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Figma’s IPO: The Full Breakdown & Why Melio’s $2.5BN Acquisition is “Discouraging”

Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others. Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more. ----------------------------------------------- In Today’s Episode We Discuss: 00:00 Intro 00:59 Figma's IPO: Rule of 80, $1.5B in cash, 40% margins 02:48 Adobe Screwed the Deal: Should They Have Just Bought Canva? 14:17 Pay-to-Play Deals: Heroic Hail Mary or Guaranteed Write-Off? 19:01 How Index Is Returning $3.5B on 2 Deals 24:22 Melio’s $2.5B Exit: Insane Growth… So Why Did They Sell?! 33:08 Massive Penthouses and the Death of Focus: AI Founders Beware 40:14 Chime, Anthropic, Menlo & The Art of Selling LPs the Future 43:06 Couchbase Acquired: PE Buyers Are Back… Or Are They? 46:45 Why No One’s Buying These 9-Figure SaaS Zombies 52:02 If You Didn’t Grow from AI By June 30, You’re Already Dead 53:42 Superhuman vs The AI-Natives: Who Wins the Replatforming War? 58:52 Oracle's $30B AI Deal: Larry Did It Before You Even Started 01:01:01 Scale Is Dead. Long Live Surge. The AI Data War Gets Bloody. 01:05:34 Asana CEO Move & the Great Founder Exodus of 2025 01:12:14 Kalshi Quick-Fire Round ---------------------------------------------------------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZ... Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast... Follow Harry Stebbings on X: / harrystebbings Follow Jason Lemkin on X: / jasonlk Follow Rory O’Driscoll on X: / rodriscoll Follow 20VC on Instagram: / 20vchq Follow 20VC on TikTok: / 20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/con... ----------------------------------------------- #20vc #harrystebbings #roryodriscoll #jasonlemkin #ai #figma #oracle #adobe #aistartup #melio

Jason LemkinguestRory O’DriscollguestHarry Stebbingshost
Jul 3, 20251h 15mWatch on YouTube ↗

CHAPTERS

  1. 0:00 – 0:59

    Intro

  2. 0:59 – 2:48

    Figma's IPO: Rule of 80, $1.5B in cash, 40% margins

  3. 2:48 – 14:17

    Adobe Screwed the Deal: Should They Have Just Bought Canva?

  4. 14:17 – 19:01

    Pay-to-Play Deals: Heroic Hail Mary or Guaranteed Write-Off?

  5. 19:01 – 24:22

    How Index Is Returning $3.5B on 2 Deals

  6. 24:22 – 33:08

    Melio’s $2.5B Exit: Insane Growth… So Why Did They Sell?!

  7. 33:08 – 40:14

    Massive Penthouses and the Death of Focus: AI Founders Beware

  8. 40:14 – 43:06

    Chime, Anthropic, Menlo & The Art of Selling LPs the Future

  9. 43:06 – 46:45

    Couchbase Acquired: PE Buyers Are Back… Or Are They?

  10. 46:45 – 52:02

    Why No One’s Buying These 9-Figure SaaS Zombies

  11. 52:02 – 53:42

    If You Didn’t Grow from AI By June 30, You’re Already Dead

  12. 53:42 – 58:52

    Superhuman vs The AI-Natives: Who Wins the Replatforming War?

  13. 58:52 – 1:01:01

    Oracle's $30B AI Deal: Larry Did It Before You Even Started

  14. 1:01:01 – 1:05:34

    Scale Is Dead. Long Live Surge. The AI Data War Gets Bloody.

  15. 1:05:34 – 1:12:14

    Asana CEO Move & the Great Founder Exodus of 2025

  16. 1:12:14 – 1:15:39

    Kalshi Quick-Fire Round

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