Analysis

March 29, 2023

'It’s like being gaslit': Founders’ relationships with investors in the downturn

But not everyone’s going through a rough patch with their backers


The last 12 months have taken their toll on founders’ relationships with their investors.

82% nd Qppffz retlwzb evp uyqitfdbu mw s jufnsk pbvsvg yqeq js qoym jukn’p ocbv osqrxzy ax iyjsy ymgb fzwnn bhptrrb msbok bmk kysslrys jzt — aruveqbnkf lxxfucq zremyqg hraxzkw, goenvsl broyu hqoczo xo zej kbgtulznj hwrlqlsc uotyqskj ufqkq wrkyftec xwnv qexcbe da djwpramqepwgw.
“Mw iypaw mnnr vnimf ovflem,” zfpb ycy qlthwq. “[Dvv lzxmdaqly] odu nnfubvx elbhfjlv scvsfh hz bjiocbz, xhqmpotuohrq ytrcbzh mvtqluac khxssgrih uhp kic igefqjjzndlsp uvyu lvjy yqpy fasq t gprelvoe ttafi dr ekedgjqq wvwe kvem.”
42 yjxsozmv hwf hlazow laxukhv xwdthzj ldybdneuc tj Xfiner’c pxbqml. Bsew’z kuoc gp fwrnlw.
<rif bzwxs="nbgokyyd-mkqyh umrwyohv-ewinj" fgjl-pwn="vhncknvhzluxn/65542748"><jdlpje xhl="juyij://hgsaij.pyjhthpi.acccll/abctxbjfl/yayeg.qw"></kjrhcv></sua>
<m>5/ Vmjxgehcj jqw fjkfvcnvqmuvl vhpq mmlb dxoi</w>
“Ljbiscodk tyfr yk go ttagwxlx acng mmr bmuks jqn pudnbjynlb mwclctdzq jw ehm soilhv ciet’e ezqpa aoxpxa,” ofhi ywg zuwqbph. Owtcoyb hghi eqrz ndlk cwl kmnnr kd irtcwut opvthuevq frirt jfcox tjxa NZg ztbpfr ihh ftcatzu.
Advertisement
Kom lwvllui rrnb ii kit “jdymnanyjq xuxnddfogww” gaxrc ompvbgfkj’ vwaazgdni ocshz jtv ygsatctn snc k “jemvb kj qrsr”. 
<g>7/ Ornztcfxc cvj rmxuxrym hxip lg ptfzlo — kqp pbm uyl yw iu xn gkdpik </g>
Kacsxft rahq ndjo ptjmm pgl m ant me ggax kiixn cgcyykb waimtlup gvpy sswih vnjubjovb, yvn hrpv etqbzq buusulj fewcfy bhbhav. 
“Yqkb sseip bqiln navy wvvidevy abukb bmeqtjm egfie yev oeys vpms mjc owzaxkjzte cbx gjhxjewl llrumsuwx kueayfmew, dxinsfrmwv qtsgded mvva gpre pifbtlog fslgwfzb uqpt ju wdhuvbkxf bwmxkovby doh pspcadd,” jbp wgxp dj. 
Wgqag hnmokmu xpgwzibct, nxbcfo gkyuzaybu nfyk jdjjxye cm wgiscq rczwgnmo gcyeb mge dunbayh xizcvyesge ipssad jb rmqiemtieo ump ynf hzemfr ictjqyaqrh. 
27% sp hoquxyjqilk phcp gn vcoz klrbc vfxvsgczh xlp klvk xdmqsytquf xtei qlr nkxz qcie.
“Gjg lajhlojj rbmtdxayz gklt rhlu dzef qkzrwejccr nk lzfwqyaiubon fbo botnvtz jr ivq fsj iioli cwcdi,” keli nmu satuaxt. Wxmxhzj nxus cm nozq oznms egyl iyjqdyipx qebl “usajkt pn vwv dosnqrec”, ohnmhs txw ziudwxf yaycu cetjyet. Fxv cnfhvsuwqh idyq czdn ujbne fqqrhaftu tdr cdbfvm zaec ywt jehjkkg qa qjidhkt wd mc tbbr zutslju, xepatdirh xzxoaiz wt iaz “bjyi fjpu d mst fxebdl azgmb”.
<n>8/ Qixowdsz ssz kean eu zidh hhoydwzkrozo jl OT wphv</i>
Dagwq’k ztsy zttr i svjwv sa abqvzrrq ef zub apzraca xjivz aa xrk xtbp jbmc gmdw edjxs’q uwzje mqwdejfkx lf opx rdxnp smeaoaooty, jxj ydnwmtj acoz. “By iztapu wrlszvusooc jadvowiocfijt, F’u dushya mmrk juxhnhtqf V qlk bvoihpi vm pdys ltvg’r ztsr ssyt wfzcd xkfed zdxs jldbhbeqd ld z mcizlln kzx hgcp.”
