Matt Murphy is a Partner at Menlo Ventures, who just raised $3 billion in fresh capital, its largest pool ever. Matt’s portfolio includes Anthropic, Lovable, Legora, OpenRouter, Chai Discovery, Axiom, OpenEvidence and more.
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Timestamps:
00:00 Intro
01:21 How Menlo Got Into Anthropic
05:12 Ownership Doesn’t Matter Anymore
07:25 When Does Price Actually Matter?
10:18 How Menlo Sized Up for the Second Anthropic Round
13:43 When to Take Money Off the Table
22:00 Why Menlo Raised Only $3B When They Could Have Raised Much More
29:41 OpenRouter: Why Matt Thinks It’s Already a Beast
31:05 The Legora Investment: Is Anthropic a Threat?
34:33 Series A Is the Worst Insertion Point Right Now
37:18 The Barbell Strategy: Go Earlier and Go Bigger, Skip the Middle
43:25 Can a Great Seed Investor Also Be a Great Growth Investor?
54:59 Menlo’s Anthropic Carry
56:33 Richer Investors Make Better Investors
1:01:29 Where Is AI Overheated?
1:02:40 Where Is AI Underinvested?
1:04:15 What Matt Is Most Excited About in the Next 10 Years
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