The Twenty Minute VC (20VC) · Monday, September 28, 2026
Alex Mashrabov reflected on the early days of AI companies, noting that capital was scarce and multiples were significantly lower compared to today. He recalled that in the past, securing $1-2 million in investment was considered a major success, contrasting with the current market where AI company valuations can reach 200x revenue.
“We both remember this times where the capital for AI companies was not that much available and AI multiples were not like 200x to revenue as they are today, but closer to zero, 'cause AI was not a topic.”
“So there was like severe delusion, which we experienced.”
“So just to calibrate. What was the round? It was around, like, rounds of like 1-2 million dollar, having like $1-2 million in investment was considered to be really good.”