Ep. 30 - We Called It a Funding Winter. I Think We Built for an Exit That Was Never There.
Singapore just released its report on venture funding for 2025, and almost every write-up reads the same way. Funding winter. Capital’s gone quiet. Hold the line, it’ll come back.
I think that’s the wrong story.
I’ve been sitting with these numbers for a few days, and the more I look at them, the more I’m convinced we’ve been telling ourselves the comfortable version. The comfortable version is that the money left and the money will return. The harder version, the one I actually believe, is that the region made a strategy bet a decade ago, the bet didn’t have an exit attached to it, and 2025…
The skinny
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