The work you do in private is the work you are rewarded for in public. Today’s news is 10 years in the making. $400M raised. Time to get back to work and work harder than ever.

RT @Kitty_Mayo_: We weren’t joking about the ice baths @HarryStebbings @antonosika #ProjectLovable

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4. Danny Rimer’s Unwavering Conviction in Figma. He believed Dylan was a truly special founder. He had conviction in Dylan for years when they didn’t have a product. Dylan knew he needed to build enough features to be competitive. What did you see in Dylan that nobody else saw

3. The Power Law of Venture at Index Ventures. We’ve invested ~$11.5BN across nearly 400 companies in 30 years. We’ve returned close to $30BN & still have $20BN+ in holdings. Most of that is concentrated in 8-9 companies. How should GPs design fund size and check pacing when.

2. What Are the Ownership Targets of the Best Fund in the World. Our goal is double digit ownership at exit. When we looked at companies that returned money, we owned close to or more than double digits. If you can’t underwrite double-digit at exit, what’s your move: pay up.

1. Beware of Gross Margins Being Low at the Start; They Should Be. A lot of businesses have bad margins in the early days. All LLM providers were clear examples of that. If that’s the only thing holding you up, you should ignore it in most cases. Where do you draw the line.

Index Ventures are the most impressive firm in venture today. They have more partners who have picked fund returners than any other firm. Figma ($59BN): @dannyrimer . Revolut ($75BN): @martinmignot . Adyen ($44BN) & Robinhood ($82BN): @janatindex. Scale ($14.9BN): @mavolpi. Wiz

Seven days ago I was walking round London thinking: . The two fastest growing tech brands in Europe need to build together. Enter Project Lovable (Project Europe + Lovable). The only catch: . We want to do it in 7 days time. Everything needs to be planned in just 7 days. 20

If you aren’t willing to answer hard and direct questions; don’t go on a podcast. It’s that simple. The content world is too competitive for press release shows. This is the #1 reason we don’t release a show. 3/10 20VCs don’t get released. Quality is everything.

Trying to gauge public sentiment:. GPT5 what did you think.

The most common question I am asked:. "You have interviewed 90% of the decacorn founders in the world. Who has impressed you most?". Easy. (No particular order). 1. Nik Storonsky @RevolutApp . 2. @awxjack @airwallex . 3. @vladtenev @RobinhoodApp . Easily the top three.

A MASSIVE CRIME EARLY STAGE INVESTORS MAKE. THEY PASS ON COMPANIES BECAUSE OF LOW MARGINS. FOR THE MAJORITY OF THE BEST BUSINESSES FROM ANTHROPIC TO OPENAI TO REVOLUT AND DOORDASH. THEY HAVE S*** MARGINS EARLY. YOU HAVE TO HAVE MENTAL PLASTICITY TO SEE WHAT IT CAN BE.

Bold statement: if you are a CMO at a consumer facing company of any kind, if you don’t deeply get and value content and social. Your time is numbered.

One of the most under-appreciated founders of our time: @vladtenev . Congrats on joining the $100BN club today my friend. 9 lines of revenue making $100M per year. In 10 years time, Vlad will be discussed alongside Satya and Zuck. And Robinhood will be a $500BN company.

Your company will fail for 1 of 2 reasons only: . 1. You don’t build something people want and you extract value from that. 2. The people building it hate each other and break up. Really is that simple why 99% of companies fail.

This makes me happy to see. It literally feeds my soul when I get an OOO from a competitor. (Yes, I am a masochist!) . Speed is everything. Founders, work with GPs who work like founders.

In the last hour of applications for Project Lovable I received 94 applications alone. European builders ain’t taking the summer off. 🚀.

"When we were a private company, we had a bunch of quirky, slightly misaligned VCs who were definitely in our shorts. When we flipped to public we got rid of those VCs with a bunch of quirky misaligned public investors who were less in our shorts. And I have found the public

For anyone who doubts the power of brand and distribution. In just 36 hours, Project Lovable (Project Europe + Lovable Hackathon) got 1,000 applications. Insane quality. Cracked teams. 1,000. In just 36 hours. World of startups and VC is changing. Distribution baby.