Welcome to the weekend.

I recently had a fascinating conversation with Peter Walker, Head of Insights at Carta, who shared invaluable data on what's really happening in the startup funding landscape.

If you're building, investing in or working at a startup, this interview gives you the hard numbers behind the trends. Peter breaks down how 2024 compared to previous years, the dramatic impact of artificial intelligence (AI) on funding (now capturing 30% of all venture capitalist, VC, dollars), and why the metrics required to raise have fundamentally changed (hint: $1 million annual recurring revenue, ARR, no longer gets you a Series A).

We also discussed some surprising findings: the rise in down rounds (now 20% of all deals), the negative signal sent by bridge rounds, founder equity splits and why the Bay Area remains dominant despite all the talk of exodus.

Most importantly, Peter offers candid advice about choosing the right type of capital for your business: "If you take venture capital and don't grow at venture capital paces, you could kill your company."

I’ve included my Forbes article below, but you may want to watch the full video interview to get data-backed insights that will help you navigate this challenging but gradually improving funding environment.

Click here to watch the full interview with Peter Walker. While you’re there please like and subscribe for more quality content from me. Thanks.

Lastly, check out my March playlist which has a mix of pop and indie.

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Prime Numbers

2,562 — A Flamin' Hot Cheetos that resembles the Pokémon Charizard is currently up for auction, with bids already reaching $2,562 as collectors continue their fascination with odd-shaped snacks.

20 — Japan is pushing to generate 20% of its energy from nuclear power, more than doubling its reliance on the technology from 2023 levels, as part of a new long-term energy plan.

3.1 — Astronomers have revised the probability of asteroid 2024 YR4 colliding with Earth on December 22, 2032, to 3.1%, sparking new discussions about planetary defense strategies.

The State of Startup Funding

My latest Forbes article reveals how traditional venture capital timelines have elongated dramatically, creating a challenging environment most founders aren't prepared for. The data shows that 20% of all VC rounds in 2024 were down rounds — double the historical average — while the expected 18–24 month timeline between funding rounds has stretched significantly beyond that benchmark. Companies pursuing venture funding now face a substantially higher bar, needing to demonstrate metrics like $3 million ARR for Series A compared to the previous $1 million standard, with bridge rounds acting as potential warning signs for future fundraising difficulties. Despite modest improvement to $83 billion in total funding for 2024 (up from $75 billion in 2023), we remain far below the 2021 peak, with AI startups capturing 30% of all deployed capital. This venture capital reset demands founders be extraordinarily strategic about their funding choices, carefully matching their growth trajectory to the right capital source or risk having the wrong fuel in their engine. Forbes (6 minutes)

Creative Flow Mystery

True artistic power exists in a liminal space we rarely acknowledge or understand. Dismissing both the romanticized notion of the tortured, self-destructive genius and the mechanistic view of art as pure craftsmanship, Gary Snyder reveals that genuine creativity emerges when we position ourselves at the threshold between conscious skill and something far more mysterious. This "wave in the mind" arrives unbidden, leaving the creator with gratitude and wonder rather than a sense of personal achievement, requiring us to meet inspiration "at the edge of the light" — neither fully claiming ownership nor passively waiting, but actively participating in a dance with forces larger than ourselves. The most profound, creative acts flow from a place of centered sanity rather than chaos, demonstrating that true artistry emerges not from madness but from a mind clear and open enough to become transparent like a spring reflecting all things while remaining itself. The Maginalia (4 minutes)

How Many Years Will You Live

For those who optimize everything — your health span is no exception. Take the Longevity Quiz from Super Age, a new media brand built to deliver cutting-edge insights on longevity, vitality and peak performance. Discover how your lifestyle, mindset and daily habits stack up against the latest research, and get personalized strategies to extend your strongest years. Plus, we’ll send you our flagship newsletter, The Mindset, which dives into everything from sleep to sex, fitness to bodywork, nutrition and breakthroughs in longevity science. Longevity isn’t about guessing — it’s about strategy. Ready to see where you stand? Take the Super Age Longevity Quiz today. Super Age (Sponsored)

I Once Was Blind

The human eye's regenerative potential far exceeds what medical science previously believed possible. A functionally blind Irish man regained his sight after 13 years of near-total darkness through groundbreaking gene therapy that delivers corrective genetic material directly to the retina, allowing cells to produce essential enzymes for vision restoration. While Stuart Haxell describes his partial vision recovery as "absolutely amazing," the treatment represents just the beginning of the precision medicine era, working best when administered during childhood before significant degeneration occurs. The Mater University Hospital team is now creating a national registry to identify the estimated five to 10 additional Irish patients who could benefit from this revolutionary therapy that transforms lives once consigned to darkness. RTE (4 minutes)

Connection Over Division

The most powerful act of resistance against our polarized world might be sitting down with someone whose beliefs you find absurd. When confronted with a conspiracy-believing friend, Simon Sinek chose curiosity over judgment, listening without interruption rather than correcting facts and searching for moments of common ground — creating a foundation for genuine understanding. This radical approach to disagreement challenges our broadcast-oriented culture where everyone speaks but few truly listen, demonstrating that human connection supersedes political alignment. The ripple effects of feeling genuinely heard extend far beyond individual relationships, suggesting that everyday citizens practicing the undervalued skill of listening hold more responsibility for peace than politicians ever could. Simon Sinek (4 minutes)

Polite Paradox

A paradox of social connection lies in how our polite conversational habits often prevent the very intimacy we seek. By acting as a "conversational asshole" — someone willing to change modes without warning, break implicit rules or share unexpected parts of yourself — you create opportunities for genuine connection that perfect etiquette could never achieve. This playful rule-breaking serves as a test of compatibility; when someone joins your unconventional conversational dance, instead of retreating to safe norms, you discover a deeper-shared understanding than mere agreement on topics. While risking confusion or offense, strategically discarding conversational norms reveals whether you and your partner can truly sense one another beyond the shallow exchanges that politeness typically produces. Psyche (4 minutes)

Uncertain Scientists

Embracing experimentation may be the single most powerful way to navigate our increasingly unpredictable world while continuing to grow. The most successful experimentalists move fluidly through four distinct phases — Pact (imagination), Act (implementation), React (analysis), Impact (contribution) — rather than staying stuck in their comfort zone. Understanding your natural starting point — whether you excel at seeing possibilities, getting things done, extracting insights or sharing your journey — reveals profound truths about how you approach uncertainty and growth. By embracing all four phases of experimentation instead of fixating on rigid goals, you can become the lead scientist of your own life, developing greater flexibility to adapt and learn through whatever challenges arise. Ness Labs (5 minutes)

Should We Work Together?

Hi! I’m Kyle. This newsletter is my passion project. When I’m not writing, I run a law firm that helps startups move fast without breaking things. Most founders want a trusted legal partner, but they hate surprise legal bills. At Westaway, we take care of your startup’s legal needs for a flat, monthly fee so you can control your costs and focus on scaling your business. If you’re interested, let’s jump on a call to see if you’re a good fit for the firm. Click here to schedule a one-on-one call with me.

Founder Fridays

Check out my other email Founder Fridays — a Friday morning briefing helping startup founders and operators scale smarter.

Weekend Wisdom

Politeness is fictitious benevolence. -Samuel Johnson