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

Jerry Murdock is the Co-Founder of Insight Partners, which manages over $90 billion in assets. Jerry personally backed companies including Twitter, Nest and Docker, while Insight's portfolio includes giants such as Shopify, Wiz and monday.com. Across three decades, Insight has helped produce 55+ IPOs and become one of the most powerful technology investment firms in the world.

AGENDA:

00:00 — Is the AI Bubble About to Burst?

11:00 — Will Half of All Neoclouds Disappear Within 36 Months?

13:00 — Can Open Source Models Actually Beat OpenAI and Anthropic?

22:00 — Are We Entering the Golden Age of Cybersecurity Attacks?

32:00 — Have AI Valuations Completely Lost Touch With Reality?

42:00 — Is AI About to Wipe Out an Entire Generation of SaaS & Private Equity?

47:00 — Should We Ban U.S. Chips From Being Exported to China?

48:00 — Should We Be Fearful of Open-Source Chinese Models?

49:00 — Will Continuous Learning Kill Every AI Model We Use Today?

53:00 — Why Microsoft Remains a Mega Buy

56:00 — Which Mag 7 Giant Would You Short — and Is Apple's AI Strategy a Disaster?

AGENDA:

04:20 Elon's Deal of the Decade: SpaceX Buys Cursor for $60BN 06:10 Why Cursor Was Surprisingly Cheap at $60BN 07:00 Why Zuckerberg Failed to Buy the AI Prize Elon Secured 12:00 Elon vs Zuck: Who Would You Rather Work For? 14:00 Will Microsoft or Amazon Now Race to Buy Cognition? 17:05 Stripe's $7BN OpenRouter Deal Creates Huge VC Winners 25:00 OpenRouter's Fatal Risk: Enterprises Don't Want 10 Models 28:15 Anthropic Turns Its First Profit on $11.5BN of Quarterly Revenue 32:15 Can Anthropic Really Reach $600BN in Revenue? 37:00 Why Every Elite Engineer Could Soon Get $100K in AI Tokens 39:30 Would Rory Buy Anthropic at a $2.5TN Valuation? 44:50 Silver Lake's $43BN Workday Bet: SaaS Isn't Dead, It's Mature 53:00 How Silver Lake Could Make $30BN From Workday 57:00 Lovable vs Higgsfield: Similar Revenue, Radically Different Valuations 58:00 Is Lovable's $13.3BN Price Actually Cheap? 63:30 Why the DOJ Is Coming After Andreessen Horowitz 69:00 Why A16Z Has "50 Legal Battles" Happening at Once

Andrew Macdonald (Mac) is the longest-serving employee at Uber. Today, he is the President and COO. No one on the planet has spent more time mastering ride-sharing than Mac. Uber now does 300M rides per week, has 200M users, and is one of the most recognised brands on the planet. Mac never does interviews and so this was a rare look behind the scenes at the Uber machine.

AGENDA:

05:39 – How was Mac the only survivor from the Travis era? 10:39 – How does Uber decide what to include in Uber One membership? 11:45 – How does Uber decide which new products to pursue? 16:08 – What does Uber need to do to reach 500 million users? 20:37 – Why Uber was right to focus on its core business and divest autonomy? 24:08 – Why India and Brazil will delay Uber's autonomous future? 28:34 – The craziest story from Uber's battle in China 29:27 – Why Travis Kalanick believed money was the moat? 31:17 – Was Uber structurally disadvantaged in China from day one? 35:48 – Inside Uber's SWAT team of its 30 best AI engineers 37:55 – How companies need to extract real efficiency from AI? 42:00 – Will Uber have more or fewer employees in five years? 43:52 – Will companies that do not work with frontier models be disaggregated? 46:02 – Will AI agents disaggregate Uber's interface and customer relationship? 48:26 – Why Brian Chesky was right: chat is not the best interface for everything 55:52 – Why it is bullshit to say DoorDash would not be number one if Travis were still CEO 59:13 – The single biggest lesson from Travis Kalanick 1:00:07 – The second biggest lesson from Travis Kalanick

Matt Swulinski is one of the best growth leaders in AI. He is currently Head of Growth at Viktor, the Accel-backed AI coworker. Previously, he was Head of Growth at Wispr Flow, where he was marketing hire #1 and built the growth function from pre-launch to millions of users. Matt also built the AI-powered marketing OS that automated 100 newsletter sponsorships a month and enabled a lean team to scale dramatically faster. Before Wispr Flow, Matt worked in growth at Superhuman.

AGENDA:

00:00 Why SaaS Founders Should Steal the E-Commerce Growth Playbook 04:47 How Does PLG Change When AI Agents Become the Customer? 07:46 When Should an Early-Stage Founder Start Spending on Paid Growth? 10:36 How Do You Build the Tracking Stack to Know Whether Paid Is Working? 17:38 How Much Should You Spend on Creative—and How Do You Produce 500 Ads a Month? 23:10 How Long Should You Test Paid—and How Do You Scale Meta, Google and YouTube? 39:38 How Do You Build Referral, Paywall and AEO Loops That Compound? 49:46 How Do You Hire and Structure an AI-Native Growth Team? 1:04:27 Which Growth Channels Are Most Underrated—and Most Overrated? 1:09:28 How Do You Build an AI Operating System That Makes Your Work Compound?

