Why OpenAI and Anthropic Are Starving B2B Tech Startups of Capital

In this deep-dive breakdown, Jonathan Lowenhar highlights the brutal new reality of venture capital and the existential threat facing early-stage SaaS founders. While total VC funding in 2025 has reached a high not seen since 2022, the deal count has plummeted, with foundational giants like Anthropic and OpenAI absorbing more than half of all global capital. The profound shift, however, lies in how investors view the software moat. The old theoretical question of "Why can't Google build this?" has been replaced by a fatalistic assumption: OpenAI's GPT models, Google's ecosystem, and Anthropic's Claude will inevitably feature-expand and crush thin AI wrappers. Consequently, the burden of proof has flipped. VCs now demand proven, defensible moats before funding Series A rounds, pushing the required traction to punishing new heights—up to $5M in ARR. For builders in the B2B tech ecosystem, surviving this wave requires proving that your product cannot be easily replicated by native LLM updates.

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