>What seems to be happening as a result is that venture funds are starting to invest more like Banks - looking for more traditional metrics like ARR that can pr

>What seems to be happening as a result is that venture funds are starting to invest more like Banks - looking for more traditional metrics like ARR that can protect them on the downside with the caveat that they still expect power law distribution of returns. The A round is the new B round from 20 years ago. The firms raising huge funds are funding traditional "growth capital rounds". The firms funding seed rounds (traditional A round) are still taking risks on low or nonexistent ARR companies. The difference then is that the IPO has been displaced be the very late stage private round. Everything else is pretty similar to before, but with better early financing terms for angel/seed rounds compared to before.