Menlo Ventures' Matt Murphy explains what AI startups founders must do differently
Anthropic leaped to a $47 billion revenue run rate by May. Menlo Ventures' Matt Murphy tells Equity it's the kind of growth curve he's never seen in 25 years of investing.
Menlo Ventures led Anthropic’s Series D, witnessing unprecedented growth to a $47 billion revenue run rate, a level Matt Murphy hasn’t seen in 25 years. The discussion explores why the model itself wasn’t the sole moat, and how Anthropic evolved into a full platform through Claude Code, MCP, and Claude Skills. Murphy also addresses the Mythos rollout backlash and the rapid growth of startups like Lovable and Legora.
- Menlo Ventures invested in Anthropic at a $4 billion pre-revenue valuation, seeing Google and Amazon’s early investment as a positive sign.
- Matt Murphy believes the AI model was not the primary competitive advantage; Claude Code, MCP, and Claude Skills transformed Anthropic into a platform.
- Murphy defends Anthropic’s Mythos rollout against criticism, asserting it was more about safety than marketing.
- Startups like Lovable and Legora are experiencing growth rates unseen in Murphy’s 25-year investment career.
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