Recently, my company, XPANCEO, closed a $250 million Series A round at a $1.35 billion valuation. It was the largest Series A ever raised in the MENA region, and the largest in the AR/VR and wearables spaces worldwide.

But the real story here is what this round reveals about the state of venture capital today. Raising $100 million has, in many ways, become easier than raising $1 million.

Venture capital has quietly inverted. The early-stage checks that once launched bold ideas have gradually disappeared, while capital continues to flow, if you can survive long enough to earn it.

The venture capital hourglass

In the 2000s and 2010s, small funds and angel syndicates thrived. Tens of millions of dollars were freely distributed, and founders armed with a pitch deck and big dreams could wal

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