20VC: Thrive & OpenAI Partnership | Eventbrite Acquired for $500M | Databricks Raising $5BN at $134BN Valuation: Cheap or Not? | Why SaaS is Like Japan and The TAM Trap in Software
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 693 Ratings
🗓️ 4 December 2025
⏱️ 73 minutes
🧾️ Download transcript
Summary
AGENDA:
04:20 Thrive and OpenAI Partnership
07:14 Databricks Raising $5BN at $134BN Valuation: Cheap or Not?
17:39 Eventbrite Acquired by Bending Spoons for $500M
21:39 Pagerduty's $1BN Market Cap, Just 2x Revenue
26:59 The TAM Trap: Why SaaS Is Like Japan
37:42 Lessons from Companies Hitting $100M ARR
44:57 The Future of Labour Markets is F******
52:10 The Importance of Compounding in Investments
56:45 The Relevance Game in Venture Capital
01:05:01 Supabase at $5BN or Lovable at $6BN: Which One?
Transcript
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| 0:00.0 | Google did a code read three years ago on them, and now they're doing a code red back. |
| 0:04.7 | How much extra in multiple do you pay for how much extra in growth? |
| 0:09.1 | The majority of the pilot task companies, I think, are in a tam trap. |
| 0:12.7 | Overpayment only works when the tam is huge. |
| 0:15.6 | In finite tams, you got a bit more tightly. |
| 0:19.4 | Does SaaS has become like Japan? |
| 0:21.4 | That's another time. |
| 0:22.4 | Like it's a great economy, but if everyone only has 0.9 kids, there's only so many seats to go around. |
| 0:29.5 | I think in the fastest growing companies that I've invested in, no one gives a rat's ass about the bottom line. |
| 0:35.2 | This is 20 VC with me, Harry Stebbings, and I'm so excited to bring |
| 0:38.7 | you our episode from Saster, live in London, Jason Lenkin, Roryo Driscoll and I sit down to discuss |
| 0:45.3 | the biggest news in tech this week. But before we dive into the show today, now most people |
| 0:51.0 | who get scammed never talk about it. And if it can happen to tech savvy professionals, CEOs and investors, it can happen to anyone. |
| 0:59.0 | But the problem isn't just losing money, is that today's scams, they're built differently for a very new world, one where AI can generate convincing messages in seconds, and fake sites look more like real sites than the real thing. |
| 1:13.2 | Traditional tools were not built for this future. |
| 1:16.2 | And that's why Guardio exists. |
| 1:18.2 | Guardio is this incredible predictive and proactive engine. |
| 1:21.5 | It leverages advanced AI threat detection to block highly targeted, socially engineered scams before they ever reach |
| 1:29.4 | you. From phishing emails and fake login pages to financial fraud, Guardio protects you across |
| 1:36.0 | the ways people actually live and work online. And security shouldn't be complicated. |
| 1:41.4 | Guardio continuously monitors across all your accounts and devices, uncovering risks in real time, |
| 1:48.1 | and guiding you to close gaps before attackers exploit them. |
... |
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