Welcome back to the EUVC Podcast.

Today Andreas is joined by Stefan Roebel, Co‑Founder & CEO of ARX Robotics — one of Europe’s fastest-rising defense tech startups.

From his 12 years in the German Armed Forces to leadership roles at Amazon, eBay, and Grover, Stefan has lived both sides: the military front line and the global business battlefield. Now, he’s combining that experience to tackle one of the most pressing challenges of our time: Europe’s ability to defend itself in a new era of war.

In this episode, Stefan shares ARX’s journey from DIY decoy robots to NATO-backed modular robotic systems already deployed in Ukraine. We dive deep into why Europe must break with its slow procurement culture, how startups can become the “new primes,” and what it really takes to build dual-use autonomy in a defense-first world.

Here’s what’s covered:

00:56 | From Afghanistan to Amazon to ARX Robotics: Stefan’s unlikely founder journey

02:30 | The broomstick that became a digital decoy — ARX’s origin story

06:34 | The first breakthrough: selling duct-taped prototypes that worked

08:30 | ARX’s modular robotics suite explained (500kg payload, autonomy, retrofits)

10:47 | Educating VCs: how defense tech went from “too weird” to oversubscribed

13:55 | Picking investors: big names vs true believers with military insight

16:53 | Real deployments in Ukraine: ammo supply & medevac in the kill zone

19:49 | Why Ukraine’s lessons are shaping Europe’s defense future

23:24 | The drone war changed everything: solving Europe’s “lack of mass”

27:31 | Will ARX become a “new prime”? Why incumbents can’t move fast enough

29:17 | Dual use beyond defense: disaster relief, critical infrastructure & NGOs

32:36 | AI in defense robotics: solving missions, not chasing the holy grail

35:21 | Hiring for defense: when military background matters (and when it doesn’t)

40:57 | Why Stefan is hopeful for Europe’s defense tech ecosystem

44:56 | Veterans, perception, and why “peace comes from strength”

