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

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

Author: Harry Stebbings July 27, 2026 Duration: 1:02:34

Matt Murphy is a Partner at Menlo Ventures, who just raised $3 billion in fresh capital, its largest pool ever. Matt's portfolio includes Anthropic, Lovable, Legora, OpenRouter, Chai Discovery, Axiom, OpenEvidence and more.

AGENDA: 

00:00 Why Menlo Broke All Its Investing Rules to Back Anthropic
09:00 Why Ownership Matters Less in an Outlier-Driven Venture Market
13:00 Do We Have an SPV Problem in Venture Today?
20:00 Do Margins Still Matter in AI?
23:00 Why Open Source Won't Derail Anthropic's Growth
26:00 Does Every Model Provider Need to Build Its Own Chips?
29:00 Why Anthropic Is Not a Threat to Legora
32:00 Why Series A Is the Hardest Place to Invest Today
36:00 Why Signalling Is B.S. and Every Fund Is Going Full Stack
42:00 Why Building a Company in Europe Is Hard Mode
47:00 Why Triple-Triple-Double-Double Is No Longer Venture-Scale Growth

 


Hosted by Harry Stebbings, The Twenty Minute VC (20VC) pulls back the curtain on the high-stakes worlds of venture capital and startup building. Each episode is a compact, twenty-minute dive into the minds shaping the future of technology. You’ll hear candid conversations with legendary investors, the very individuals who fund and guide the next generation of companies, featuring voices like Sequoia's Doug Leone and Benchmark's Bill Gurley. Beyond the capital, this podcast dedicates time to the founders themselves. Weekly, Stebbings sits down with transformative entrepreneurs such as Spotify's Daniel Ek, LinkedIn's Reid Hoffman, and Snowflake's Frank Slootman, unpacking the real journeys behind their iconic companies. The format is direct and focused, cutting straight to the core insights on funding strategies, pitch dynamics, and the personal philosophies that drive success. Tuning into this podcast means gaining an unfiltered perspective from both sides of the table, all delivered in a concise and accessible style that fits into your day.
Author: Language: English Episodes: 50

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