The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Figma, Scale, Wiz: Inside Index's Decacorn Factory | Decision-Making, Investment Process, Biggest Lessons, Biggest Misses | Why Gross Margin is a Fallacy at Seed | Never Turn Down a Deal on Price with Martin Mignot, Partner @ Index Ventures
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Aug 11, 2025 
Martin Mignot, Partner at Index Ventures, shares insights from one of the top-performing venture capital firms. He discusses the myth of gross margins being vital in early-stage investing and stresses that many shouldn't pursue a VC career. Mignot highlights the importance of unique insights over market size when evaluating founders and reflects on lessons from past investments like Revolut. He also touches on the cultural differences between European and U.S. founders and the need for local AI innovation amidst market challenges.
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Returns Concentrate In Few Winners
- Index's returns are massively concentrated in a tiny number of winners despite investing in hundreds of companies.
- The firm invested ~$11.5B and has realized ~ $30B while holding large stakes in 8–9 names.
There Is A Third Path In VC
- Venture isn't just diverging into mega funds or boutiques; a middle path can better serve founders.
- You need enough scale to support founders across stages without becoming impersonal or overly diversified.
Treat Seed As High-Conviction
- Treat seed as a high-conviction, collaborative stage rather than an entry ticket for larger funds.
- Bring angels and other seed investors along and focus on long-term founder relationships over squeezing ownership.
