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

20VC: NEW FORMAT: Harry Stebbings on Why Seed Pricing is as High as Ever, Why Series A is the Best Place to Invest Today, Why Growth Founders Need to Reshape Expectations, Why M&A Windows Remain Shut and When Will IPO Windows Crack Open

Oct 20, 2023

Harry Stebbings, Founder of 20VC, discusses various topics including the changing landscape of seed pricing, the best place to invest today, reshaping growth founders' expectations, and the future of M&A and IPO. Guests like Doug Leone, Bill Gurley, Marc Benioff, and Daniel Ek share their insights on LP investments, series A/B markets, and growth deals. The podcast also covers the importance of building trusted relationships with LPs, AI's impact on revenue and IPO markets, and features ad/sponsor segments.

27:35

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Quick takeaways

Building trusted relationships and having a differentiated model are crucial for successful fundraising.

Series A offers a better risk-to-reward ratio with lower prices, greater de-risking, and reduced competition.

Deep dives

Key Observations on LP Fund Investing

LPs invest in lines, not doors, building trusted relationships over time, and having a differentiated model are crucial for successful fundraising. DPI (cash back) and differentiation also play a key role.

Introduction

2min

Market Commentary and Insights on Various Aspects of the Market

2min

Building Trusted Relationships with LPs

13min

AI's Impact on Revenue, Growth Expectations, and IPO Markets

7min

Ad/Sponsor Segments: Mercury, Coder, and Nirvana

3min

Harry Stebbings is the Founder of 20VC, building the next great financial institution at the intersection of media and venture capital. 20VC has reached over 125M downloads in 100+ countries and has featured the likes of Doug Leone, Bill Gurley, Marc Benioff, Daniel Ek and more. On the investing side, Harry has raised over $400M and made investments in the likes of Pachama, Linear, TripleDot, Superhuman, AgentSync, Linktree, Sorare and more.

In Today's Episode We Cover:

Are LPs Open for Business:

How has what LPs look for in new manager investments changed?
What type of funds will be able to raise? Which will not be able to raise?
What can managers do to significantly increase their chances of raising a new fund?

2. The Seed Investing Landscape: Harder Than Ever

Why is seed pricing as high as ever?
Why are multi-stage funds more active in seed than ever? How does this impact seed?
How will seed change and evolve over the next 6-12 months?

3. Series A + B: The Best Place to be Investing

Why is Series A the best risk/reward insertion point when investing today?
How has the competition level at Series A and B changed?
What do many people not see or know about this stage of the market today?

4. Is Growth Dead: Are Growth Deals Getting Done:

What two core elements are needed if you want to raise a growth round today?
How have growth round valuations been impacted over the last 12 months?
To what extent do founders need to change their expectations on the price of rounds they will be able to get done today?

5. M&A and IPOs: Tough Times Ahead

Why will we see continued low levels of activity in M&A markets?
What acquisitions are we seeing take place?
When will the IPO window crack open?
Why were Klaviyo, Instacart and Arm not enough to open the windows?

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