Sergey Jakimov, LongeVC: Impacting Lives Through Longevity & Health Investing
Venture Capital

The European VC (EUVC)

Sergey Jakimov, LongeVC: Impacting Lives Through Longevity & Health Investing

The European VC (EUVC)•Dec 11, 2025

AI Summary

In this episode, Sergey Jakimov, co‑founder of LongeVC, explains the firm’s $1.6 trillion longevity market thesis, its AI‑enhanced deal sourcing, and the strong track record of Fund I (over 3x MOIC with zero write‑offs). He walks through three flagship investments—Insilico Medicine, Turn Biotechnologies, and Rubedo Life Sciences—showcasing how scientific advisory networks and pharma‑biotech M&A dynamics create outsized returns. Jakimov also outlines Fund II’s $120 million target, LP privileges, and his broader view that longevity investing is both a moral imperative and a high‑growth financial opportunity.

Episode Description

This week, Andreas Munk Holm talks with Sergey Jakimov, Co-founder and Managing Partner at LongeVC, a leading longevity-focused venture fund backing breakthroughs in biotech, AI-driven drug discovery, and the science of healthy aging.

From pre-seed biotech spin-outs to multi-hundred-million-dollar exits with Big Pharma, LongeVC is building the category-defining fund at the frontier of life extension. In this episode, Sergey walks us through the team’s 3x+ MOIC track record, how LongeVC’s scientific advisory board unlocks proprietary deal flow, and why longevity and healthspan investing could be venture’s next trillion-dollar frontier.

🎧 Here’s what’s covered

01:15 – Who is Sergey Jakimov? From biotech entrepreneur to longevity investor

03:00 – What is LongeVC: thesis, structure, and Fund II snapshot

06:20 – The market for longevity & age-related disease: a $1.6 trillion opportunity

09:30 – Track record: Fund I’s 3x+ MOIC, 0 write-offs, 20 portfolio companies

12:40 – How LongeVC sources deals: scientific advisory board and AI-driven diligence

15:15 – Ecosystem advantage: from nonprofits to physician networks

18:00 – Case study 1 – Insilico Medicine, the $1.5 billion AI-drug-discovery unicorn

20:15 – Case study 2 – Turn Biotechnologies and $300 million + HanAll partnership

22:30 – Case study 3 – Rubedo Life Sciences and Beiersdorf’s dermatology deal

25:00 – How pharma’s pipeline erosion fuels biotech M&A

28:10 – Fund II: $120 million target, 20 % carry, 10-year term

31:20 – LP privileges: access, co-investments, and semi-annual IC observation

34:00 – Sergey’s vision: longevity as both moral and financial imperative

Show Notes

Sergey Jakimov, LongeVC: Impacting Lives Through Longevity & Health Investing

Andreas Munk Holm talks with Sergey Jakimov, Co‑founder and Managing Partner at LongeVC

Dec 11 2025 – 26:22

What’s covered

  • 01:15 – Who is Sergey Jakimov? From biotech entrepreneur to longevity investor

  • 03:00 – What is LongeVC: thesis, structure, and Fund II snapshot

  • 06:20 – The market for longevity & age‑related disease: a $1.6 trillion opportunity

  • 09:30 – Track record: Fund I’s 3x+ MOIC, 0 write‑offs, 20 portfolio companies

  • 12:40 – How LongeVC sources deals: scientific advisory board and AI‑driven diligence

  • 15:15 – Ecosystem advantage: from nonprofits to physician networks

  • 18:00 – Case study 1 – Insilico Medicine, the $1.5 billion AI‑drug‑discovery unicorn

  • 20:15 – Case study 2 – Turn Biotechnologies and $300 million + HanAll partnership

  • 22:30 – Case study 3 – Rubedo Life Sciences and Beiersdorf’s dermatology deal

  • 25:00 – How pharma’s pipeline erosion fuels biotech M&A

  • 28:10 – Fund II: $120 million target, 20 % carry, 10‑year term

  • 31:20 – LP privileges: access, co‑investments, and semi‑annual IC observation

  • 34:00 – Sergey’s vision: longevity as both moral and financial imperative

Ole Lehmann: AI Solopreneurs, Crypto’s Unkept Promise & the Case for Building in Europe

Andreas Munk Holm sits down with Ole Lehmann

Dec 10 2025 – 53:32

What’s covered

  • 00:52 – Ole’s Journey: From Music Production to Crypto to AI Education

  • 03:57 – Crypto Disillusionment & the Promise of Blockchain Infrastructure

  • 10:08 – Inside the Solopreneur Mindset: Freedom, Curiosity & Leverage

  • 16:32 – Content Market Fit > Product Market Fit: A New Way to Build

  • 21:18 – Why Interest Graphs Beat Follower Counts in 2025

  • 28:43 – A New Class of Founders—and the Portfolio Play to Back Them

  • 39:10 – How AI Tools Empower a One‑Person Media Company

  • 43:31 – Building in Europe: More Than a Narrative Play

  • 47:05 – The Cultural and Regulatory Hurdles Still Holding Europe Back

  • 50:08 – Why European Tech Founders Need to Enter the Political Arena

Charles Dunn & Ruth McKernan, SV Health Investors: Exit of the Year Winners and Biotech Company Builders

Andreas Munk Holm introduces Charles Dunn (Principal) and Ruth McKernan (CBE, Operating Partner) of SV Health Investors

Dec 09 2025 – 49:58

SV Health’s approach blends early‑stage company creation with later‑stage venture investment. Key points:

  • Diversified risk for LPs – higher upside in early‑stage, stability in later‑stage

  • Learning across stages – experience in late‑stage informs early‑stage decisions and vice‑versa

  • Flexible company formation – creating companies at various development stages, sometimes after Phase 1 data

This Week in European Tech with Dan, Mads & Lomax

Dan Bowyer, Mads Jensen (SuperSeed) and Lomax Ward (Outsized Ventures) discuss European tech headlines

Dec 08 2025 – 45:57

What’s covered

  • 02:00 – Valuation reset, debt‑fuelled M&A, Italian PE–VC hybrid model

  • 04:00 – Arbitrage: firing US teams, rehiring elite Italian engineers

  • 06:00 – Do rollups really work? Tech debt, distribution, execution risk

  • 07:00 – Brexit revisited: GDP losses, trade collapse, political reality

  • 08:00 – The myth of “you can’t know the counterfactual”

  • 10:00 – Will the UK rejoin the customs union?

