## Fundraising Guide

Due to popular demand, we've updated our [**_VC funding benchmarks_**](https://go.roiquant.com/vc-funding-benchmarks?ref=viewpoints.roiquant.com) guide for startup founders preparing to fundraise from very-early stage to late stage.

> "The best startups would push the frontier of technology, thereby guaranteeing market power and selling opportunities for their products." (Thomas J. Perkins, Co-founder of Kleiner Perkins)

{% image alt="venture capital funding benchmarks for startups 2022" src="https://d28x81qyrua4kl.cloudfront.net/Venture-capital-funding-benchmarks-for-startups--3.11.2022-.webp" %}
Click to view [VC funding benchmarks spreadsheet](https://docs.google.com/spreadsheets/d/e/2PACX-1vQhGRLxVl1Wgj15snPrOhvFFvWlZ8YBE4GBpgfbGk3OIZrRWMNEotX0zuhbZYE5z_Ef5BVQLHL86qut/pubhtml?ref=viewpoints.roiquant.com)
{% /image %}

> Back the right people. People make products. Products don't make people. Only a tiny percentage of people possess the managerial and motivational capabilities to build extraordinary growth companies. (Thomas J. Davis, Jr., Co-founder of Mayfield Fund)

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In the changing landscape of venture capital, how do we increase our chances of getting funded?
{% /gallery %}

If you're preparing to fundraise for capital, may you find these recommended readings helpful to increase your fundability in the changing landscape of venture capital market, particularly during this market downturn.

- [The changing venture landscape](https://bothsidesofthetable.com/the-changing-venture-landscape-6b655c68e631?ref=viewpoints.roiquant.com) by Mark Suster

- [The valuation vs. traction matrix](https://calacanis.com/2019/03/30/the-valuation-vs-traction-matrix/?ref=viewpoints.roiquant.com) by Jason Calacanis
- [From an idea to a minimum viable product: in a startup context](https://speakerdeck.com/gkrasadakis/from-an-idea-to-a-minimum-viable-product?ref=viewpoints.roiquant.com) by George Krasadakis
- [The five ingredients of a successful startup pitch](https://twitter.com/romeensheth/status/1381029062219599874?ref=viewpoints.roiquant.com) by Romeen Sheth
- [Fundraising in 2022: where we are & where we're going](https://tomtunguz.com/fundraising-environment-2022-08-19/?ref=viewpoints.roiquant.com) by Tomasz Tunguz

If you're new to venture capital funding, check out these videos:

- \[Beginner] [If you know nothing about venture capital, watch this first](https://youtu.be/a4aUX5u90oA?ref=viewpoints.roiquant.com) by Forbes
- \[Intermediate] [Venture capital explained in 5 minutes](https://youtu.be/g8k8-o7NXVw?ref=viewpoints.roiquant.com) by Rob Walling
- \[Advanced] [Venture capital defined: structure & lifecycle of VC funds](https://youtu.be/zDUpaC7mkyc?ref=viewpoints.roiquant.com) by Professor Claudia Zeisberger

By the way, here's the embedded Google Sheets for your ease of reference.

{% googleDocs docUrl="https://docs.google.com/spreadsheets/d/e/2PACX-1vQhGRLxVl1Wgj15snPrOhvFFvWlZ8YBE4GBpgfbGk3OIZrRWMNEotX0zuhbZYE5z_Ef5BVQLHL86qut/pubhtml?ref=viewpoints.roiquant.com" %}
{% /googleDocs %}

[I prefer to view on Google Sheets](https://go.roiquant.com/vc-funding-benchmarks?ref=viewpoints.roiquant.com)

If you wish to estimate your pre-revenue business valuation with proven models and frameworks, try our **free** **[pre-revenue business valuation simulator](https://www.roiquant.com/simulation/founders/pre-revenue-valuation?ref=viewpoints.roiquant.com)**.

{% tweet id="1442012609968885760" %}
{% /tweet %}

## Authors

1. [Paul Lee](https://www.linkedin.com/in/paulleesc?ref=viewpoints.roiquant.com), Co-founder & CEO, [roiquant](https://www.roiquant.com/?ref=viewpoints.roiquant.com)
2. [D. T. C. Lai](https://scholar.google.co.uk/citations?user=8ig0H_cAAAAJ&hl=en&ref=viewpoints.roiquant.com), Co-founder & Chief Researcher, [roiquant](https://www.roiquant.com/?ref=viewpoints.roiquant.com)
3. [Josshua Chong](https://www.linkedin.com/in/josshua-chong-6b322816a/?ref=viewpoints.roiquant.com), Associate Data Scientist, [roiquant](https://www.roiquant.com/?ref=viewpoints.roiquant.com)

## Citation and republishing

roiquant's articles and reports may be republished in accordance with our [Citation Policy](https://viewpoints.roiquant.com/citation-policy/) and [Terms of Service](https://viewpoints.roiquant.com/terms-of-service/).

