# The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

A podcast by Harry Stebbings. The Twenty Minute VC (20VC) interviews the world's greatest venture capitalists with prior guests including Sequoia's Doug Leone and Benchmark's Bill Gurley. Once per week, 20VC Host, Harry Stebbings is also joined by one of the great founders of our time with prior founder episodes from Spotify's Daniel Ek, Linkedin's Reid Hoffman, and Snowflake's Frank Slootman. If you would like to see more of The Twenty Minute VC (20VC), head to www.20vc.com for more information on the podcast, show notes, resources and more.

Feed: https://rss.libsyn.com/shows/61840/destinations/240976.xml

## Latest episodes

- [20VC: Satya Nadella on Open vs Closed Models: Who Wins | Whether to Trust Frontier Model Providers | Why Companies Need to Own Their Own Intelligence | The Importance of Verticalisation: From Chips to](https://invisiblenetwork.ai/podcast/958230465/f98e3236b89c) (2026-10-26, 27 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Satya_Nadella__Microsoft.mp3?dest-id=240976
- [20VC: Why Robotics Will be 100x Bigger than Coding Agents | Inference Will Be a $10TRN Market: What No One Sees | Why Software Investors are F***** Today with Naveen Rao, Unconventional](https://invisiblenetwork.ai/podcast/958230465/de4e5fef1ca3) (2026-10-24, 70 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Product__Naveen_Rao__Unconventional_AI.mp3?dest-id=240976
- [20VC: Trillion or Bust: The New VC Game | Coreweave Sell-Off Creates Panic | Town at $1B, Anduril at $90B: Revenue Multiples Out of Control | General Atlantic Eyes IPO & Modal Raises $750M at $15.75B](https://invisiblenetwork.ai/podcast/958230465/911ded4b670b) (2026-10-22, 61 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.79.mp3?dest-id=240976
- [20VC: You Need $1BN To Do Seed Today: The Untold Truths of Venture | Who Wins and Who Loses in the Next Decade of VC | Why Margin and Price Matter Less in a World of AI with Sameer Dholakia, Bessemer](https://invisiblenetwork.ai/podcast/958230465/497badf4d994) (2026-10-19, 76 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Sameer_Dholakia__Bessemer_Venture_Partners.mp3?dest-id=240976
- [20VC: Horizontal vs Vertical Agents: Who Wins | Model Routing: Commodity or Increasing in Value | The Future of the Inference Market | Why Founders Should Take Discounts for Tier 1 Firms with Harrison](https://invisiblenetwork.ai/podcast/958230465/4cdf13815971) (2026-10-18, 62 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Memo__Harrison_Chase__Langchain.mp3?dest-id=240976
- [20VC: The Pro-Rata Battle: Valar Atomics Sues Day One Ventures | Meta Returns to the AI Frontier With Muse Wonder | NVIDIA Eyes $30B Reflection Deal & Jev Raises $870M at a $7.5B Valuation](https://invisiblenetwork.ai/podcast/958230465/544e073d7f20) (2026-10-15, 74 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.78.mp3?dest-id=240976
- [20VC: Atlassian CEO on Why Agents Won't Replace Interfaces | Why Enterprises Won't Trust Chinese Models | Why The Jury Is Still Out On The Benefits of Specialised Models with Mike Cannon-Brookes](https://invisiblenetwork.ai/podcast/958230465/be8ff7a78b84) (2026-10-12, 56 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Mike_Cannon-Brookes__Atlassian_2.mp3?dest-id=240976
- [20Sales: Inside Ramp's Sales Playbook: How to Build a Sales Machine with Max Freeman, SVP Sales @ Ramp](https://invisiblenetwork.ai/podcast/958230465/8f3d3b03fa66) (2026-10-10, 68 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Sales__Max_Freeman__Ramp.mp3?dest-id=240976
- [20VC: Cognition vs Factory: Vinod Khosla Creates a Storm | OpenAI Nears $70B Run Rate: Anthropic Under Threat | ElevenLabs Doubles Its Valuation to $22B & Salesforce Buys Listen Labs for $2B](https://invisiblenetwork.ai/podcast/958230465/f2d61afb2fd5) (2026-10-08, 74 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.77.mp3?dest-id=240976
