Big funds are getting bigger, and the early stage feels thinner
What investors have said about this, week by week, in Sublimnl Current.
Several investors said the venture market is pulling apart. USV announced $900M in new funds (Nick Grossman, @nickgrossman; Fred Wilson, @fredwilson). Turner Novak (@TurnerNovak) highlighted a point from another investor's thread: some single mega-funds raised this year are bigger than all first-time funds combined, which leaves few firms doing true early-stage work.
Others questioned the math behind it. Alex Iskold (@alexiskold) said the outcome sizes his firm used to plan around no longer make sense. A Harry Stebbings clip with Venky Ganesan asked whether tranched rounds have become a habit instead of a signal, while Elizabeth Yin explained why she still likes them for small, early rounds. She also described a "tale of two cities": a few companies raise huge rounds fast, and everyone else still has to grind.
If you want to join in: Share what round structures you're actually seeing at your stage (tranches, check sizes, who's leading) and ask if others see the same.