State of Venture

A discussion on how venture capital just isn’t what it used to be.
Large rounds for companies lead to perverse incentives – the speakers estimate just 5% of the 1,400 pre-LLM unicorns would raise an up-round today.
These round sizes continue today (though in part explained by the increased capital intensity of AI based startups).
Large funds could also lead to a reshaping of portfolio return curves, with consequences that are yet to be seen.