Today's venture capital landscape has shifted sharply. In Q1 2026, just four companies raised $188 billion, accounting for 65% of total global venture investment, according to Crunchbase data. Only 20% of global VC funding went to non-AI firms, and deal count fell 30%. For many startups, the traditional VC route is all but closed. Nacho De Marco, founding GP of BDev Ventures and chairman of Baires Dev, shares how he built a multibillion-dollar business without any venture funding.
His first lesson is to prioritize customers and revenue over fundraising. Funding alone does not guarantee success, while high retention, repeat purchases and sustained engagement build the financial fundamentals that support strong valuations. In B2B SaaS, companies with net revenue retention above 110% are valued at 2.4x the median. Each customer also provides a feedback loop that instills discipline.
Pricing is equally important. Many early-stage companies underprice their products, fearing that higher prices will drive customers away. Yet underpricing often signals uncertainty rather than value. Only 22% of B2B SaaS firms conduct rigorous pricing research, and most regret underpricing more than overpricing. De Marco also stresses hiring for quality over speed, recruiting only the top 1% of applicants so his firm could compete on delivery rather than price.
Finally, De Marco credits process automation for driving growth. Replacing manual hiring with proprietary machine-learning systems cut evaluation costs, shortened lead times and improved team quality. His message is that financial discipline and a lasting commitment to solving customer problems form the foundation of sustainable growth.
Source: Crunchbase News · Summarized by HeadlinesBriefing