  • 12:00 – Europe’s manufacturing crisis: Porsche, Volkswagen, BYD

  • 15:00 – China’s shift: stop importing, start replicating

  • 17:00 – Welfare‑state complacency and European stagnation

  • 20:00 – The bitter truth about Europe’s carbon “success story”

  • 22:00 – How to actually fix European tech: R&D, immigration, procurement, capital markets

  • 24:00 – Why 0.02 % pension allocation to VC is Europe’s biggest structural handicap

  • 26:00 – Should we “Farage‑pill” Europe into a tech‑first agenda?

  • 33:00 – Distribution vs. loyalty: why consumers don’t care about brand

  • 36:00 – Who wins the cost‑base war: Google, Amazon, Meta, or OpenAI?

  • 38:00 – Anthropic’s IPO plans and what they signal about the private capital cycle

  • 42:00 – Deals of the Week: Black Forest Labs, ICEYE, Expedition Growth Capital

  • 44:00 – Robotics is the next AI wave — picks‑and‑shovels startups emerging now

E664 | Mikael Johnsson, Oxx: AI Hype, Real Productivity & How Not to Lose the Plot

Andreas Munk Holm talks with Mikael Johnsson, Co‑founder & General Partner at Oxx

Dec 05 2025 – 34:33

Key discussion points:

  • Valuation discipline slipping in the AI wave

  • Distinguishing pilot‑driven excitement from lasting enterprise value

  • How founders and investors can stay level‑headed

E663 | Leyla Holterud, Vintage Investment Partners: European Venture – Growth, Secondaries, and the Future of Vintage Investment Partners

Dec 04 2025 – 45:03

E662 | Damian Cristian & Guy Conway, Rule 30: Building the First Fully Systematic VC

Andreas Munk Holm talks with Damian Cristian and Guy Conway, co‑founders of Rule 30

Dec 03 2025 – 01:00:53

What’s covered

  • 01:46 – What is “Quant VC” and how it differs from traditional venture

  • 06:39 – Why pre‑seed isn’t an access problem — it’s a triage problem

  • 09:55 – Can AI really make investment decisions at pre‑seed?

  • 14:13 – Training the model on 15 years of startup data to find top‑decile winners

  • 20:55 – The “Outlier Trajectory” of founders — decoding team evolution through data

  • 26:42 – Why Rule 30 calls itself an AI Research Lab, not a VC fund

  • 35:36 – Portfolio construction math: the danger of the “middle” strategy

  • 55:57 – Follow‑ons vs. upfront bets — why they avoid reserves entirely

  • 61:40 – Access myth‑busting — why 99 % of pre‑seed deals are open to smart capital

E661 | Jack Leeney, 7GC: The AI Supercycle, IPO Windows & Europe’s Missing M&A Flywheel

Andreas Munk Holm sits down with Jack Leeney, co‑founder of 7GC

Dec 02 2025 – 46:44

What’s covered

  • 02:00 – 7GC’s transatlantic model: investing where liquidity lives

  • 05:00 – AI’s stack order: infra → platforms → horizontal → vertical

  • 10:40 – Hype vs. compute cycles: why this time is different

  • 11:30 – OpenAI vs. Anthropic vs. Mistral: the new map of winners

  • 17:40 – Llama, open source, and Meta’s defensive play

  • 19:00 – European AI bets: Poolside, Fluidstack, and dual‑market strategies

  • 22:40 – The EU AI Act: noise, nuance, and why customers still decide

  • 26:30 – IPOs are back: US windows, European silence

  • 33:00 – Liquidity, secondaries, and when 7GC hands stock to LPs

  • 37:40 – Europe’s missing link: scaled M&A

  • 43:00 – What policymakers and corporates must do next

E660 | This Week in European Tech with Dan, Mads, Lomax & Robin

Dan Bowyer, Mads Jensen, Lomax Ward and guest Robin Haak discuss European tech headlines

Dec 01 2025 – 01:13:07

What’s covered

  • 04:00 – EU wants to restrict social media for minors

  • 06:00 – Surveillance creep & messaging regulation

  • 10:00 – UK Budget: surprisingly startup‑friendly

  • 12:45 – Lovable.ai’s VAT scandal & Europe’s compliance maze

  • 17:00 – N26’s long struggle with German regulators

  • 20:00 – Germany’s big macro problem: stagnation + overload

  • 28:00 – Education, welfare, pensions & the cost‑structure crisis

  • 33:00 – Nuclear shutdowns & Europe’s AI energy deficit

  • 40:00 – Startup ecosystem: the good, the bad, the bureaucratic

  • 55:00 – The rise of Solo GPs

  • 01:00:00 – AI Corner: OpenAI’s trillion‑dollar capex future, Google’s TPU resurgence, Anthropic momentum, Michael Burry shorting AI (and why it’s misguided), and the geopolitics of compute

E659 | Max Kufner, Again & Jan Miczaika, HV Capital: Turning CO₂ into Chemicals and Building Europe’s Deep‑Tech Playbook

Andreas Munk Holm talks with Max Kufner (again) and Jan Miczaika (HV Capital)

Nov 29 2025 – 50:56

Key topics:

  • Gas‑eating microbes turning CO₂ emissions into chemicals and materials

  • Building deep‑tech at venture speed

  • Talent scarcity in Europe, cultural differences between US and EU deep‑tech ecosystems

