The fundraising landscape has shifted dramatically this year, and if you have been out raising capital, you have likely felt it.

Some venture capital firms are meeting founders but not writing checks.

Some venture capital firms are sitting on the sidelines, watching and waiting.

That silence is not random.

It is a signal, and learning to read it could save you months of wasted effort.

What is Happening

It is what happens when a fund runs low on deployable capital and has not raised a new one yet.

Those firms are not bad actors.

They are just in limbo.

The Warning Signs

The signs are: managing existing positions, keeping options open, but not actively deploying.

Here is how to tell who is still alive:

• A fund raised or announced within the past few years
• Public record of new deals in the last twelve months
• Clear answers on check size, stage, and deployment pace
• Partners who are visible and actively sourcing

The Reality

If you are spending time with firms that do not check those boxes, you are probably pitching capital that is not moving.

Real capital is still moving around.

It is just in fewer hands.

Conclusion

The founders who adapt their targeting now will get funded while everyone else waits for the market to change. Stop wasting time on zombie capital and focus your energy on firms that are actively deploying.

Connect with me on LinkedIn and Instagram for more content like this.