20VC: Why VC Today is Worse Than 2021 | Why Vertical SaaS is a Bad Investment Today | Why We Are Deluding Ourselves on Growth Expectations | Revolut Raises $3BN at a $75BN Valuation | Benchmark Adds Their Newest General Partner

It looks like the easiest way to make money in 2025 is to take the very biggest companies and double down one more time. My gut tells me we're over-romanticizing verticals in the age of AI. Like we're going to hit the same TAM exhaustion and it's going to be worse because expectations are so high. If any kind of de-acceleration happens because of any kind of saturation or slowdown, everyone's estimates on what's going to happen here are wrong. Reminder, in a bull market, the most aggressive person will look the smartest.

just before the crash. Because the more risk you've taken, the more money you've made. Frankly, it feels tough today. As tough as it's ever been. This is 20 VC with me, Harry Stebbings.

It's my favourite show of the week. Jason Lempkin, Rory O'Driscoll, and what a show we have in store for you today. Now there's a record for this one, the longest time that it's ever taken for us to actually get to the schedule. In the schedule we discuss Benchmark's newest partner, OpenAI allowing Erotica, Revolute's new funding round, and much, much more.

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