  • Board dynamics, milestone‑based investing, and the journey to a Series B

E658 | Martin Scherrer, Redstone VC: CVC Secondaries Without Burning Bridges

Conversation with Martin Scherrer (Partner & Head of Managed Funds at Redstone) and Jeppe Høier

Nov 28 2025 – 42:08

Highlights:

  • Why corporate venture capital isn’t just a “bit of VC on the side”

  • Portfolio thinking 101 for corporates

  • Runoff vs. selling the bag – secondary‑sale options and discount ranges

  • Spin‑outs & resilience – evolving CVCs into mixed‑LP or independent VC funds

  • Follow‑ons in “shutdown mode” – when corporates should still fund follow‑ons

  • Designing partnerships: governance, IC design, reporting, performance‑based structures

E657 | Jan Lozek, Future Energy Ventures (FEV): From Corporate Carve‑Out to Climate Capital

Andreas Munk Holm sits with Jan Lozek, Co‑Founder & Managing Director of FEV

Nov 27 2025 – 46:37

What’s covered

  • Jan’s personal journey from Berlin’s early tech scene to shaping E.ON’s venture arm

  • The moment FEV’s carve‑out became inevitable and how independence was structured

  • Two‑fund model: managing E.ON’s legacy portfolio while launching a new EU fund

  • FEV’s thesis: software‑first, Series A–B investments driving the energy transition

  • Grid intelligence, AI for grid balance, battery boom, data‑center energy demand, electrifying cities, founder support, scaling to billions, LP lessons

E656 | This Week in European Tech with Dan, Mads & Lomax

Dan Bowyer, Mads Jensen and Lomax Ward dissect European venture stories

Oct 24 2025 – 47:26

What’s covered

  • Slush recap, Web Summit vs Slush, Germany’s €35 billion space ambition, immigrant founder effect, political backlash, defense stocks boom, Vinted’s €8 billion secondary, cookie‑banner rollback, UK AI investment wave, China’s new posture, Europe’s multipolar dilemma, AI Corner, Google’s TPU moment, Meta & Anthropic on TPUs, Nvidia’s blowout quarter, deals of the week

E655 | Dave Bailey, FounderCoach.com: From Founder to Coach – Competence, Curiosity & Scaling European Tech

Dave Bailey (FounderCoach.com) joins Mike Reiner (432 Legacy) and Andreas Munk Holm

Nov 21 2025 – 01:00:13

Key themes:

  • From Delivery Hero co‑founder to venture‑backed founder coach

  • Competence always before confidence

  • Five pillars of coaching methodology

  • Founder mode, visual clarity, trauma‑ego link, product launches as culture‑shapers, board meetings as strategic accelerators, founder mindset

E654 | Adrian Locher, Merantix Capital: AI Studios & the Future of Venture Building

Andreas Munk Holm talks with Adrian Locher, co‑founder & GP at Merantix Capital

Nov 20 2025 – 50:18

Discussion points:

  • Why Merantix chose Berlin over Silicon Valley, and why London next

  • The three pillars: studio, community, consulting

  • Deep‑tech vs. wrapper AI

  • Why many venture studios fail and where Merantix adds value

  • Validation‑first approach (PowerPoint to paying customers)

  • AI’s relevance to the studio model, regulation, Europe’s edge in healthcare, manufacturing, finance, future of venture studios, neurotech betting

E653 | Elisabeth Schrey, Deep Tech & Climate Fonds (DTCF): DeepTech & Climate Fonds

Interview with Dr. Elisabeth Schrey, head of DTCF

Nov 19 2025 – 42:12

Key topics:

  • €1 billion fund co‑financed by Germany’s Future Fund and ERP Special Fund

  • Co‑investment model, crowding‑out vs. catalyzing debate

  • When DTCF steps aside vs. competes for deals

  • Returns, ecosystem support, incentives, policy‑fragile sectors, “readiness to scale,” avoiding subsidy traps, climate & hydrogen bets, tech‑waiting‑for‑market vs. market‑waiting‑for‑tech, portfolio expansion (semiconductors, robotics, cybersecurity), Munich vs. Berlin hardware hub, corporate venture role, founder needs, investor expectations, advice for emerging VCs and policymakers

E652 | Lea Strumberger, KfW Capital: How One of Europe’s Largest Public LP Thinks About Opportunity Funds

Andreas Munk Holm talks with Lea Strumberger, Senior Investment Manager at KfW Capital

Nov 18 2025 – 39:27

Highlights:

  • Mandate for Series B+ investments to strengthen Europe’s late‑stage capital base

  • Two Opportunity Fund archetypes: inside‑only vs. blended

  • Due diligence on emergent managers launching OFs

  • Importance of a third‑party lead (≥25 %)

  • Terms that matter: fees, carry, GP commit, duration, hurdle rates (6–8 %)

  • Governance, allocation policy, LPAC, down‑round handling, market pulse (~10 OFs/year)

E651 | This Week in European Tech: Exit Taxes, AI Reality Checks & The New Tech Sovereignty Race

Dan Bowyer, Mads Jensen and Lomax Ward discuss European tech headlines

Nov 17 2025 – 53:10

What’s covered

  • Enterprise AI “nothingburger” – slower progress than adoption claims

  • Nexperia: Europe’s dependence on Chinese chip packaging

  • Four‑to‑six‑week fragility window in Europe’s automotive supply chain

  • EU formalises 5G vendor bans – €3 billion Huawei/ZTE rip‑out

  • Dan vs. Alex Karp – “word salad” or visionary govtech architect?

