20VC: Leading Anthropic's First Ever Round | Will Open Source Threaten Anthropic's Business | Do Margins Matter in a World of AI | Why Triple, Triple, Double, Double is Not Good Enough Today | Why Series A is Hard Today with Matt Murphy @ Menlo

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · Jul 27, 2026 · 1h 2m

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.

AGENDA:

00:00 Why Menlo Broke All Its Investing Rules to Back Anthropic

09:00 Why Ownership Matters Less in an Outlier-Driven Venture Market

13:00 Do We Have an SPV Problem in Venture Today?

20:00 Do Margins Still Matter in AI?

23:00 Why Open Source Won't Derail Anthropic's Growth

26:00 Does Every Model Provider Need to Build Its Own Chips?

29:00 Why Anthropic Is Not a…