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London-based podcaster-turned-VC Harry Stebbings has closed his third fund totalling $400m, split across a $125m for seed investments and $275m for Series A. He now has a 13-person media team (!), three fellow investors and three 'sub-funds' of $5m each — his take on a VC scout programme. Those sub-funds hold a weekly investment committee meeting — on which Stebbings sits as an advisor — but have freedom to make their own investment decisions. (That makes it less lonely than a typical scout programme, Stebbings told me, and gives those investors much more autonomy.) Between them, the sub-funds have done 30 deals in the past 15 months, of which nine have been followed on by the core 20VC fund. The operators who manage those funds, who include Spotify CPO Gustav Söderström and OpenAI’s head of sales, are general partners in 20VC’s legal entity and take all of the carry from those funds. I found out more about 20VC's fairly unique model on a speedy phone call earlier today: https://lnkd.in/eP_Sc3Kf #vc