  • Palantir’s privacy architecture – why governments keep choosing them

  • Markets wobble: Nvidia leads downturn; Apple stands alone

  • Hyperscalers’ depreciation trick – why Michael Burry calls it fiction

  • Anthropic cyber incident – Claude “jailbroken” via social engineering

  • Chinese kill switches in European buses – what’s next

E650 | Patrick Odier (Lombard Odier & Building Bridges) & Enrique, Chi Impact Capital: Three Systemic Plays to Underwrite Now

Andreas Munk Holm talks with Patrick Odier and Enrique (Chi Impact Capital)

Nov 13 2025 – 47:34

What’s covered

  • Circularity as business – input/output efficiency, risk, investment edge

  • Three transition arenas: Energy & electrification; Nature & land‑use; Materials (extraction, use, re‑use)

  • Odier’s journey from 1990s exclusions to transition of business models

  • Tools & targets: COP21 to portfolio methodologies, temperature alignment

  • Sector stance – no blanket bans, even “hard‑to‑abate” sectors can be alpha

  • Asset classes – private assets (venture & growth/PE) pivotal to de‑risk early tech

  • Impact vs. returns – risk–impact–performance triangle, measurement comparability

  • Where to invest now – energy systems, regenerative ag, materials, reuse/re‑fill/repair, recycling infrastructure

  • Plastics deep‑dive – industrial partnerships, sorting, advanced recycling, refill/repair

  • Geopolitics & headwinds – non‑linear transition, policy swings, cheaper renewables, storage, infra

  • Bottom‑up pull – next‑gen leaders demanding sustainable models

  • Alliance models – working with producers (e.g., Alliance to End Plastic Waste)

  • Policy matters – targeted regulation beats volume of rules

E649 | Mariette Roesink, Curie Capital: Backing Life Sciences, Unicorns & Zero Bankruptcies

Andreas Munk Holm talks with Mariette Roesink (Co‑Founder of Curie Capital)

Nov 11 2025 – 26:45

Key points:

  • Curie Capital’s dual promise: high financial returns + patient impact

  • Family‑office‑backed GPs investing personal capital alongside LPs

  • Two unicorn exits, €200 million raised in “harsh” markets, zero bankruptcies across 25 investments

  • Building specialist networks, early strategic engagement, TargED Biotherapeutics stroke therapy, board support, European biotech powerhouse, 6.1× valuation gap EU vs US early‑stage biotech, life‑science holding periods & exits, educating LPs on sector dynamics

E648 | This Week in European Tech: The Baltics, Bureaucracy & Building Boldly

Dan Bowyer, Mads Jensen, Lomax Ward and guest Jone Vaituleviciute (Firstpick VC) discuss Baltic and European tech

Nov 10 2025 – 01:00:48

What’s covered

  • From Startup Wise Guys to Firstpick – early‑stage Baltic focus

  • “It will never get cheaper than pre‑seed” – starting at the first line of code

  • Baltic edge – distribution over product perfection, bootstrapping wins

  • €300 million defense deal – Rheinmetall’s Lithuanian factory, incentives trump fear

  • Matt Clifford’s speech – 17 years of UK stagnation, permissionless growth call

  • Politics of productivity – shock therapy vs. bureaucracy fatigue

  • Quant trading boom – XTX’s 25 k GPUs vs. Germany’s 10 k

  • AI corner – Calm model, Nebius cloud, Europe’s token factory moment

  • Circular financing vs. capital cycles, deals of the week (Nexus AI, Poolside)

E647 | Kristaps Ronis, ION Pacific: The Rise of Structured Secondaries in Venture

Andreas Munk Holm talks with Kristaps Ronis (Partner at ION Pacific)

Nov 6 2025 – 45:06

Key insights:

  • DPI is king; traditional “sell‑the‑shares” secondaries often fall short

  • Structured secondaries deliver liquidity without selling or signaling, preserving control and upside

  • Early vs. later‑stage instruments – complexity hits post‑Series B

  • Why secondaries now in Europe: DPI pressure, awareness, dedicated players

  • Continuation vehicles in Europe – “2025 is the year of the EU CV”

  • Structured deals fit: liquidity without selling, pricing gaps, zero market signaling

  • Timing: avoid starting in year 11 of a 10+2 fund; think 6–9 months ahead

  • Seller mistakes: timing, portfolio prep, governance blockers, LP communications

  • Good news for emerging managers – relationships can reopen info rights

E646 | Alper, Agave Games & Enis Hulli, e2vc: Pivoting Models & Building Global Gaming Success from Turkey

Andreas Munk Holm talks with Alper Oner (Co‑founder, Agave Games) and Enis Hulli (GP, e2vc)

Nov 5 2025 – 49:16

Highlights:

  • Agave’s hit “Find the Cat” – hidden‑object game generating hundreds of thousands of dollars daily

  • Publisher model pivot to in‑house studio, $18 million Series A led by Baldur’s Gate Capital, Felicis, e2vc

  • Backing founders over ideas, timing pivots, scaling metrics, Turkey’s mobile gaming superpower

E645 | Seb Agertoft, Evolution & Mike Reiner, 432 Legacy: Venture Beyond – Trauma vs Purpose

Seb Agertoft (Evolution) and Mike Reiner (432 Legacy) discuss founder coaching

Nov 4 2025 – 51:59

Key themes:

  • From product career to coaching founders – non‑directive, developmental approach

  • Using product experience without slipping into advice, building trust for deep tactical help

  • Investor role – supporting the person, not just metrics, presence, somatics, listening

  • Alignment & diligence – picking founders for the journey they truly want

  • Slow down to speed up – cadence, space, performance

  • Trauma can drive – but purpose/servitude is a more sustainable fuel

  • “Double goals” – building for self and service, less attachment to outcomes

  • The “right kind” of stubborn – high conviction + curiosity, avoiding playbook worship

  • Demystifying “spirituality” – meaning‑making, connection, time‑tested practices

E644 | This Week in European Tech with Dan, Mads, Lomax & Andrew – AI Moratoriums, Market Cooldowns & the Politics of Progress

Dan Bowyer, Mads Jensen, Lomax Ward and Andrew J Scott discuss European venture climate

Nov 3 2025 – 48:48

What’s covered

  • AI moratorium debate – can governments pause technology?

