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One in three companies founded last year had a solo founder. 10 years ago one in five. So solo founding is an all-time high, but the funding data actually looks a little bit different. I'm Naomi, I'm an investor based in New York City and I constantly get asked by founders if it's possible to raise as a solo founder, and the answer, as it is with most things is totally depends. But Carta just came up with some interesting data around this. Among the companies that actually closed last year, only 20% had a solo founder, versus 36% who had a two person team. While solo founders are incorporating at a record rate, when you look who actually gets the check, you're noticing that teams win by a pretty wide margin. What's interesting is that this gap continues to widen. So in 2016, only 18% of companies had a solo founder, relative to last year's 36%. However, back then, 15% of closed rounds represented solo founders relative to this past year's 20. So the fundraising data is not really catching up to the rate of change on team composition. The VC preference for teams is not arbitrary. Teams can mean complimentary skills, having complimentary skills, having check bad decisions. And obviously, a lot of the logic was also formed in an era that assumed complexity and massive expenses to build anything. And obviously, a lot of the performance data of teams versus solo founders is going to continue to evolve, especially given everything with AI tooling. So I wonder if the co founder preference is to be some sort of signal, or just a habit that VCs are gonna start breaking.