20VC/
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
Matt Murphy explains why Menlo broke its usual rules to back Anthropic, arguing the model quality and capital efficiency were exceptional enough to justify large concentration. He also makes a broader case that AI has compressed venture timelines, changed ownership math, and opened new opportunities in infra, routing, and applied AI.
