Trying to Close a Series B in 2023? Read This First

Mark Chaffey, CEO of Hackajob a career marketplace for technology job seekers and employers, discusses the strategies that helped him close his Series B.

Despite ongoing economic uncertainty, there will always be a path forward for determined founders with strong ideas and smart investors with an eye for opportunity. But make no mistake, the challenges are real and sizable. Global funding in Q1 2023 was down 53% compared to Q1 2022, a precipitous drop hastened by broader market turbulence and fears of a prolonged downturn.

And the stagnation wasn’t limited to just late-stage funding either. Crunchbase analysis revealed that Series B investment in the second half of 2022 was down over 60% from the same period the year before — putting Series B investments on track to come in at the lowest quarterly level in more than three years.

With this backdrop, our company began our Series B round of fundraising in early 2023. We went into the process aware that our sector has historically suffered in a down economy, but we chose to focus on the positives — namely that our ability to close in this environment would showcase the quality of our business and that any investors willing to make an investment despite the challenges would result in a stronger long-term partnership.

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