20VC: OpenAI's $6BN Jony Ive Deal | YC Is Both Chanel and Walmart—and Has Officially Won | Builder.ai Implodes and Hinge IPOs: Who Wins & Who Loses | Seed Is Easy. Series A Is Brutal & The Dirty Truth About Late-Stage Venture
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 693 Ratings
🗓️ 29 May 2025
⏱️ 80 minutes
🧾️ Download transcript
Summary
Agenda:
00:00 – Why "Fund Returners" Are a Myth in Late-Stage VC
05:02 – Builder.ai Implodes: $500M Gone & Fraud Allegations Begin
11:40 – The Dirty Truth About Late-Stage Venture Math
15:57 – The Hinge IPO: Who Won, Who Lost, and Why It's a Game Changer
23:03 – The Chime Bombshell: Late-Stage VCs Forced to Crystallize Huge Losses
27:14 – Why YC Is Both Chanel and Walmart—and Has Officially Won
33:41 – Seed Is Easy. Series A Is Brutal. Here's Why
39:50 – The Silent Killer: How Dilution Is Screwing VCs Without Them Realizing
46:04 – OpenAI's $6B Jony Ive Deal: Genius or Delusion?
50:47 – Does OpenAI Win the Hardware War
1:02:09 – Duolingo, Klarna, and the Truth About AI Layoffs
1:13:10 – Only 20% of Unicorns Are Real. The Other 80%? Zombies
1:15:44 – Why 2021 Had an IPO Every Day — And Why That Won't Return Soon
1:18:00 – Quickfire: AGI Dates, Half-Trillionaires, and Trump Tax Moves
Transcript
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| 0:00.0 | The wars that you choose to engage in dictate what it has to take to win. |
| 0:04.4 | We have to let go this vision that venture has to involve fund returners. |
| 0:08.9 | The only way the math works is if you stuff money into the very best company and you don't |
| 0:14.0 | end up with a balanced portfolio, you end up literally with one company having 20, 30% of your |
| 0:20.1 | fund in it and that company turns out to be the |
| 0:22.4 | big winner. I think your absolute assumption has to be why C has won. It's the greatest, |
| 0:26.7 | one of the greatest equity businesses ever. This is 20 VC with me, Harry Stebbings. Now, it is my |
| 0:31.8 | favorite show of the week. The News Roundup with me, Jason Lemkin and Roryo Driscoll. Today, we discuss Insights, two deals. |
| 0:39.6 | The winner, the loser, Hinge and Builder. We discuss the IPOs of Mountain and Hinge. |
| 0:45.7 | What happens to the Chime IPO investors and the later stage investors, who wins, who loses? |
| 0:52.4 | Will Elon become the first half trillionaire and so much more? |
| 0:56.9 | Also, Johnny Ive joining Open AI part-time, the discussion there. This was so much fun to do. |
| 1:03.2 | I want your feedback on these shows. Let me know, Harry at 20vc.com. I love to hear your thoughts. |
| 1:09.7 | But before we dive in today, here are two fun facts about |
| 1:13.1 | our newest brand sponsor, Kajabi. First, their customers just crossed a collective $8 billion |
| 1:18.6 | in total revenue. Wow. Second, Kajabi's users keep 100% of their earnings with the average |
| 1:25.3 | Kajabi creator bringing in over $30,000 per year. |
| 1:29.1 | In case you didn't know, Kajabi is the leading creator commerce platform with an all-in-one |
| 1:33.7 | suite of tools, including websites, email marketing, digital products, payment processing, |
| 1:38.8 | and analytics for as low as $69 per month. Whether you are looking to build a private |
| 1:43.7 | community, write a paid |
| 1:45.0 | newsletter or launch a course, Kajabi is the only platform that will enable you to build |
... |
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