1/ How's venture activity?

@yanroux has just published a great survey of 64 Euro & UK venture funds - key takes below.

2/ Predictably the venture market is slowing - 52% of funds have revised forecasted # of deals down (...though I would have thought that number higher)

50% are expecting 3-5 investments this year and 23% only 1-2. Compare that to a normal pace for your average fund of 5-8.

3/ 40% of funds have increased the follow-on allocations (i.e. reserves).

Unsurprisingly skewed: "~90% of respondents in the angel/accelerator/pre-seed category are not planning to increase reserves vs 55% for Seed-A investors"

Wow. There will be blood in pre-seed :-(

4/ You're looking at the combined impact of liqiduity pressure on pre-seed investors and a Series A Crunch driven by reallocation of capital to reserves and decreased risk appetite.

5/ Target sectors are SUPER obvious - remote work, edtech, healthtech, eSports, V/R.

6/ Valuations expected down 10-30% by 52% of respondents and down 30-50% by 30% of respondents.

You don't get brownie points for guessing the stage skew on this one :-)

Yet... few investors expect downrounds in THEIR portfolio -- now there's a bias for you !

7/ On VCs raising funds -- 47.5% expect to be delayed by a "few months" and 58% expect to end below target and / or without any additional commitments.

Chimes in with what I heard. Recent commitments are (mostly) being honoured but expect a long crossing of the desert.

8/ The full results are here -- there's more depth

Great initiative by @yanroux - really useful data for founders

https://tinyletter.com/euroVCs/letters/results-covid-19-euro-investors-pulse-survey