Harry Stebbings, the London-based podcaster who transitioned into venture capital, has closed his third fund at $400 million, according to a report from technology news site Sifted.eu. This latest raise marks a significant expansion from his previous $140 million fund in 2021, underscoring the rapid growth of Stebbings’ 20VC firm.
Fund Structure and Investment Focus
The new fund is split into two tranches: $125 million for seed investments and $275 million for Series A rounds, Sifted reports. 20VC plans to write checks ranging from $500,000 to $5 million at the seed stage and $5 million to $25 million for Series A investments. The firm intends to lead all deals and will focus equally on Europe and the United States.
Institutional and High-Profile Backers
Sifted’s reporting indicates that Stebbings has attracted a mix of institutional investors and tech industry luminaries. Returning limited partners include the investment arm of the Massachusetts Institute of Technology, Horsley Bridge, and RIT Capital Partners. The fund has also secured investments from approximately 40 tech entrepreneurs, including founders from companies such as Canva, Atlassian, Deliveroo, and Spotify.
Team Expansion and Operational Structure
To manage the larger fund, Stebbings has expanded his team. According to Sifted, the firm now includes three investment partners, with former DST Global principal Paul Bonnet joining as a general partner. The 20VC structure also incorporates three specialized sub-funds focusing on sales, growth, and product, each managed by industry operators.
A distinctive feature of 20VC is its 13-person media team, which Stebbings leverages to provide additional value to portfolio companies. This team assists with hiring, customer acquisition, and fundraising announcements.
Stebbings’ Networking Strategy
Sifted’s article highlights Stebbings’ systematic approach to network building, which he credits to his experience as a podcast host. He reportedly uses a technique of consistently seeking introductions and references from his podcast guests, enabling him to continually expand his network of potential limited partners and industry connections.
Time Allocation and Commitment
Addressing potential concerns about his commitment, Stebbings told Sifted that he allocates approximately 80% of his time to fund management, with the remaining 20% dedicated to podcast-related activities. He emphasized his seven-day work week and the efficiency gained from his media team’s support.
As 20VC deploys its latest fund, the venture capital community will be watching to see if Stebbings’ unique blend of media savvy and investment acumen can deliver the returns his high-profile backers are expecting.