# @20vc on YouTube

- **Type:** Video
- **Original URL:** https://youtube.com/watch?v=SIYWWDUKmUI
- **Gondola URL:** https://gondola.cc/posts/68690852-20vc-youtube
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/1c7d5b768c.jpg
- **Posted:** 2026-07-27T14:00:08.000+00:00
- **Account Owner:** 20VC with Harry Stebbings (@20vc) — https://gondola.cc/20vc

## Caption

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.

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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 Underinvested?
1:04:15 What Matt Is Most Excited About in the Next 10 Years

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Subscribe on Spotify:
https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466

Subscribe on Apple Podcasts:
https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465

Follow Harry Stebbings on X:
https://twitter.com/HarryStebbings

Follow Matt Murphy on X:
https://twitter.com/mmurph

Follow 20VC on Instagram:
https://www.instagram.com/20vchq

Follow 20VC on TikTok:
https://www.tiktok.com/@20vc_tok

Visit our Website:
https://www.20vc.com

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https://www.thetwentyminutevc.com/contact

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#20vc #harrystebbings #ai #mattmurphy #menloventures #anthropic #opensource #venture

## Stats

- **Views:** 9,631
- **Likes:** 114
- **Shares:** 0
- **Comments:** 16

## Credits

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| 20VC with Harry Stebbings | @20vc | https://gondola.cc/20vc | Podcast |

## Tags

venture, menloventures, mattmurphy, harrystebbings, anthropic, ai, opensource, 20vc

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