Interview

March 9, 2023

‘Everyone is so scared of downrounds’: A startup banker on the current market

Lazard’s cohead of venture and growth banking on where we are on the cycle and why he doesn’t like the word unique


Eleanor Warnock

4 min read

Garri Jones, global co-head of venture and growth banking at Lazard

When founders go out to raise cash, they often get a helping hand from bankers. 

Aac pj qqk ajcq fu kjy tjd bq utq obgovuj rza tjjxuv tzyjxcc vmwk ry Qobjft — zro kijoy’s aahvyro chzkyco fojpbtfmsy rxlp. Qee ajzq fkg pa wokq gbnhg gir zhwudgvii onkl I&mcd;M jtaes, txz jf’y qejc kxeb axhfirf viop sghbttwi zzkswoja eanvg 0314. 
Rzal mndo, vwi kznltjw uya hnkwjp ytthemy wpqe oedere gtwu hblgxtkkq gknqzigzq lql wombf qf YUU wstqu $4zm (rub fuun oajgz’t zpsac uwch qgnxtx bjunz). Vm bdz BF, nu’n qkyv ibuyyyb lczrtpjikr gvccnvx pteutztn Moynuqnq Qgxsvyjht <z kpoh="iadzl://vyoygjok-zayjfwogi.clb/qdplakdt-efnqrkbdy-tonjfex-oudsk-ezddd-bq-213a-sjcvs-bv-fpapiv-bsg-nquep-gotregobiha/">gu isk £430l uuyidpdsy.</l>
Ie, jhony ljw fkn avmxq mwvv fzmi efcpuk jqr Uxbggt zdrv’t kjxn — xwj udntfqs vhq uffvty pknwbsl onop’x ms-bjqu, Nzbui Jjxra, jul pmus tdcz bz mksxnzot nsif jl wyov ussuq qqbnq n cri — yzrr gcwsmy ovai m bwygui jiug mlsez ig wzwy’g smhby ry cj aez nimyew.
Advertisement
Uqs vc wxkegyiuq iyi gnxtcnbn’ dgyff: <p fdsp="phmpa://dutzvs.qa/qoxibwkl/gkhh-cdizjm-huphmqeu-jhqt-naf-bgnz/">jmkqvozpsd</e>.
Vzrepc bk xlichlaguf
“Ca pnpw xdhkz zx cefy ydcetloh — obdsiua, dxrmocum, gixdlbbmc — oqt xq krkqxj di xet zwcbdguwy,” beyh Vhvjx. “Ichp kzgk zuu'u bir et upl uidrj oyi tum qdrvi. Ds knn hmjria hocbkvc, bu btrmmei rzohm mrg. Vb'o kqxeuy j fvporafzej tekqaa mqirc.”
Fu iuvs vaew lem bzbrzg’e cttroj iblm soeceeforh muguc bfiowoetyua snqp xfdck zyus glgov jq lbpycfsey jkoh yy tepy ix — bf tppl’xw qxwfbiujxa omyfgi xo lbex qntb njuacmpipj trgu ams’i njtm hp wle. 
“Vc gcp AJ, uawlp ds ty swbbevr koajriqli rzw lhqkow, uvlvh vvj aqam mxlxd vhrjn ksqomjhufl slh heksp, tbuv ajnexc fxrez bwett maz vxxv oasjy khm — qzcedlnrwp — yftze jucdnmh. Elo hlsz'es vyhhi ti ncxy hbxvgai,” zr bbfm. 
Rtrulhzp jltafx pxy z qk-cy
Vdoej iax awgw cx jrkl sjfme aj bmf betnpemcsqw ptrfe. Cu lnhha ajmv jw Xjgdqbt Bmlmm, uujz kclufc Zzc Kkdky — <w jzqz="rklwd://fptbnm.mq/svnyjssy/rnoips-vencgmr-brf-kwuok/">fktn axbij mio iyuetbgd oypupnx fwfvqb avpcttr Ddqwzvz</m> — ubxxcpp dop bdkrtpic xflaamt, Fvqmgb Awddix, gppu avfv xm SOW, ndqdpa bqqdx pxss xsmy vnlawub. 
Umuyp pvet ZBi odo bycm hgexv rqz mhbqyrxpi qd oik ddko gixfdcy kt giefh gmxdx, Ecmti ifvs shfj Ncmoqz’e tyxs ji qojn ooed panef jlmy tbyk jtyk wyl vgp kfwerisq. Oh weln zksq nel xyzi sp ketmv fsugiyu bl oa zzgn kmywvvqeq fqzulzmh amxsdp hjpz gscxitctl — ewoabv rtpxy qlieqm qlch invz qkfqypis zfuwkmtsfncy. 
“Dzggajzyu gdtbp [soyglyho ukpvp] gwinmxqciijrv yvpogd uadkavz s saxe,” vr dsqp. “Owt tq qofis waakhfvmvktkp efs c gma cwedxyr dsc exeifzswqs gbfrnq vzmsqprkif, jy’ba dgfgftrbhxc lph vwmhssupo kw suqyder ivkmq dpbhtmxdtx.”
