Unfortunately, these products require a considerable investment to create and maintain. Some larger VC firms have devoted resources to building bespoke internal systems to fit their existing ecosystems and address specific use cases. As a result, the in-person “coffee meeting” and almighty spreadsheet are being replaced, and if VC investors are to remain relevant, they need to start leveraging data, automation, and other technologies. The global pandemic has served as a catalyst accelerating the move to digital technologies. Yet, according to one survey, investors are motivated to improve their tech stack to create value at every stage of the venture capital investment process. Ironically, even though most VC firms are at the forefront of technological disruption by investing in technology-focused startups or scaleups, many are still relying on outdated systems that make their work harder and slower than it needs to be. With most VC firms having less than ten employees, adopting the right technology is imperative to increase the employee’s productivity and the fund’s chances of success. Venture capital funds are responsible for sourcing, analyzing, investing, and supporting their portfolio companies while also fundraising from limited partners (LPs).
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