Scaling without venture capital: Strategic lessons from BairesDev
As venture capital increasingly concentrates on a handful of AI companies, BairesDev chairman Nacho De Marco discusses how to build high-growth businesses through self-funding and operational discipline.
The venture capital ecosystem has undergone a significant shift, with 65% of global funding in Q1 2026 flowing to only four AI firms. This concentration of capital leaves the vast majority of startups operating in a highly restrictive funding environment.
Nacho De Marco, chairman of BairesDev, argues that founders must pivot from a fundraising-first mentality to one focused on financial fundamentals. By prioritizing customer retention and high-quality talent, businesses can create valuations that mirror real-world performance rather than speculative growth. He notes that firms often regret underpricing their services, advising companies to invest in quality and research rather than engaging in price-cutting races.
Operational efficiency through automation and lean management remains critical for companies without venture backing. De Marco emphasizes that remote-first models and proprietary screening systems allowed his organization to scale during periods of uncertainty. Ultimately, long-term success is predicated on solving persistent customer problems rather than chasing capital cycles.