Suno valued at $5 billion
Suno, the AI music company backed by Founder Collective at seed, is now worth $5 billion.
Snapshot · The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
20VC: The AI Boom Will Create Enormous Roadkill: Who Wins & Loses | Why Founders Should Never Take Multi-Stage Money at Seed | Why Triple, Triple, Double, Double is Good Enough
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Aug 8, 2026
Where this was said
The Bubbles Are Getting Bigger—and There Will Be a Lot of Roadkill
At 1:55 · chapter starts 0:00
The episode opens cold with David Frankel's most provocative lines — on growing bubbles, inevitable roadkill, and the liquidity of secondary markets — before Harry Stebbings introduces him as one of the great seed investors of our time. Harry makes the case for why Frankel is exceptional: unlike nearly every peer, he resisted scaling funds, kept the boutique discipline alive, and successfully navigated from the pre-AI era (Coupang, Uber, PillPack, SeatGeek) into the AI wave (Shield AI, Suno at $5B). The intro establishes the episode's central tension: small and disciplined versus big and resourced. Three sponsor spots follow — Fireworks AI (intelligent model routing for production AI), Asana (AI-native operating system for human-agent teams), and Superhuman (AI email assistant) — before the conversation begins properly.
Why $50M–$100M Seed Funds Will Be the Worst Performers
The $50M–$100M seed funds are caught in a brutal no-man's land: too large to write the friendly $100–$250K collaborative checks, and too small to lead a competitive $8–$10M seed round. David Frankel agrees with Harry's thesis and argues these funds will be the worst performers of this vintage.
$50–$100M seed funds worst performers
Frankel agrees that the worst-performing funds of this vintage will be the $50M–$100M seed funds — too big to be a collaborative friend, too small to lead an $8–$10M seed round.
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