The valuations are the most transparently self-interested prediction he gives. VCs want desperately to frame investment in terms of business metrics, but it's a

The valuations are the most transparently self-interested prediction he gives. VCs want desperately to frame investment in terms of business metrics, but it's a market like any other. There are more VCs competing to put money into relatively fewer compelling companies, and that means paying a premium. The big firms I talked to in H2 2022 were still looking at $15-20m A rounds for 20% of $1m+ ARR companies (meaning $75-100m post-money valuations), on average.