In this episode, we sit down with Paul Bonnet, General Partner at 20VC, the London-based venture capital firm founded by Harry Stebbings that sprung from the extremely popular 20VC podcast.
We start with Paul’s path into venture – from equity capital markets and equity research at Bank of America Merrill Lynch, through five years at DST Global, to joining 20VC in 2024. We explore how his days as an investor at DST Global shaped the way he thinks about investing today, and what drew him to a firm as unusual as 20VC, where the media platform famously came before the fund.
From there, we dig into how 20VC actually operates: why the firm deliberately keeps a core team of just six people, how the media ecosystem changes deal sourcing, founder relationships, and access – and what Paul sees as the future of the firm and his own role within it.
We also discuss the shifting landscape of tech media itself, as more venture firms launch their own podcasts, newsletters, and publishing operations, and ask what role independent journalists and traditional tech publications still have to play.
Finally, Paul gets candid about the investments he’s proudest of and why, the thinking behind his own public content – deep dives on companies, thought pieces, and cap table breakdowns – even alongside Harry’s massive profile, what most worries him about venture today, and his advice for European founders who feel the continent simply doesn’t have enough funding.
Key Points
- The media-first model of 20VC is a real advantage for deal sourcing and building founder relationships.
- Keeping a small core team is a deliberate choice: it preserves conviction, keeps decision-making fast, and keeps the firm close to founders.
- As venture firms become publishers and investors break their own news, independent journalists and traditional tech publications still play a role – but it’s a changing one.
- European founders who say the continent lacks funding should look closely at what capital is actually available at each stage and position themselves accordingly.