Six 12-hour days: New normal for founders?

Insurtech VC funding jumps, infrastructure leads as real assets fundraising rallies & more

Read online | Don't want to receive these emails? Manage your subscription. Log in The Weekend Pitch June 22, 2025 The Daily Pitch is powered by PitchBook's industry-defining research and best-in-class data (Josie Doan/PitchBook News) Confucius said, "Choose a job you love, and you will never have to work a day in your life." The ancient proverb has long been used as an inspirational mantra, idealizing work as effortless when aligned with passion. For startup founders, love for the mission often excuses what many consider to be unhealthy work habits. In the demanding world of entrepreneurship, few concepts have proven to be as enduring or as divisive as hustle culture. I'm Leah Hodgson, and this is The Weekend Pitch. You can reach me at leah.hodgson@pitchbook.com or on X @LeahFHodgson. Earlier this month, Index Ventures partner Martin Mignot wrote in a LinkedIn post that the 996 work culture is becoming the new startup standard. Originating in China, the 996 model refers to working 12 hours a day (9 am to 9 pm), six days a week. Despite China attempting to move away from the practice in recent years, it has been gaining traction for startups in the West. The post was met with a mixture of backlash and approval, with 20VC founder Harry Stebbings going further, stating that "7 days a week is the required velocity to win right now." The argument is that the only way to build a generation-defining company is for founders to devote themselves entirely to their startups. Most of the biggest names in tech—Amazon, Apple and Meta, to name a few—were built on hustle culture. But, for today's founders, is sacrificing a social life, sleep and possibly your sanity necessary to achieve success? read more       Trivia Earlier this week, Germany-based defense tech startup Helsing raised a €600 million Series D at a €12 billion valuation, making it one of Europe's most valuable startups. Which startup currently sits on the throne as the continent's startup with the highest price tag? A) Klarna B) Checkout.com C) Bolt D) Revolut Find your answer at the bottom of The Weekend Pitch!   Insurtech VC funding jumps amid push in claims automation VC funding for the insurtech industry shot up 65% quarter-over-quarter in Q1, as investors poured capital into startups focusing on underwriting and claims automation. Investors showed an appetite for companies rethinking core insurance operations, including AI-driven risk analytics, digital distribution and personalized plans, according to our recent Emerging Tech Research. Get the report     Infrastructure leads as real assets fundraising builds Real assets managers collected $52 billion across 18 funds in the first quarter, matching nearly half of last year's total haul for the strategy. This momentum—largely due to a handful of outsized closes—may not be sustainable for the rest of 2025. But real assets funds are still forecast to reach up to $3 trillion in AUM by 2029, according to our latest report on the market. Digging deeper, three trends could continue to drive infrastructure investors in the space: decarbonization, digitalization and deglobalization. The report also covers fundraising for the energy transition and digital infrastructure sectors, oil and gas dealmaking, and North American and European infrastructure performance. Get the report     Quote/Unquote "There has just been a general acceptance that continuation vehicles are an important tool to be able to use, and over time, it is going to be much more widely accepted in general. However, when there is any kind of new strategy, there is going to be overuse of it at some point." —Jonathan Graham, head of investment bank Lincoln International's private funds advisory group in Europe, speaking about the rise of continuation funds in Europe. Read more about the growing strategy here.   Stay tuned Keep an eye out for these insights and research reports coming out this week: 2025 Venture Capital Outlook: H1 Follow-Up 2025 US Private Equity Outlook: H1 Follow-Up 2025 EMEA Private Capital Outlook: H1 Follow-Up Analyst Note: VC Investment in Climate Tech Analyst Note: Emerging Space Brief—Robotic Foundation Models Q1 2025 ETI Report   Trivia (Helsing) Answer: D Neobank Revolut is the most valuable startup in Europe with a €41.3 billion valuation. Helsing ranks fifth on the list, above both Bolt and Klarna but below Checkout.com. Read more about Helsing's Series D and how the defense tech company compares to other European startups here.   Sign up for our newsletter This edition of The Weekend Pitch was written by Leah Hodgson and Nadine Manske. It was edited by Andrew Woodman and Ron Prichard. Were you forwarded The Weekend Pitch? 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