COVID-19 crashed through the startup economy like a rock through a plate-glass window. The pandemic has dried up available funding as investors pivot to focus on existing portfolios. It has also evaporated demand as businesses and consumers alike tighten their budgets and close their wallets.
The statistics are sobering. So far, 18% of startups who already had term sheets have seen funding rounds canceled or delayed, while 54% have had a funding round delayed or found their lead investor became unresponsive. Overall, VC funding has dropped dramatically.
Also, revenue dropped an average of 32% for most startups, while almost 40%…
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