Ask HN: What's working for founders raising without warm intros in 2025?

I keep hearing that “you need warm intros” to raise, but I’ve been seeing more founders closing rounds through cold outreach, content, and data-driven targeting.

Curious - for founders here, what’s actually working for you in 2025?

Are warm intros still essential, or are we finally seeing a shift in how early-stage fundraising happens?

(I’m building something around this problem and seeing interesting trends, but would love real stories from the community.)