20VC: Benchmark vs a16z: Why Stage Specific Firms Win | Windsurf Sells For $3BN | Decagon Raises at 100x ARR | Do Mega Funds Win the Future of VC | What Does Harvard's Losing Their For-Profit Status Mean for VC
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Benchmark did something like 63 Series A's and had a 10% hit rate across 15 years. And Dreessen did a 454 Series A's and had a 2% hit rate. Now, in absolute numbers, they had 10 5 billion hits and Benchmark had six. In those numbers is exactly the dilemma of the mega fund versus the focus fund. The focus fund is
Better at hit rate, has more as a percentage, and lower as an absolute number than the guys cranking through 454As. That's all you need to know. This is 20VC with me, Harry Stebbings. We are back for my favorite show of the week. We're back with Jason Lemkin and Rory O'Driscoll, and we have some big news to discuss this week.
We have news on will megafunds win the future of venture? Do you have to do pre-seed to win Series A today? Windsurf and the $3 billion deal that's just gone down and so much more. This was an incredible and always fun discussion with Rory taking the piss out of me, me and Jason ganging up on Rory. It was one of my favourites to do and a lot of fun.
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