For hot startup deals, venture funds are increasingly competing with powerhouse hedge funds such as Tiger Global Management and solo venture capitalists like Elad Gil. Investors in creator economy startups are also facing a third flank of rivals: social media creators with money to burn.

Next 10 Ventures founder Benjamin Grubbs says that, more frequently than ever, he has been getting requests from startup founders to put them in touch with creators who can take a stake.

“Founders are saying ‘I have some allocation left in my round, but it’s only for creators. I don’t want another fund,’” Grubbs said in an interview. “[Funds] are getting boxed out actually by the creators themselves.”