Harry Stebbings, the UK podcaster & venture capitalist, is once again making headlines, this time with the closure of a $400 million fund through his firm, 20VC. Stebbings, known for his 20-minute podcast interviews with prominent venture capitalists and founders, has come a long way. His latest fund is a bold move aimed squarely at backing European startups and putting the region on the global venture capital map.
A Fund with a Mission: ‘Make Europe Great Again’
Stebbings has never shied away from using his platform to voice strong opinions, and the goal for this fund is no exception. In an interview with Tech Crunch, he expressed frustration over the narrative that European tech companies lag behind their U.S. counterparts. "I’m really fed up of everyone shitting on Europe," he said. "We have unbelievable companies, and we have incredible people. We need to make Europe great again. MEGA!” he added with a giggle. His optimism reflects a larger movement among European VCs to bring attention to the region’s potential.
The fund itself is split into two main categories: $125 million for seed investments and $275 million for Series A rounds. Despite the fact that 20VC is still investing out of its second fund (a $140 million vehicle raised in 2021), Stebbings’ confidence in Europe’s future has spurred this even larger bet on the continent.
Raising in Record Time: Four Weeks to $400 Million
Raising a venture fund is no easy feat, and yet Stebbings managed to do it in just four weeks—a remarkable turnaround time, especially in the current venture capital climate, which has seen slower deal-making and more cautious investments. Business Insider reported that Stebbings had been pitching the new fund as early as June, but the official raise only took a month to close.
A significant portion of the backers for this fund are U.S.-based, with more than half of the capital coming from institutional investors. Stebbings himself joked about the unlikely support he’s garnered: “I would never get into MIT as a student,” he quipped. “I’m thrilled that they decided to give me money to invest.” That support from international investors highlights Europe’s potential as an emerging market for tech and startup growth.
Why 20VC Stands Out: A Personal Touch to Venture Capital
What makes 20VC’s new fund particularly interesting is the personal brand that Stebbings has built around it. His media-savvy, down-to-earth approach to venture capital has allowed him to create strong ties with both founders and investors. He has managed to turn what was once a podcast “side hustle” into a fully-fledged venture capital firm that commands respect across the industry. In fact, 40 founders from companies like Atlassian, Candy Crush, Deliveroo, Canva, and Spotify have invested in the fund, along with general partners from major VC firms like Accel, Benchmark, and Founders Fund.
What’s even more notable is how 20VC operates with its unique blend of media and venture capital. Stebbings’ ability to leverage his personal brand through TikTok, YouTube, and the podcast has given the firm a visibility boost that many traditional VCs would envy. “Having your Sam Altmans on the show, your Marc Benioffs, it makes a big difference. Founders do really want to take your money,” Stebbings remarked.
From Podcaster to Operator: More than Just a VC
Stebbings may have started as a podcaster, but he’s quick to point out that he’s more than just a VC these days—he’s an operator. “20VC has done over £10 million in revenue and is a very profitable and sustainable business,” he said. “No, I’m not a technology founder, but I am an operator. I work seven days a week, 15 hours a day, and I have done for years.”
While he lacks a formal tech background (he was studying law before 20VC took off), Stebbings has built a team of experienced operators around him. 20VC now runs what he calls “sub-funds” dedicated to key business areas like sales, product, and growth. These teams, led by operators with industry experience, offer hands-on guidance to portfolio companies, adding a practical layer of support beyond just capital.
Stebbings’ focus isn’t on following hot tech trends; instead, he’s laser-focused on founders. “I follow great entrepreneurs. I think it’s absolutely bullshit that we think we’re smarter than markets,” he said. “If there’s one thing we have to learn, it is that great founders shape markets. And if that’s the case, my job is to simply find the best founders before anyone else.”
Europe’s Growing Tech Scene and the 20VC Advantage
The timing of this fund also underscores a larger trend: Europe is becoming an increasingly attractive market for U.S. investors. Many European VCs and founders are using this moment to emphasize the untapped potential of the region’s tech ecosystem. Stebbings, for his part, aims to be the bridge for U.S. investors seeking exposure to European startups. “We are the feet on the ground for the U.S. funds too,” he said.
Despite the challenging venture landscape, Stebbings believes the uneven distribution of venture returns—where 1% of firms account for 90% of the gains—could actually work to 20VC’s advantage. “For 1% of firms, they will be much, much bigger than ever, and better than ever, because the size of the outcomes is so much larger than ever,” he predicted. That’s why Stebbings remains optimistic about his firm’s future, even as the IPO market remains sluggish.
One of the closest candidates for a significant payout from 20VC’s portfolio is Tripledot, a London-based gaming studio valued at just over $1 billion, according to PitchBook. However, many of the startups in 20VC’s portfolio are still relatively young, and it may take time before the big wins start rolling in.
The Future of 20VC: Building for the Long Haul
While Stebbings’ $400 million fund is a big milestone, it’s clear that he sees 20VC as part of a much longer journey. He’s looking to reshape venture capital in Europe and shift the narrative around what the region’s startups can achieve. “We can do more to normalize that in Europe, encouraging trying and failing,” he said, pointing out that Europe could benefit from adopting some of the risk-tolerant mentality that has fueled U.S. innovation.
In the meantime, Stebbings is still waiting for his “MEGA” payout. But with his unique approach to blending media and venture capital, coupled with a growing portfolio of promising startups, it’s likely only a matter of time before 20VC helps Europe take center stage in the global tech ecosystem.
As Stebbings continues to build 20VC’s presence, he’s determined to be at the forefront of the European tech scene—one 20-minute conversation at a time.
See Harry in Action? Here's his podcast with Sam Altman & Brad Lightcap: