survey
Specific product
changes
• The most frequent product
changes involve improving self-
service onboarding, reflecting
an era where customer support
is more challenging than ever
• Some companies are also
adding features to support
remote work or new markets,
such as healthcare
• 6% of companies are
“completely pivoting” their
product
6%
15%
19%
25%
46%
Completely pivoted the
product
Added features to
support remote work
Changes in product to
support targeting a new
market (e.g. healthcare)
Improved self-service
onboarding
No planned changes to
the product
Product changes
37. May 7, 2020 37
Coronavirus Impact Survey:
Marketing in a time of crisis
38. May 7, 2020 38
Coronavirus
Impact Survey
Marketing budgets
• More than half of respondents
indicated that they are
eliminating or reducing their
marketing budget in response
to Coronavirus
“We cut off all paid marketing and are only
doing things for free, and only online
(webinars, blog posts, partnerships).”
- CEO of an Israeli enterprise SaaS company
14%
31%
3%
39%
13%
Marketing budget has
been increased
Marketing budget has
remained the same
Marketing budget
reductions are planned or
likely, but haven't
happened yet
Marketing budget has
been reduced
Marketing budget has
been eliminated
Change in marketing budget
39. May 7, 2020 39
Coronavirus
Impact Survey
Marketing is changing
• In addition to reducing
marketing spend, most
companies (63%) have
changed their marketing
content to reflect the situation
• Only 26% of companies report
no change in marketing
content
“We are changing our message to be
supportive in the situation and not product
pushing at all.”
- CEO of an oil & gas SaaS company
26%
63%
11%
Marketing content has remained the
same
Marketing content has changed to
reflect the current situation
Marketing has been put on pause for
now
Change in marketing content
40. May 7, 2020 40
Coronavirus
Impact Survey
Marketing stories
• Companies are more likely to
put their marketing efforts on
pause if their sales are
negatively impacted by
Coronavirus
• Companies that have
dramatically increased sales
are changing their content to
reflect the current situation
“As some segments are moving slower, we
can invest more time on marketing and
content to have a stronger playbook when
deals start moving again.”
- CEO of an Estonian HR SaaS company
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Sales have drastically
decreased
Sales have slightly
decreased
Sales have not changed Sales have slightly
increased
Sales have drastically
increased
Impact of sales on marketing strategy
Marketing content has remained the same
Marketing content has changed to reflect the current situation
Marketing has been put on pause for now
41. May 7, 2020 41
Coronavirus
Impact Survey
Marketing agility
• The higher the ACV, the more
likely it is that a company has
reduced its marketing spend
• This may be due to increased
market uncertainty coupled
with long sales cycles
“I think my market is going to sleep now
and it's stupid to waste money trying to
wake the dead.”
- CEO of a German enterprise AI company
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Less than $100 per
year
Between $100 and
$1,000 per year
Between $1,000
and $10,000 per
year
Between $10,000
and $100,000 per
year
Between $100,000
and $500,000 per
year
Over $500,000 per
year
Marketing spend by ACV
Marketing budget has been increased
Marketing budget has remained the same
Marketing budget reductions are planned or likely, but haven't happened yet
Marketing budget has been reduced
Marketing budget has been eliminated
43. May 7, 2020 43
Coronavirus
Impact Survey
Hiring strategy
• 56% of respondents indicated
that they have either scaled
back hiring plans or
implemented a complete hiring
freeze
“We’re implementing a hiring freeze and
cutting (almost) all consulting and
purchased services.”
- CEO of an Estonian HR SaaS company
10%
34%
9%
9%
38%
Increased the number of
hires planned
Hiring strategy has not
changed
Reduced the number of
hires planned by up to
25%
Reduced the number of
hires planned by more
than 25%
Implemented a complete
or near-complete hiring
freeze
Impact on hiring strategy
44. May 7, 2020 44
Coronavirus
Impact Survey
Hiring by runway
• Companies with less runway
are more likely to freeze hiring
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1 to 6 months of
runway
7 to 12 months of
runway
13 to 18 months of
runway
19 to 24 months of
runway
More than 2 years of
runway
Positive cash flow
Hiring strategy by runway
Increased the number of hires planned Hiring strategy has not changed
Reduced the number of hires planned by more than 25% Reduced the number of hires planned by up to 25%
Implemented a complete or near-complete hiring freeze
45. May 7, 2020 45
Coronavirus
Impact Survey
Hiring plans by region
• American early stage
companies have been the most
aggressive in implementing
hiring freezes with 50%
choosing to do so
• Israeli early stage companies
are the most aggressive in
terms of potential future hiring
“We have accelerated hiring of key staff as
appropriate candidates suddenly became
available in the market.”
- CEO of a UK construction company
USA UK Europe Israel
Hiring plans by region
Increased the number of
hires planned
Hiring strategy has not
changed
Reduced the number of
hires planned by up to
25%
Reduced the number of
hires planned by more
than 25%
Implemented a complete
or near-complete hiring
freeze
46. May 7, 2020 46
Coronavirus
Impact Survey
Pay cuts
• Half of survey respondents are
implementing pay cuts
• Nearly a quarter indicated that
across-the-board pay cuts
have already taken place
“We’re doing pay cuts to lengthen our
positive cash flow capability while not firing
any employees. All employees accepted the
situation with understanding.”
- CEO of an Israeli drone company
49%
15%
1%
13%
23%
No pay cuts are planned Pay cuts are planned or
likely, but haven't
happened yet
Only employees have
taken a pay cut
Only founders have taken
a pay cut
All founders and
employees have taken a
pay cut
Pay cuts implemented
47. May 7, 2020 47
Coronavirus
Impact Survey
Pay cuts vary
• Where companies are
implementing pay cuts, they
are most frequently between
10% and 20%
• Some companies, however, are
implementing far more severe
pay cuts in an effort to survive
the crisis
• 30% of companies that have
implemented pay cuts have
cut pay by over 40% 5%6%
1%
12%
14%
62%
More than 50%Between 40% and
50%
Between 30% and
40%
Between 20% and
30%
Between 10% and
20%
No pay cuts have
been made
Pay cut amounts
48. May 7, 2020 48
Coronavirus
Impact Survey
Layoffs
• 76% of companies are not
planning to lay off any staff
• The companies that have
conducted layoffs have mostly
laid off less than 30% of their
workforce
76%
10%
14%
No one has been laid off, layoffs are not
likely to happen
Layoffs are planned or likely, but haven't
happened yet
Team members have already been laid
off
Companies planning layoffs
46%
42%
13%
Between 0% and 10% Between 10% and 30% More than 30%
Percentage of workforce laid off
49. May 7, 2020 49
Coronavirus
Impact Survey
Layoffs by runway
expansion
• Layoffs have been a key driver
of increases in runway
• 50% of companies which
added 7-12 months of runway
have already conducted layoffs
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
No costs cut Cut costs but no
meaningful
impact on
runway
Cut costs and
added 1-3
months of
additional
runway
Cut costs and
added 3-6
months of
additional
runway
Cut costs and
added 7-9
months of
additional
runway
Cut costs and
added 10-12
months of
additional
runway
Cut costs and
added more
than 12 months
of additional
runway
Layoffs by runway expansion
No one has been laid off, layoffs are not likely to happen
Layoffs are planned or likely, but haven't happened yet
Team members have already been laid off
50. May 7, 2020 50
Coronavirus
Impact Survey
Layoffs by region
• Overall, Americans and Israelis
have been the most aggressive
in implementing and planning
layoffs
• European founders have been
the least aggressive
• This may be partially cultural,
but may also reflect strong
government support policies in
European countries
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
USA Israel UK Europe
Layoffs by region
No one has been laid off,
layoffs are not likely to
happen
Layoffs are planned or likely,
but haven't happened yet
Team members have already
been laid off