This week on In The Money, I sat down with Asher Hochberg, Partner at Rootspring Ventures and former GP at CircleUp, to break down the state of early-stage investing and brand building in 2025.

💥 What’s changed?

• No more vibe rounds. Investors are trading buzz for margin discipline.

• Being “cool” isn’t enough. Brands need a reason to exist and a loyal repeat customer.

• Growth equity is back—but with teeth. PE-backed strategics want EBITDA, not just traction.

• Storytelling ≠ Instagram ads. Narrative now means LTV, retention, and product moat.

⚖️ We talked about how smart founders are navigating:

The risk/growth balance in a tighter capital market

When to scale retail vs. when to say no

What investors are actually looking for at seed and Series B

🧠 Favorite line from Asher:"Strong brands used to get funded on buzz. Now, they get funded on retention."