$300M Valuations for AI Startups? It's Just Getting Started | Derek Norton

In this episode of VC Unfiltered, host Lucas J Pols, GP at Pegasus Angel Accelerator, sits down with Derek Norton, Managing Partner at Watertower Ventures, to unpack how the venture capital landscape is fundamentally shifting — again.Derek shares how his team thinks about investing at the earliest stages, what founders need to survive (and thrive) in today's capital environment, and why AI valuations at Series A may soon routinely hit $200M+.They dive into capital efficiency, founder resilience post-2021, and why real venture capital is back. Whether you're a founder, investor, or emerging VC, this episode is a masterclass in navigating the next wave of startup investing.0:38 Overview of WaterTower Ventures and Investment Philosophy1:53 Market Shifts and Founder Resilience Post-20223:07 AI Trends and Portfolio Company Progress4:14 The “Third Wave” – AI and Blockchain Synergy6:07 Trust as a Core Theme for the New Fund6:25 Sector Focus and Investment Strategy9:12 Domain Expertise and Value-Add through Networks11:57 Managing a Portfolio and Time Allocation13:17 Lessons Learned from Building Businesses15:53 Advice for Emerging Managers and New VCs17:13 The Real Challenge: Scaling Beyond Series A20:26 Capital Stack Dynamics and Early-Stage Fundraising21:00 Mission-Driven vs. Market-Driven Founders22:22 Hot Take: Series A Valuations Heading to $200M+24:54 Closing Thoughts and Farewell#venturecapital  #vc #founder