The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Max Altman on The New Seed War: Can Anyone Compete with Sequoia and a16z | Leaving $2BN on the Table with Reddit | Lessons from Backing Rippling at $25M Post | Why Climate Tech is a Mirage and Disaster
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Nov 21, 2025 
Max Altman, Co-founder and Managing Partner at Saga Ventures, shares his journey in venture capital, emphasizing the importance of long-term relationships over performative investing. He reveals the critical lessons learned from backing Rippling at a $25M valuation and discusses the pitfalls of not reserving enough capital for winners. Altman warns that climate tech is a mirage while exploring the fierce competition posed by giants like Sequoia. He touches on the new seed war dynamics and how founders can leverage current market conditions for ambitious innovations.
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Zenefits Shaped Product And Sales Lens
- Max describes his time at Zenefits working under Parker Conrad and learning product intuition and that customers often don’t know what they want.
- He credits Parker for sales-driven growth and intense execution that shaped his investing lens.
Join Fastest Growing Companies
- Focus on winning by joining the fastest-growing companies to accelerate personal and professional development.
- Prioritize roles at high-growth firms because winning drives skill growth and happiness.
Follow Winners Quickly
- If a seed investment looks promising, reserve pro rata capital to follow winners early and aggressively.
- Expect to identify winners within 2–3 months and allocate reserves accordingly.