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

20VC: Postmates Founder Basti Lehmann on How the Uber Deal Went Down and How a $2.65BN Deal Turned into $5BN, Why Great VCs Add No Value and VC Value Add is BS Marketing & Why The Biggest Companies in History Will be Born Today and Replace Incumbents

Apr 8, 2024

Basti Lehmann, founder of Postmates, shares insights on his journey from immigrant to billion-dollar founder, lessons from raising $900M, why great VCs add no value, selling Postmates to Uber for $2.65BN, and why he believes the biggest companies will be born today, replacing incumbents.

59:26

Creator website

Episode guests

Basti Lehmann

AI Summary

Highlights

AI Chapters

Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Success requires determination and perseverance, as demonstrated by Postmates' journey from cash-strapped beginnings to profitability.

Strategic negotiation in the Uber acquisition led to a deal value increase to nearly $5 billion, showcasing the significance of well-negotiated terms and business fundamentals.

Venture capital insights highlight the importance of seeking innovative VCs and making courageous bets over safe decisions, emphasizing a hands-off approach by investors for startup success.

Deep dives

Lessons from Growing Postmates and Post-Acquisition Success

Starting with almost no cash left and a negative gross profit margin, Postmates quickly became profitable within a few quarters. The founder emphasizes the importance of determination and grit in success, highlighting how many companies fail due to founders giving up. The journey of Postmates shows the significance of perseverance even in challenging times.

Focus on Investors Who Believe in Your Business

01:25

Sound Fundamentals and Clear Path to Profitability Lead to Successful Investment

01:45

Valuable Supportive Co-founder

00:50

Introduction

3min

Journey from Childhood to Ambition

6min

Navigating Challenges and Strategic Decisions in the On-Demand Delivery Market

14min

Navigating the Second-Time Founder Advantage in Fundraising

16min

Exploring AI, Personalization, and Future Technologies

13min

Exploring Misalignment Between VCs and Founders, Acts of Kindness, and Respect for Founder CEOs

3min

Promotion of Webflow, Secure Frame, and Remote for Business Growth and Efficiency

3min

Basti Lehmann is the co-founder and former CEO of Postmates, the on-demand delivery service that raised over $900M from the likes of Tiger Global, Founders Fund, Spark Capital and Andreesen Horowitz. Following Uber’s $2.65BN acquisition in 2020, Basti founded TipTop, a platform for fast tech sales which Marc Andreesen led the $20M seed round for.

In Today’s Episode with Basti Lehmann We Discuss:

From US Immigrant to Billion Dollar Founder

How did Basti start his career hacking AT&T?
How did early hardships shape Basti’s work ethic?
What were Basti’s biggest challenges building Postmates?

Lessons from Raising $900M

How did Basti raise $20M from Marc Andreesen?
How does Basti select which VCs to work with?
Why does Basti think 99% of VCs are sheep?
Why does Basti think great VCs add no value?
Why does Basti think having to educate investors is a massive red flag?

Selling Postmates for $2.65BN

Why did Basti sell Postmates to Uber? How did the acquisition happen?
Was there anything Basti would have done differently?
What does Basti think makes Dara Khosrowshahi a great CEO?
What is Basti’s biggest advice to founders on acquisitions?

Future of AI: Startups or Incumbents?

What does Basti think is the biggest challenge of LLMs today?
Why does Basti think inference computing will be the future of AI?
Why does Basti think incumbents can be replaced?
Why does Basti think the biggest companies are being born today?

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

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

20VC: Postmates Founder Basti Lehmann on How the Uber Deal Went Down and How a $2.65BN Deal Turned into $5BN, Why Great VCs Add No Value and VC Value Add is BS Marketing & Why The Biggest Companies in History Will be Born Today and Replace Incumbents

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Lessons from Growing Postmates and Post-Acquisition Success

Uber Acquisition Story and Strategic Decision Making

Reflection on Second-time Entrepreneurship and Venture Capital Insights

Venture Capital Philosophy at Founders Fund

Evolution of Artificial Intelligence

Focus on Investors Who Believe in Your Business

Sound Fundamentals and Clear Path to Profitability Lead to Successful Investment

Valuable Supportive Co-founder

Get the Snipd
podcast app

AI-powered
podcast player

Discover
highlights

Save any
moment

Share
& Export

AI-powered
podcast player

Discover
highlights

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

20VC: Postmates Founder Basti Lehmann on How the Uber Deal Went Down and How a $2.65BN Deal Turned into $5BN, Why Great VCs Add No Value and VC Value Add is BS Marketing & Why The Biggest Companies in History Will be Born Today and Replace Incumbents

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Lessons from Growing Postmates and Post-Acquisition Success

Uber Acquisition Story and Strategic Decision Making

Reflection on Second-time Entrepreneurship and Venture Capital Insights

Venture Capital Philosophy at Founders Fund

Evolution of Artificial Intelligence

Focus on Investors Who Believe in Your Business

Sound Fundamentals and Clear Path to Profitability Lead to Successful Investment

Valuable Supportive Co-founder

Get the Snipdpodcast app

AI-poweredpodcast player

Discoverhighlights

Save anymoment

Share& Export

AI-poweredpodcast player

Discoverhighlights

Get the Snipd
podcast app

AI-powered
podcast player

Discover
highlights

Save any
moment

Share
& Export

AI-powered
podcast player

Discover
highlights