The EU-Startups Podcast | Interview with Paul Bonnet, General Partner at 20VC

In this episode of The EU-Startups Podcast, we had the pleasure of speaking with Paul Bonnet, General Partner at 20VC, the London-based venture capital firm founded by Harry Stebbings. We began by discussing Paul's journey into venture capital, starting from his time in equity capital markets and equity research at Bank of America Merrill Lynch, to five years at DST Global, and finally joining 20VC in 2024.

Paul shared how his experience at DST Global influenced his current approach to investing, and what attracted him to 20VC, a firm that operates with a unique media-first model. This model, where the media platform came before the fund, played a significant role in drawing Paul to the firm.

We then delved into the workings of 20VC. Despite keeping a core team of just six people, the firm has managed to succeed. We explored how this small team size enables fast decision-making, a strong connection with founders, and a deliberate focus on maintaining conviction in their investments.

Next, we discussed how 20VC leverages the media ecosystem to source deals, build relationships with founders, and maintain its unique position in the tech media landscape. As more venture firms launch their own podcasts, newsletters, and publishing operations, Paul shared his thoughts on the future of the firm and his role within it.

We also touched upon the shifting landscape of tech media, where the rise of venture firms' own media channels has impacted the role of independent journalists and traditional tech publications. Paul was candid about his proudest investments and the thinking behind his public content, including deep dives into companies, thought pieces, and cap table breakdowns.

Looking ahead, Paul expressed his main concerns about the current state of venture capital and offered advice for European founders who feel the continent lacks sufficient funding. He emphasized the importance of understanding the capital landscape and positioning themselves accordingly in the European funding market.