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

Hussein Kanji is the Founder and Managing Partner of Hoxton Ventures, one of Europe's leading early-stage firms with mega wins in the form of Darktrace and Deliveroo. Hussein cut his teeth in venture at Accel Partners in his early years.

In Today's Episode with Hussein Kanji We Discuss:

1. How to Raise a Fund:

• What are Hussein's biggest lessons from his first fund taking 39 months to raise?

• Why does Hussein believe you should fundraise for a set amount of time and not to achieve a certain amount of capital?

• Does Hussein believe governments should be investing in venture funds?

• What are the biggest mistakes Hussein sees emerging managers make when raising?

2. How to 10x a Fund:

• What is Hussein's formula for knowing when to sell an investment?

• How did Hussein miss out on making $400M in Darktrace? What did he learn from it?

• How much money did Hoxton make from Deliveroo? How did doing 37x on Deliveroo impact how Hussein invests today?

3. How to Build a Team in Venture:

• Why does Hussein believe the incentive mechanism for young VCs is broken? Why do they just want to get cash out the door and not worry about quality?

• Why is it hard to hire female partners today? What needs to happen for this to change?

• What are the single biggest ways that venture partnerships break down? What went wrong between Hussein and his partner, Rob?

4. Is Europe Totally F*******:

• Why does Hussein believe small seed rounds are a massive problem in the UK?

• Why does Hussein believe the dire state of the London Stock Exchange is not a problem?

• Why does Hussein advise companies that the best way to scale is in the US?

• What advice would Hussein give to Keir Starmer on how to stimulate growth in the UK?

• Why does AI mean that the UK can now compete with the US?

The story of Monday.com is insane, turned down by most VCs, then scaled from $6M to $120M ARR in just three years. Today the company is public with a market cap of $12BN. Joining us in the hotseat today is Monday's Co-Founder and CEO, Eran Zinman.

In Today's Episode with Eran Zinman We Discuss:

03:03 The Role of Video Games in Founders' Success

04:12 The Fail That Taught a $10BN Founder Everything

09:40 Pivoting to a $12BN Company: How, When and Advice on Pivots

14:15 Why 99% of Investors Turned Monday Down: Fundraising Lessons

17:05 Building a Performance Marketing Engine

21:25 How to Scale ACV and Move Upmarket

28:54 What Have Been the Most Effective Marketing Strategies

29:08 How Have Monday Been So Successful with Youtube Ads?

29:43 Biggest Challenges and Lessons in Channel Spend

30:50 Building a Multi-Product Strategy: The Rise of Monday CRM

34:37 Competing in the SaaS Market: Is Competition Good?

39:30 The IPO Journey: Why Then? Pros and Cons of Being Public?

42:38 How a Co-CEO Structure Works

43:55 How to Manage a Board

45:04 Quick-Fire Q&A

Victor Riparbelli is the CEO and Co-founder of Synthesia, the world's leading AI video communications platform for enterprises. To date, Victor has raised over $250M from Accel, GV, NEA, and more. More than 1,000,000 users and 55,000 businesses, including 60% of the Fortune 100, use it to communicate efficiently and share knowledge at scale using AI avatars.

In Today's Episode with Victor Riperbelli:

1. The Future of Models:

• Are we seeing the commoditisation of models?

• Will scaling laws continue to prove out?

• How far into the application layer will model providers go?

• Will we see a world of few large generalist models or many fragmented smaller models?

• X.ai, Anthropic, or OpenAI? Which would Victor most want to invest in and why?

2. The Future of Content:

• What will the future of content look like? In 5 years time will we have more AI or human made content?

• What will be the future of distribution for content? Why is TikTok the future for content distribution?

• How does Victor think about the future of identity verification? What is the right approach?

• What does everyone think will happen in the future with content that will never happen?

3. Startup Rules That are BS:

• Why does Victor believe it is total BS to say you have to be the first to a market?

• Why does Victor believe the speed of execution religion is BS?

• Why does Victor believe that London and Europe is a great place to start a startup?

• Does Victor believe Americans work harder than Europeans? Why does Victor believe Europeans are more loyal to their companies?

Shervin Pishevar is a serial entrepreneur and investor. Shervin is famed for leading Uber's Series B at Menlo alongside leading Warby Parker's Series A and investing in Tumblr, all in just 18 months at Menlo. Following Menlo, Shervin co-founded Sherpa Capital and today Shervin is averaging over 73x on his investments. As an angel investor, Shervin made over 100 investments in the likes of Dollar Shave Club, Postmates, Facebook and more.

