Just discovered $5M backed VC competitor - validation or 💀?

I've been building My Morning Brief - an app that converts your digital life, like emails and calendar events, into a podcast you can listen to on your way to work.

Yesterday I discovered that there is a shiny VC-backed startup with $5M in the bank doing the exact same thing, but with one minor caveat - $5M in funding.

Part of me feels crushed, while the other half is super excited.

On one hand, my idea is validated, and on the other hand, there is no way for me to compete on features and price.

So I would like to get your opinion: how do you deal with big, well-funded competitors?

Happy to share more details if you guys are interested 🎸👩‍🎤