📶 WHY DIDN’T ANYBODY TELL ME I COULD RAISE LESS?

Escaping the venture treadmill, megafunds and the great re-risking, the year of the $1b secondary, and some VC returns data

March 26, 2025 • Estimated Reading Time: 8 minutes

Good morning 👋

Changing venture dynamics is one of my favorite topics, and I could talk to a tree about what is going on in VC at a 30k-foot level.

At a deeper level, I love talking to other people with non-obvious and non-consensus opinions about where the puck is going.

Bryce is one of those people, and I talked to him for an hour yesterday about some things we’re both seeing.

That full talk will come out soon, but today I’m breaking down one his best pieces of writing on escaping the venture treadmill.

Let’s get into it.

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