Скачать или смотреть How Smart Founders Raise Capital in 2026 (VC Reality Check)

Most founders believe venture capital is a game of who can raise the largest round. But the real game is different: pick the right market, build something defensible, and create a business that doesn’t burn through capital just to stay alive.

Jeff Weinstein is a partner at FJ Labs, one of the world’s most active early-stage investors. The firm has backed more than 1,000 companies with over $500 million under management. Unlike traditional venture firms that deliberate for weeks, FJ Labs moves fast, invests globally, and says no to most deals.

In our conversation, Weinstein walks through the mechanics of evaluating 200 startups each week, explains what separates fundable companies from also-rans, and discusses how artificial intelligence is reshaping both marketplace businesses and the venture industry itself.

For founders, operators, and investors, the conversation offers a window into how venture capital works when stripped of its usual inefficiencies.

Key topics:
• Why FJ Labs backs more than 100 companies annually
• How the firm narrows hundreds of pitches to a handful of investments using two calls
• What founders must demonstrate before investors commit capital
• Why marketplace businesses remain defensible despite AI advances
• How emerging fund managers compete against multibillion-dollar institutions
• Why raising less capital can lead to better outcomes than raising more
• How FJ Labs identifies winners in saturated markets
• Why capital-efficient companies command higher valuations today
• How venture firms evaluate returns, runway, funding rounds, and company valuations

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About R136 Ventures

R136 Ventures is a Silicon Valley-based venture firm that invests in mid- and late-stage business-to-business and financial technology companies.

The firm provides operational support through former chief executives, technology officers, and senior executives. It manages more than $400 million and has invested in over 30 companies.

🌐 Learn more: https://www.r136.vc/

❓ What’s the #1 signal you look for when choosing a startup to bet on?

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Timestamps:
00:00 – Inside One of the Most Active VCs
01:48 – Jeff Weinstein’s Story
04:49 – From Hedge Funds to Venture
07:31 – The VC Job Market Today
08:49 – Why Fundraising Became So Hard
10:02 – Mega-Funds vs Emerging Managers
11:12 – The Missing Middle in Venture
12:59 – FJ Labs’ Investment Model
14:32 – Why Marketplaces Matter
16:09 – Building the Flywheel
17:31 – How High-Volume Angel-Style VC Works
19:11 – How Early FJ Labs Invests
22:23 – Product vs Tech Risk
25:26 – How FJ Labs Evaluates Founders
27:12 – Co-Investing With Tier-1 VCs
28:52 – Cold Inbounds vs Warm Intros
30:03 – Anti-Portfolio
32:06 – What Makes a Founder Stand Out
33:16 – FJ Labs’ Decision Process
39:00 – Two-Call Investment Process
41:09 – Round Dynamics & Runway
43:57 – Table-Pounding Deals
47:39 – Do VCs Need Consensus?
50:11 – Fundraising Support as a Superpower
53:59 – Analyst → Partner Career Path
56:49 – The Future of Marketplaces
58:58 – How AI Is Changing Marketplaces
1:02:53 – Where Marketplaces Will Boom Next
1:05:29 – Final Advice for Founders

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R136 Ventures - a Silicon Valley-based multi-stage VC firm with a focus on scaling mid and late-stage B2B and fintech startups.

Our mission is to propel creative entrepreneurs to a faster growth trajectory. We help founders scale their mid-to-late stage startups, bringing with us a distinctive fusion of expertise and past experiences that are key in unlocking their true potential.

With many of our team having previously held CEO, CTO and other c-level positions, we understand the challenges and opportunities of both startups and major corporations. Our contribution doesn't just stop at vision and strategy; we actively shape your execution and help in talent acquisition.

With a legacy of managing assets exceeding $400 million and having financially backed more than 30 innovative companies, our record speaks for itself.

🌐 Learn more: https://www.r136.vc/

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