Harry Stebbings bets $4.5 million on Israeli startup before it has a product
The 20VC founder says exceptional founders matter more than valuation, revenue or market timing.
London-based venture capital firm 20VC has made its first lead investment in an Israeli startup, writing a $4.5 million check at the pre-Seed stage for a company that has neither a product nor revenue, according to founder Harry Stebbings.
The investment marks a notable move for 20VC, which manages more than $650 million in assets, and underscores continued investor appetite for elite Israeli founding teams despite a venture market that has become far more selective in recent years.
Stebbings revealed the investment in a series of posts on LinkedIn and X, describing the company as being led by "two of Israel's greatest operators" and saying 20VC acquired a 15% ownership stake in the startup. While Stebbings didn’t reveal their names, the founders are believed to be Dor Mitzafon and Ophir Penso, who both recently left monday.com
"We just wrote a $4.5M check to lead a round in a company with no product, no revenue," he wrote on LinkedIn.
He said some of his biggest mistakes as an investor had come when exceptional founders were overlooked because of concerns over valuation, market timing or financing terms.
"When you meet truly 1% people. Just do the deal."
Stebbings said he prioritizes founders who display an unusual level of obsession and an uncompromising approach to recruiting talent.
He described entrepreneurs willing to relocate immediately if necessary to build the company and recounted suggesting that the founders bring in a mentor to help build their go-to-market strategy.
According to Stebbings, the founders rejected the idea outright.
"Mentor, f*** that. We can hire the best."
He said the response reflected "an insane bar for talent and ambition."
The announcement appears to have generated an unusually strong market response. Twenty-four hours after publicly disclosing the investment, Stebbings said the financing round had attracted $120 million of demand, while 11 public company CEOs contacted him seeking to invest as angels. He also said more than 30 operators requested introductions because they were "looking for their next thing."
