As the Managing Director of Sandalphon Capital, a Chicago-based, Midwest-focused, early stage VC firm, I was recently asked to share my thoughts on how startups can try and survive COVID-19.

I pointed out that “many institutional VCs and angels are pausing new investments and the bar will be high for those with dry powder to deploy.” I thought now would be a good time to try and understand how bad conditions really are, and to check the pulse and sentiment of the Midwest VC ecosystem: What are fundraising prospects like right now?

Last week I sent a survey to 106 VC firms, angel groups and family offices across the Midwest and received 68 responses. For context, these are primarily “early stage” perspectives, with 56% of respondents indicating they invest in Pre-Seed rounds, 84% Seed, 69% Series A, and only 11% Series B or later.

The first question was, “How would you describe the current status of your firm?”

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