  • Europe’s “fear reflex” – safety‑first politics, overregulation killing risk appetite

  • LP freeze frame – institutional capital drying up, longer fund cycles, secondaries & NAV loans back in fashion

  • Optimism deficit – founders stuck between doomist media and cautious investors

  • Policy paralysis – mismatch between innovation speed and Brussels process

  • Deep‑tech divergence – climate tech, quantum, AI hardware hot, early checks scarcer

  • Founders as statesmen – ambassadors for progress, defending the right to build

  • Politics of optimism – building despite headlines, conviction as superpower

  • AI regulation & reality – EU AI Act interpretive layer, compliance theater vs. competitive advantage

  • Great European reset – downturn forcing quality, discipline, depth

E643 | Sebastian Peck, KOMPAS VC: Europe’s Industrial Tech Moment – Decarbonisation, AI & the Risk Appetite Gap

Andreas Munk Holm talks with Sebastian Peck (Partner, KOMPAS VC)

Oct 30 2025 – 49:41

Key discussion points:

  • Defining industrial tech – decarbonisation, productivity, resilience

  • Energy debate – transition vs. pragmatism, nuclear comeback, Europe vs US vs China

  • Fragmented corporate commitments – Nordics, US ambivalence, China scaling renewables fast

  • AI in industrial tech – power‑hungry models, agentic AI, real productivity gains vs hype

  • Robotics – why humanoid robots won’t take over factories yet, where automation truly moves the needle

  • Adoption hurdles – slower than SaaS, VCs bridging pilot‑to‑production gap

  • AI & jobs – creative destruction vs. destruction, Europe/US/China paths

  • Regulation – EU AI Act balancing innovation & oversight

  • Startups × corporates – why pilots fail, KOMPAS brokering commercial traction

  • KOMPAS Fund II – new bets, Makersite’s Series B, deepening industrial‑tech thesis

  • Specialist vs. generalist VCs – deep domain VCs needed alongside generalist syndicates

  • Magic‑wand policy – pension capital reform, risk appetite as bottlenecks

  • Ecosystem importance – employees, customers, regulators, LPs must all lean in

E642 | Lucanus Polagnoli & Stephanie Urbanski, Calm/Storm: Digital Health, Not Hype – Building, Backing & Staying Calm Through the Cycle

Lucanus Polagnoli (Founding Partner & CEO) and Stephanie Urbanski (Managing Director) discuss Calm/Storm

Oct 28 2025 – 49:47

Highlights:

  • Fund II doubles down on pre‑seed/seed, software‑only digital health, larger checks, higher ownership

  • Community as a product – 60+ supporting partners, 110+ LPs, 100+ co‑invests

  • Specialist by design – digital‑only enables speed, small teams, low capex

  • Regulation as moat – approvals can protect moats if patience and cash plan exist

  • AI without buzzwords – companion to clinicians, curated longitudinal data beats generic LLMs

  • Europe’s moment – later‑stage money arriving, e‑prescriptions and rails in place

  • Logo gravity – follow‑on quality (Sequoia, Balderton, Creandum) predicts outcomes

  • Regulation as moat – ThinkSono’s 8‑year climb on DVT ultrasound automation

  • AI in health – pattern recognition, prep & triage, risks of generic LLMs for diagnosis

  • Adoption & incentives – public vs. private delivery, prevention economics, Europe’s VC bottleneck

  • Where AI wins first – curated data, longitudinal monitoring, workflow copilots

E641 | This Week in European Tech with Dan, Mads, Lomax & Andrew – AI, Robots & Regulation

Dan Bowyer, Mads Jensen, Lomax Ward and Andrew Beebe discuss automation and AI

Oct 27 2025 – 01:00:26

What’s covered

  • Amazon’s robot push – replacing 500 k+ jobs, implications for Europe’s workforce

  • Automation & employment – Europe’s 31 M manufacturing workers, Germany’s 80 % robotised auto sector

  • Productivity & policy tension – Asia’s 70 % of new industrial robots, balancing growth with labour protection

  • AI’s second industrial revolution – John Thornhill’s thesis, Europe’s institutional capacity

  • Enterprise AI failure modes – 50‑75 % flop, skills & structure problem, not tech

  • White‑collar co‑pilots – AI as enabler for doctors, lawyers, human‑speed change

  • China’s lead & Europe’s complacency – robot factories, biotech dominance, policy lag

  • Politics & technocracy – need for tech‑literate leaders before next disruption

  • UK AI sandbox – testing AI in the wild, token gesture vs. real impact

  • AI in the NHS – diagnostics, admin automation, waiting‑list reduction

  • EU’s 28th Regime – pan‑European startup entity proposal, regulation vs. directive

  • German bottleneck – 200+ local laws choking innovation, €800 M+ annual loss

E640 | Stephen Chandler, Jessica Bartos & Stephanie Opdam, Notion Capital: Scaling European Growth Companies with Founder Quality & AI Insight

Andreas Munk Holm talks with Stephen Chandler, Jessica Bartos and Stephanie Opdam (Notion Capital)

Oct 24 2025 – 50:47

What’s covered

  • Jessica’s background & lessons from Salesforce Ventures – 15 years in AI & enterprise software

  • Founder quality & endurance – supporting founders over long journeys

  • AI and incumbents – reshaping enterprise software, product‑market fit remains central

  • Portfolio vs. external opportunities – benchmarking internal portfolio while capturing external growth deals

  • Diligence at growth stage – evaluating ARR quality, retention, repeatability, product‑market fit, team execution

  • Exit strategy – planning for IPOs, secondary markets, liquidity, aligning with founders’ vision

  • European companies & US markets – listing in the US doesn’t make a company “less European”

  • Fund evolution – moving from venture to growth, leveraging internal ecosystem insights, building top‑performing funds

