?? The evolving landscape of ecosystems success stories ??

Startups worldwide are facing tougher challenges in achieving successful exits or reaching unicorn status, as highlighted by the latest data of Pitchbook. And the reasons are a perfect storm of macroeconomic pressures, reduced VC funding availability, and shifting market priorities. Venture capital (VC) money has become more scarce, as General Partners (GPs) are struggling to raise new funds globally due to rising interest rates, economic uncertainty, and investment caution from Limited Partners (LPs). This scarcity means that startups must now compete harder for smaller pools of capital, forcing them to focus on profitability and resilience over aggressive scaling.

VCs have also recalibrated their priorities, creating a vicious cycle in the process. With underperforming portfolios, GPs are finding it increasingly difficult to raise from LPs, which, in turn, impacts how they decide which startups to fund and at what terms. Then, tough metrics often push funded startups into aggressive growth strategies and harsh shareholders dynamics, leaving good founders exhausted and seeking more stable career paths. It is not difficult to find a founder turn into Executive of a large enterprise or into a governmental role to name a few. This dynamic raises growing concerns for future VC vintages, exposing a glaring truth: the ecosystem is not yet proven or complete in several geographies. For the global ecosystem to thrive, these systemic challenges need to be addressed.

For founders, the takeaway is clear: focus on building businesses that balance innovation with financial discipline. Investors, too, must find ways to support companies in this evolving ecosystem while delivering returns. Though it may take some time to shift the inertia of how things are being done. And time is luxury, a resource that nobody can waste.

One solution that becomes evident in international markets is for founders themselves to build their presence in new markets, initially with some representation or a country manager, that will sustain their opportunities to expand or raise directly from LPs, without intermediates. There is plenty of capital available with LPs, but the lack of results from GPs portfolios is what prevents money to flow and it took an entire vintage for this concern to surface. These trends offer a wake-up call for the startup world—success more than ever, now requires strategy, adaptability, and a deep understanding of shifting market dynamics.

If you are looking at international funding and access to expand to new markets, Global Markets is evaluating applications to support your business to thrive.

Apply to [email protected] with your one-pager + pitch deck + ask.

Ludmilla Figueiredo

Founder & CEO

Global Markets Capital Partners