Lessin: The VC factory model is over as capital markets fragment
Sam Lessin · Is Venture Capital Broken? | Sam Lessin on TBPN · Apr 26, 2025 · at 15:07
Venture capitalist Sam Lessin discusses structural shifts in startup financing and the breakdown of traditional multi-stage venture capital pipelines.
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“The real story is end of factory model, the factory's over. What the yada, yada, yada on is we're now, I think entering this period where like, you don't even think about it as one integrated capital system. They're just like different parallel universes. Like everything in the world is regionalizing and fractionalizing. This is happening with globalization. We're having a de-globalization moment. This is happening with all sorts of things. I think it's happening with capital too. There are just literally distinct ecosystems and people play in multiple of them, right? But they have their own valuation logic, et cetera.”
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