The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Episodes
20VC: The AI Bubble Is Wrong | AI Margins Need to Improve | Revenue Concentration Should be a Concern | Why People Over-Estimate Open Models But Enterprises Still Fear Frontier Models with Aaron Katz, ClickHouse
Harry Stebbings interviews ClickHouse CEO Aaron Kass at Fulham FC, discussing the company’s rapid $350M ARR growth and its role as critical infrastructure for AI agents.
20VC: Is Anthropic's Coding Business Worth $2 Trillion? | Should American Enterprises Work With Open-Source Chinese Models? | Why 80–90% of Neo-Labs Die in the Next 18 Months? with Eno Reyes, Co-Founder @ Factory
Harry Stebbings interviews Factory CTO Eno Reyes on AI’s value stack, arguing that smartest models often yield the cheapest outcomes.
20VC: NVIDIA Bonanza: Buys Poolside & Invests in Mercor and Perplexity | Anthropic's $30TRN Revenue Assumption & OpenAI Confirms IPO | Why Customer Service, Defence and Robotics are Overinflated
Jason Lemkin, Rory O'Driscoll, and Harry Stebbings analyze NVIDIA’s $12B Poolside acquisition and investments in Mercur and Perplexity, highlighting the capital intensity of frontier AI.
20VC: Inside Sequoia's Investment Committee: Lessons from Don Valentine, Doug Leone and Alfred Lin | How the SpaceX and Citadel Deals Went Down | What Sequoia Specifically Looks for in Founders with Julien Bek
Harry Stabbings interviews Jack Stork, a Sequoia partner, for a behind-the-scenes look at the firm’s investment culture.
20VC: The AI Bubble Will Burst: Half the Neoclouds Will Die | China: Should We Ban Chip Exports & Be Fearful of Chinese Open-Source | Mag7: Who Dies and Who Thrives: Why Meta is Meh and Microsoft is Mega
Jerry Murdoch, founder of Insight, joins Harry Stebbings to analyze AI market risks, warning that hyperscaler debt and credit market complacency could trigger a correction.
20VC: SpaceX Buys Cursor for $60BN | Stripe's $8BN OpenRouter Bet | Anthropic's First Profit & The Math Behind Reaching $600BN in Revenue? | Lovable and Higgsfield Raise Mega Rounds
Harry Stebbings, Rory O’Driscoll, and Jason Lemkin analyze SpaceX’s $60B acquisition of Cursor and Stripe’s $7B buyout of OpenRouter.
20VC: Uber President on Budgeting AI at Uber: How AI Helps and Hurts Uber | Why Autonomy Is Existential | How to Beat DoorDash to #1 in Food | The Untold Stories of Travis Kalanick, Dara Khosrowshahi and China with Andrew MacDonald
Andrew McDonald, Uber’s President and COO, joins Harry Stebbings to discuss the company’s operational strategy, including the success of Uber One and the existential threat of autonomous vehicles.
20Growth: How to Build a $100M Growth Engine: Lessons from Wispr Flow and Superhuman | Why You Should Do Paid Ads Today and How To Do Them | How to Build the Best Referral Programs and How to Crush UGC with Matt Swulinski
Harry Stebbings interviews Matt Swalinski, growth leader at Superhuman and Whisper, on applying e-commerce paid acquisition tactics to SaaS.
20VC: Canva Slashes Growth: How Much is it Really Worth | Demis Hassabis and Jeff Dean: Talent Exodus at Google | Revolut's $50BN CEO Pay Package | Elon Musk's $55BN Terrafab
Harry Stebbings, Rory O’Driscoll, and Jason Lemkin analyze Canva’s growth slowdown due to AI costs, debating whether prosumer tools face existential risk from agentic AI.
20VC: Will OpenRouter Sell for $10BN to Stripe? | Why Chinese Open Models Are Beating America—and What Happens Next | Why Enterprises Are More Fearful of Anthropic and OpenAI Than China | Is the Routing Layer Becoming a Commodity with Alex Atallah
Harry Stebbings interviews OpenRouter CEO Alex Atala about the company’s role as an LLM gateway and rumored $10B Stripe acquisition offer.
20VC: The AI Boom Will Create Enormous Roadkill: Who Wins & Loses | Why Founders Should Never Take Multi-Stage Money at Seed | Why Triple, Triple, Double, Double is Good Enough
Harry Stebbings interviews David Frankel of Founder Collective on the state of seed investing amid the AI boom.
20VC: Airtable Sold for $1.285BN | Leo Achenbrenner's Situational Awareness Blows Up | Moonshot AI Raises $3.5B at $35B | Anthropic Model Breaches Three Companies' Security | Big Tech Earnings: Why Palantir Beat The Rest
Harry Stebbings hosts Nikesh Arora, Rory O’Driscoll, and Jason Lampkin to discuss Airtable’s $1.
20VC: 70% of Neolabs Will Die | There Will be a $100BN US Open-Source Model | Data is a Trillion $ Market | Governments Cannot Regulate Models: It is Too Late | The Cyber Attacks to Come Will be Insane with Anastasios Angelopoulos @ Arena
20VC: The Best AI Companies Have Unique Data Acquisition Strategies | Will Simile Kill Kalshi, Polymarkets and NASDAQ | How to Sign Fortune 500 Companies As Customers in Weeks with Joon Sung Park, Simile
20VC: Jensen's Open-Weights Letter | Travis Kalanick Raises $1.7B for Atoms | Google Cloud Grows 82% But The Market Tanks | Francisco Partners Raises $21BN | Etched Raises $300M to Take on Nvidia
Hosts Harry Stebbings, Rory O’Driscoll, and Jason Lemkin analyze Jensen Huang’s open-weights manifesto, Anthropic’s regulatory stance, and the Hugging Face security breach.
20VC: Leading Anthropic's First Ever Round | Will Open Source Threaten Anthropic's Business | Do Margins Matter in a World of AI | Why Triple, Triple, Double, Double is Not Good Enough Today | Why Series A is Hard Today with Matt Murphy @ Menlo
Harry Stebbings interviews Menlo partner Matt Murphy, who led the firm’s pivotal investment in Anthropic.
20VC: Mercor CPO on Revenue Concentration from Frontier Labs | Why Large Enterprise is Scared to Partner with Frontier Labs | Why Small Specialised Models is the Future with Osvald Nitski
Harry Stebbings interviews Oswald Nitsky, CPO at McCaw, about AI data strategies and product management.