In Today's Episode with Shervin Pishevar:

08:09 Meeting Travis Kalanick: The Start of a Game-Changing Partnership

11:08 The Uber Series B: Securing a Billion-Dollar Deal

12:49 The Rise of Uber: Global Expansion and Strategic Moves

19:01 The Lyft Rivalry: Missed Opportunities and Lessons Learned

20:57 Recruiting Emil Michael: Building a Strong Leadership Team

24:29 Uber China: The Challenges and Triumphs

27:19 The $15 Billion Raise: Fueling Uber's Global Dominance

30:57 The Beginning of the End: Betrayal by Benchmark

35:33 Sam Altman's Coup and Lessons from the Past

36:22 The Uber War: Legal Battles and Boardroom Drama

37:36 Fusion GPS and Fabricated Reports

39:43 The Me Too Movement and Its Impact

40:51 The SoftBank Investment and Leadership Changes

41:29 The Downfall of Uber's Visionaries

51:09 The Future of Venture Capital

57:01 Quantum Computing and AI: The Next Frontier

Mikey Shulman is the Co-Founder and CEO of Suno, the leading music AI company. Suno lets everyone make and share music. Mikey has raised over $125M for the company from the likes of Lightspeed, Founder Collective and Nat Friedman and Daniel Gross. Prior to founding Suno, Mikey was the first machine learning engineer and head of machine learning at Kensho technologies, which was acquired by S&P Global for over $500 million.

In Today's Episode with Mikey Shulman:

1. The Future of Models:

• Who wins the future of models? Anthropic, OpenAI or X?

• Will we live in a world of many smaller models? When does it make sense for specialised vs generalised models?

• Does Mikey believe we will continue to see the benefits of scaling laws?

2. The Future of UI and Consumer Apps:

• Why does Mikey believe that OpenAI did AI consumer companies a massive disservice?

• Why does Mikey believe consumers will not choose their model or pay for a superior model in the future?

• Why does Mikey believe that good taste is more important than good skills?

• Why does Mikey argue physicists and economists make the best ML engineers?

3. The Future of Music:

• What is going on with Suno's lawsuit against some of the biggest labels in music?

• How does Mikey see the future of music discovery?

• How does Mikey see the battle between Spotify and YouTube playing out?

• How does Mikey see the battle between TikTok and Spotify playing out?

Carvana is one of the most wild stories in the public markets. The company IPO'd with a market cap of $2BN before skyrocketing to $60BN, only for the company to lose 99% of it's value hitting a bottom of $400M market cap. Today the company is stronger than ever and with a market cap of $41BN. Joining us in the hotseat is Dan Gill, Carvana's CPO, the man who oversees all technology functions, as well as strategic partnerships for the business.

In Today's Episode with Dan Gill We Discuss:

1. From $60BN to $400M Market Cap:

• What did Carvana do that Dan wishes they had not done?

• What did Carvana not do that Dan wishes they had done?

• How do you maintain morale in a team when the company has lost 99% of it's value?

1. From $400M Back to $40BN Market Cap:

• What have been the core needle movers in Carvana's market cap surging?

• How does the Carvana business model benefit from economies of scale?

• How does vertical integration of the different products Carvana sells change the margin structure of the business?

1. The Future of Carvana:

• Why does Dan believe there is a massive market for Cavana in selling new cars?

• Why does Dan want to move into the peer to peer market, a market where so many before have failed?

• Why does Dan think Carvana should sell Chinese cars on the platform if American citizens want to buy them?

• What revenue line does Carvana not have today that Dan believes will be the biggest in 10 years time?

1. Product Advice, North Star Metrics, Idea Selection:

• What is the product advice that Dan gives more than any other?

• How does Dan advise startup founders on how to know they have the right north star metric? What is his framework?

• How does Dan advise founders on how to select the right idea to work on?

• What is Dan's prioritisation framework for if an idea will have a larger enough impact and is therefore worthy of being worked on?

Mike Maples is one of the OG seed investors of the last two decades. As a co-founding Partner at Floodgate, Mike has been on the Forbes Midas List eight times in the last decade. Some of Mike's investments include Twitter, Twitch.tv, Clover Health, Okta, Outreach, Chegg, Demandforce, and Applied Intuition.

In Today's Episode with Mike Maples We Discuss:

04:02 Does Seed Even Make Sense as an Asset Class?

05:16 Fund Size and Strategy: How to Do a 10x Fund?

08:12 Follow-On Investments: Are they BS?

16:41 Finding Inefficiencies in the Market

26:31 Exit Strategies and Liquidity Events: When to Sell?

35:14 How Floodgate Lost Billions Missing Airbnb and Pinterest

35:43 3 Frameworks for Evaluating Startups

36:23 Case Studies: Zoom and Okta

43:34 How to Truly Analyse Product-Market Fit

45:22 Challenges with Overfunding Startups

50:02 2024 in Review: Company and Fund of the Year

54:25 Predictions for 2025

Matt Plank is Rippling's Chief Revenue Officer where he oversees all Sales and Account Management functions in the US and Internationally. Matt joined Rippling in the very early days when Parker Conrad (founder) was building V1 in a basement with $0 in revenue. Today the company is a market leader with 100s of $Ms in ARR. Prior to Rippling, Matt was a Sales Director @ Zenefits where he helped the company scale to $70M in ARR.

