20VC's Paul Bonnet Reveals Why a 6-Person Team Wins in Venture

Jan de Vries · 2026-10-08

In this episode, we sit down with Paul Bonnet, General Partner at 20VC, the London-based venture capital firm founded by Harry Stebbings that grew out of the wildly popular 20VC podcast. We talk about his journey into venture, how 20VC operates, and what European founders should really know about funding. ### Paul's Path to Venture Paul started in equity capital markets and equity research at Bank of America Merrill Lynch. Then he spent five years at DST Global, a top-tier investment firm. That experience shaped how he thinks about investing today. In 2024, he joined 20VC, drawn by its unique media-first approach. ### How 20VC Operates 20VC keeps a core team of just six people. That's deliberate. A small team means faster decisions, stronger conviction, and closer relationships with founders. The media platform—podcast, newsletter, and more—gives them an edge in deal sourcing. Founders often come to them first because they trust the brand. ### The Changing Face of Tech Media More venture firms are becoming publishers. They launch podcasts, newsletters, and blogs. Does that leave room for independent journalists? Paul says yes, but the role is shifting. Traditional tech publications still matter, but they need to adapt. ### What Paul Looks For Paul shared the investments he's proudest of and why. He also talked about his own content—deep dives, thought pieces, cap table breakdowns—even with Harry's massive profile. What worries him most about venture today? The hype cycle and lack of focus on real value. ### Advice for European Founders Many European founders say there's not enough funding. Paul's advice: look closely at what capital is available at each stage. Then position yourself accordingly. Don't just complain—adapt. ### Key Takeaways - 20VC's media-first model is a real advantage for deal sourcing and founder relationships. - A small core team preserves conviction, keeps decisions fast, and keeps the firm close to founders. - As venture firms become publishers, independent journalists still have a role—but it's changing. - European founders should study the funding landscape stage by stage and position themselves strategically. > "The best founders don't wait for the perfect conditions. They figure out how to win with what's available." — Paul Bonnet This interview is a must-listen for anyone in the startup ecosystem, especially those navigating European venture capital.