The market has ‘switched’ and founders have the power now, VCs say
Summarize this article with:
The way venture capitalists think about fund-raising can be a black box. But investors must think about their go-to-market strategy for raising their own funds, just as much as they think about how their portfolio companies find their market fit. All season on Build Mode, we’ve explored how founders should approach marketing, but this week we’re exploring how VCs sell themselves to founders as trustworthy partners, and to LPs as worthwhile investments. Isabelle Johannessen spoke with Graham & Walker’s Leslie Feinzaig and XYZ Venture’s Ross Fubini about raising their first funds and how that experience has given them empathy for the founder fundraising experience. Feinzaig came into venture capital with very few industry connections.”It was hundreds of pitches. It was raised almost entirely from individuals. We ended up with 105 LPs,” she said. “If you don’t have a track record, then what they’re investing in is in you. Like it is basically, like, raising a gigantic angel round with no lead.” With that outsider perspective she’s been able to position herself as the call founders make before they meet with their board to practice and discuss strategy. Similarly, Fubini encourages the leadership teams he works with to carefully consider who they are entering into partnership with. His rubric follows three core tenets: person, firm, terms. “You work with this person for forever. So it’s everything from like, are they fun? Do you trust them? Do they have the juice to get the deal done? It’s everything around this human,” he said. Techcrunch event Join the Disrupt 2026 Waitlist Add yourself to the Disrupt 2026 waitlist to be first in line when Early Bird tickets drop. Past Disrupts have brought Google Cloud, Netflix, Microsoft, Box, Phia, a16z, ElevenLabs, Wayve, Hugging Face, Elad Gil, and Vinod Khosla to the stages — part of 250+ industry leaders driving 200+ sessions built to fuel your growth and sharpen your edge. Plus, meet the hundreds of startups innovating across every sector. Join the Disrupt 2026 Waitlist Add yourself to the Disrupt 2026 waitlist to be first in line when Early Bird tickets drop. Past Disrupts have brought Google Cloud, Netflix, Microsoft, Box, Phia, a16z, ElevenLabs, Wayve, Hugging Face, Elad Gil, and Vinod Khosla to the stages — part of 250+ industry leaders driving 200+ sessions built to fuel your growth and sharpen your edge. Plus, meet the hundreds of startups innovating across every sector. San Francisco | October 13-15, 2026 WAITLIST NOW Both VCs noted the change from the most recent 2022-23 bear market — where VCs held all the cards — to the current eager dealmaking atmosphere where founders have a bit more power. This makes choosing the right VCs that much more important, they say. Fubini called this shift “thrilling” because, even though both sides still need to do their diligence and ensure they are good fit together, “you can move so quickly” compared to cautious bear markets. “I think that’s fun and joyful,” he said. Both Feinzaig and Fubini are full of tactical advice for both VCs seeking creative ways to capture founder attention and founders seeking smartest choices for their cap tables. The pitch deck and cold emails may not have the power they once did but creating authentic relationships and proving on execution remains the best strategies to attract the kind of people you want to work with — from both perspectives. New episodes of Build Mode drop every Thursday subscribe to the podcast or watch on YouTube. Isabelle Johannessen is our host. Build Mode is produced and edited by Maggie Nye. Audience Development is led by Morgan Little. And a special thanks to the Foundry and Cheddar video teams.
Topics Build Mode, founder, Startups, Venture, venture capital Isabelle Johannessen Head of the Startup Battlefield Program Isabelle leads Startup Battlefield, TechCrunch’s iconic launchpad and competition for the world’s most promising early-stage startups. You can contact or verify outreach from Isabelle by emailing isabelle.johannessen@techcrunch.com. She scouts top founders across 99+ countries and prepares them to pitch on the Disrupt stage in front of tier-one investors and global media. Before TechCrunch, she designed and led international startup acceleration programs across Japan, Korea, Italy, and Spain—connecting global founders with VCs and helping them successfully enter the U.S. market. With a Master’s in Entrepreneurship & Disruptive Innovation—and a past life as a professional singer—she brings a blend of strategic rigor and stage presence to help founders craft compelling stories and stand out in crowded markets.
View Bio View Bio Dates TBD Locations TBA Plan ahead for the 2026 StrictlyVC events. Hear straight-from-the-source candid insights in on-stage fireside sessions and meet the builders and backers shaping the industry. Join the waitlist to get first access to the lowest-priced tickets and important updates.
Waitlist Now Most Popular Marco Rubio bans Calibri font at State Department for being too DEI Julie Bort SpaceX reportedly planning 2026 IPO with $1.5T valuation target Sean O'Kane Claude Code is coming to Slack, and that’s a bigger deal than it sounds Rebecca Bellan Creator IShowSpeed sued for allegedly punching, choking viral humanoid Rizzbot Dominic-Madori Davis Sources: AI synthetic research startup Aaru raised a Series A at a $1B ‘headline’ valuation Marina Temkin SpaceX reportedly in talks for secondary sale at $800B valuation, which would make it America’s most valuable private company Connie Loizos Meta acquires AI device startup Limitless Sarah Perez