E639 | Alexandre Mars, Blisce: From Serial Entrepreneur to Impact VC – Rethinking Freedom, Purpose & Europe’s Tech Future

Andreas Munk Holm talks with Alexandre Mars, founder of Blisce (B Corp‑certified venture fund)

Oct 23 2025 – 41:35

Key topics:

  • Origin story – entrepreneur at 17, serial founder, philanthropist

  • Freedom redefined – “no boss” meaning clients become new boss

  • Sacrifice & grind – success without discipline doesn’t exist

  • Transition from founder to investor – building Blisce from family office to impact VC

  • Series A‑to‑B sweet spot – post‑revenue scale‑ups

  • Returns & responsibility – outperforming funds while doing good

  • Defining impact – why dogma kills nuance

  • Europe vs. US – risk, failure, ambition across cultures

  • Role of tech in society – investing with purpose, not just profit

  • Sovereignty & scale – Europe’s AI and data independence moment

  • Policy & venture – investors can’t stay silent in public debate

  • Paris as a rising hub – why France is building something real this time

E638 | Lucanus Polagnoli & Stephanie Urbanski, Calm/Storm: Digital Health, Not Hype – Building, Backing & Staying Calm Through the Cycle

Lucanus Polagnoli (Founding Partner & CEO) and Stephanie Urbanski (Managing Director) discuss Calm/Storm

Oct 21 2025 – 45:18

(See E642 for full details – same episode)

E637 | Anders Kjær, PSV Hafnium: Building Denmark’s First Deep‑Tech Fund & the New Nordic Innovation Advantage

Andreas Munk Holm talks with Anders Kjær (General Partner, PSV Hafnium)

Oct 21 2025 – 45:18

Key points:

  • Why PSV Hafnium was built – deep‑tech opportunity in the Nordics

  • PSV Hafnium as a symbol of deep tech – the element & the brand

  • Turning research into portfolio power – DTU’s role in diligence & support

  • Copenhagen‑based fund competing across the new Nordics

  • Nordic tech clusters – regional strengths vs. serendipity

  • Bio solutions, green energy, industrial legacy – why deep tech thrives here

  • Science‑preneurs rising – shifting founder mindsets in deep tech

  • Gauging entrepreneurial readiness in deep‑tech teams

  • Generalist VCs vs. deep‑tech specialists – what each gets right and wrong

  • European resilience at the early stage – common thread in deep‑tech bets

  • Bridge rounds in deep tech – true test of conviction

E636 | This Week in European Tech with Dan, Mads, Lomax and Ben Prade

Dan Bowyer, Mads Jensen, Lomax Ward and Ben Prade (Bullhound Capital) discuss European venture reality

Oct 20 2025 – 46:11

What’s covered

  • Fundraising reality – fewer funds, flight to brands, 25 % of new VC money to top 10 brands

  • Sovereign LPs & strings attached – government money shaping mandates

  • Klarna & liquidity – high‑profile exits recycling cash back into European VC

  • Goldman buys Industry Ventures – secondary data + wealth distribution unlocking LP portfolios

  • Nobel Prize & growth mechanics – state de‑risking, catch‑up industrialisation, China’s “build both infra and innovation” model

  • AI’s “everything app” moment – OpenAI’s ~30 GW compute plan, Google’s ad‑cash advantage, pricing showdown looming

  • Circularity vs. reality – vendor‑financing analogies in AI, revenue expectations, not loops, pop bubbles

  • Unit economics – AI ≠ SaaS, negative gross margins down the stack, LLMs climbing into apps, vertical data + UX decide winners

  • China’s dark factories – robotised plants, BYD surge, physical AI changing competitiveness

  • Unleashing Europe’s capital – JP Morgan’s $1.5 T initiative vs. European pensions stuck in gov bonds

E635 | EUCVC Summit 2025: Francesco Di Lorenzo, Copenhagen Business School – Nordic CVC Insights

Francesco Di Lorenzo (Associate Professor, Copenhagen Business School) shares research on Nordic corporate venture capital

Oct 19 2025 – 14:41

Key insights:

  • Nordic snapshot – why the region punches above its weight in tech and CVC

  • Tools beyond CVC – incubators, accelerators, venture clienting: complementary or conflicting?

  • The CVC effect – beyond capital, what corporates bring to the table

  • Measuring success – CVC units last only 3.7 years on average, ROI difficulty

  • Smart money vs. just money – engineer exchanges, board participation more impactful than capital alone

  • Venture clienting – first customers instead of investors, associated risks

  • Governance cycles – CVC units live and die with CEO tenure, board‑level protection essential

  • Collaboration vs. competition – data on corporates co‑investing and when they don’t

  • Nordic findings – small portfolios, early‑stage focus, bureaucracy as top blocker

  • AI paradox – corporates investing in AI startups while cutting internal AI budgets

E634 | EUCVC Summit 2025: Christian Tang (Acme) & Claus Gregersen (Augustinus Fabrikker) – Global Ambition in an Age of Sovereignty

Christian Tang (Partner, Acme) and Claus Gregersen (CEO, Augustinus Fabrikker) discuss global ambition

Oct 18 2025 – 10:01

Highlights:

  • Structural reset, not just another downturn – waiting for “normal” isn’t an option

  • Investors as navigators, not moral arbiters

  • US remains critical for learning, scaling, surviving competition

  • Trade tensions vs. venture building – early‑stage models aren’t derailed by politics

  • Value‑adding capital – choose partners for impact, not geography

  • Lessons from COVID and defense – building lean, fast, resilient

E633 | Anne C. Fleischer (Novo Nordisk) & Henrijette Richter (Sofinnova Partners) – Innovation in Health

Discussion on AI, digital health, and scaling deep‑tech in healthcare

Oct 17 2025 – 08:55

Key points:

  • Pharma’s digital leap – Novo Nordisk going “beyond the pill” with AI & personalized engagement

  • Investor lens – what makes AI‑driven health fundable vs. “still a science project”

