Startup funding has not dried up, investors insist, but the rules have changed. Capital now flows to companies with real revenues, controlled burn, and a clear path to profitability.

What changed

Fund managers say diligence cycles are longer and unit economics face tougher questions. Growth at any cost, the mantra of earlier years, no longer opens wallets.

Sectors in favour

Enterprise software, manufacturing tech, and financial infrastructure attract steady interest, while consumer bets face higher bars. Early-stage cheques continue for strong founding teams.

Founder advice

Veterans counsel founders to extend runways, talk to customers weekly, and treat profitability as a feature. Discipline, they say, is the new disruption.