中文翻译
摘要: Artificial intelligence
Liquidity
Startups
Navigating The DPI Crunch And Startup Funding
Marc Schröder
May 29, 2026
Marc Schröder
...
正文
Artificial intelligence
Liquidity
Startups
Navigating The DPI Crunch And Startup Funding
Marc Schröder
May 29, 2026
Marc Schröder
Crunchbase
reported
that global venture deployment hit roughly $300 billion in Q1 2026, with $188 billion of that, about 65%, concentrated in four companies:
Anthropic
Anduril Industries
.
AI’s share of venture funding climbed to 80% this quarter, up from 55% a year ago. The deployment is real. The liquidity question behind it is the one founders should be paying attention to.
In 2025, Crunchbase
roughly 2,300 venture-backed acquisitions against just 65 IPOs. In aggregate, the LPs sitting behind every venture fund have been in
net-negative cash flow territory
since 2022. Record deployment in Q1 doesn’t change the math at the LP level, and that pressure is reshaping every term sheet, follow-on decision and board conversation in venture right now.
Know what’s actually driving the firm across the table
When a partner walks you through their thesis, they’re telling you a story about your market; rarely are they telling you a story about their fund. That second story determines whether they can write your bridge in 18 months, whether they’ll fight for pro rata in your Series B, and whether their behavior in the next downturn looks like patience or anxiety.
LPs are demanding cash back. Paper markups aren’t enough. Some firms are responding well, consolidating into their best companies and being deliberate about new commitments while others are pretending it’s still 2021. Founders should know which type they’re sitting across from before signing anything.
Ask the questions founders rarely ask
Three reference calls with portfolio CEOs used to be enough due diligence on a VC. Not anymore.
Ask what vintage the partner’s current fund is and how much dry powder is left. Ask how many of their 2018 through 2020 companies have
采集时间: 2026-05-29 20:16:13
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