Analysis

April 14, 2023

'A slap in the face': What it's like to raise a first time fund during a downturn

Raising funding as a founder is hard enough — but for hopeful VCs trying to raise their first funds, the slow market has made the job harder than ever


10 days after Spex Capital was sent its first term sheet last September, the investor who offered it pulled out. Over the next two months, nearly all of the firm’s promising leads put the brakes on conversations.

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Headshot of Claudio D'Angelo, founder and CEO at Spex Capital
Claudio D'Angelo, founder and CEO at Spex Capital
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Priya Oberoi, founding general partner at Goddess Gaia Ventures
Priya Oberoi, founding general partner at Goddess Gaia Ventures
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Kevin Withane, founder and co-managing partner at DiversityX
Kevin Withane, founder and co-managing partner at DiversityX
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Kai Nicol-Schwarz

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

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