Why Vertical SaaS is a Bad Investment Today & Why VC Today is Worse than 2021
20VC
Oct 23, 2025
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Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more.
Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others.
In Today's Episode We Discuss:
Benchmark's New Partner: Everett Randall
Revolut Raises $3BN at a $75BN Valuation: Another Loss for Public Markets?
Why Today is as Bad as the Hype of COVID in 2021
Why Vertical SaaS is a Bad VC Investment Today
Why Everyone Investing in Legal SaaS Will Lose Money
Why King Making is More Real Than Ever
Why Your Smallest Customers Need to Pay $10K Minimum
Why VC is a S*** Asset Class
Why Today is Harder Than It Has Ever Been in VC
Closing Thoughts and Reflection
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