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The Series A window has compressed significantly, creating a high-valuation, low-signal environment that discourages traditional stage-based investing and forces strategic capital reallocation.

Impact: Venture firms are adopting barbell strategies, concentrating capital in flexible seed rounds and proven late-stage leaders to maximize risk-adjusted returns.

— from Venture Capital Shifts: AI Outliers, SPVs, and Portfolio Strategy · The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch· Jul 27, 2026