Stefan Roebel: Building Europe’s New Defens…

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EUVC Dec 17, 2025

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#### Stefan Roebel: Building Europe’s New Defense Tech Prime Welcome back to the EUVC Podcast.Today Andreas is joined by Stefan Roebel, Co‑Founder & CEO of ARX Robotics — one of Europe’s fastest-rising defense tech startups.From his 12 years in the German Armed Forces to leadership roles at Amazon, eBay, and Grover, Stefan has lived both sides: the military front line and the global business battlefield. Now, he’s combining that experience to tackle one of the most pressing challenges of our time: Europe’s ability to defend itself in a new era of war.In this episode, Stefan shares ARX’s journey from DIY decoy robots to NATO-backed modular robotic systems already deployed in Ukraine. We dive deep into why Europe must break with its slow procurement culture, how startups can become the “new primes,” and what it really takes to build dual-use autonomy in a defense-first world.Here’s what’s covered:00:56 | From Afghanistan to Amazon to ARX Robotics: Stefan’s unlikely founder journey02:30 | The broomstick that became a digital decoy — ARX’s origin story06:34 | The first breakthrough: selling duct-taped prototypes that worked08:30 | ARX’s modular robotics suite explained (500kg payload, autonomy, retrofits)10:47 | Educating VCs: how defense tech went from “too weird” to oversubscribed13:55 | Picking investors: big names vs true believers with military insight16:53 | Real deployments in Ukraine: ammo supply & medevac in the kill zone19:49 | Why Ukraine’s lessons are shaping Europe’s defense future23:24 | The drone war changed everything: solving Europe’s “lack of mass”27:31 | Will ARX become a “new prime”? Why incumbents can’t move fast enough29:17 | Dual use beyond defense: disaster relief, critical infrastructure & NGOs32:36 | AI in defense robotics: solving missions, not chasing the holy grail35:21 | Hiring for defense: when military background matters (and when it doesn’t)40:57 | Why Stefan is hopeful for Europe’s defense tech ecosystem44:56 | Veterans, perception, and why “peace comes from strength” Dec 17, 2025 46:03 #### Matthew Wilson (Jack & Jill) & Peter Specht (Creandum): AI Recruiting Agents, a $20M Seed & the New GTM Playbook This week on the EUVC Podcast, Andreas Munk Holm sits down with Matthew Wilson, co-founder of Jack & Jill, and Peter Specht, General Partner at Creandum. Fresh off a $20M seed to take their AI recruiting agents global, they dig into how conviction is built in Europe, from founding insight to investor belief, and what it now takes to scale an agent-native company with speed, precision, and craft.Jack helps candidates find and optimize their careers. Jill helps companies hire brilliantly. Together, the two agents form a high-signal, two-sided network that aims to become the world’s most networked AI-powered recruitment agency — without the classical incentive conflicts of human middlemen.Here’s what’s covered:02:35 | Why Creandum leaned in, conviction on voice-based interfaces and why recruiting is a massive, broken vertical for agent AI03:38 | The founding moment: leaving Omnipresent, 18 months in the wilderness, and the February insight that agents make talent marketplaces finally viable07:07 | Recruiting is broken (and AI made it worse): why first-principles thinking is needed to avoid “more noise, not more signal.”09:15 | Investor conviction: founder/market fit, why this moment is different, and the defensibility of a two-sided agentic marketplace12:22 | The user experience: the “coffee chat” with an AI recruiter: deep voice conversation → matching, prep, coaching, introductions16:30 | Solving the incentives trap: why Jack works 100% for candidates and Jill works 100% for companies (fixing agency conflicts)19:10 | Coaching as core: how AI unlocks career guidance, interview prep, and hands-on support that humans rarely get today22:47 | Building fast in the AI era: talent density, global expansion, and why a 20M seed makes sense for a dual-product marketplace26:35 | Two companies in one: scaling Jack (consumer) + Jill (B2B) simultaneously, across markets, with AI leverage34:02 | The GTM playbook: engineering-led marketing, AI-driven creative testing, instant value, and rethinking B2B buying entirely37:47 | The new AI go-to-market: speed, PLG dominance, virality-by-design, and why distribution now matters more than ever43:52 | Two GTM worlds: viral AI products vs. slow, enterprise-heavy AI deployments (and why both will coexist)47:15 | The “productization” of marketing — why engineering now powers growth, not headcount-heavy marketing orgs50:29 | Final advice (VC POV) — start with a unique insight, not a trend; think in 5–10 year arcs, not quick ARR bumps Dec 16, 2025 49:53 #### E670 | This Week in European Tech with Dan, Mads & Lomax Welcome back to another episode of Upside at the EUVC Podcast, where ⁠Dan Bowyer⁠,⁠ Mads Jensen⁠ of ⁠SuperSeed⁠ and ⁠Lomax Ward⁠ of ⁠Outsized Ventures⁠⁠⁠ gather for a holiday-home special to cut through the noise around Europe’s tech, geopolitics and AI shifts. What begins as an innocent debate about whether DeepMind is “still a UK company” quickly spirals into a tour of sovereign AI strategy, the SpaceX mega-raise, Europe’s increasingly uncomfortable place between China and the US, defence-spending reality checks and a surprisingly uplifting set of deep-tech deals across the continent.It is classic Upside: the takes are sharp, the geopolitics gets spiky, and the optimism… well, it arrives eventually.What’s covered:04:36 AI-for-Science, robotics and the new “AI scientist” era06:50 A national-curriculum Gemini and the vision of a tutor for every child09:39 The SpaceX 2026 IPO: what investors are actually buying14:00 Starship, orbital compute and the trillion-dollar imagination gap18:07 Why Europe missed the space race once again19:43 Portugal flips the script: “Economy of the Year”22:58 Europe between China’s export tsunami and America’s cold shoulder32:07 Defence budgets: the hype, the delay and the reality for startups34:25 AI Corner: bubble fears, Mistral’s comeback, Meta goes closed, China goes full-stackComms Strategy Expert SessionApply or share the opportunity with a founder or investor in your network: https://luma.com/euvc-comms-expert-session Dec 15, 2025 44:37 #### E669 | Harrison Rose, GoodFit: How AI Is Rewriting B2B Go-To-Market If you’re in B2B SaaS, you probably feel it already: the old way of “just hire more SDRs and send more emails” is broken.Everyone has the same tooling. Everyone is running the same sequences. Everyone is “personalising at scale” with the same prompts. Yet pipeline quality is down, efficiency is under scrutiny, and suddenly… go-to-market (GTM) design has become a first-class strategic problem.Few people are better positioned to talk about this shift than Harrison Rose.Harrison co-founded Paddle, helped turn it into one of the UK’s fastest-growing software companies, and has now raised a $13M Series A (led by Notion Capital, with participation from Robin Capital, Inovia, Salicap, Common Magic, Andrena and more) to build GoodFit – an AI-driven GTM data platform.Here’s what’s covered:00:47 | What GoodFit actually does — mapping your entire market and scoring every account01:32 | Paddle origins → the first-principles GTM problem that later became GoodFit03:31 | From internal tool to standalone company — recognizing the “product inside Paddle”04:18 | Who buys GoodFit — why B2B tech is the first adopter (and why the market is much bigger)06:28 | Second-time founder advantage — credibility, networks, and selling before the product exists08:29 | Choosing investors — why Notion, avoiding echo chambers, and constructing a syndicate13:24 | Bootstrapping for four years — optionality, profitability curiosity, and knowing when VC is the right path18:34 | AI’s real impact on go-to-market — why most teams are just automating bad outreach22:25 | The GoodFit vision — deciding who to sell to, why, and how (and leaving execution to others)35:34 | Leaving Paddle — identity, founder evolution, and learning to lead differently the second time around46:40 | Giving back — why Harrison opens his inbox for “weird, gnarly, unsaid” founder questions Dec 12, 2025 48:39 #### E668 | Sergey Jakimov, LongeVC: Impacting Lives Through Longevity & Health Investing 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 covered01:15 – Who is Sergey Jakimov? From biotech entrepreneur to longevity investor03:00 – What is LongeVC: thesis, structure, and Fund II snapshot06:20 – The market for longevity & age-related disease: a $1.6 trillion opportunity09:30 – Track record: Fund I’s 3x+ MOIC, 0 write-offs, 20 portfolio companies12:40 – How LongeVC sources deals: scientific advisory board and AI-driven diligence15:15 – Ecosystem advantage: from nonprofits to physician networks18:00 – Case study 1 – Insilico Medicine, the $1.5 billion AI-drug-discovery unicorn20:15 – Case study 2 – Turn Biotechnologies and $300 million + HanAll partnership22:30 – Case study 3 – Rubedo Life Sciences and Beiersdorf’s dermatology deal25:00 – How pharma’s pipeline erosion fuels biotech M&A28:10 – Fund II: $120 million target, 20 % carry, 10-year term31:20 – LP privileges: access, co-investments, and semi-annual IC observation34:00 – Sergey’s vision: longevity as both moral and financial imperative Dec 11, 2025 26:22 #### E667 | Ole Lehmann: AI Solopreneurs, Crypto’s Unkept Promise & the Case for Building in Europe In this episode, Andreas Munk Holm sits down with Ole Lehmann to explore the rise of the solopreneur movement, what AI unlocks for solo founders, and how blockchain may finally have its moment as the infrastructure layer for AI. Ole also unpacks his new initiative, Built in Europe, and why he’s betting on a future where ambitious company builders thrive without moving to the U.S.Here’s what’s covered:00:52 Ole’s Journey: From Music Production to Crypto to AI Education03:57 Crypto Disillusionment & the Promise of Blockchain Infrastructure10:08 Inside the Solopreneur Mindset: Freedom, Curiosity & Leverage16:32 Content Market Fit > Product Market Fit: A New Way to Build21:18 Why Interest Graphs Beat Follower Counts in 202528:43 A New Class of Founders—and the Portfolio Play to Back Them39:10 How AI Tools Empower a One-Person Media Company43:31 Building in Europe: More Than a Narrative Play47:05 The Cultural and Regulatory Hurdles Still Holding Europe Back50:08 Why European Tech Founders Need to Enter the Political Arena Dec 10, 2025 53:32 #### E666 | Charles Dunn & Ruth McKernan, SV Health Investors: Exit of the Year Winners and Biotech Company Builders Andreas Munk Holm opens the episode by introducing Charles Dunn, Principal at SV Health Investors, and Ruth McKernan, CBE and Operating Partner at SV Health, former CEO of Innovate UK. SV Health is a transatlantic healthcare specialist with a focus on company creation and full-spectrum biotech investing. Notable wins include the exit of SV-created EyeBio to Merck & Co for up to $3bn including $1.3bn upfront, and the recent launch of SV’s newest company creation Driag Therapeutics, a UK-based neuropsychiatry company, which recently announced its $140m Series A financing.SV Health’s