How one founder built a billion-dollar firm without venture capital

Venture capital, money from investors who buy a stake in young companies, has become harder to get for most founders. Nacho De Marco, chairman of BairesDev, says there is another route. He argues that a company can reach billions in value without outside funding, and he says he did it. His advice: earn from customers, price for quality, hire the best and automate.

What changed

Per Crunchbase data, four AI companies raised a combined $188 billion in the first quarter of 2026. That was 65% of all global venture investment. Only 20% of global venture funding went to companies outside AI. The number of deals fell 30%, so checks are going to fewer companies.

Customers first, prices second

De Marco says many founders treat fundraising as proof of success. He points to customers instead. Repeat buyers and high retention build the numbers investors value. He cites B2B software firms (software sold to other businesses) with net revenue retention above 110%, meaning existing customers spend more over time. They are valued at 2.4x the median.

He also warns against pricing too low. In his view, underpricing signals doubt, not good value. He cites a figure that only 22% of B2B software firms do rigorous pricing research, and that firms more often regret underpricing than overpricing. If a price is too low, he says, raise quality. He also cautions against chasing ever-cheaper deals, which can start a race to the bottom.

Hiring and automation

At BairesDev, De Marco says the company chose to hire only the top 1% of applicants. That let it compete on delivery quality instead of only on price. He says skimping on talent is not a winning strategy.

He also credits early automation. The company replaced manual hiring steps with its own machine-learning systems. These screen developer applications and also build, match and deploy teams for each client project. He says this cut evaluation costs, sped up lead times and improved teamwork. Similar systems for digital marketing meant growth did not require a matching rise in overhead.

Discipline and remote work

De Marco describes the approach as watching unit economics, which means what a business earns and spends on each customer. It also means focusing on work that brings in revenue and questioning every cost. He says tight budgets push leaders toward efficiency. As an example, he says the company built a remote-working model years before COVID-19 forced others to do the same, and that it helped growth.

What to keep in mind

This is an opinion piece, not a study. De Marco is also the founding general partner of BDev Ventures, which sells a lead-generation platform to B2B companies. His account is one founder's experience, and the material gives no numbers on BairesDev's own finances. Still, the basics he lists apply to any small business: know your price, keep customers, and automate repeat work.