20VC: Lovable Raises at $2BN & Hits $100M ARR | Is Cursor Worth $28BN at $1BN in ARR | How Do All Providers Deal with Anthropic Dependency Risk | Are Seed Funds F******: Have Mega Funds Won | Figma IPO Breakdown: Where Does it Price?
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 24 July 2025
⏱️ 82 minutes
🧾️ Download transcript
Summary
Agenda:
00:00 – Did Jason Just Kill Replit?
03:45 – Why Claude Lies To You and Cannot Be Trusted
06:50 – You Cannot Trust Agents. Period.
10:20 – Why Windsurf Was Dead Without Claude
12:30 – Cursor vs. Lovable: What’s the Better Bet?
14:40 – Should You Still Invest in Cursor at $28B?
18:05 – Would You Bet on Anthropic at $100B or OpenAI at $300B?
24:15 – Inside OpenAI’s Secret Weapon: The Calvin French-Owen Memo
27:50 – Perplexity Just Crushed ChatGPT and Claude
32:15 – Will Cursor Build Their Own Models Before Anthropic Cuts Them Off?
33:20 – Figma’s IPO at $16B: Outrageous or Fair Game?
41:55 – 90% of Seed Funds Are Cooked—Is Rob Go Right?
52:15 – How Often Do You Meet a Founder Who Can Return the Fund?
1:08:00 – Which Seed Fund Would You Back Today?
Transcript
Click on a timestamp to play from that location
| 0:00.0 | This idea that, oh, woe is me, I can't raise a third fund. |
| 0:02.6 | I've never returned any capital. |
| 0:04.3 | Tough fucking luck, right? |
| 0:06.0 | Almost everything about a big fund is good for the entrepreneur. |
| 0:09.7 | Anti-portfolio regret is the psychological price you have to pay for being in the game. |
| 0:15.0 | Because it's literally the emotional tax you pay for being in good deal flow. |
| 0:19.4 | The market for consensus is fully priced in. |
| 0:22.6 | This is 20 VC with me, Harry Stebings, and it's my favourite show of the week. Jason Lemkin, Roryo Driscoll, and oh my gosh, we have a cracker for you today. |
| 0:30.6 | We have Replit and the security issues that Jason faced there. We have Lovable in their new round. We have cursor in their |
| 0:38.8 | $28 billion round, their reliance on Anthropic, what that means with Claude Code becoming more and |
| 0:44.7 | more popular, the Figma IPO. This is a sensational one. I want to hear your thoughts. Let me know what |
| 0:50.5 | you think. Harry at 20vc.com. But before we dive into the show, stay, I love seeing the team come together to make this show |
| 0:57.9 | happen. What I don't love is trying to keep track of all the information, the data and the |
| 1:02.2 | projects that we're working on across dozens of platforms, products and tools. |
| 1:06.3 | That's why we use Coda, the all-in-one collaborative workspace that's helped 50,000 teams all over the world |
| 1:13.3 | get on the same page. Offering the flexibility of docs with the structure of spreadsheets, |
| 1:18.3 | Coda facilitates deeper teamwork and quicker creativity. And their turnkey AI solution, the |
| 1:23.8 | intelligence of Coda brain, is a game changer. Powered by Grammally, Coda is entering a new |
| 1:29.1 | phase of innovation and expansion, aiming to redefine productivity for the AI era. Whether you're a |
| 1:34.5 | startup looking to organize the chaos while staying nimble or an enterprise organization looking for |
| 1:39.6 | better alignment, Coda matches your working style. Its seamless workspace connects to hundreds of your |
| 1:45.7 | favorite tools, including Salesforce, Jira, Asana and Figma, helping your teams transform their |
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