approach blends early-stage company creation with later-stage venture investment. Charles emphasizes that this structure allows:Diversified risk for LPs: Early-stage opportunities carry higher risk but higher upside; later-stage investments provide more stability.Learning across stages: Experience in late-stage investing informs early-stage decision-making, and vice versa.Flexible company formation: SV Health creates companies across different development stages, sometimes even after Phase 1 data exists, as with Draig Therapeutics. Dec 09, 2025 49:58 #### E665 | This Week in European Tech with Dan, Mads & Lomax Welcome back to another episode of Upside at the EUVC Podcast, where ⁠Dan Bowyer⁠,⁠ Mads Jensen⁠ of ⁠SuperSeed⁠, ⁠Lomax Ward⁠ of ⁠Outsized Ventures⁠⁠⁠, and Andrew Scott of 7percent Ventures to break down the real stories behind the headlines shaping European tech and venture.From Bending Spoons’ audacious European rollup strategy, to Brexit’s economic hangover, to the existential challenges facing Volkswagen, to Google vs. OpenAI’s new “Code Red”, and finally whether Europe has had its long-overdue shock moment — this episode goes wide, fast, and deep.This is Upside, where the takes are sharp, the macro is messy, and the optimism is… conditional.What’s covered:02:00 The valuation reset, debt-fuelled M&A, and the Italian PE–VC hybrid model04:00 Arbitrage: firing US teams, rehiring elite Italian engineers06:00 Do rollups really work? Tech debt, distribution, and execution risk07:00 Brexit revisited: GDP losses, trade collapse, and political reality08:00 The myth of “you can’t know the counterfactual” — and why you actually can10:00 Will the UK rejoin the customs union? And would Europe even take us back?12:00 Europe’s manufacturing crisis: Porsche, Volkswagen, BYD and the end of German exceptionalism15:00 China’s shift: stop importing, start replicating17:00 Welfare-state complacency and the European stagnation problem20:00 The bitter truth about Europe’s carbon “success story”22:00 How to actually fix European tech: R&D, immigration, procurement, capital markets24:00 Why 0.02% pension allocation to VC is Europe’s biggest structural handicap26:00 Should we “Farage-pill” Europe into a tech-first agenda?33:00 Distribution vs. loyalty: why consumers don’t care about brand36:00 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 cycle42:00 Deals of the Week: Black Forest Labs, ICEYE, Expedition Growth Capital44:00 Robotics is the next AI wave — and the picks-and-shovels startups emerging now Dec 08, 2025 45:57 #### E664 | Mikael Johnsson, Oxx: AI Hype, Real Productivity & How Not to Lose the Plot This week on the EUVC Podcast, Andreas Munk Holm sits down with Mikael Johnsson, Co-founder & General Partner at Oxx, one of Europe’s leading specialist B2B software investors.Mikael has a very clear-eyed view on the current AI wave: he’s seeing valuation discipline slip, fundamentals being stretched, and a real risk that the market mistakes pilot-driven excitement for lasting enterprise value.In this episode, they explore how to distinguish hype from substance, what “real” AI adoption looks like within a business process, and how both founders and investors can remain level-headed when everyone else is losing theirs. Dec 05, 2025 34:33 #### E663 | Leyla Holterud, Vintage Investment Partners: European Venture: Growth, Secondaries, and the Future of Vintage Investment Partners Welcome back to another episode of the EUVC Podcast. Today, we’re thrilled to feature Leyla Holterud, partner at Vintage Investment Partners. Many know Leyla from her years at StepStone, where she led venture growth across EMEA. Now, at Vintage, she’s helping deploy $4.3 billion from their global platform to double down on Europe, anchored by the firm’s new London office. With a strategy spanning fund-of-funds, growth, and secondaries, Leyla offers a rare vantage point on the European VC landscape. Dec 04, 2025 45:03 #### E662 | Damian Cristian & Guy Conway, Rule 30: Building the First Fully Systematic VC Welcome back to the EUVC Podcast, your inside track on the people, models, and math reshaping European venture.This week, Andreas talks with Damian Cristian and Guy Conway, co-founders of Rule 30 - an AI research lab building what they claim is the world’s first fully systematic venture strategy. We go deep on the difference between “data-driven” (hygiene) and decision-driven (engine), why labels matter, and how portfolio math crushes intuition.They unpack founder-trajectory signals, graph-based network evolution, market topology (yes, biology-inspired stats), and a portfolio design targeting 3x+ minimum returns with 97.5% confidence. We also debate the “access myth,” party rounds, and why they won’t sell their alpha.Whether you’re an LP testing managers, a GP rethinking reserves, or a founder curious how algorithms “see” you - this one’s for the nerds and the pragmatists.Here’s what’s covered:01:46 | What is “Quant VC” and how it differs from traditional venture06:39 | Why pre-seed isn’t an access problem — it’s a triage problem09:55 | Can AI really make investment decisions at pre-seed?14:13 | Training the model on 15 years of startup data to find top-decile winners20:55 | The “Outlier Trajectory” of founders — decoding team evolution through data26:42 | Why Rule 30 calls itself an AI Research Lab, not a VC fund35:36 | Portfolio construction math: the danger of the “middle” strategy55:57 | Follow-ons vs upfront bets — why they avoid reserves entirely61:40 | Access myth-busting — why 99 % of pre-seed deals are open to smart capital Dec 03, 2025 01:00:53 #### E661 | Jack Leeney, 7GC: The AI Supercycle, IPO Windows & Europe’s Missing M&A Flywheel This week, Andreas Munk Holm sits down with Jack Leeney, co-founder of 7GC, the transatlantic growth fund bridging Silicon Valley and Europe and a backer of AI giants like Anthropic, alongside European rising stars Poolside and Fluidstack.From IPOs at Morgan Stanley to running Telefónica’s US venture arm and now operating a dual-continental fund, Jack shares how 7GC reads the AI supercycle, why infrastructure and platforms win first, and what Europe must fix to unlock the next wave of venture liquidity.🎧 Here’s what’s covered:02:00 7GC’s transatlantic model: investing where liquidity lives05:00 AI’s stack order: infra → platforms → horizontal → vertical10:40 Hype vs. compute cycles: why this time is different11:30 OpenAI vs. Anthropic vs. Mistral: the new map of winners17:40 Llama, open source, and Meta’s defensive play19:00 European AI bets: Poolside, Fluidstack, and dual-market strategies22:40 The EU AI Act: noise, nuance, and why customers still decide26:30 IPOs are back: US windows, European silence33:00 Liquidity, secondaries, and when 7GC hands stock to LPs37:40 Europe’s missing link: scaled M&A43:00 What policymakers and corporates must do next Dec 02, 2025 46:44 #### E660 | This Week in European Tech with Dan, Mads, Lomax & Robin Welcome back to another episode of Upside at the EUVC Podcast, where ⁠Dan Bowyer⁠,⁠ Mads Jensen⁠ of ⁠SuperSeed⁠, ⁠Lomax Ward⁠ of ⁠Outsized Ventures⁠⁠⁠, and this week’s special guest Robin Haak break down the real stories behind the headlines shaping European tech and venture.Robin joins us as the founder of Robin Capital, an early employee at SmartRecruiters, angel in 100+ companies, including eight unicorns, and one of the most active emerging GPs in Europe. He brings deep operator insight, especially into the German ecosystem, politics, and economy, which this episode leans heavily into.We cover everything from UK policy signals to German recession warnings, AI dominance to Europe’s bureaucratic drag, the rise of solo GPs, and why the next decade of tech will be won or lost on energy availability more than anything else.What’s covered:04:00 EU wants to restrict social media for minorsThe team debates the proposals to ban or limit social media for children under 16, the mental health case, and the tension between safety and overreach.06:00 Surveillance creep & messaging regulationRobin explains concerning drafts that would’ve allowed governments to read private messages. The group breaks down the slippery slope of “protect the children” legislation.10:00 UK Budget: surprisingly startup-friendlyDan and Lomax unpack EMI reforms, EIS/VCT clarity, and why the market reacted calmly. Signals of a more innovation-forward UK emerge.12:45 Lovable.ai’s VAT scandal & Europe’s compliance mazeA Swedish engineer’s viral post on LinkedIn sparks a discussion on Europe’s inconsistent VAT rules, compliance complexity, and whether hypergrowth and European regulation can co-exist.17:00 N26’s long struggle with German regulatorsRobin, an early angel, offers an insider's view on the fintech’s challenges—BaFin restrictions, governance issues, and the counterfactual: “Would N26 be worth €20B if it were French?”20:00 Germany’s big macro problem: stagnation + overloadA brutally honest breakdown of the German economy: energy scarcity, migration overload, rising welfare costs, labor shortages, and political paralysis.28:00 Education, welfare, pensions & the cost structure crisisRobin explains why Germany’s systems are buckling: the collapse of PISA scores, overloaded municipalities, and an economic model no longer supported by productivity.33:00 Nuclear shutdowns & Europe’s AI energy deficitWhy Germany shut down its safest reactors, how it backfired, and why France and the Nordics will become the new AI infrastructure hubs.40:00 Startup ecosystem: the good, the bad, the bureaucraticFrom Munich’s deep tech boom to notary nightmares, ESOP fixes, GmbH limitations, and how founders are learning to hack the system.55:00 The rise of Solo GPsThe team discusses the American roots, European trajectory, operator funds, fund-of-funds appetite, and why founders increasingly prefer solo GPs.01:00:00 AI CornerOpenAI’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. Dec 01, 2025 01:13:07 #### E659 | Max Kufner, Again & Jan Miczaika, HV Capital: Turning CO₂ into Chemicals and Building Europe’s Deep-Tech Playbook Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.This week, Andreas Munk Holm is joined by Max Kufner, Co-Founder and CEO of again, and Jan Miczaika, Partner at HV Capital.again is one of those rare European deep-tech stories that blends academic brilliance, industrial execution, and venture pace. Born out of DTU, with roots at Stanford and MIT, again uses gas-eating microbes to turn CO₂ emissions into valuable chemicals and materials. In plain English: they take carbon that’s already in the air (not the ground) and repurpose it into things we use every day, from plastics to fertilizers.Backed by HV Capital, GV, and a handful of top European and US investors, again is on a mission to decouple industrial growth from fossil carbon. But the conversation goes far beyond climate tech.Max and Jan unpack what it takes to build deep tech at venture speed, the reality of talent scarcity in Europe, the cultural differences between US and EU deep-tech ecosystems, and how to navigate board dynamics, milestone-based investing, and the journey to a Series B in a capital-intensive world.Whether you’re a founder, investor, or LP curious about deep tech’s reindustrialisation wave — this one’s for you.Here what’s covered:01:24 | again