Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more.
Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others.
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Timestamps:
00:00 Intro
01:07 Valar Atomics vs Day One Ventures: Is Pro Rata Broken?
07:07 Should Seed Investors Give Up Their Pro Rata Rights?
15:14 Meta Returns to the AI Frontier With Muse Wonder
18:53 Could Meta Have a Monster AI Product on Its Hands?
20:31 NVIDIA Eyes a $30BN Deal for Reflection
24:35 Does NVIDIA’s AI Push Make Thinking Machines Less Attractive?
26:45 Investment Committee: Jev Raises $870M at a $7.5BN Valuation
29:03 How Jev Could Become a $50BN+ Company
33:38 42 New Decacorns in 2026: Are We in an AI Bubble?
39:01 Isomorphic Labs Eyes a $40–50BN Valuation
42:27 Why AI Drug Discovery Could Be Bigger Than Inference
43:50 The Explosion in Robotics Training Data
49:37 Anthropic Cuts Haiku Pricing by 90%
55:12 Does Cheaper Frontier AI Kill Open-Source Models in the Enterprise?
56:39 Should Founders Sell If the Acquirer Will Fire 80% of the Team?
1:01:05 Cloudflare Cuts 20% Despite Strong Growth
1:02:27 Bumble Goes Private: Can AI Reinvent Online Dating?
1:06:01 Why the SaaS “Apocalypse” Is Worse Than It Looks
1:12:16 Is Flock Safety in Real Trouble?
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Legal Disclaimer:
The content of this podcast is for informational and entertainment purposes only and does not constitute financial or investment advice. Any discussion of stocks, public markets, or investment strategies reflects the personal opinions of the speakers and should not be relied upon when making investment decisions. Figures, valuations, and financial data referenced may be estimates or subject to error. Always consult a qualified financial adviser before making any investment decision. The views expressed are those of the individual speakers and do not represent the views of 20VC or its affiliates.
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