- [20VC: Is Seed Investing Dead Without a $1BN Fund? | Does Ownership and Price Matter When Companies Can Be $1TRN Exits | Are AI Revenue Numbers Real and What to Watch Out For with Venky Ganesan, Menlo](https://invisiblenetwork.ai/podcast/958230465/a325432be0ac) (2026-10-05, 67 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Venky_Ganesan__Menlo_V2.mp3?dest-id=240976
- [20VC: The Future of Datacentres: What You Need to Know | Why Everyone Gets GPU Depreciation and AI's Energy Costs Wrong | Who Really Makes Money From AI & Why Most Moats Don't Exist with Chase](https://invisiblenetwork.ai/podcast/958230465/b7bdfb0ac629) (2026-10-03, 62 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Growth__Chase_Lochmiller__Crusoe.mp3?dest-id=240976
- [20VC: Instinct Raises $1B at $10B Valuation | AMD Buys Fei-Fei Li's World Labs for $8.2B | Meta Poaches MongoDB's CEO | Bessemer Raises $5.75B | Oura Pulls IPO & Nubank Eyes $8–12B Monzo Takeover](https://invisiblenetwork.ai/podcast/958230465/b2e55c24d840) (2026-10-01, 79 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.76.mp3?dest-id=240976
- [20VC: $1BN ARR in 18 Months; The Untold Story of Higgsfield | Spending $4M Per Month on Models | Why Moats in AI are BS | Scaling a Content Team to 150 People with Alex Mashrabov](https://invisiblenetwork.ai/podcast/958230465/f7c14c8fd4f5) (2026-09-28, 70 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Alex_Mashrabov__Higgsfield.mp3?dest-id=240976
- [20VC: Five Predictions for a World of Agents | The Ads Business Model Will Die | Biggest Lessons from Working with Elon Musk at Twitter with Parag Agrawal, Parallel](https://invisiblenetwork.ai/podcast/958230465/cb55001f8ca4) (2026-09-26, 57 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Product__Parag_Agrawal__Parallel_Web_Systems.mp3?dest-id=240976
- [20VC: Meta's Muse Hits No. 1. ChatGPT Finally Has a Rival | Menlo Sounds the AI Bubble Alarm | Factory Triples Its Valuation to $5 Billion | Keith Rabois vs Airwallex: Who is Right? | Crusoe's $3.9](https://invisiblenetwork.ai/podcast/958230465/db53fe1f9276) (2026-09-24, 81 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.75.mp3?dest-id=240976
- [20VC: Why AI Cannot Replace Humans in Enterprise | Why Work Processes Not Models Will Be The Most Valuable Asset in AI | Why Europe Has Lost and Building in the US vs EU with Daniel Dines, UiPath](https://invisiblenetwork.ai/podcast/958230465/cada10208b93) (2026-09-21, 72 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Daniel_Dines__UiPath_3.mp3?dest-id=240976
- [20VC: "Anti-Data Centres is a Chinese Psyop" | How Many Planned Data Centers Will Actually Get Built? | Is Energy AI's Biggest Bottleneck? With Thomas Sohmers, Co-Founder @ Positron](https://invisiblenetwork.ai/podcast/958230465/af10a085164f) (2026-09-19, 72 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Memo__Thomas_Sohmers__Positron_AI.mp3?dest-id=240976
- [20VC: Why "Pacing the Frontier" is BS | Instinct Raising $1BN at $10BN & Meta Launches Muse | Miro Sells for $1.35BN After a $17.5BN Valuation | Mistral Raises €3BN & Could Sam Bankman-Fried Win His](https://invisiblenetwork.ai/podcast/958230465/af85d361fd6b) (2026-09-17, 76 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.74_2.mp3?dest-id=240976
- [20VC: How LPs Allocate to Venture in 2026: What They Want, What They Do Not Want | Why Fund Multiple Does Not Matter Without a Timeline | Why Velocity of Cashback is the Most Important Thing with](https://invisiblenetwork.ai/podcast/958230465/d6128ac19782) (2026-09-14, 69 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/David_Morehead__Baylor_University.mp3?dest-id=240976
- [20VC: 7 Predictions for How AI Changes the World: Labour, Engineering, Social Media, GrokBots Buying Cybercabs and more with Matteo Franceschetti, Co-Founder @ Eight Sleep](https://invisiblenetwork.ai/podcast/958230465/6f7558ae8d50) (2026-09-12, 76 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Growth__Matteo_Franceschetti__Eight_Sleep_2.mp3?dest-id=240976