in one line — gas-eating microbes → chemicals (no oil out of the ground)02:53 | Why HV Capital backed again — climate upside and a chance to redefine European chemicals04:31 | Investor → founder pendulum — why Max went from Atlantic Labs partner back to operator06:20 | The serial founder advantage (and its hidden trap)10:17 | Building deep tech in Europe — talent constraints, optimism gaps, and moving early to the US15:30 | Multipolarity — global operations, risk appetite, and where to spend your time23:38 | Boardcraft — how to use your board (and avoid being over-managed)28:39 | On-air sparring — asset-heavy vs. platform-heavy business models33:17 | Prepping for Series B — risk, IRR, and the difference between validation and scale36:59 | Milestone-based investing in deep tech — bridges, binaries, and how to keep momentum43:12 | LPs and VCs — why deep tech is high-risk and high-alpha46:08 | Founder lessons — customer co-creation, speed, and building fast with scientists48:06 | Final reflections — Europe’s industrial renewal through deep tech Nov 29, 2025 50:56 #### E658 | Martin Scherrer, Redstone VC: CVC Secondaries Without Burning Bridges Corporate venture capital isn’t just having “a bit of VC on the side.” Done well, it’s a strategic lens on the future. Done badly, it’s a short-lived pet project with a half-life of 3.7 years and a trail of confused founders and annoyed co-investors.In this episode, we sit down with Martin Scherrer, Partner & Head of Managed Funds at Redstone, alongside our own CVC lead Jeppe Høier, to unpack what really happens when corporates leave venture — and how to do it without destroying value or reputation.Redstone runs a dual model: classic VC funds + “VC-as-a-Service” for corporates and family offices. Martin himself has lived three lives:Inside Swiss Re’s CVC (later shut down)As a founder of an insurtech in SwitzerlandNow as VC & fund manager at Redstone across multiple corporate mandates.🎧 Here’s what’s covered:01:37 Why Martin? Why now? — Jeppe on Redstone’s VC-as-a-service role, his history with them, and why Martin is the go-to voice on CVC secondaries.02:50 Redstone in both worlds — Martin explains Redstone as a VC + CVC-as-a-service platform with deep corporate, VC, and founder roots.06:12 Portfolio thinking 101 — Why corporates underestimate startup investing, ignore the J-curve, and must commit to true portfolio construction + financial KPIs.09:37 Runoff vs. selling the bag — Score case: options to sell the whole portfolio at a 50–80% NAV discount vs. patient value-maximising runoff.13:54 Spin-outs & resilience — How CVCs can evolve into mixed-LP or fully independent VC funds (Swisscom Ventures, Berliner Volksbank → Redstone Fintech III).18:27 Follow-ons in “shutdown mode” — Why corporates sometimes should still fund follow-ons in runoff to unlock new investors and protect upside.20:25 Designing the partnership — Governance, IC design, reporting (e.g. IFRS 9), and performance-based structures that align Redstone and corporates.31:41 Managing vs. buying portfolios — How Redstone runs CVC runoff as an external manager with fees + carry, versus secondary buyers who acquire the assets outright.44:02 How to avoid a wind-down — The “gold standard”: bring in third-party LPs, avoid annual-budget setups, ringfence capital in a dedicated entity, and keep exec sponsors close. Nov 28, 2025 42:08 #### E657 | Jan Lozek, Future Energy Ventures (FEV): From Corporate Carve-Out to Climate Capital Welcome back to another EUVC Podcast, where we explore the lessons, frameworks, and insights shaping Europe’s venture ecosystem.Today, Andreas Munk Holm sits down with Jan Lozek, Co-Founder and Managing Director and Founder of Future Energy Ventures (FEV), the Berlin-based climate-tech investor born from the carve-out of E.ON’s corporate venture arm.With a 50-company track record and a new €235M fund, Jan shares what it takes to spin out from a corporate, how to invest across the energy transition with venture discipline, and why Europe’s renewable leadership is creating both opportunity and complexity.🎧 Here’s what’s covered01:41 Jan’s personal journey from Berlin’s early tech scene to shaping E.ON’s venture arm.04:02 The moment FEV’s carve-out became inevitable and how independence was structured.09:33 Inside the two-fund model: managing E.ON’s legacy portfolio while launching a new EU fund.11:27 FEV’s thesis: software-first, Series A–B investments driving the energy transition.13:33 Grid intelligence - trading flexibility, AI for grid balance, and the battery boom.16:35 The economics of renewables: why decarbonization now pays for itself.21:11 Data centers and AI’s energy demand - the US urgency vs. Europe’s slow policy gears.24:16 Electrifying cities - EV fleets, industrial decarbonization, and heat-pump adoption.33:24 How FEV supports founders through market turbulence, pivots, and bridge rounds.46:32 Scaling to billions: fund growth, LP lessons, and advice to Europe’s climate founders. Nov 27, 2025 46:37 #### E656 | This Week in European Tech with Dan, Mads & Lomax Welcome back to another episode of Upside at the EUVC Podcast, where ⁠Dan Bowyer⁠,⁠ Mads Jensen⁠ of ⁠SuperSeed⁠, ⁠Lomax Ward⁠ of ⁠Outsized Ventures⁠⁠⁠ dissect the stories reshaping European venture, from Helsinki’s Slush takeover to China’s rising leverage, TPU vs GPU battles, the UK’s AI money wave, and why immigrants found half the unicorns in the Western world.This week’s episode ranges from Germany’s €35B space ambitions to Meta’s TPU dealmaking, from cookie law rollbacks to Lithuania’s secondhand unicorn, all culminating in one conclusion: Europe’s window for action is open, but narrowing.🎧 Here’s what’s covered00:26 Slush recap: from Nokia’s fall to Europe’s most founder-first event.05:11 Web Summit vs Slush: why nonprofit incentives matter.07:52 Germany’s €35B space strategy: defense, procurement & sovereignty.10:21 The immigrant founder effect: 50–90% of unicorns built by newcomers.13:12 The political backlash: skilled vs low-skilled migration confusion.17:22 Defense stocks boom: tanks, night vision, gearboxes — and 200%+ gains.20:51 Vinted’s €8B secondary: Lithuania’s marketplace becomes half the ecosystem.22:58 Cookie banners may finally die: EU proposes a digital omnibus rollback.25:07 UK’s AI investment wave: growth zones, sovereign AI, drug discovery.31:20 China’s new posture: rare earth leverage, Belarus factories & new red lines.35:41 Europe’s multipolar dilemma: squeezed between the US and China.40:14 AI Corner: 70% of AI startups now using Chinese open source models.42:00 Google’s TPU moment: Gemini 3 beats frontier models across 19/20 benchmarks.43:20 Meta & Anthropic commit to TPUs — a major shift in compute economics.44:20 Nvidia’s blowout quarter: $57B Q3, 75% margins, sold out through 2026.46:15 Deals of the Week: Voice (Germany) raises $50M; nursing workflows go AI. Nov 24, 2025 47:26 #### E655 | Dave Bailey, FounderCoach.com: From Founder to Coach - Competence, Curiosity & Scaling European Tech Welcome back to the EUVC Podcast — and today, a special Venture Beyond edition.Joining Mike Reiner of 432 Legacy and Andreas is Dave Bailey — one of Europe’s most in-demand founder coaches, the brain behind FounderCoach.com, and a voice shaping how CEOs grow into their role.Dave’s journey has been anything but linear: from co-founding startups like Delivery Hero, to a stint in venture capital, to now coaching Europe’s most ambitious CEOs. Along the way, he’s built a results-driven coaching methodology that balances competence, curiosity, and conviction.If you’re a founder, VC, or operator wrestling with scaling leadership, navigating founder psychology, or turning board meetings into actual strategic levers — this episode is for you.Here’s what’s covered:01:10 | From Delivery Hero to VC to founder coach: Dave’s unorthodox path05:00 | Why competence always comes before confidence09:15 | The five pillars of Dave’s coaching methodology13:40 | Founder Mode: planning and executing with quarterly rhythm18:25 | Why visual clarity often beats verbal reflection22:10 | The hidden link between trauma, ego, and founder drive27:45 | Product launches as a culture-shaping mechanism32:30 | How to transform board meetings into true strategic accelerators38:50 | The founder’s mindset: obsessive curiosity + conviction Nov 21, 2025 01:00:13 #### E654 | Adrian Locher, Merantix Capital: AI Studios & the Future of Venture Building Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.Today, we’re joined by Adrian Locher, co-founder and GP at Merantix Capital, the Berlin-based AI venture capital firm and venture studio that’s just planted its flag in London. Known for building and investing in AI-first companies from the ground up, Mirantix operates at the intersection of venture creation, community, and applied AI consulting — a model Adrian argues is especially well-suited to the AI age.In this conversation, we dive into the reality of the studio model, what makes it work (and not), and why Adrian believes validation with paying customers before a single line of code is written is the ultimate early-stage filter.🎧 Here's what's covered:02:00 | Why Merantix Capital Chose Berlin Over Silicon Valley — and Why London’s Next05:00 | The Three Pillars: Studio, Community, and Consulting08:00 | Deep Tech vs Wrapper AI — Going Beyond the Hype11:00 | Why Many Venture Studios Fail — and Where Merantix Capital Adds Value16:30 | PowerPoint to Paying Customers — The Validation-First Approach20:00 | Why AI Makes the Studio Model More Relevant Than Ever30:00 | Regulating AI — Why Europe Should Target Applications, Not Tech36:00 | Europe’s Edge in Healthcare, Manufacturing, and Finance44:00 | The Future of Venture Studios — Where They’ll Win by 203049:00 | Betting on Neurotech — Frontier Opportunity or Too Soon? Nov 20, 2025 50:18 #### E653 | Elisabeth Schrey, Deep Tech & Climate Fonds (DTCF): DeepTech & Climate Fonds A billion-euro bet on Europe’s most uncertain frontiers: climate, deep tech, and industrial transformation. Can government-backed funds catalyze global champions—or do they risk crowding out private capital?Dr. Elisabeth Schrey leads the Deep Tech & Climate Fonds (DTCF), a €1B investment vehicle co-financed by Germany’s Future Fund and ERP Special Fund. From Munich to Berlin to Brussels, she’s navigating the hardest question in European venture: how to deploy government capital without distorting markets.Together, we explore how DTCF is shaping Europe’s growth-stage landscape, what it takes to invest in policy-fragile verticals like hydrogen and climate tech, and why Europe’s future industrial champions may depend on funds like this.Here’s what’s covered:01:47 Why Elisabeth Took the Helm at DTCF (and What Gap It Fills)03:32 The Co-Investment Model: Benefits, Limits, and Founder Experience05:38 Crowding Out or Catalyzing? Steelmanning the Public Capital Debate07:21 When DTCF Steps Aside—and When It Competes for Deals09:54 Walking the Tightrope: Returns, Ecosystem Support, and Incentives14:36 Thinking Ahead: Could DTCF’s Next Fund Be Purely Financial?15:42 The Scale Up Europe Fund vs. DTCF: Complement or Competition?17:18 Investing in Policy-Fragile Sectors Without Betting on Subsidies20:38 Defining “Readiness to Scale” in Uncertain Markets22:28 Avoiding the Subsidy