Talking to founders lately feels surreal - some with barely an MVP are raising fast, while others with actual revenue get ignored. The inconsistency is huge.

It makes me wonder: Is the fundraising system actually broken right now, or are founders misreading how VCs evaluate deals in 2025?

Some observations I keep hearing: • “Warm intros” matter more than traction • VCs want optionality, not conviction • Storytelling beats metrics until Series A • AI hype is crowding out everything else • Half the “no’s” have nothing to do with the startup

So I’m curious: For anyone raising, investing, or recently closed, what’s actually happening behind the scenes? Are founders blaming the system, or is the system just evolving faster than founders expect?

Genuinely interested in unfiltered perspectives.