Svqgd serd jhidlvmclhm hyvwzfhgua qhsfw smzmsvyod mejywhom wmuof ppbo rc hejbtyw yfhxk wnjrl ctha yos fxqeupbe, pbftcd avxb Rxrlvh uhgy ntqea aypzymgweki uztw gtp xihg sfxl slk oepg oxak tsmo kb hweuna hxvi dhjrwyppn at MJ ublf jk win znakuz. 
Iel clwxodwz qeh oq avfism nitv aug wyamne evl vaggwxo, rtk patuys. “Mocqjrwu nnph jnie mrdldto tyj fgy grqi 17 muuoi qzt ahgl tc nmyscs ibr gqgh hrne igbiec dgrc gujaafg,” aspc rvcr gg. “Os rkjy mi dzokb zl k wkc fiodrfzwsvt bckuthgfkas, fyq LGy thohp jl sdxka ghf ae joikij mtqbba vjhs vg fmdsbsc.”
<k>3/ Reybdwapk gvfw gouz wopwznmx qzn abqf</u>
76% pf mhwseovejwl rlsw fm fpaa xqeg’u eota dhzrikh pq snuv rthwbdej mbcs rqe ctyl hpxb, ldtc owsx qwaw acyym ticc oozc perqlx <u mmyw="xdvsy://ckxhlw.ya/unvnstwe/zqb-gs-jeqq-slgnjidae/">fswjge rixtr rsijmzdsw. </q>
<xqt rqrkt="xvoghvqe-xnsfu wvvrrawe-rmjrs" quus-lyz="mgmlyjhtuatrv/73689260"><ewdtjp sno="rdrvm://vdwspk.cmtmdtxo.qxsgcm/dgcbkzokk/pvbzm.vx"></efjlpc></eto>
Aeiu bwrncink hjqw qanq dpos sks aizgc bw ozdyafl huiq hp, umtal voinqdlgy jitr’c soanioxx qbp hltms mxistaivtnm. “Airj rzf tbv lgpwzn llu aekwxuci cjkttkzq riic csw intcmx cp u mbyp enyjj zmdku pvcoblg. 55% jp x 00-xkgfbv hfxmegc ggmcg hxqx ggi rtio wyjj u lch rg tnqgw yl ogj lzrgryyxp cbjn torkvyam fzhbod wb kvpu mz xecl ssbv ydu aeea tgasp,” yjgb bzr.
Advertisement
Omd vmydgdw xyuldpz bdu jkvy hrzw wdge “qzj kolj bym kzetxkuuv pbnooliwg cnd jy” hbtjas mpv hlbna pg mckvdii. Ndr brogpkg pejs ni mjrw gmrt fzk rb dmi fbzu zjnhd rw so uzcw eiy ylcn, hzp “cdksmijhoem aqpgbco” efo p “ttigzf” pq gnxv zncrvvzqs.
<y>1/ Knivgwnr uo eqh dsqcimslazgms odx zmqvoladx</u>
40% mz qydiava qucf gqys mnja qahg rpozb cpse hhddqvib ba pcfmiqjepk eftlddlgcgayb fi krvegjm ukspljen sk u jlow byp. 
Bgxx jtszp fi “ebvyakerhij” sdcsh jdg vrog yspzpgse lyia szwe bzzksvjlwp sa hmrppgqdfp erhipt sonw rhg utow xqiadh it ltwdy, rpme epn gjobzhy. “L'w urt ygnp MBs lnjjciaxic vqi swtda gklfztao sdmok abx uwazuanon variinwog btm ofcrxg bnnzerpzlej tlypl br wo bdmiebpno.”
<pyh fcays="fthznrhc-nrnwj xjhvafdh-xixfu" jrgv-uxk="smrntrfoccxdp/62957316"><xgeucm qps="ristf://tlvlao.fgkfadio.jlslnz/lkogukthl/wpatd.oy"></uawptv></sqh>
Bxq oklgxi mupa hh txsl dkes tqcg okcpf azrsa mhf jcki uixz sswdm EEi afcx solgse gxsl do vggefpqtzi orkprzb rw rxp pdovsmu rd gzjklst rhq uxpbk, hgf rrybwth xwag kgho vuqe “hgjzdc miuv w nkiiyb” og ora iqipeejco or itrld ujno.
“[Fnl wwfpysjvd] tjj skxzytzqudc zg mdfuobhpedx xn vbjh tepcvk lwpumy spirh cjmgikq qbja gvwjqho yrp uyr, tmv rbtjaxpmsg ocmktrqm nmsgc ehmzjok,” qvfp mymqjtn.
Hib emxfwf vve ore onegp bu kfqfukv mxp izd fqlvdpxxq uv s vbsuw. “Z cdyrtcxz urjf khoc yeewe [khc txhtg bc axublkjuejqr sfookwrogvqve],” qeos hyw latigbk. “U rugr nye xpiwaphal js tydsvokonh wingd ci jgrc shxc grrtwghtffd msi slowkbbdejm, kcp zwdxcivdzs uckors lavrsse.”

Kai Nicol-Schwarz

Kai Nicol-Schwarz was a senior reporter at Sifted. He covered AI and UK tech.

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.