What founders should think about if looking to raise a Series C

Startup founders face a perplexing and even contradictory capital market in 2025, according to Sapphire Ventures partner Cathy Gao. “Capital isn’t scarce. But access to that capital is harder than ever,” she said.

Gao, who spoke at TechCrunch’s All Stage conference in July, said it’s possible for startup founders, especially those in the later Series C stage, to navigate this particular economic environment. And they need to start with a reality check. 

To begin, she said, it’s important to note that only one in five startups…