- [20VC: Jensen Huang Declares AGI Has Arrived | GPT Astra and Fable 5.1 Accelerate the Model Race | Tesla Launches Cybercabs | Index Pulls Out of Town & Anthropic Pulls From Descartes Acquisition](https://invisiblenetwork.ai/podcast/958230465/9aebcfb0de42) (2026-09-10, 79 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.73.mp3?dest-id=240976
- [20VC: The $100 Billion AI Assistant Race: Town vs Instinct vs GrokBot | We Spend $75K Per Engineer on AI Tools | Why the AI Assistant Market Is Not a Bubble & AI Assistants Will Replace Every App on](https://invisiblenetwork.ai/podcast/958230465/9713621598b5) (2026-09-07, 71 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Jean-Denis_Greze__Town.mp3?dest-id=240976
- [20VC: How to Build Your Own Data Center & Why Every Startup Should Do It | How ElevenLabs Leapfrogged Us: What I Learned | The AI Talent War: How Your Hiring Process Needs to Change with Cliff](https://invisiblenetwork.ai/podcast/958230465/fc96667460f2) (2026-09-05, 66 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Sales__Cliff_Weitzman__Speechify_2.mp3?dest-id=240976
- [20VC: NVIDIA Crushes Quarter and Buys Hugging Face | OpenAI Cuts Off Cursor | Instinct Hits $2.5BN Valuation and The Race for AI Assistants | Cognition Raises at $46BN, Linear $2.5BN and Clay $7BN](https://invisiblenetwork.ai/podcast/958230465/634f71b58b19) (2026-09-03, 78 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.72.mp3?dest-id=240976
- [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,](https://invisiblenetwork.ai/podcast/958230465/31dc344aee16) (2026-08-31, 64 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Aaron_Katz__ClickHouse.mp3?dest-id=240976
- [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,](https://invisiblenetwork.ai/podcast/958230465/7d1cf434db58) (2026-08-29, 90 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Memo__Eno_Reyes__Factory.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/bc26a3ff54ae) (2026-08-27, 83 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_OG_Trio_EP.71.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/244e227d9502) (2026-08-24, 79 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Julien_Bek__Sequoia_Capital.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/754f0cb8baba) (2026-08-22, 67 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Product__Jerry_Murdock__Insight_Venture_Partners_2.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/48da6fbd0ff9) (2026-08-20, 74 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.70.mp3?dest-id=240976
- [20VC: Uber President on The Untold Uber Stories: Travis, China and Self-Driving | Why Autonomy Is Existential | How to Beat DoorDash to #1 in Food with Andrew MacDonald](https://invisiblenetwork.ai/podcast/958230465/40be54915587) (2026-08-17, 67 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Andrew_Macdonald__Uber.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/28d473acf87f) (2026-08-15, 79 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Growth__Matt_Swulinski__Zeta_Labs.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/7a7e741f1b42) (2026-08-13, 87 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.69.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/d388927e8fba) (2026-08-10, 60 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Alex_Atallah__OpenRouter.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/38e97995e179) (2026-08-08, 85 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/David_Frankel__Founder_Collective_2-Updated.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/32a4125b8b96) (2026-08-06, 76 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.68.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/26aa0c346faf) (2026-08-03, 65 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Anastasios_Angelopoulos__Arena.mp3?dest-id=240976