  • AI at the patient interface – closest to real‑world integration

  • Corporate + VC collaboration – alignment and clash points

  • Scaling deep‑tech in health – requirements for global go‑to‑market from day one

  • Consumerisation of health – balancing trust, privacy, impatience economy

  • Europe’s edge – strengths in science & regulation, risks of falling behind the US

E632 | Charlie Hayward, Global Corporate Venturing: The Data Behind the $100 B CVC Wave

Charlie Hayward (Global Corporate Venturing) analyses corporate venture capital

Oct 16 2025 – 09:41

Highlights:

  • CVC as a $100 B+ global force

  • Why corporate venture matters – examples from Microsoft, board seats, portfolio support

  • Lower bankruptcy risk & higher exit multiples for CVC‑backed startups

  • Fundraising headwinds, but CVCs take a long‑term view

  • Early‑stage shift – corporates active in seed & pre‑seed rounds

  • Global hotspots – Latin America, APAC gaining momentum

  • What CVCs bring – board seats, portfolio support, lighter financial‑return expectations

  • New frontiers – universities, accelerators, venture clienting as next CVC battlegrounds

E631 | Marcus Behrendt (BMW iVentures) & Nicole LeBlanc (Woven Capital) – What’s Next in the European Automotive Industry

Andreas Munk Holm talks with Marcus Behrendt and Nicole LeBlanc about mobility and CVC

Oct 15 2025 – 11:02

Key discussion:

  • BMW iVentures’ evolution from corporate experiment to established mobility CVC

  • Woven Capital’s $800 M global mandate for growth‑stage mobility startups

  • Strategic vs. financial returns – credibility with founders while serving corporate parents

  • Hardware challenges – patient capital & operational backing needed for scaling

  • Startup‑corporate frictions & opportunities – portfolio collaborations

  • Exit realities – IPO droughts, M&A dynamics, liquidity paths for mobility startups

  • Next decade – sustainability, AI, cross‑border collaboration

E630 | Alexey Plesakov & Alexander Lis, Social Discovery Ventures (SDV): Betting Across Borders & Global Play on European VC

Andreas Munk Holm talks with Alexey Plesakov and Alexander Lis (SDV)

Oct 14 2025 – 31:43

Key themes:

  • From bootstrapped dating unicorn to global LP & VC player

  • Diversification – quality over quantity in portfolio construction

  • 30 %+ of assets in venture capital

  • Leveraging network effects – IT roots aid deal sourcing

  • VC fund portfolio – NEA, Khosla, emerging managers like Davydov & Black River

  • US vs. Europe – overall portfolio skews 70 % US, VC more balanced

  • Emerging managers vs. big names – risk, return, picking right early funds

  • Big‑picture bets – tariffs, decoupling, possible US–Europe tech split

  • Direct investment focus – fintech, PSD3, voice‑first neobanking

  • Macro vs. micro – top‑down analysis + bottom‑up deal work

  • Playing defense in 2025 – slowing deployment without stopping pipeline building

  • European VC arbitrage – lower valuations until growth takes off

E629 | This Week in European Tech with Dan, Mads, Lomax & Nicholas Nelson

Dan Bowyer, Mads Jensen, Lomax Ward and Nicholas Nelson (Archangel) discuss defence‑first tech

Oct 13 2025 – 01:00:27

What’s covered

  • Defence‑first beats dual‑use on outcomes & returns; lifelong focus

  • Definitions – customers = MoDs + primes, aim: lethality/readiness & societal resilience, beware “defence‑washing”

  • Hot areas – avoid herd to drones only; counter‑UAS, EW, human performance, deception, survivability

  • Helsing buys GrobNeo – prime play: acquiring legacy manufacturing for platform access, then adding AI

  • Roll‑up vs. build – narrative “build”, execution “roll‑up + build”

  • Drones & “drone wall” – layered answer: blunt with drones, hold with conventional forces

  • Electronic Warfare (EW) – NATO under‑invested; tactical EW unmet need, legacy kit from the ‘80s/’90s

  • Startup wedge – place EW at edge (drones/aircraft/fixed) for near‑term wins

  • Baltic realism – history, 2007‑09 Estonia cyber, current incursions, likely Kaliningrad corridor

  • Founder mistakes – tech ≠ win by itself; experience + gov engagement matters, US analogue: top funds have IC/SOF DNA

  • Few buyers? – many real buyers inside MoD/DoD (services, sub‑units, innovation orgs)

  • Sovereignty & US primes – US strategics will buy abroad; Europe balancing autonomy with jobs/exits

  • Starlink vs. IRIS² – Starlink’s lead & cadence; IRIS² slower – watch timelines vs. evolving threats

  • AI bubble? – warnings vs. fundamentals, self‑funded capex, real profits

  • NVIDIA ramp – $4.4 B (2023) → $73 B this year, growth tempers multiples

  • AI circular money & margins – Anthropic → hyperscalers → NVIDIA; only NVIDIA mints big margins, margin pressure coming (new semis, China, SLMs)

  • Picking beats timing – dot‑com lesson: Cisco losses vs. Amazon wins

E628 | Tanja Lind Melskens (Terma) – Defense, Disruption & Dual‑Use: Europe’s Next Frontier in Innovation

Andreas Munk Holm talks with Tanja Lind Melskens, Head of Corporate Strategy & M&A at Terma

Oct 12 2025 – 08:39

Key takeaways:

  • Europe’s re‑armament – rising budgets, real opportunities, inflated valuations

  • Ukraine as “Silicon Valley of defence tech” – 4 M drones a year, frontline R&D

  • Startups must prepare for post‑conflict market, not just donation‑driven sales

  • Terma’s Kyiv subsidiary & partnerships with Ukrainian startups

  • Drone wars & critical infrastructure – protecting energy, transport, hospitals

  • ESG in defence – compliance vs. survival in frontline innovation

  • Risks no VC faces – founders whose survival is uncertain

E627 | Crispin Leick (EnBW New Ventures), Georg Reifferscheid (REWE Group) & Jeppe Høier – Fueling the AI Age: Europe’s Energy Imperative