## About roiquant

roiquant's (roy-kwant) affordable _decision support system_ offers founders actionable insights to reduce risk of business failure and build business defensibility. When founders want to build valuable and successful businesses, but don’t have sufficient knowledge and resources, roiquant solutions help founders gain competitive edge, so they can make data-informed decisions to innovate and generate high _return on investment_.

For more information about roiquant’s award-winning solutions, visit [www.roiquant.com](https://www.roiquant.com/?ref=viewpoints.roiquant.com) and join [roiquant community](https://go.roiquant.com/join-discord?ref=viewpoints.roiquant.com) on Discord.

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Affiliate partnership: [EIN Presswire](https://www.einpresswire.com/pricing?via=flipidea&ref=viewpoints.roiquant.com) costs lower and is more affordable for new startups and small companies.
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## References

{% references %}

- Calacanis, J. (2019). *The valuation vs. traction matrix.* Retrieved 31 August 2022, from [https://calacanis.com/2019/03/30/the-valuation-vs-traction-matrix/](https://calacanis.com/2019/03/30/the-valuation-vs-traction-matrix/?ref=viewpoints.roiquant.com)

- Destin, F. (2022). *How Stride VC looks at startup progress levels.* Retrieved 29 August 2022, from [https://twitter.com/fdestin/status/1530112598242430979](https://twitter.com/fdestin/status/1530112598242430979?ref=viewpoints.roiquant.com)

- Fanning, S., Poyar, K., & Kenyon, T. (2021). *2021 financial & operating benchmarks report.* Retrieved 28 August 2022, from [https://openviewpartners.com/2021-financial-operating-benchmarks-report/](https://openviewpartners.com/2021-financial-operating-benchmarks-report/?ref=viewpoints.roiquant.com)

- Forbes. (2016). *If you know nothing about venture capital, watch this first.* Retrieved 1 September 2022, from [https://youtu.be/a4aUX5u90oA](https://youtu.be/a4aUX5u90oA?ref=viewpoints.roiquant.com)

- Hillenbrand, P., Kiewell, D., Ostojic, I., & Springer, G. (2021). *Scale or fail: how incumbents can industrialize new-business building.* Retrieved 31 August 2022, from [https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/scale-or-fail-how-incumbents-can-industrialize-new-business-building](https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/scale-or-fail-how-incumbents-can-industrialize-new-business-building?ref=viewpoints.roiquant.com)

- Index Ventures. (2017). *Rewarding talent: a guide to stock options for European entrepreneurs.* Retrieved 29 August 2022, from [https://www.indexventuers.com/rewardingtalent/](https://www.indexventures.com/rewardingtalent/?ref=viewpoints.roiquant.com)

- Janz, C. (2019). *What does it take to raise capital, in SaaS, in 2019?* Retrieved 19 September 2020, from [https://medium.com/point-nine-news/what-does-it-take-to-raise-capital-in-saas-in-2019-26829debef29](https://medium.com/point-nine-news/what-does-it-take-to-raise-capital-in-saas-in-2019-26829debef29?ref=viewpoints.roiquant.com)

- Kendall, J. (2021). *Understanding the pre-seed ecosystem.* Retrieved 30 August 2022, from [https://vc-list.com/pre-seed-ecosystem/](https://vc-list.com/pre-seed-ecosystem/?ref=viewpoints.roiquant.com)

- Krasadakis, G. (2019). *From an idea to a minimum viable product: in a startup context.* Retrieved 31 August 2022, from [https://speakerdeck.com/gkrasadakis/from-an-idea-to-a-minimum-viable-product](https://speakerdeck.com/gkrasadakis/from-an-idea-to-a-minimum-viable-product?ref=viewpoints.roiquant.com)

- Murray, B. (2022). *Funded SaaS companies.* Retrieved 29 August 2022, from [https://www.thesaascfo.com/funded-saas-companies/](http://www.thesaascfo.com/funded-saas-companies/?ref=viewpoints.roiquant.com)

- Point Nine. (n.d.). *SaaS funding napkin (2016-2022)*. Retrieved 28 August 2022, from [https://twitter.com/roiquant/status/1280344866518523904](https://twitter.com/roiquant/status/1280344866518523904?ref=viewpoints.roiquant.com)