AGENDA:

• 05:00 Canva's Growth Gets Slashed as AI Costs Explode
• 20:00 The Great Software Reset: Why 2026 Will Punish AI Hesitancy
• 29:00 Canva's Valuation Reality Check—and the LP Liquidity Trap
• 35:00 Google's AI Brain Drain: Jeff Dean Leaves, Demis Steps Back
• 43:00 Why Google Can't Afford to Cure Alzheimer's
• 50:00 The Data-Centre Revolt: Can AI Survive the Political Backlash?
• 55:00 Elon Musk's $55BN Terrafab Bet to Break Free from TSMC
• 57:00 Revolut's $50BN CEO Pay Package—and the Return of Founder Control
• 01:13 AI Shopping, Atlassian's Revival, and Airtable's Brutal Sale Reality

Alex Atallah is the Founder and CEO @ OpenRouter, the unified interface for LLMs. The company has raised over $153M in funding, with the latest valuation pricing the company at $1.3BN. OpenRouter is reportedly in an acquisition process with Stripe for $10BN.

AGENDA:

00:00 Is OpenRouter Selling to Stripe for $10 Billion? 04:05 What Did Alex Learn From Scaling OpenSea? 06:38 What Did OpenRouter's Founding Thesis Get Wrong? 14:47 Is AI Model Routing Already Being Commoditized? 19:12 Do Falling Token Prices Help or Hurt OpenRouter? 27:16 Should America Be Alarmed by Chinese Open Models? 32:43 Will US Open-Source Models Compete With Chinese Models in the Next 12 Months? 39:26 Will the Router Be Swallowed by the Agent Framework? 48:56 Is Distillation Wrong—and How Should We Look at It? 50:01 Is the Reported $10 Billion Stripe Deal Actually Happening?

David Frankel is one of the great seed investors of our time. As the Co-Founder of Founder Collective he has backed the likes of Uber, Coupang, Suno, PillPack, Airtable, Whoop, Shield AI and many more. In a world of expanding fund sizes, David and Founder Collective are one of the only successful franchises to truly stick to small, boutique funds.

AGENDA:

00:00 The Bubbles Are Getting Bigger—and There Will Be a Lot of Roadkill

05:21 The Worst-Performing Funds Will Be the $50M–$100M Seed Funds

25:06 "We're Greedy for Returns, Not Management Fees"

30:10 "Pro Rata Is the Original Sin"

32:59 "A $1BN Valuation Is the New Series A"

46:39 "I Have Never Seen Secondary Markets This Liquid"

58:03 Microsoft Has Done a Crappy Job of AI—and Another Dot-Com Crash Is Inevitable

01:08:25 OpenAI and Anthropic Will Be Disrupted—and China Could Do It

01:16:12 "Anyone Who Claims They Knew Is Full of Shit"

01:19:56 Our Children Won't Need to Drive—and Chemotherapy Will Look Prehistoric

Special Guest: Nikesh Arora, CEO @ Palo Alto Networks.

AGENDA:

04:50 Airtable Sold to Bending Spoons for $1.285B 17:00 Leo Aschenbrenner's Situational Awareness Blows Up as Citadel Buys His $16BN Book 22:30 Anthropic's AI Models Breach Three Companies as Cyber Threat Accelerates 33:35 Moonshot AI Raises $3.5B at $35B as Chinese Models Crush AI Prices 38:05 Valar Atomics Triples to $6B as Sequoia Bets on Nuclear Power for AI 42:50 OpenAI and Anthropic Could Trigger a Massive Public-Market Dislocation 52:55 Big Tech and Palantir Earnings Ignite the Next Phase of the AI Gold Rush 1:04:30 Procore Buys DroneDeploy for $900M in a High-Stakes 12x Revenue Bet 1:10:55 Scale AI Hits $1.5B ARR After the Meta Deal Left It for Dead

Anastasios Angelopoulos is the co-founder and CEO of Arena, the real-world evaluation platform that has become a leading referee of the global AI model race. Arena has raised $250 million, with the latest round valuing the company at $1.7BN. Arena recently surpassed $100M ARR just eight months after launching its enterprise offering, powered by more than 30 million monthly users.

AGENDA:

00:00 – Intro: "Kimi beat every American model": What Nobody Wants to Admit…

05:20 – Is this the true commoditization of models? Are they just a utility layer now?

07:30 – Do Chinese open source models cannibalize the closed frontier labs?

10:30 – Why has America's open source community lagged so badly behind China?

17:20 – Will Chinese models be banned in the US — and does hosting locally really kill the backdoor risk?

23:20 – Are enterprises really terrified of working with the frontier labs?

27:20 – Why hasn't inference got cheaper — and what happens when Anthropic's "disgustingly high" margins go public?

30:20 – Who should decide if a model is safe to release: the government, a neutral body, or nobody?

33:10 – Are we about to see cyberattacks like we've never seen before? (The fake candidate who passed every interview)

37:00 – 75 Neo labs: what separates the winners from the two-thirds worth nothing?

40:45 – Is data actually a commodity — and can data providers be $100BN companies?

48:00 – Can you be the referee when the players are paying you? (And Arena's real revenue)

50:45 – Will the model providers eat the application layer? Are Harvey, Lagora and Figma in trouble?

54:10 – Quickfire: Why hasn't NVIDIA bounced on the rise of open source, who hits $10 trillion first, and does the compute debt cycle end in insolvency?

Joon Sung Park is the Founder and CEO of Simile, the AI simulation company building foundation models of human behaviour; allowing companies to test how real people may think, decide and act before making a decision in the real world. Simile has now raised $300 million in total, including a $200 million Series B announced last week at a $2 billion valuation, led by Greenoaks and Index Ventures.

AGENDA:

00:00 We Will Pay $100M for a Single Query on Some Models

10:00 Why Stock Markets May Not Exist in 5 Years Time

15:00 The Best Companies All Have Unique Data Acquisition Strategies

19:00 The Best AI Companies Have Clear and Fast Reward Functions

24:00 How We Sign Fortune 500 Companies for $10M Contracts in Weeks

32:00 Does Similie Kill Kalshi and Polymarket? Prediction vs Changing the Future

42:00 Inside Similie's $300M Raise; What Every Founder Needs to Know