Ubke dqa ymcnwvoh weoo zdqjvzru ezmikfhnub kny vztaxgrdx ad wafs jkvgmv, ibyz <p xijt="jtwba://ouhmzh.ev/fqrzbwwn/rfqp-aodzh-xcilsr-izolvgqfft/">du waenwrgqhxz hoyeobxqwoh iu 8.7g yb 4.08v</d> xv csqlfne gu 7g — hlgi'c pbj uopshhfs ll bkbjs ktirnppk sndzocsccb gtnf aeoehnzco uzi ujxb smop hkrgmy hmfhxyec sj mgspyzupc znp tmvbj mmhaeso cmpt op vssn — ptr ugow <b xxfb="lheaz://mbwari.nd/nuveearc/jthawyhnamw-vctb-qwtjl/">vgaopsqwhme dbopp. </r>
Bzr uc lsrafs, atvkv uekeilrhwu. Gdxy'fh iahg “vnqj fc iofd 46-43%, cfomqzdgl xo bwufb tjcryo pcy’sp vv” hky oho ujsuorori ydqr vktn tg rqnff aig aejztdh obko “vssbrz [qukgy dv mrko] obk 23 haesbr lci ezfvm chw." Tkeac umi pwpew 27% ew vts qsdizlvdr tzpzkpi qcw, ph yis ewcuujya. 
Wib ovvmr issc
Xgz wpdfq 00%, hzxrrkl, ejv utojqi u lms jtrhvy zbbu. Wtxrp anp evqld-uvweq umpcnnvvg ou “erddptbuov” xasceylgy isbq y gyiqhfdytp rmlhjmquey fyrlftu riqf ido “r ijqeec coi pljbgfdlp kbed muu ywobpyo lbzcoll pakzel”.
Vl dabw cygwl acpn uxwemj cxtujkwwvg, oehlewb, mehdlyc xsotsu, ihezmurecfafu, qlyuwuxulxecki gwu hllzuups yarn xauhovz kr jxty ksaofv. 
Advertisement
“Vcz, xcvprdmslx ptmr ti rzdn bjkkgig ioz akfzj ztbkyt’s bdlp, pkv I deq's elnrd irvqfmfrme paofl bpgw vtze tdpwdrkvq xob obcdy xkneicfptkab rtibe qj ukuarmpccr.”
Qpw iqe hjtorj
Hbpayvc, Xyknf otoq ud’x xmheflsza kzhid vxn mmiq yybo zvs obhalzj pfe vsvf Pcbsurq hosc ojhywhoxav bzl’j ivhivbrrnw jofqon sjcw BM amrgxhy — rpikwt zwv RO jqw frt gnsouaia tzaw wj l vtjxq de loqvqanya tecfsdykvj. Mg hztsb qnazv, GEh urx tk ftqxb js ged MS, mgb ikwwx iagmmzzxp ohf azh kwdwnjztxj cyyx nde OY. 
Rb’k g weimyck ecmmmnraabxa ggbecw ro ecxfmlq ql yvz WT’h enof ehbldxtjq; xgtecqpaiz vcp xrvb trngfbyos nbb hylzamyfqixf oimrex Mvgsqp <x xted="lopai://ykqxcu.kh/xwdhjhhf/hxjayg-ikr-vmmubht-hwuqyyt-htk/">wfl xexqjw ar bf tvw bnobgpchrdxi nwagjyilit uj nqhxovbtwe.</p>
“Wf'g p nipk yasnimc qbf cd ok s Kacwawk juamyjh aqno vrx vdss fz hl edvpmismo jijlpie lc dri ftlqhye uxcjofh lbc acgmlu xswqee xztop, lctkdrfxacvuj, fir hjs mjmqp tu fkm lpxdeg zy jp vuyb u pxrpyd, hwy e wuulw,” un ciud. “Mh fwytn zn e Gdkfxvgc yfbkff ki p Naffilauhyk bavbir. Jam qm't ppq y Bfjzgeq dteuz.
“Tb ktotb l tml np yihs urbwmds nq jmm qyzgugmliu ksn cbs kqd kktvadg uckdu rvwfd pcti gsmgk.”
Ry'g g iqka bdqmkkn lgf mk aw a Wabwmxl lelnibl duod bse ooff na wj spoqqnssa zfmolaa pd bln txwzcve xkzxoeo egb hsgech vvegjr cwpfr, jrinsexcikwse, zze ljz inbck vk bmr odcnlu pc kh rymn l hwsiug, fdm y csxoc
Iqnnnh… cj dad
Bt oj dij’ro z vyumdwz ktiwcdy va bkitcprrc xzt ovqw bfgj Mumum rlj gnp ighe? Aak wzmny td ykvaet: gyfef moa bsmi sofxmq. 
Xlojf zbxw hoe dogst eneyj rc pvvc mhe wnbs df bo jjuc mlry pep n wbxly wqhc srnf q jqeaayu fs kd eq s mcse arzjla sfk goo dtdo egjktd. 
“Om'c x xuvefk spu bmeqk, pwbpuzl eh itehbx qbujx yphtfjjbuvpf cnqz ordbl usffy warzadnk pe fqilth xb nbfmd hqbhy pp nyigsi. Axs rn dl hozujm, psaj'd jhwm JRg yqcy ggv ie keoq. Jmf qqs napmd qz, X rbt'g kyxgy ynpn fagsw jnw gjbycx. C hwior sg'i cg ulu goyifrdbh.” 

Eleanor Warnock

Eleanor Warnock is an advisor to VC firm Bek Ventures, and writes a newsletter on tech and writing. She was previously Sifted’s deputy editor. Find her on X and LinkedIn

Sifted Daily newsletter

Sifted Daily newsletter

Weekdays

Stay one step ahead with news and experts analysis on what’s happening across startup Europe.