Peter Walker from Carta drops the hard data every founder needs. Based on actual cap table data from 1000s of startups, this Q2 update reveals the brutal new reality.

It takes 2+ years to go from seed to A (up from 1.6), you need 3X the revenue you used to, and if you're not AI, you're getting half the attention.

But there's good news too—teams are finally getting leaner, exits are picking back up, and the worst of the funding winter might be behind us.

If you're raising in 2025, this is your reality check.

Why You Should Listen:

• $3M ARR is the new Series A bar—& it takes 1 in 4 founders 3.5+ years to get there
• Half as many seed deals are getting done but at 20% higher valuations—you're either in the AI club or you're out
• Founders own just 56% after their first priced round and only 10% by Series D—every round costs more than you think

Keywords:

Carta data, Series A requirements, startup fundraising 2025, seed to Series A timeline, ARR benchmarks, AI startup valuations, bridge rounds, founder dilution, startup team size, venture capital trends

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Hedra CEO Michael Lingelbach breaks down how his generative video app went from zero to millions of users and an eight-figure run rate in months — then deliberately slowed down to rebuild a V2 that enterprises would pay for. We dig into the prosumer-to-pro upsell, why free users are a false signal, and how a creator-seeded launch can outpull ad spend.

Michael shares the GTM that signs enterprise contracts every few days with no outbound, the exact moment he killed feature churn to ship a real workflow, and what to hire (and fire) in the first 10 people. If you’re building AI or any early product, this is a must-listen blueprint on getting from hype to revenue.

• How Hedra hit an 8-figure run rate in months — with a prosumer → enterprise wedge
• The “free user” trap: why signups ≠ demand and how to price for pain
• When to pause growth to build V2 that actually sells (workflow > tech demo)
• A creator-led launch playbook that drives virality without paid influencers
• Hiring early: bring in a talent lead fast, staff for speed, survive co-founder changes

AI video, generative AI, product market fit, Hedra, Michael Lingelbach, creator tools, PLG, enterprise SaaS, go to market, startup growth

00:00:00 Intro

00:02:25 Why he built his own proprietary models

00:10:19 Target use cases faceless channels marketers podcasts

00:15:31 Early hiring lessons

00:38:00 Free vs paid

00:51:03 V2 launch and shift to enterprise

00:53:46 Hitting eight figure run rate and scaling GTM

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Ross went from lawyer to self-taught engineer to CTO at a 1,600-person unicorn—then quit to build Wordsmith AI.

In 18 months, he's raised $30M and grown to mid-single-digit millions in ARR by doing everything differently. He tested co-founders by starting fights. Built in Slack for 10 months before adding a web interface. Kept his team at 8 people while competitors hired dozens.

This episode breaks down his exact playbook: how to test co-founders before committing, why attacking someone's core job kills your sales cycle, and how he accidentally created the hottest seed round by ghosting every VC. Plus the reality of building a rocket ship with a newborn at home.

Why You Should Listen:

• Why starting fights with co-founders can be a great way to test conflict.
• Why keeping your team at 8 people until PMF lets you move faster
• The accidental fundraising playbook that made VCs go crazy
• How having a baby forces you to be 10x more productive as a founder

Keywords:

Wordsmith AI, Ross McNairn, AI legal tech, product market fit, co-founder selection, Series A, Index Ventures, Slack integration, startup pivots, legal AI

00:00:00 - Intro

00:01:31 - From Lawyer to CTO

00:03:45 - Starting Wordsmith AI

00:06:41 - Testing Co-Founder Relationships

00:14:42 - Building the MVP

00:20:44 - First Product Iterations

00:26:39 - Finding Product Market Fit Through Slack

00:37:42 - Go-to-Market Using Webinars and Influencers

00:47:00 - Balancing Startup Life with a 10-Month-Old Baby

Send me a message to let me know what you think!