The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Figma's 250% Pop - The Greatest IPO Mispricing Ever | Meta and Microsoft Blowout Quarters: Broken Down | Cognition Raises at $15BN and Ramp at $22BN | CRV Downsizing and What It Means for LPs and GPs
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Aug 7, 2025 
Join Brian Halligan, co-founder of HubSpot, Rory O’Driscoll from Scale Venture Partners, and SaaStr's Jason Lemkin as they unpack the eyebrow-raising IPO mispricing of Figma. They discuss why founders crave a stock pop despite the risks and the complexities of CEO compensation. The trio also breaks down Meta's strong quarter, the mammoth $15B valuation of Cognition, and the implications of Ramp’s $22B funding round. Dive into the evolving tech landscape and the future of venture capital in a candid, insightful conversation.
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Celebrate Your IPO Day
- The day a company goes public is one of the most emotionally special days for founders and employees.
- Celebrate your IPO day with the company because of the immense work and achievement it represents.
HubSpot’s Tough Fundraising Tale
- HubSpot struggled to raise funding during the 2009 recession but eventually secured a critical Series C term sheet.
- This late-stage support helped the company survive tough conditions and reach success.
SMB AI Needs Pretrained Solutions
- AI products for SMBs are hard to develop because SMBs lack teams to train AI.
- The best SMB AI products will be pre-trained solutions that require minimal configuration and deliver immediate value.
