Oren Zeev

speaker

727 appearances 1 recordings 1 series first heard Feb 2026 last heard 2 Feb

Oren Zeev’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.

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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch · 20VC: 50% of Funds Will Go Out of Business | Why Growth Expectations Today are BS and Will Not Last | Why Oren Zeev Takes $0 Management Fees But 30% Carry | Why GPs Should Not Tell LPs Their Strategy · 2 Feb 2026 podcast

I have to ask this question.

100%.

I am not sure that the market, the public market yet, sees it that way based on the valuation.

This is my theory.

The market...

feels or believes that some or many of the software companies, the incumbents, are going to get disrupted by AI.

And I think the market is right about that.

I think that the market is not yet at the point where they discern between the ones who are going to be negatively impacted and the ones that are going to be positively impacted.

So I think that most software companies are getting somewhat of a discount because of that justified fear.

As you know, SaaS

Multiples, for example, are lower than they've been in the past 10, 12 years.

But I think over time, what's going to happen is that for some companies, the suspicion is going to materialize.

And in fact, even with a discount, they're going to, in hindsight, look very expensive today.

And for others, they're going to be beneficiaries.

Now, specifically with Navan, which is a company I know well, I'm 100% convinced that there's zero chance

that we get disrupted by AI, and there is 100% chance that we're huge beneficiaries of AI.

I can go into details, but I just feel very, very strongly about it.

I can't get into details in terms of numbers, obviously, but from a qualitative perspective, I'll give two examples.

One example is gross margins.

You know, three years ago before AI, gross margins were around 50%.

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