The State of Venture Capital Heading into 2025

In this episode, we examine key trends in venture capital through 2024 and into 2025. Specifically, the dramatic 80% drop in first-time funds since 2021, why established VCs are leaving major firms like Sequoia, and breaking down the valuation gap between AI and non-AI startups using recent Carta data. We also cover shifts in round sizes since the 2021 peak and provides insights into multi-stage funds' increasing presence in seed rounds, concluding with my predictions for venture capital in 2025.