Martin Mignot
Partner, Index Ventures. On 1 show, 2 appearances. The Shows tab opens the full record on each.
investorfounder@martinmignot ↗indexventures.com/team/martin-mignot ↗
Martin Mignot is a Partner at Index Ventures, focusing on early-stage investments across financial services, artificial intelligence, and software. He joined the firm in 2010 and has led investments in companies including Revolut, Deliveroo, Algolia, and Personio.
1shows
2appearances
67statements
6resolved
6supported
0contradicted
100%fully supported
21said about them ↓ Everything Martin Mignot said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Mignot: Mega VC funds benefit managers financially but not entrepreneurs
“I think this push towards larger asset gathering is very good for VCs who do it. You know, it can make a lot of sense financially. It can make a lot of sense for them. I'm not sure it makes so much sense for the entrepreneurs themselves.”
Mignot: Social media algorithms must be public and auditable
“I think it should be loud, but there should be a bigger conversation about social networks and about the openness of algorithms, which don't only apply to TikTok, but, you know, applies to X, applies to Facebook. I think those algorithms should be should be pu…”
Mignot: Building venture-backed hyper-growth startups requires seven-day workweeks
“If you look at the most incredible companies in the past, you know, you look at Revolut, you look at Deliveroo, all of these companies, the amount of work that these founders and these early teams put in was tremendous. I mean, it was seven days a week, you kn…”
Mignot: Index Ventures never passes on early-stage deals over price
“We never lose a deal or pass on a deal because of price in the early stage.”
Mignot: Mega funds distract VCs and hinder early-stage investing
“On the early stage you know, either seed or early venture or early growth, I don't think you need, you know, those mega assets, and I think they distract you, and they tend to pull you towards the later stage, and, you know, if you have so much capital to depl…”
Mignot: Midas List presence is the top predictor of VC returns
“I was chatting with you know, with Iliad, Quantumlight, and he, about it the other day, and they said the number one factor that they noticed was a good predictor of future returns was whether a partner was on the Midas list, a partner, an early stage investor…”
Mignot: LLM investments will yield lower venture multiples but huge absolute returns
“The pure venture multiple will likely be lower than some of the other categories in the past. I think that is clear. The difference is that the size of the outcome and the speed of Very importantly, the speed at which the size is gonna get reached means that y…”
Mignot: European LLM market will definitely be smaller than OpenAI
“I think there is a market. You know, is it gonna be smaller than OpenAI? Yes. For sure.”
Mignot: Systematic post-IPO selling beats market timing across VC portfolios
“If we looked at, if we had taken different schedules, we would have been worse off, and so we felt that overall, if you look across a basket, a portfolio, and again, it's a portfolio approach, so you may be wrong on one or two, but if you take a portfolio appr…”
Mignot: Revolut is better than any US neobank
“They're, you know, they can be as big, if not bigger than anyone in the world, and I think Revolut is probably, you know, one of, if not the best neobank in, in the market in, in many ways. It's, I think, better than anything, you know, in the U.S., for exampl…”
Mignot: Auto-investing in every pitch would have yielded better returns
“We ran the same analysis, where if you had said yes to every single company that had come to present at the partnership, we'd have done a lot better than we have. Simply because it goes back to the power law.”
Mignot: Early-stage VCs should never pass on startups due to high valuation
“We've seen millions of times, every time we've tried, we've walked out of something saying, oh, it's too expensive. It's great, but it's too expensive. I think you should never say that if you do early stage investing, because that, that's where, when you make…”
Mignot: Early-stage investors should ignore poor gross margins
“Beware of gross margin in the early days. That's a mistake we made a couple of times. You know, you have a lot of businesses that in the early days have really bad gross margin. All the LLM providers were very clear examples of that. I think if that's the only…”
Mignot: Index Ventures returned $30B and holds $20B+ across 30 years
“So we've been around for 30 years. We invested 11 and a half billion dollars. We've returned close to 30, and we still have 20 plus in holdings. Most of that is concentrated in eight, nine companies. We invested in probably 300, close to 400 companies over the…”
Mignot rejects narrative that VC is splitting only into mega-funds and boutiques
“I know there is a meme which is the industry is gonna, is diverging into two camps. You either have the mega funds, the asset gatherers, or you have the tiny boutique shops. And I don't truly believe in that. I think there is a third way”
Mignot: Forbes Midas list measures performance from 10 years ago
“My view on the Midas list is, it's a really good list for who was a great investor 10 years ago, and so that, that's kind of how I would describe it, because if you look at a lot of these companies, there were deals that were made, you know, 10 years ago and s…”
Martin Mignot: Top founders leverage VCs for targeted help, not one-stop support
“The best founders I've seen are very good at reaching out to investors and people around them on very specific topics when these people, it's leveraging the right people at the right time, being very specific about that versus going to, you know, I think that'…”
Mignot: Revolut's core insight was offering costless high-volume FX for free
“FX, For a large corridor where you have a lot of volume of transfer costs nothing. So it should be given, you know, given for free, you know, to the market. And then once you have that, that's a really good hook, and then you can build something else.”
