Recent Posts
Social•Dec 6, 2025
Sequoia Backing Signals Growth; Ignore the BS
One of the most BS statements: You do not want people to join your company because of an investor that led the round. People want to grow and they want to make money. When Sequoia invests, it is a massive stamp of approval that this company has the chance of growth more than others. It also suggests if they join they will grow personally and financially. Yes they need to have some passion for the problem but do not listen to this BS and people being motivated by other signals is not bad.
By Harry Stebbings
Blog•Dec 5, 2025
Coming Soon: Harry Stebbings on the State of Venture
In this episode, Harry Stebbings examines the rapid transformation of venture capital, focusing on shifting valuation dynamics, the impact of AI hype on startup success, and the emergence of a new capital stack that founders and investors must navigate. He...
By Harry Stebbings
Social•Dec 3, 2025
Media Exposure Turns Angel Interest Into Lighthouse Customers
Today I interviewed a $50BN founder for 20VC. In the post interview chat, I mentioned a company we are leading the seed round for. The $50BN founder asked to angel invest and be a lighthouse customer for them. How media...
By Harry Stebbings
Social•Dec 1, 2025
AI-Driven Custom Apps Will Eclipse Traditional SaaS
SaaS is Over: " SaaS apps were built at a time when software was relatively hard to build. Now many of these AI applications are easy to build on top of these LLMs. Most companies will start building custom software super easily." @jonsidd Love...
By Harry Stebbings
Social•Dec 1, 2025
Data Labeling Market Faces Revenue Concentration and Synthetic Threat
Data labelling is a fricking hard market and there are some core questions. 1. Why does no player want to be called a talent marketplace? 2. Is the proclaimed “revenue” real revenue or GMV? 3. What are the margins given the GMV structure...
By Harry Stebbings
Blog•Nov 30, 2025
20VC Newsletter - 30th November 2025
In this 20VC newsletter episode, Harry Stebbings interviews Base44 founder Maor Shlomo, who argues that traditional SaaS will fade as "vibe coding" enables companies to own their tools and data, and highlights Google as the real competitive threat while emphasizing...
By Harry Stebbings
Social•Nov 28, 2025
That Look When European Seed Funds Lose a Term Sheet
The face every European seed fund sees before they lose the term sheet 🤣 https://t.co/luEqQH95ly
By Harry Stebbings
Social•Nov 27, 2025
AI Funding Frenzy: Anthropic, NVIDIA, and $10B Valuations
The only podcast you have to listen to every week. No politics. Just tech. - Anthropic Raises $30BN from Microsoft and NVIDIA - NVIDIA Core Business Threatened by TPU - Sam Altman's "War Mode" Analysed - Sierra Hits $100M ARR: Justifies $10BN Price? Spotify 👉 https://t.co/6JKLLkgQVA Youtube...
By Harry Stebbings
Social•Nov 25, 2025
Investors Don't Outnumber Founders in London, Claim Refuted
@BennettSiegel @endowment_eddie @maxaltman Except it’s not true that investors outnumber founders in London! Just wrong
By Harry Stebbings
Social•Nov 25, 2025
Early First and Second Close Signals a Bad Deal
The minute I hear first and second close for an early stage funding round; I am out. Never a good sign.
By Harry Stebbings
Social•Nov 25, 2025
Custom Vibe Coding Threatens SaaS Dominance
Vibe Coding Will Kill SaaS: " In a year or two; you'll get to a place where a lot of the current organizational tools that companies are using, you could build your own version. It would make so much more sense to you...
By Harry Stebbings
Social•Nov 24, 2025
Model Prices Expected Near Zero, Margins Become Irrelevant
" The margins are the least thing that I'm worried about. We're taking into consideration that the prices of models will go down to zero." @MS_BASE44 How do you think about model costs over time? Right to assume close to zero? @destraynor...
By Harry Stebbings
Social•Nov 24, 2025
Base44 Lets Anyone Build Products, Outpacing Cursor
5. How Does Base44 Beat Cursor in the End? I started Base44 for non-technical people: no API keys, no Supabase links… As models improve, even developers care less about editing files or seeing code. When you can build whole products inside Base44, most...
By Harry Stebbings
Social•Nov 24, 2025
Success No Longer Dependent on Silicon Valley Location
6. Why Base44 Is Helped & Not Hurt by Not Being in Silicon Valley Silicon Valley is no longer mandatory for building important companies or accessing opportunity. The war on talent is tough in Silicon Valley: If you don’t have deep pockets,...
By Harry Stebbings
Deals•Sep 7, 2025
Meta's Acquisition of Scale Criticized over Structure and Potential Write-Down
The newsletter discusses Meta's acquisition of Scale, noting concerns about talent fallout, questionable asset fit, and a deal structure involving approximately $14BN in distributed cash that could lead to a future write-down for Meta.
Harry Stebbings
Deals•Jul 6, 2025
Melio Sells for $2.5B After Growing to $153M ARR
Melio, a SaaS payments company with $153M ARR and 127% YoY growth, was sold for approximately $2.5 billion, reflecting roughly a 16x revenue multiple. The transaction outcome was discussed as a disappointing valuation for similar high-growth portfolio companies.
Harry Stebbings
Deals•Jun 1, 2025
Yuri Milner Invested $100M Into Airwallex at $1.1B Valuation
Airwallex received a $100M investment from Yuri Milner at a reported $1.1B valuation, recounted by CEO Jack Zhang on the 20VC podcast. The anecdote highlights a rapid, high-conviction check after a brief personal conversation.
Harry Stebbings