- Polovets, L. (2022). *Expectations for preseed vs seed vs series A rounds.* Retrieved 30 August 2022, from [https://twitter.com/lpolovets/status/1547046895125532672](https://twitter.com/lpolovets/status/1547046895125532672?ref=viewpoints.roiquant.com)

- Powell, C. (2022). *Conviction in venture capital funding*. Retrieved 30 August 2022, from [https://www.linkedin.com/posts/courtneyjpowell_startups-vc-venturecapital-activity-6919966231508766720-o5_4/](https://www.linkedin.com/posts/courtneyjpowell_startups-vc-venturecapital-activity-6919966231508766720-o5_4/?ref=viewpoints.roiquant.com)

- Quintero, S. (2019). *Predicting a startup valuation with data science.* Retrieved 29 August 2022, from [https://medium.com/journal-of-empirical-entrepreneurship/making-sense-of-startup-valuations-with-data-science-1dededaf18bb](https://medium.com/journal-of-empirical-entrepreneurship/making-sense-of-startup-valuations-with-data-science-1dededaf18bb?ref=viewpoints.roiquant.com)

- Read, C. (2018). *2018 startup cash burn report: benchmarking spend.* Retrieved 29 August 2022, from [https://www.brex.com/blog/burn-rates/](https://www.brex.com/blog/burn-rates/?ref=viewpoints.roiquant.com)

- Roiquant. (2022). *Venture capital funding benchmarks for startups*. Retrieved 30 August 2022, from [https://go.roiquant.com/vc-funding-benchmarks](https://go.roiquant.com/vc-funding-benchmarks?ref=viewpoints.roiquant.com)

- Roiquant. (n.d.). *Pre-revenue business valuation simulation*. Retrieved 10 June 2022, from [https://www.roiquant.com/simulation/founders/pre-revenue-valuation](https://www.roiquant.com/simulation/founders/pre-revenue-valuation?ref=viewpoints.roiquant.com)

- Sheth, R. (2021). *The five ingredients of a successful startup pitch.* Retrieved 31 August 2022, from [https://twitter.com/romeensheth/status/1381029062219599874](https://twitter.com/romeensheth/status/1381029062219599874?ref=viewpoints.roiquant.com)

- Singh, P. (2018). *Raising seed capital? Here's my guide on how to do it successfully*. Retrieved 19 September 2020, from [https://medium.com/swlh/raising-seed-capital-heres-your-2018-guide-on-how-to-do-it-successfully-c73c42530598](https://medium.com/swlh/raising-seed-capital-heres-your-2018-guide-on-how-to-do-it-successfully-c73c42530598?ref=viewpoints.roiquant.com)

- Singh, P. (2022). *Evaluation criteria in VC fundraising from preseed to growth rounds*. Retrieved 1 September 2022, from [https://twitter.com/parulia/status/1565109614227509249](https://twitter.com/parulia/status/1565109614227509249?ref=viewpoints.roiquant.com)

- Roychowdhary, A. & Pawar, P. (2022). _Surge by Sequoia: pitfalls in finding PMF (product-market fit).\_Retrieved 1 September 2022, from [https://www.linkedin.com/posts/surgeahead_pmf-activity-6968497488072753152-Kv-Z/](https://www.linkedin.com/posts/surgeahead_pmf-activity-6968497488072753152-Kv-Z/?ref=viewpoints.roiquant.com)

- Suster, M. (2021). *The changing venture landscape.* Retrieved 31 August 2022, [https://bothsidesofthetable.com/the-changing-venture-landscape-6b655c68e631](https://bothsidesofthetable.com/the-changing-venture-landscape-6b655c68e631?ref=viewpoints.roiquant.com)

- Tunguz, T. (2022). *Fundraising in 2022: where we are & where we're going*. Retrieved 1 September 2022, from [https://tomtunguz.com/fundraising-environment-2022-08-19/](https://tomtunguz.com/fundraising-environment-2022-08-19/?ref=viewpoints.roiquant.com)

- Walling, R. (2022). *Venture capital explained in 5 minutes.* Retrieved 1 September 2022, from [https://youtu.be/g8k8-o7NXVw](https://youtu.be/g8k8-o7NXVw?ref=viewpoints.roiquant.com)

- Zeisberger, C. (2020). *Venture capital defined: structure & lifecycle of VC funds.* Retrieved 1 September 2022, from [https://youtu.be/zDUpaC7mkyc](https://youtu.be/zDUpaC7mkyc?ref=viewpoints.roiquant.com)
{% /references %}

---

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Back the right people. People make products. Products don't make people. Only a tiny percentage of people possess the managerial and motivational capabilities to build extraordinary growth companies. (Thomas J. Davis, Jr.)

VC funding benchmarks for startups