- [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,](https://invisiblenetwork.ai/podcast/958230465/5cfe13b15834) (2026-08-01, 64 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Sales__Joon_Sung_Park__Simile.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/b6cf7d3ceed8) (2026-07-30, 78 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.67.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/5d67fbe50469) (2026-07-27, 63 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Matt_Murphy__Menlo_Ventures_V2.mp3?dest-id=240976
- [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](https://invisiblenetwork.ai/podcast/958230465/e9224806f97c) (2026-07-25, 61 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Product__Osvald_Nitski__Mercor.mp3?dest-id=240976
- [20VC: OpenAI and Anthropic Threatened by Kimi? | Should the US Ban Chinese Open-Source Models | Should Openrouter Sell & Value in the Routing Layer? | Stripe Buying Paypal: What You Need to Know](https://invisiblenetwork.ai/podcast/958230465/7d5f46ff09dd) (2026-07-23, 84 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.66.mp3?dest-id=240976
- [20VC: Are OpenAI and Anthropic Overvalued? The Open-Source AI Reality | How Token Costs Will Fall 10x And Usage Will Explode 100x | The Future Is Not One AGI; It's Millions of Specialised Models with](https://invisiblenetwork.ai/podcast/958230465/66508b9ca4e5) (2026-07-20, 78 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Lin_Qiao__Fireworks_AI.mp3?dest-id=240976
- [20VC: $5BN in Revenue, 7 to 7,000 Employees in 9 Months, 206,000 Tests in a Single Day: The Craziest Story in Startups: Curative with Fred Turner](https://invisiblenetwork.ai/podcast/958230465/f25582fcd6fb) (2026-07-18, 88 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Growth__Fred_Turner__Curative.mp3?dest-id=240976
- [20VC: Apple Sues OpenAI | Zuckerberg Back on X and Challenging Codex and Claude Code | SK Hynix's $26BN IPO | Is Seed Investing Dead: Jason Calacanis Departs Seed for Growth | Greylock Raises New](https://invisiblenetwork.ai/podcast/958230465/dc808a1c1a9c) (2026-07-16, 83 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.65.mp3?dest-id=240976
- [20VC: Wix's Founder on What Wall St Gets Wrong About AI and Wix | Will Base44 Win the Vibe Coding Wars | The Truth About the Economics of Vibe-Coding | The Buyback Disaster: Lessons Learned with](https://invisiblenetwork.ai/podcast/958230465/39cd8e8868f9) (2026-07-13, 58 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Avishai_Abrahami__Wix.mp3?dest-id=240976
- [20VC: Why OpenAI and Anthropic Won't Win the App Layer | Why Teams Will Get Bigger Not Smaller in a World of AI | Why AI Removes Incumbents Advantage of Bundling | China vs America: Who Wins the AI](https://invisiblenetwork.ai/podcast/958230465/7602a3d105e6) (2026-07-11, 55 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Memo__Arvind_Jain__Glean.mp3?dest-id=240976
- [20VC: Sam Altman Offers Trump 5% of OpenAI: Fool or Genius? | Alex Karp Sounds the Alarm: Enterprises Fear Frontier Models & Questionable ROI of AI | The Rise of Chinese Open Source: Deepseek Building](https://invisiblenetwork.ai/podcast/958230465/ad11cc28d3ae) (2026-07-09, 84 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/The_Trio_EP.64.mp3?dest-id=240976
- [20VC: Why Now is the Time for the Application Layer | Why OpenAI & Anthropic Won't Win the App Layer | Why Startups Should be TokenMaxxing | Why VCs Should Reduce Weighting on Price & Ownership in an](https://invisiblenetwork.ai/podcast/958230465/d47188423400) (2026-07-06, 70 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/Michael_Mignano__USV.mp3?dest-id=240976
- [20VC: Open Models vs Frontier Models: Who Actually Wins? | The $100,000 Token Budget Every Engineer Will Need | Why Forward-Deployed Engineers Are the Future of Enterprise AI with Clay Bavor,](https://invisiblenetwork.ai/podcast/958230465/8ad44ce20347) (2026-07-04, 69 min): audio https://traffic.libsyn.com/secure/thetwentyminutevc/20Sales__Clay_Bavor__Sierra-1.1.mp3?dest-id=240976

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