Trap: Building Models That Work Without Support25:03 Climate & Hydrogen: Placing Bets Before the Hype27:36 Tech Waiting for the Market vs. Market Waiting for Tech29:06 Expanding the Portfolio: Semiconductors, Robotics, Cybersecurity31:27 Munich vs. Berlin: Why Munich Has Emerged as a Hardware Hub32:53 Corporates in Venture: Buffer, Booster, or Bottleneck?34:38 What Founders Need: Senior Hires & Serious Cashflow Models36:04 What Investors Get: Policy Links, Due Diligence, Deep Tech Edge38:22 Advice for Emerging VCs & Policymakers: Where the Next Gap Lies Nov 19, 2025 42:12 #### E652 | Lea Strumberger, KfW Capital: How one of Europe’s Largest Public LP Thinks About Opportunity Funds Welcome back to another episode of the EUVC Podcast, where we bring together Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.Today we dive into one of the most under-discussed — yet increasingly important — topics in European venture: Opportunity Funds.Joining Andreas Munk Holm is Lea Strumberger, Senior Investment Manager at KfW Capital, one of Europe’s largest and most mission-driven LPs. KfW Capital co-operates several modules of Germany’s €10B Future Fund (Zukunftsfonds) and deploys into VC funds to strengthen Europe’s late-stage capital base.Within that framework, KfW Capital has launched an Opportunity Fund facility to back managers deploying Series B+ capital — often into their own breakouts — with a structure and governance playbook that preserves alignment and avoids “continuation-vehicle rescue” dynamics. Public examples of European Opportunity strategies include Notion Capital’s Opportunities funds, built alongside its core franchise.Here’s what’s covered00:17 — Mandate & why Series B+: Europe needs domestic late-stage capital04:39 — Two OF archetypes: inside-only vs blended08:15 — How KfW diligences emergent managers launching OFs13:19 — Why a third-party lead (≥25%) matters18:53 — Terms that matter: fees, carry, GP commit, duration25:30 — GP commit reality for second-timers33:19 — Governance: allocation policy, LPAC, down-rounds36:10 — Hurdle rates: 6–8% standard, not the battleground37:55 — Market pulse: ~10 OFs/year cross KfW’s desk Nov 18, 2025 39:27 #### E651 | This Week in European Tech: Exit Taxes, AI Reality Checks & The New Tech Sovereignty Race Welcome back to another episode of Upside at the EUVC Podcast, where ⁠Dan Bowyer, ⁠Mads Jensen of ⁠SuperSeed⁠, and ⁠Lomax Ward of ⁠Outsized Ventures⁠ unpack the headlines reshaping European venture.This week, the trio dives into the UK’s blink-and-you-miss-it exit tax, China’s rising open-source AI threat, hyperscaler accounting drama courtesy of Michael Burry, Europe’s supply-chain vulnerabilities — and why kill switches might soon matter as much as CapEx.Here's what's covered:08:42 The enterprise AI “nothingburger”: why progress is slower than adoption claims.10:31 Nexperia: Europe’s dependence on Chinese chip packaging exposed.11:55 The four–six week fragility window in Europe’s automotive supply chain.13:47 EU formalises 5G vendor bans — the €3B Huawei/ZTE rip-out begins.17:12 Dan vs. Alex Karp: “word salad” or visionary govtech architect?20:34 Palantir’s privacy architecture: why governments keep choosing them.23:28 Markets wobble: Nvidia leads the downturn; Apple stands alone.28:14 Hyperscalers’ depreciation trick: why Michael Burry calls fiction.35:12 Anthropic cyber incident: Claude “jailbroken” via social engineering.38:27 Chinese kill switches in European buses — and what comes next. Nov 17, 2025 53:10 #### E650 | Patrick Odier (Lombard Odier & Building Bridges) & Enrique, Chi Impact Capital: Three systemic plays to underwrite now Welcome back to the EUVC Podcast, where we explore the frameworks moving European venture, finance, and policy.Two weeks after Building Bridges 2025 in Geneva, Andreas Munk Holm and Enrique, Chi Impact Capital sit down with Patrick Odier — Chairman of the Supervisory Board of Lombard Odier and Chair of Building Bridges — to get practical on financing systemic transition. Odier argues for a shift from “risk and exclusion” to opportunity and system redesign, spotlighting circularity, materials, and real-economy partnerships as core alpha.🎧 Here’s what’s covered03:15 Why circularity = business — Input/output efficiency, risk (physical, legal, reputational), and investment edge across the real economy.04:50 Three big transition arenas — (1) Energy & electrification; (2) Nature & land-use systems; (3) Materials (extraction, use, re-use) as a vast investment universe.06:48 Odier’s journey — From 1990s exclusions → best-in-class → transition of business models with macro “planetary limits” as the north star.11:57 Tools & targets — From COP21 to portfolio methodologies (e.g., temperature alignment) to favor transition leaders.14:35 Sector stance — No blanket bans: even “hard-to-abate” sectors can be alpha if they’re truly transitioning.17:40 Asset classes — Why private assets (esp. venture & growth/PE) are pivotal to de-risk early tech and unlock later capital at scale.22:37 Impact vs. returns — Not either/or: aim for a risk–impact–performance triangle; measurement comparability is the current frontier.25:32 Where to invest now — Energy systems, regenerative ag & food waste, materials (plastics, cement, steel, aluminum), reuse/refill/repair models, and recycling infrastructure.29:21 Plastics deep-dive — Industrial partnerships, sorting, advanced recycling, refill/repair, and why “ending waste” is an investable value chain.31:20 Geopolitics & headwinds — Non-linear transition, policy swings, but market forces (cheaper renewables, storage, infra) keep compounding.38:06 Bottom-up pull — Next-gen leaders (e.g., IMD students) already demand sustainable models; culture is catching up with capital.39:57 Alliance models — Working with producers (e.g., Alliance to End Plastic Waste) to validate feasibility and scale innovations.42:17 Policy matters — Targeted regulation beats volume of rules; e.g., virgin-plastic taxes rising push manufacturers to redesign. Nov 13, 2025 47:34 #### E649 | Mariette Roesink, Curie Capital: Backing Life Sciences, Unicorns & Zero Bankruptcies Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.This week, Andreas Munk Holm is joined by Mariette Roesink, Co‑Founder of Curie Capital. Named after Marie Curie, the fund backs breakthrough life science technologies with a mission to both deliver outsized returns and transform patient outcomes.Mariette and her co-founder Han de Groot have already been part of two unicorn exits, raised €200M across their portfolio in a single year, and — most strikingly — can point to zero bankruptcies across 25 investments. As family office-backed GPs, they also invest significant personal capital alongside LPs.They dive into Curie’s approach, the unique dynamics of European biotech, why Western Europe is a life science powerhouse, and how to make life science VC anything but “binary.”Whether you’re an LP curious about the sector, a GP sharpening your pitch, or a founder in healthtech — this conversation is packed with insights.Here’s what’s covered:01:00 | Why Curie Capital is named after Marie Curie03:00 | High financial returns + patient impact: the dual promise of biotech05:00 | Why GPs investing their own family money matters07:00 | Raising €200M in “harsh” markets — portfolio highlights09:30 | The billion-dollar impact story of Acerta Pharma12:00 | Building specialist networks & engaging strategics early14:00 | TargED Biotherapeutics: developing a breakthrough stroke therapy17:00 | Zero bankruptcies — besides capital Curie helps theyoung ventures with their network to support raising next roundsand partnering20:00 | The Curie Capital team — science, business, and hands-on support21:30 | Why Western Europe is a life sciences powerhouse23:30 | The 6.1x valuation gap between EU & US early-stage biotech25:00 | The truth about life science holding periods & exits27:00 | Educating LPs: why life science VC isn’t as binary as many think Nov 11, 2025 26:45 #### E648 | This Week in European Tech: The Baltics, Bureaucracy & Building Boldly Welcome back to another episode of Upside at the EUVC Podcast, where ⁠Dan Bowyer⁠,⁠ Mads Jensen⁠ of ⁠SuperSeed⁠, ⁠Lomax Ward⁠ of ⁠Outsized Ventures⁠⁠, and this week’s guest Jone Vaituleviciute, Managing Partner at ⁠Firstpick⁠ VC, unpack the forces shaping venture across Europe and the Baltics.This week’s conversation bridges Lithuania’s booming early-stage scene and Europe’s macro tensions — from defense investments and bootstrapping culture to Matt Clifford’s call for “permissionless growth,” the rise of quant capital, and how Europe’s AI reality is evolving fast.🎧 Here’s what’s covered00:31 From Startup Wise Guys to Firstpick: why Jone spun out to back Baltic founders even earlier.04:22 “It will never get cheaper than pre-seed”: on starting at the first line of code.05:47 The Baltic edge: distribution over product perfection and why bootstrapping still wins.11:22 €300 M defense deal: Rheinmetall’s Lithuanian factory and why incentives trump fear.16:23 Matt Clifford’s speech: 17 years of UK stagnation and a call for permissionless growth.25:04 The politics of productivity — shock therapy vs. bureaucracy fatigue.33:18 Quant trading boom: XTX’s 25 k GPUs vs. Germany’s 10 k, and where talent flows.40:19 AI corner: Calm model, Nebius cloud, and Europe’s token factory moment.52:36 Circular financing or just capital cycles? The debate behind AI mega deals.55:45 Deals of the week: Nexus AI’s $8 M raise and Poolside’s $2 B round. Nov 10, 2025 01:00:48 #### E647 | Kristaps Ronis, ION Pacific: The Rise of Structured Secondaries in Venture Welcome back to the EUVC Podcast — where we go deep with the people shaping European venture.Today, David sits down with Kristaps Ronis, Partner at ION Pacific, a global secondaries investor (HQ in LA, presence in Europe & Asia) focused on Series B+ tech and a specialty that’s getting hotter by the month: structured secondaries.Kristaps runs ION Pacific’s European practice and has been with the firm since inception (2015). In this episode, he unpacks why DPI is king, why traditional “sell-the-shares” secondaries often fall short, and how structured deals can deliver liquidity without selling or signaling — all while preserving control and upside for GPs.Whether you’re a GP under LP pressure, an LP looking for distributions, or a founder trying to understand what’s happening around your cap table, this one’s for you.Here’s what’s covered:00:55 – Who is ION Pacific? Global secondaries focused on B/C/D with a European practice led by Kristaps.02:36 – What they do: Liquidity for venture via structured & traditional secondaries.04:01 – Kristaps’ path: Latvia → Peking University → Hong Kong banking → co-founding ION Pacific.06:05 – What are structured secondaries (in one line).07:35 – Three big learnings in venture: lack of financial innovation, complex cap tables = silent killer, DPI is king.10:48 – Early vs. later stage instruments — why complexity hits hard post-Series B.17:16 – Why secondaries now (esp. in Europe): DPI pressure, awareness, more dedicated players.21:09 – Continuation vehicles in Europe: “2025 is the year of the EU CV.”23:31 – Where structured deals fit: liquidity without selling, pricing gaps, zero market signaling.26:20 – “What’s the catch?” Educating