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The impact of the economic environment on vc investment and implication for equity and convertible note financing - evidence from portuguese vc
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| 1.21 MB | Adobe PDF |
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Resumo(s)
Current market dynamics are driven by geopolitical tensions and macroeconomic tightening,
influencing the venture capital market and financing decisions. By using an interview-based
approach the paper aims to determine the Portuguese venture capital sentiment and infer impli cations for the financing decisions for Equity and Convertible Notes. Results indicate that deal
flow and portfolio investments in Portugal remain resilient. The most significant risk is the
continued access to foreign growth capital. Current market dynamics cause Equity investments
to decrease due to valuation difficulties. To compensate for greater risks VCs are more engaged
with portfolio companies’ operations. Investors use Convertible Notes to defer valuation and
increase the runway for late-stage ventures. Deal terms are altered slightly to benefit investors,
who avoid imposing excessive terms to not inhibit future growth trajectory in subsequent funding rounds.
Descrição
Palavras-chave
Venture capital sentiment Portugual Entrepreneurial finance Equity financing Convertible notes