Menlo’s Matt Murphy on backing Anthropic early, AI margins, and why Series A is hardest now
20VC · rss · 2026-07-27
Matt Murphy on Anthropic, margins, and the venture market
This 20VC episode features Matt Murphy of Menlo Ventures, whose firm recently raised $3B in fresh capital, its largest pool to date. The conversation centers on how Menlo backed Anthropic early, why ownership matters less in an outlier-driven venture market, and how AI economics are changing investing rules.
Key topics include:
- Whether open source can actually slow Anthropic’s growth
- Whether margins still matter in an AI world
- Why every model provider may or may not need to build its own chips
- Why Series A is now the hardest stage to invest in
- Why “triple-triple-double-double” is no longer enough for venture-scale growth
Murphy also discusses portfolio company fit, European company-building headwinds, and the debate over signaling, SPVs, and full-stack venture strategies.
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