Andreas Munk Holm talks with Crispin Leick, Georg Reifferscheid and Jeppe Høier

Oct 12 2025 – 08:41

Highlights:

  • Evergreen VC at EnBW New Ventures – “best decision ever” for reinvesting exit proceeds

  • REWE Group’s sustainability mandate – tackling scope 1, 2, 3 emissions

  • AI in energy – battery analytics, algorithmic trading in intraday power markets

  • Financial return first – strategic impact follows startup success

  • Incentives matter – carry and financial alignment crucial for CVC success

E626 | Nadia Carlsten (DCAI) & Bjarke Sejersen (Go Autonomous) – AI Factories in Practice

Andreas Munk Holm talks with Nadia Carlsten and Bjarke Sejersen

Oct 11 2025 – 09:59

Key points:

  • Compute sovereignty matters for Denmark & Europe

  • Gefion supercomputer enabling Danish startups & researchers

  • Go Autonomous trained the world’s first B2B foundation model – €30 B annual handling

  • Adoption gap – Europe must accelerate real‑world AI use cases

  • Capital mindset – Europe lags the US in risky AI‑native investments

  • Investor responsibility – distinguishing fine‑tuning vs. building foundational models

  • Green AI – pairing supercomputing with sustainability

E625 | Gijs de Bruin (PureTerra Ventures) & Sead Bajrovic (Water Impact Partners) – The Missing Water

Discussion on water as a climate‑tech frontier

Oct 11 2025 – 08:39

Highlights:

  • Water is the “oil that runs everything” – only 0.3 % of Earth’s water accessible, demand to outstrip supply by 40 % by 2030

  • Legacy systems failing – centralized treatment inadequate

  • Corporate risk – data centres, manufacturing, Amazon Arizona case

  • Leaders – Apple, BASF, L’Oréal water stewardship programs

  • Investment shift – from niche impact to mainstream VC entry

  • UN data – $1 invested in water resilience returns $7

  • Innovation spotlight – AI, software, applied tech for efficiency

  • Corporates putting real money into water – biggest disruptor

E624 | Bodil Sidén (Kost Capital) & Marika King (PINC) – Feeding the World

Andreas Munk Holm talks with Bodil Sidén and Marika King

Oct 10 2025 – 09:23

Key discussion:

  • Feeding 10 billion people by 2050 – food as a distinct venture domain

  • Kost Capital’s test kitchen – Michelin chefs, food historians in due diligence

  • PINC’s evergreen model – speed & long‑term capital for food innovation

  • Execution over ideas – market obsession beats product obsession

  • Validating food‑science claims in real time

  • Corporate value‑add without killing agility – CVC role in food tech

  • Plastic‑free packaging – the holy grail

  • Big bets – green fertilizers, bio‑controls, smart water, sustainable agriculture

  • AI as enabler – cutting costs, accelerating product development

  • Food, health & nutrition – sustainable fatty acids, vitamins, bio‑based aromas

E623 | Samuli Siren (Redstone) – Mapping Startup Opportunities

Andreas Munk Holm talks with Samuli Siren about data‑driven deal sourcing

Oct 10 2025 – 07:15

Key insights:

  • Algorithmic deal flow – Sophia platform for trend mapping, group dynamics, early‑stage signals

  • Geography & global scope – national champions rarely scale, global approach needed

  • Corporate mistakes – over‑focusing on core business, overestimating value add

  • Proper corporate LP engagement – hands‑off, massive value capture

E622 | Andreas Munk Holm – The Real Power Lies in Politics

EUVC Live in Malmö – final reflections on politics and venture

Oct 09 2025 – 03:59

Takeaway:

  • Real power comes from politics, not just technology or capital

  • Europe must engage politically to shape policy, similar to the US tech community

E621 | Nick de la Forge (Planet A Ventures) – Lessons from China’s Climate‑Tech Scale‑Up

EUVC Live – Nick de la Forge shares observations from China

Oct 09 2025 – 09:28

Key points:

  • China’s advantage isn’t cheap labor or subsidies, but speed, capital efficiency, integrated manufacturing

  • European hardware founders should visit China to learn, then play to Europe’s strengths (high‑precision, advanced polymers)

E620 | Danijel Visevic (World Fund) – Turning Crisis into Collaboration

EUVC Live – Danijel Visevic reflects on Europe’s collaborative strength

Oct 08 2025 – 12:16

Highlights:

  • Europe’s history of turning crisis into collaboration (Coal & Steel Treaty, post‑war rebuilding)

  • Polycrisis – war, climate, supply‑chain, tech disruption as opportunity for collaboration

  • New sovereignty – semiconductors, raw materials, data, AI

  • Venture challenge – Europe raises 7× less VC than the US, low climate‑startup progression to Series B

  • Call to action – ambitious scale‑up capital, public‑private partnerships, shared mission

E619 | Georg Reifferscheid (REWE Group) – Building Climate‑Tech Ventures Inside a €94 B Retail Giant

Andreas Munk Holm talks with Georg Reifferscheid

Oct 08 2025 – 40:10

Key discussion:

  • REWE Ventures’ four focus areas – Retail Tech, E‑Grocery/Mobility, Food Tech, Climate Tech

  • Climate‑Tech mandate – cooling, HVAC, green construction materials as priority #1

  • Investment approach – Series A+ sweet spot, hardware focus, strategic co‑investment

  • Diligence – technical validation, strategic fit, M&A integration

  • Strategic vs. financial value – strategic add outweighs pure returns

  • Building trust inside a corporate – expectation management, psychology, warehouse/store anecdotes

  • Portfolio highlights – Project Eden (Food Tech), upcoming cooling pilots

Comments

Want to join the conversation?

Loading comments...