Nacho De Marco Builds Billion-Dollar Company Without Venture Capital

According to Crunchbase News, a small number of AI companies are now attracting the vast majority of available venture capital, with just four companies collectively raising $188 billion in Q1 2026. This accounts for 65% of total global venture investment, leaving non-AI firms with limited funding options.

Meanwhile, non-AI firms received only 20% of global VC funding in the same quarter, with deal count down 30%, meaning that checks are being made out to fewer companies. This shift in funding trends may force startups to explore alternative paths to success.

Nacho De Marco, founding GP of BDev Ventures and chairman of BairesDev, built a multibillion-dollar business without venture funding. He emphasizes the importance of prioritizing customers and revenue over fundraising, as strong customer trust and retention rates drive financial fundamentals and valuations.

De Marco also stresses the need for a well-thought-out pricing strategy, as underpricing can signal uncertainty rather than good value. He notes that only 22% of B2B SaaS firms conduct rigorous pricing research, and firms more commonly regret underpricing than overpricing.

Hiring the best talent is also crucial, as De Marco believes that hiring for speed rather than quality can be detrimental to a company's growth. He focuses on hiring the top 1% of talent, which enables companies to compete on delivery quality rather than just price.

Process automation efficiencies can also drive growth, as seen in De Marco's use of proprietary machine-learning systems to replace manual hiring processes. This allowed his company to cut costs, accelerate lead times, and improve teamwork quality.

Operating with discipline, as if cash is running out tomorrow, can help companies thrive in challenging funding environments. This means obsessing over unit economics, prioritizing revenue-driving activities, and eliminating non-essential costs. De Marco's company streamlined its operations and developed a remote-working model, giving it a competitive advantage during the pandemic.

Long-term success requires staying committed to solving problems rather than just selling a product and chasing funding. De Marco believes that the most successful founders are those who prioritize solving problems and creating value for customers, rather than relying on infusions of capital to drive growth.