In Today's Show with Matt Plank We Discuss:

08:25 Challenges and Strategies in Outbound Sales

10:29 Building Effective Sales and Marketing Partnerships

13:37 Founders and Sales Playbooks: Who Should Create Them?

20:45 Pricing Strategies and Customer Success

24:43 Discounting and Urgency in Sales

33:57 Building Relationships for Successful Deals

34:22 Effective Deal Reviews: Asking the Right Questions

35:30 Pipeline Reviews: Frequency and Participants

35:59 Handling Deal Slippage: Acceptable vs. Non-Acceptable Reasons

39:17 Maintaining Morale in Volatile Times

42:14 Outbound Sales Strategy: Lessons Learned

46:03 Scaling Sales Teams: Hiring and Promoting

47:15 Challenges and Strategies in International Markets

01:00:45 Signs of Scaling Issues in Sales Leadership

Daniel Dines is the Founder & CEO @ UiPath, one of the most incredible journeys in startups. For 10 years, UiPath was a bootstrapped company that scaled to just $500K in revenue. Then it all changed, product market fit became obvious and the rest is history. The company went on to raise funding from Sequoia, Accel, Kleiner Perkins and more. Today, the company is worth over $10BN, listed on the NASDAQ and does $1BN+ in revenue.

In Today's Episode with Daniel Dines We Discuss:

1. The Future of LLMs:

• Why does Daniel believe that we are at the upper end of scaling laws and more compute will not lead to increased performance?

• Does Daniel believe we will see a world of many specialised models or fewer generalist models?

• OpenAI, Anthropic, Xai. Which would Daniel most want to invest in? Why them?

2. Is RPA F******* in a World of Agents:

• What is the core difference between RPA and agents? How do the tasks they complete differ?

• Why must we have a neutral meta layer coordinating RPA processes and agents?

• Why will siloed applications like Salesforce be unable to expand beyond their initial function?

• Why does Daniel believe that agents will not complete tasks but make recommendations?

3. The Future of Work: WTF Happens with Agents:

• How long will it be before agents are fully utilised in the enterprise?

• What is the role of the human in a world of agents?

• What are the single biggest concerns of enterprises considering implementing agents in their companies?

• Why has GenAI not been successful in enterprise so far? Will this change?

4. Daniel Dines: The Billionaire Behind the Brand:

• How does Daniel deal with the loneliness of being CEO?

• What problem did Daniel struggle with for much of his twenties and thirties? How did he overcome it?

• Why does Daniel fear that he is becoming more and more disconnected?

• Why does Daniel believe 1-1s are BS?

• What is Daniel's single biggest advice to a new parent today?

Reid Hoffman is one of the most impactful people in technology and startups. As a Founder he founded Paypal and Linkedin before moving to the investing side where he has led deals in Facebook, Airbnb and more.

In Today's Episode with Reid Hoffman We Discuss:

1. China and Tariffs:

• Should the US ban Tiktok and other Chinese companies, given China banning US companies presence in their country?

• How does Reid evaluate the rise of the Chinese car industry? What are his concerns?

• How does Reid hope Trump uses tariffs to advantage the US position?

• What is Reid concerned about what Trump could do with tariffs? What would be bad?

2. Elon Musk and DOGE:

• What impact will Elon Musk have on the future of AI in America?

• Why does Reid believe that it is impossible for DOGE to achieve it's targets?

• What should Elon must be given credit for? What does he not deserve credit for?

• What are Elon's greatest strengths? What are his greatest weaknesses?

3. The US Defence Budget and Ukraine:

• Why does Reid believe that the US should reduce their defence budget?

• Does Reid believe the US should continue to finance the war in Ukraine?

• Should the US continue to subsidise NATO's lack of defence spending?

4. NVIDIA and The Future of Chips:

• Will NVIDIA be able to sustain their monopoly?

• What is the biggest threat to their position?

• Should both the US and Europe have their own chip sovereignty?

• How does Reid evaluate potential conflict between China and Taiwan impacting chip supply?

5. Nuclear, Quantum and Climate:

• Why does Reid believe nuclear fusion can solve climate change?

• Does Reid believe that with the rise of global conflict and AI, the importance of climate change is reduced in the attention of the world?

• Why does Reid believe that AI does more to help than harm climate change?

• Why is Reid so excited for a future with quantum computing?

• What are the biggest dangers of quantum that we need to be mindful of?