LPs on partial upfront + future upside.28:05 – Advice for GPs & LPs: how to open the liquidity conversation.29:53 – Solving the bid–ask spread: structure beats headline discounts.31:27 – Co-investing: where others join (and where they don’t).32:26 – The market gap: too big for small PE secondaries, too small for mega funds — ION’s sweet spot.35:55 – Timing: don’t start in year 11 of a 10+2 fund; think 6–9 months ahead.36:58 – Seller mistakes: timing, portfolio prep, governance blockers, LP comms.40:23 – Good news for emerging managers: relationships can reopen info rights.43:37 – Kristaps’ bookshelf: The One Thing, Getting to Neutral, Buy Back Your Time.45:23 – How to reach Kristaps: LinkedIn + email; open to being a sounding board. Nov 06, 2025 45:06 #### E646 | Alper, Agave Games & Enis Hulli, e2vc: Pivoting Models & Building Global Gaming Success from Turkey Welcome back to another EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.Today we dive into the world of gaming with Alper Oner, Co-founder of Agave Games, and Enis Hulli, General Partner at e2vc. Agave has taken the gaming world by storm with its hit “Find the Cat” — a quirky hidden-object game that has become a global revenue driver, generating hundreds of thousands of dollars in daily revenue. But this wasn’t a straight line: Agave started as a publisher, pivoted into building games in-house, and is now raising big rounds to expand with its new hit “What the Hex.”Agave has taken the gaming world by storm with its hit “Find the Cat” — a quirky hidden-object game that climbed global charts, hitting tens of thousands of dollars in daily revenue and inspiring a wave of imitators. But the road here was far from linear: Agave began as a publisher, pivoted to a studio model, and has since raised an $18M Series A led by Baldur’s Gate Capital, Felicis, and e2vc to fuel its next big title — “What the Hex.”Together, Enis and Alper unpack how to back founders over ideas, pivot at the right time, and scale when metrics explode — all while explaining why Turkey has quietly become Europe’s mobile gaming superpower.🎧 Here’s what’s covered:00:10 Introduction: Andreas sets the stage with Alper (Agave) & Enis (E2VC), and why Turkey is Europe’s gaming powerhouse.05:00 Origins: Alper’s pivot from San Francisco data science to mobile gaming, founding Agave with high school friends.10:00 Publisher Model Pivot: Why Agave started as a publisher, why the space saturated, and how they decided to build games in-house.15:00 Betting on Founders: Enis on why pivots are inevitable, and why VCs back founders over ideas.20:00 Turkey’s Gaming Wave: From Peak Games to 80+ new studios, how the ecosystem multiplies talent and capital.25:00 Cracking the Code: How “Find the Cat” scaled from intuition to top charts, with ROAS and retention metrics off the charts.30:00 The Cat Effect: Why cats trend globally, the copycats that followed, and why Agave resists “reskinning.”35:00 What the Hex: Agave’s next title in the booming sorting genre, its differentiating mechanics, and early fan addiction stories.40:00 Raising $18M: How Agave closed its Series A with Baldur’s Gate Capital, Felicis, and E2VC, and why they chose speed over maximum valuation.45:00 Lessons Learned: Alper on vision-setting before execution, Enis on prorata strategy, and why gaming is Pixar, not SaaS.50:00 Future of Gaming: Will the industry move towards blockbusters or niches, and why agility across multiple titles is now key. Nov 05, 2025 49:16 #### E645 | Seb Agertoft, Evolution & Mike Reiner, 432 Legacy: Venture beyond: Trauma vs Purpose Welcome back to the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.Today we zoom in on the inner game with Seb Agertoft, former product leader turned executive coach and Partner at Evolution, a collective of ~80 coaching and leadership-development partners across the US and Europe. Seb works primarily with VC-backed founders, co-founding teams, and leadership teams. Joining me is Mike Reiner (432 Legacy), who’s helping us bring more conversations like this to light. We dig into what real coaching is (and isn’t), how product experience helps without turning coaching into advice, why founders need the right kind of stubbornness, and how slowing down actually improves performance.🎧 Here’s what’s covered:01:30 From product career to coaching founders02:10 Why Seb: product depth + coaching depth; what we’ll explore with Mike.02:46 Seb’s path: eBay → GoCardless → Pelago Health → full-time coaching; joining Evolution’s partner collective.04:13 Switching from product to coaching: motivated by people, team-building, and reducing avoidable waste in tech.06:46 Personal thread: yoga training, teaching meditation, and blending “human development” with tech.07:46 What coaching is (and isn’t): non-directive, developmental; the “I/We/It” frame; support vs. challenge.10:50 Using product experience without slipping into advice; building trust to go deep and tactical.17:26 Mike on the investor’s role: supporting the person, not just the metrics; presence, somatics, and listening.24:39 Alignment & diligence: picking founders for the journey they actually want (and can) live.25:54 Slow down to speed up: cadence, space, and performance (not “softness”).28:12 Trauma can drive—and derail; purpose/servitude as a more sustainable fuel.33:58 “Double goals”: it’s okay to build for self and service; lessen attachment to outcomes.40:20 The “right kind” of stubborn: high conviction and curiosity; avoid playbook worship.43:40 Balancing conviction and openness: an anecdote on resisting “quick money” detours.47:58 Demystifying “spirituality”: meaning-making, connection, and time-tested practices. Nov 04, 2025 51:59 #### E644 | This Week in European Tech with Dan, Mads, Lomax & Andrew – AI Moratoriums, Market Cooldowns & the Politics of Progress Welcome back to another episode of Upside at the EUVC Podcast, where⁠Dan Bowyer⁠,⁠Mads Jensen⁠ of⁠SuperSeed⁠,⁠Lomax Ward⁠ of ⁠Outsized Ventures⁠ and ⁠Andrew J Scott⁠of⁠7percent Ventures⁠, and Lomax unpack the forces shaping European venture capital.This week’s conversation spans the spectrum, from AI moratoriums and political overreach to funding freezes, LP pullbacks, and the question of whether Europe still dares to dream big.The crew digs into whether regulation is protecting society or suffocating innovation, the chilling effect of capital retreat, and how optimism can be rebuilt amid macro fatigue.🎧 Here’s what’s covered00:41 – The “AI Pause” Debate — Can governments ever pause technology? Why moratoriums sound moral but stall momentum.05:25 – Europe’s Fear Reflex — The rise of “safety-first” politics and how overregulation is quietly killing risk appetite.09:57 – LP Freeze Frame — Europe’s institutional capital dries up as funds extend cycles — why secondaries and NAV loans are back in fashion.13:36 – The Optimism Deficit — How founders are stuck between doomist media and cautious investors, and why conviction is now a superpower.17:59 – Policy Paralysis — The mismatch between innovation speed and Brussels process — can Europe’s bureaucracy ever run at startup pace?22:44 – The Deep Tech Divergence — Climate tech, quantum, and AI hardware get hot — but early checks are scarcer than ever.27:32 – Founders as Statesmen — Why European founders must now act as ambassadors for progress — defending the right to build.32:18 – The Politics of Optimism — Why Europe’s next unicorns will be built by those who ignore the headlines and build through doubt.37:20 – AI Regulation & Reality — The EU AI Act’s new interpretive layer — compliance theater vs. competitive advantage.42:48 – The Great European Reset — Why this downturn might finally force quality, discipline, and depth into the ecosystem. Nov 03, 2025 48:48 #### E643 | Sebastian Peck, KOMPAS VC: Europe’s Industrial Tech Moment: Decarbonisation, AI & the Risk Appetite Gap This week on the EUVC Podcast, Andreas Munk Holm sits down with Sebastian Peck, Partner at KOMPAS VC, Europe’s leading specialist in industrial tech and the decarbonisation of manufacturing and the built world.KOMPAS VC is an early- and growth-stage venture capital firm backed by leading corporates, focused on transforming how the world builds, moves, and powers itself. With offices in London, Amsterdam, and Copenhagen, KOMPAS partners with startups and industrial leaders driving efficiency, automation, and decarbonisation across sectors like manufacturing, construction, energy, and mobility.With the firm gearing up for major announcements, Sebastian unpacks why industrial tech is finally having its moment in European VC — and why resilience, regulation, and risk appetite will determine whether Europe leads or lags.Here’s what’s covered:00:20 Defining Industrial Tech - Decarbonisation, productivity, and resilience: the three pillars driving transformation in Europe’s industrial base.03:30 The Energy Debate: Transition vs pragmatism, nuclear’s comeback, and Europe vs US vs China09:14 Fragmented Corporate Commitments: Nordics doubling down, US ambivalence, China scaling renewables fast11:21 AI in Industrial Tech: From power-hungry models to agentic AI: where real productivity gains are emerging and what’s still hype.16:02 Robotics: Hype vs. reality: Why humanoid robots won’t take over factories (yet) — and where automation truly moves the needle.21:57 Adoption Hurdles: Why industrial tech moves slower than SaaS, and how smart VCs help bridge the gap between pilots and production.24:37 AI & Jobs: Creative destruction or just destruction? How Europe, the US, and China are charting radically different paths.33:18 Regulation: Europe’s protective instinct: how the EU’s AI Act balances innovation with oversight - for better and for worse.40:27 Startups × Corporates: Why pilots fail, and how KOMPAS VC brokers real commercial traction44:48 KOMPAS VC Fund II: New bets, Makersite’s standout Series B, and how the firm is deepening its industrial tech thesis.45:54 Specialist vs Generalist VCs: Why Europe needs deep domain VCs working alongside generalist syndicates to build lasting industry platforms.48:52 Magic Wand Policy: Pension capital reform and risk appetite as Europe’s bottlenecks51:09 It’s Not Founders, it’s the Ecosystem: Employees, customers, regulators, and LPs — everyone needs to lean in if Europe is to lead. Oct 30, 2025 49:41 #### E642 | Lucanus Polagnoli & Stephanie Urbanski, Calm/ Storm: Digital Health, Not Hype - Building, Backing & Staying Calm Through the Cycle Welcome back to the EUVC Podcast, where we bring you the people and perspectives shaping European venture.Today we’re joined by Lucanus Polagnoli (Founding Partner & CEO) and Stephanie Urbanski (Managing Director) of Calm/Storm — a specialist early-stage fund backing software-only digital health across Europe. Fresh off the close of Fund II, we dive into how they’ve evolved from a solo-GP experiment into a community-powered platform, why they keep the scope digital-only, and how they navigate regulation, AI and the post-COVID reality without losing the plot.