Mignot: Lime and Dott will ultimately succeed in micromobility
“I still think that some companies will do well, actually, in that space. I think Lime is, is doing well. I think Dot is doing pretty well. I think they will be okay at the end, but it's clearly, you know, it's been a really, really difficult space.”
Martin Mignot: Early Revolut success created bias against other fintech deals
“I was lucky enough to be early in Revolut, and, Then I looked at a lot of other fintech investments were like, well, Revolute can do this, so Revolute does it better”
Martin Mignot: Index Ventures missed out on Qonto due to Revolut bias
“We could have invested in any, you know, in a lot of other neobanks you know, you think, I mean, Qonto would be a really good example of that. A lot of, you know, remittance and certain corridors, and so there's a lot of players.”
Mignot: Index passed on Spotify multiple times due to music industry bias
“The example we always use at Index is, is Spotify. And to your point, it wasn't because of a bad investment, it was because of a mediocre investment, which is different. You know, we had just invested in Last.fm, which was a, you know, a totally reasonable out…”
Mignot: Index Ventures bans 5 and 6 votes in deal approvals
“We vote one to 10. You can't vote five and six, so you have to be, you know, four against, and then it's kind of a, so it's a qualified majority, essentially, so if the average is above six, you know, the deal is approved”
Mignot: Revolut operated as a negative gross margin business in early stages
“Especially in the early stages, it was kind of, You know, negative gross margin business. I mean, they were basically giving away effects that weren't charging for anything else. You had a little bit of interchange, but not that much.”
The other half of the tape: Martin Mignot's own voice is left out of every number here. Other people bring the name up 21 times in 9 episodes across the shows. every mention, with the transcript →
Who brings them up most Harry Stebbings 13Shardul Shah 4Danny Rimer 2Nik Storonsky 1Eleonore Crespo 1
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20VC 21
2025 2 mentions in 2 episodes 1 per episode
- 20VC: The $BN Greenoaks Backed Protein Bar | Hitting $100M Revenues in David's First Year: Lessons & Mistakes | $0 to $600M: The Untold RXBAR Story | Product-Market-Fit, Pricing, Branding: What Every Founder Gets Wrong Today with Peter Rahal
- 20VC: Four Traits of the Most Successful Founders | How to Hunt and Close Talent Like a Pro and Where All Founders Go Wrong | Lessons Raising $397M From the Best Investors in the World with Eléonore Crespo @ Pigment
- every mention in 2025, scene by scene →
2024 7 mentions in 3 episodes 2 per episode
- Shardul Shah: How Index Makes Decisions & Why Benchmarks & Averages in VC are BS | E1202 · 20VC with Harry Stebbings
- Danny Rimer: The Biggest Lessons from Missing Snap, Airbnb, Spotify and Facebook | E1166 · 20VC with Harry Stebbings
- Nik Storonsky, Revolut Founder: What Revolut Needs to Do to Hit $100BN Valuation | E1233 · 20VC with Harry Stebbings
- every mention in 2024, scene by scene →
2020 4 mentions in 1 episode
2019 1 mention in 1 episode
2018 5 mentions in 1 episode
One line per show, most statements first. The link opens Martin's full record on that show: the calibration, argument clarity, speaking style and every statement made there.
| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| 20VCLEDGER | Partner, Index Ventures | 2 | 67 | 100% 6/6 | full record on 20VC → |