Menlo Ventures’ Matt Murphy explains what AI startups founders must do differently

# Menlo Ventures’ Matt Murphy explains what AI startups founders must do differently Source: [https://techcrunch.com/podcast/menlo-ventures-matt-murphy-explains-what-ai-startups-founders-must-do-differently/](https://techcrunch.com/podcast/menlo-ventures-matt-murphy-explains-what-ai-startups-founders-must-do-differently/) Anthropic leaped to[a $47 billion revenue run rate by May,](https://techcrunch.com/2026/07/08/these-ai-startups-are-growing-revenue-at-faster-and-faster-rates/)compared to $9 billion in 2025\. It’s the kind of growth that Menlo Ventures’[Matt Murphy](https://menlovc.com/team/matt-murphy/)says he’s never seen in 25 years of investing, not in the internet wave, not in mobile, not in the first cloud boom\. Menlo led Anthropic’s $500M Series D, and Murphy has had a front\-row seat as the company went from a pre\-revenue, pre\-launch bet to one of the most valuable startups out there\. On this episode of TechCrunch’s[Equity](https://techcrunch.com/podcasts/equity/)podcast, Julie Bort talks with Murphy about backing Anthropic before anyone else would, why a great model was never the point, and what’s driving the fastest\-growing startups he’s ever seen\. Listen to the full episode to hear more about: - Why Menlo bet on Anthropic at a $4 billion pre\-revenue valuation when the deal didn’t fit cleanly into any of the firm’s funds, and why Google and Amazon signing on as investors was an early “green shoot\.” - Why Murphy says the model was never the real moat, and how Claude Code, MCP, and Claude Skills turned Anthropic from a strong model into a full platform\. - Murphy’s take on the backlash to Anthropic’s Mythos rollout, and why he pushes back on the idea that it was more marketing than safety\. - Why companies like[Lovable](https://lovable.dev/)and[Legora](https://legora.com/)are growing faster than any startups Murphy has seen in 25 years, and what that speed means for founders trying to compete\. Subscribe to Equity on[YouTube](https://www.youtube.com/@TechCrunch),[Apple Podcasts](https://itunes.apple.com/us/podcast/id1215439780),[Overcast](https://overcast.fm/itunes1215439780/equity),[Spotify](https://open.spotify.com/show/5IEYLip3eDppcOmy5DmphC?si=rZDFHv2sQUul_g94iCRgpQ)and all the casts\. You also can follow Equity on[X](https://twitter.com/EquityPod)and[Threads](https://www.threads.net/@equitypod), at @EquityPod\. Theresa Loconsolo is an audio producer at TechCrunch focusing on Equity, the network’s flagship podcast\. Before joining TechCrunch in 2022, she was one of 2 producers at a four\-station conglomerate where she wrote, recorded, voiced and edited content, and engineered live performances and interviews from guests like lovelytheband\. Theresa is based in New Jersey and holds a bachelors degree in Communication from Monmouth University\. You can contact or verify outreach from Theresa by emailing[theresa\.loconsolo@techcrunch\.com](mailto:[email protected])\. [View Bio](https://techcrunch.com/author/theresa-loconsolo/) ## Most Popular