The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Navan IPO: Winners, Losers and is a $4.5BN Exit Enough in VC Today | Harvey Raises $150M at $8BN Price | Why Google is a Buy and Amazon is a Sell | Meta Down 10%, Is Zuck Struggling?
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Nov 6, 2025 The discussion kicks off with a deep dive into Navan's disappointing IPO despite solid revenue. Attention then shifts to Harvey’s impressive $150M raise at an $8B valuation, raising questions about AI's impact on legal tasks. The hosts debate why Google is a buy while Amazon may be overvalued. They also explore Meta's struggles and the urgent need for companies to adopt AI swiftly. Additionally, they assess the shifting dynamics in venture capital, highlighting Series A as the prime stage amid a competitive landscape.
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Navan IPO and Real Exit Value
- Navan's IPO shows a $4.5B exit can be solid but may disappoint late-stage investors holding large stakes.
- Locked-in value often only materializes 18–30 months after IPO, so headlines overstate immediate cash outcomes.
End Of An Era Reflection
- Jason reflected on Dev's retirement and Navan's IPO as signaling the end of a SaaS era.
- He felt wistful that strong SaaS companies now face a very different, AI-driven era.
Match Check Size To Fund Strategy
- If your fund size means first checks must return the fund, avoid oversized early checks in crowded, expensive seed markets.
- Preserve optionality by writing smaller initial checks and following selectively with larger follow-ons.