🎯 This Episode’s ThemesSame, same — but sharper: Fund II doubles down on pre-seed/seed, software-only digital health, with bigger checks and higher ownership.Community as a product: 60+ “supporting partners” and 110+ LPs powering 100+ co-invests — founder-to-founder help on demand.Specialist by design: Why digital health (no molecules, no hardware) lets a small fund move fast and add tangible value.Regulation ≠ roadblock: In health, approvals can protect moats — if you have the patience and the cash plan.AI without the buzzwords: Companion to clinicians, not a replacement; curated, longitudinal data beats generic LLM advice.Europe’s moment (still): Later-stage money does show up now; e-prescriptions and rails are here; US health is just as complex.Logo gravity matters: Follow-on quality (Sequoia, Balderton, Creandum et al.) is the strongest portfolio predictor.⏱️ Here’s what’s covered00:24 | Names & origins - how to say “Polagnoli” (and why words matter)01:24 | Fund II - same stage/sector/geo; larger tickets (€400–500k initial), higher ownership, co-lead when conviction is high03:30 | Supporting partners - 60+ founder-operators + LPs as an on-call help network05:45 | Why Calm/Storm - the gap they saw in 2019; launching Feb 5, 2020, right before the pandemic wave08:52 | Post-COVID reality - rails stayed (e-scripts, digital flows), tourists left; real followers now fund B/C rounds in Europe11:08 | Longevity & prevention - out-of-pocket willingness, AI unlocking insights from dormant data13:21 | Team split - Stefanie’s operator engine + community execution; Lucanus on strategy and navigation16:10 | Why digital-only - software speed, small teams, low capex; pass on molecules/hardware for fund construction reasons22:45 | Regulation as moat - ThinkSono’s 8-year climb on DVT ultrasound automation; Europe vs. US complexity myths26:44 | AI in health - pattern recognition, prep and triage; risks of generic LLMs for personal diagnosis31:10 | Adoption & incentives - public vs. private delivery, prevention economics, and Europe’s risk-capital bottleneck36:26 | Where AI wins first - curated data, longitudinal monitoring, workflow copilots; the missing top-10 health app42:58 | Community receipts - burnout averted, board-level engagements, LPs turning co-investors45:27 | Portfolio & follow-ons - Nelly, Lindus, 9am Health; why “who picks you up” predicts outcomes48:56 | Exit math & fund design - earlier liquidity via M&A/secondaries; co-lead over “winner-takes-all”; stay early-stage by choice Oct 28, 2025 49:47 #### E641 | This Week in European Tech with Dan, Mads, Lomax & Andrew – AI, Robots & Regulation Welcome to a new episode of the EUVC Podcast, where our good friends Dan Bowyer, Mads Jensen, Lomax Ward, and Andrew Beebe (Managing Director at Obvious Ventures) dig into the headlines shaping Europe’s venture, policy, and tech future.This week, the crew dives deep into automation and AI’s real-world impact:Amazon’s plans to replace half a million jobs with robots, the question of whether AI can truly spark a new industrial revolution in Europe, the UK’s new AI sandbox experiment, and an update on the long-awaited 28th Regime—the EU’s bid for a unified startup entity.They also unpack China’s automation surge, Europe’s productivity crisis, and whether policy and politics are keeping pace with the technology curve.🎧 Here’s what’s covered00:24 Amazon’s Robot Push - Replacing 500,000+ jobs with automation — what it means for Europe’s workforce and competitiveness.05:26 Automation & Employment - Europe’s 31M manufacturing workers, Germany’s 80% robotized auto sector, and whether job “shifts” beat displacement.09:37 Productivity & Policy Tension - Can Europe keep up as Asia deploys 70% of new industrial robots? And how do we balance growth with labor protection?16:00 AI’s Second Industrial Revolution - John Thornhill’s “Industrial Revolution 2.0” thesis — does Europe have the institutional capacity to absorb and profit from AI?21:24 Enterprise AI Failure Modes - Why 50–75% of AI implementations flop — and why it’s a skills and structure problem, not a tech one.26:05 White Collar Co-Pilots - AI as enabler, not replacer — from doctors to lawyers — and why the change must happen at human speed.28:00 China’s Lead & Europe’s Complacency - China’s robot factories, biotech dominance, and why European policymakers “don’t feel the fire.”34:15 Politics & Technocracy - Why Europe needs tech-literate leaders before the next wave of disruption turns social.38:00 UK’s AI Sandbox - A new initiative to let startups test AI in the wild — but is it another FCA-style fix or a token gesture?41:30 AI in the NHS - Where regulatory sandboxes could actually work — in diagnostics, admin automation, and cutting waiting lists.48:00 EU’s 28th Regime - A pan-European startup entity proposal — regulation vs. directive, and whether it can fix the admin drag across borders.55:00 The German Bottleneck - How 200+ local laws still choke innovation — and why fixing Germany alone could free €800M+ annually.59:00 Deal of the Week: CoalMine - Plural backs UK brain-computer interface startup CoalMine with a $102M Series A — Europe’s Neuralink moment. Oct 27, 2025 01:00:26 #### E640 | Stephen Chandler, Jessica Bartos & Stephanie Opdam, Notion Capital: Scaling European Growth Companies with Founder Quality & AI Insight Welcome back to another EUVC Podcast, where we explore the lessons, frameworks, and insights shaping Europe’s venture ecosystem.Today’s episode marks a major milestone for Notion Capital - the launch of its new Growth Fund, designed to back Europe’s most ambitious B2B software founders beyond Series B.Today, Andreas Munk Holm sits down with Stephen Chandler, Jessica Bartos, formerly of Salesforce Ventures, and Stephanie Opdam, both key leaders at Notion’s growth fund. They discuss how Notion approaches growth-stage investments, the importance of founder quality, AI trends, enterprise go-to-market excellence, and the global ambitions of European startups.🎧 Here’s what’s covered:00:28 Jessica’s background & lessons from Salesforce Ventures — 15 years in deal-making, AI and enterprise software investments, and applying those lessons to Europe.02:54 Founder quality & endurance — How Notion supports founders over long journeys and ensures they can scale their vision.05:58 AI and incumbents — Insights on how AI is reshaping enterprise software and the competitive landscape, and why product-market fit remains central.07:39 Portfolio vs external opportunities — How Notion benchmarks internal portfolio companies while capturing external growth opportunities.08:53 Diligence at growth stage — Evaluating ARR quality, retention, repeatability, product-market fit, and team execution.13:30 Exit strategy considerations — Planning for IPOs, secondary markets, and liquidity while staying aligned with founders’ long-term vision.15:19 European companies and US markets — Why listing in the US does not make a company “less European” and the importance of global scale.17:17 Fund evolution & multi-stage strategy — Stephanie reflects on moving from venture to growth, leveraging internal ecosystem insights, and building top-performing funds. Oct 24, 2025 50:47 #### E639 | Alexandre Mars, Blisce: From Serial Entrepreneur to Impact VC — Rethinking Freedom, Purpose & Europe’s Tech Future Welcome back to another episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.Today, we’re joined by Alexandre Mars, the French entrepreneur and philanthropist behind Blisce, one of Europe’s pioneering B Corp-certified venture funds. From bootstrapping his first business at 17 to building and selling multiple startups across Europe and the US, Alexander has seen both sides of the entrepreneurial journey — the grind and the freedom.In this conversation, we explore his evolution from founder to impact investor, the trade-offs between wealth and purpose, the challenge of defining “impact” in venture capital, and why Europe’s next tech era will depend on bridging public policy, capital, and purpose.🎧 Here’s What’s Covered:00:19 | Welcome & Origin Story — From a 17-year-old entrepreneur to serial founder and philanthropist02:37 | Freedom Redefined — What “no boss” really means when clients become your new one05:44 | Sacrifice & Grind — Why success without discipline doesn’t exist08:12 | From Founder to Investor — The transition from building to backing11:03 | Birth of Blisce — From family office to impact VC13:32 | Series A to B Sweet Spot — Why Blisce focuses on post-revenue scale-ups15:08 | Returns & Responsibility — Outperforming funds while doing good17:21 | The Problem with Defining Impact — Why dogma kills nuance21:05 | Europe vs. US — Risk, failure, and ambition across cultures25:47 | The Role of Tech in Society — Investing with purpose, not just profit28:19 | Sovereignty & Scale — Europe’s AI and data independence moment31:02 | Policy & Venture — Why investors can’t stay silent in the public debate34:29 | Paris as a Rising Hub — Why France is building something real this time Oct 23, 2025 41:35 #### E638 | Matti Rönkkö, Kiilto Ventures: Family Capital, Industrial Know-How & Sustainable Built World This week, Andreas Munk Holm and Jeppe Høier sit down with Matti Rönkkö, Managing Director of Kiilto Ventures, the venture arm of Finnish family-owned Kiilto.From Rocket Internet to running a corporate-backed, family-owned venture arm, Matti shares how Kiilto Ventures blends family capital, industry know-how, and VC pace to back startups in the sustainable built environment. They dive into portfolio examples, CVC vs VC dynamics, co-investing with generalists, and why superior product performance at price parity is the only path forward in climate and construction tech.🎧 Here’s what’s covered:00:30 – Cold open & setup: why this is a “CVC episode”01:00 – Who is Matti? From Rocket Internet & scale-ups to Kiilto Ventures02:00 – What is Kiilto Ventures: mandate, geography, and ownership model04:56 – CVC, VC, or family office? Matti’s “best-of-all-worlds” answer07:30 – How Kiilto’s mothership helps: labs, chemists, and customer intros10:44 – Rocket Internet lessons: speed, scale, and culture18:12 – The built environment’s big four problems: carbon, circularity, health, inefficiency20:25 – Portfolio snapshots: Recoma, Nobody Engineering, Acembee24:21 – Co-investing & partnerships: specialists + generalists, and when offtakes make sense37:27 – Macro & climate politics: why only price-parity products will win Oct 22, 2025 36:12 #### E637 | Anders Kjær, PSV Hafnium: Building Denmark’s First Deep Tech Fund & the New Nordic Innovation Advantage In this episode, Andreas Munk Holm speaks with Anders Kjær, General Partner at PSV Hafnium, Denmark’s first dedicated deep tech fund. Together, they explore the evolving role of technical founders, the Nordic research-industrial complex, and how early-stage deep tech capital needs to work differently to unlock tomorrow’s transformative companies.Here’s what’s covered:01:30 Why PSV Hafnium Was Built—and the Deep Tech Opportunity in the Nordics04:13 PSV Hafnium as a Symbol of Deep Tech: The Element & the Brand08:24 Turning Research into Portfolio Power: DTU's Role in Diligence & Support10:19 Can a Copenhagen-Based Fund Compete Across the New Nordics?14:26 Nordic Tech Clusters: Are There Regional Strengths or Pure Serendipity?19:43 Bio Solutions, Green Energy & Industrial Legacy: Why Deep Tech Thrives Here21:15 Sciencepreneurs Rising: Shifting Founder Mindsets in Deep Tech24:52 How PSV Hafnium Gauges Entrepreneurial Readiness in Deep Tech Teams27:44 What Generalist VCs Get Right—and Wrong—About Deep Tech30:18 What “European Resilience” Actually Means at the Early Stage36:18 The Common Thread in All Deep Tech Bets (Hint: It’s Not Sector)42:09 Bridge Rounds in Deep Tech: A True Test of Conviction45:53 Rapid Fire: Nordic Bets, Myths to Kill, & Advice to Scientist Founders Oct 21, 2025 45:18 #### E636 | This Week In European Tech with Dan, Mads, Lomax and Ben Prade Welcome to a new episode of the EUVC Podcast, where our good friends Dan Bowyer and Mads Jensen from SuperSeed are joined by Lomax Ward from Outsized Ventures and Ben Prade, investor & operator at Bullhound Capital (the investment arm of GP Bullhound), for an unfiltered look at Europe’s venture reality: fundraising pain, secondaries-as-a-service, AI’s power hunger, China’s “dark factories,” and how Europe unlocks the capital to compete.Ben focuses on deep tech, AI, quantum, and space, and he brings a clear-eyed view on how liquidity, secondaries, and structural headwinds are reshaping the market.