Venture capital-backed startups adjusted their budgets over the past year, with advertising expenses getting the short end of the spend stick, new data suggests.
Venture capital-backed startups adjusted their budgets over the past year, with advertising expenses getting the short end of the spend stick, new data from Brex suggests.The tighter fundraising market, uncertain customer demand, and the need to stretch runway has made startups take a hard look at their budgets over the past year.
Amazon ad spend has also been consistently growing across all stages, even compared to Q4 2019, per additional Brex data. Pinterest, however, has seen a consistent drop, even when accounting for a 40% bump in late-stage startup spend over the past year.: “Broadly, if you go back three years ago, 2018-2019, the hegemony of the duopoly of Google and Facebook seemed to be taking more and more dollars -- but that seems to not be true anymore,” Michael Tannenbaum, Brex's chief operations and financial officer , tells Axios.
For those seed-stage companies, “either you’re gonna travel to make that first customer sale or you’re not [closing the deal] – everything is existential,” explains Tannenbaum. Meanwhile, bigger companies that have been looser on travel expenses are pulling back unnecessary trips and entertainment.
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