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. ----------------------------------------------- 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 ...