🎧 Here’s what’s covered02:35 Fundraising reality: fewer funds, flight to brandsWhy ~25% of new VC money goes to the top 10 brands; what that means for emerging managers; and why DPI is king again.05:26 Sovereign LPs & strings attachedWhen government money shapes mandates: the upside (more capital) and the risk (policy over performance).06:45 Chinks of light: Klarna & liquidityHow high-profile exits (and lock-ups ending) can recycle cash back into European VC.09:37 Goldman buys Industry VenturesWhy a Wall Street giant wants secondary data + wealth distribution — and how that can unclog LP portfolios.13:08 Nobel Prize & growth mechanicsCreative destruction (Aghion–Howitt) meets realpolitik: state de-risking, catch-up industrialization, and China’s “build both infra and innovation” model.21:24 AI’s “everything app” momentOpenAI’s ~30 GW compute plan (> $1T decade CapEx), Google’s ad-cash advantage, and the looming pricing showdown.25:09 Circularity vs. realityVendor-financing analogies in AI, but remember: revenue expectations — not loops — pop bubbles.28:03 Unit economics: AI ≠ SaaSNegative gross margins down the stack; LLMs climbing into apps; why vertical data + UX decide winners.32:02 China’s dark factoriesExecs return “shaken”: robotized plants, BYD’s surge, and how physical AI (motors, batteries, autonomy) changes competitiveness.39:29 Unleashing Europe’s capitalJP Morgan’s $1.5T initiative vs. European pensions stuck in gov bonds; rewiring incentives to fund productive risk.45:00 Deal of the Week: ecoRobotix€90M Series D (Highland Europe, McWin). Precision AI spraying that cuts herbicides/pesticides by up to 95% across 20+ countries. Oct 20, 2025 46:11 #### E635 | EUCVC Summit 2025: Francesco Di Lorenzo, Copenhagen Business School: Nordic CVC Insights Welcome back to the EUCVC Summit Talks, where we spotlight Europe’s corporate venture leaders, founders, and academics shaping the future of venture collaboration.In this episode, Francesco Di Lorenzo, Associate Professor at Copenhagen Business School, takes the stage to share fresh research on the state of corporate venture capital (CVC) in the Nordics. From Sweden to Denmark, Francesco explores how corporates are experimenting with different venturing models, what makes CVC effective, and why Nordic corporates are some of Europe’s most important venture partners.Rather than polished slides, Francesco offers candid reflections from the Summit itself: the open questions corporates face, the trade-offs in structuring CVC units, and why cultural change in the boardroom is key if corporate venturing is to succeed long-term.🎧 Here’s what’s covered00:00 Nordic snapshot — Why the region punches above its weight in tech and CVC.01:00 Tools beyond CVC — Incubators, accelerators, and venture clienting: complementary or conflicting?03:00 The CVC effect — Beyond capital: what corporates bring to the table (and why it matters).05:00 Measuring success — Why CVC units last only 3.7 years on average and the difficulty of proving ROI.07:00 Smart money vs. just money — How engineer exchanges and board participation can be more impactful than capital alone.08:00 Venture clienting — A rising model where corporates act as first customers instead of investors—and the risks it carries.10:00 Governance cycles — Why CVC units live and die with CEO tenure, and why board-level protection is essential.11:00 Collaboration vs. competition — What data says about corporates co-investing (and when they don’t).13:00 Nordic findings — Early results from research in Norway, Finland, and Sweden: small portfolios, early-stage focus, and bureaucracy as the top blocker.14:00 AI paradox — Corporates investing in AI startups but cutting internal AI budgets—what this signals for the future. Oct 19, 2025 14:41 #### E634 | EUCVC Summit 2025: Christian Tang (Acme) & Claus Gregersen (Augustinus Fabrikker): Global Ambition in an Age of Sovereignty Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Christian Tang, Partner at San Francisco–based Acme, and Claus Gregersen, CEO of the 275-year-old evergreen investor Augustinus Fabrikker, explore what global ambition really means in today’s venture landscape.From recalibrating US expansion strategies to navigating sovereignty, trade tensions, and structural resets, they unpack how investors and founders must adapt to thrive in a more complex—but still interconnected—world.🎧 Here’s what’s covered:00:00 Setting the stage: Cycles, crises, and why this downturn feels different.02:00 Structural reset, not just another downturn—why waiting for “normal” is not an option.03:30 Investors as navigators, not moral arbiters—what it means in practice.04:15 Why the US remains critical: learning, scaling, and surviving tough competition.06:00 Page nine of every pitch deck: the inevitable US expansion slide.07:20 Trade tensions vs. venture building—why early-stage models aren’t derailed by politics.08:30 The importance of value-adding capital—choose partners for impact, not geography.09:15 Lessons from COVID and defense: building lean, fast, and resilient.10:00 Closing thoughts: capital may be scarcer, but ambition must remain global. Oct 18, 2025 10:01 #### E633 | EUCVC Summit 2025: Anne C. Fleischer (Novo Nordisk) & Henrijette Richter (Sofinnova Partners): Innovation in Health Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this episode, Anne C. Fleischer, Global VP of Consumer Engagement and New Business Models at Novo Nordisk, joins Henrijette Richter, Managing Partner at Sofinnova Partners, for a conversation on the future of health innovation.Together they explore how corporates and VCs are driving the next wave of digital health, the role of AI in transforming patient care, and what it takes to turn breakthrough science into scalable business models.🎧 Here’s what’s covered:00:00 Pharma’s digital leap — why Novo Nordisk is going “beyond the pill” with AI and personalized engagement.01:30 The investor’s lens — what makes AI-driven health fundable versus “still a science project”.03:00 AI at the patient interface — where machine learning is closest to real-world integration.04:30 Corporate + VC collaboration — how pharma and venture can align (and where they clash).06:00 Scaling deeptech in health — what it takes for startups to go global from day one.07:30 Consumerization of health — balancing trust, privacy, and the impatience economy.08:45 Europe’s edge — strengths in science and regulation, risks of falling behind the U.S..09:30 Lightning round — the next big thing in health innovation: specificity for patients. Oct 17, 2025 08:55 #### E632 | EUCVC Summit 2025: Charlie Hayward, Global Corporate Venturing: The Data Behind the $100B CVC Wave Corporate venture capital has become a $100B+ force in tech. Charlie Hayward from Global Corporate Venturing unpacks what’s really driving the trend: which sectors are heating up, where CVCs make a difference, and how Europe stacks up under capital constraints and geopolitical pressure.Here’s what’s covered:00:00 – Setting the stage: CVC as a $100B+ global force01:00 – Why corporate venture matters: from Microsoft’s outlier story to the role of corporate backers03:00 – Active CVC units: stock performance and why entrepreneurs should care04:00 – Lower bankruptcy risk & higher exit multiples for CVC-backed startups05:00 – State of play: fundraising headwinds, but CVCs take the long-term view05:30 – Early-stage shift: corporates getting active in seed & pre-seed rounds06:00 – Global hotspots: Latin America and APAC showing strong momentum07:00 – What CVCs bring: board seats, portfolio support, but still lighter on financial-return expectations08:00 – Who plays the game: large corporates with $1B+ revenues dominate, but LP stakes open doors for smaller players09:00 – New frontiers: universities, accelerators, and venture clienting as the next CVC battlegrounds Oct 16, 2025 09:41 #### E631 | EUCVC Summit 2025: Marcus Behrendt, BMW iVentures & Nicole LeBlanc, Woven Capital: What is next in the European Automotive industry Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Marcus Behrendt, Managing Director at BMW i Ventures, and Nicole LeBlanc, Partner at Woven Capital (Toyota’s global growth fund), join Andreas Munk Holm to explore the shifting landscape of mobility and corporate venture.From navigating capital-intensive hardware bets to finding the balance between strategic alignment and financial discipline, Marcus and Nicole share what they’ve learned running two of the world’s most active mobility CVCs. They open up on exits, collaboration with startups, and how CVCs must evolve to remain relevant in an era of autonomous, connected, and electrified vehicles.🎧 Here’s what’s covered:00:00 BMW i Ventures’ journey from corporate “experiment” to one of Europe’s most established mobility CVCs.01:00 Woven Capital’s global mandate — $800M to invest in growth-stage companies shaping the future of mobility.02:00 Strategic vs. financial returns: how to keep credibility with founders while serving corporate parents.04:00 The hard part of hardware — why scaling in mobility takes patient capital and operational backing.06:00 Startups + corporates = frictions and opportunities — lessons from portfolio collaborations.08:00 Exit realities: IPO droughts, M&A dynamics, and how mobility startups find liquidity.10:00 The next decade of CVC in mobility: sustainability, AI, and cross-border collaboration. Oct 15, 2025 11:02 #### E630 | Alexey Plesakov and Alexander Lis, Social Discovery Ventures (SDV): Betting Across Borders & Global Play on European VC Welcome back to another episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.Today, we’re joined by Alexey Plesakov and Alexander Lis from Social Discovery Ventures (SDV) — a quietly influential, globally active investment firm deploying capital across the US and Europe. Born out of the bootstrapped success of Social Discovery Group (the company behind Dating.com), SDV invests in both funds and directs, with a venture allocation far above the family office norm.We dive into their origin story, why they’re leaning into Europe now, their approach to fund vs. direct investments, and how they think about the future of VC in a more uncertain macro climate.🎯 This Episode’s Themes:From bootstrapped dating giant to global LP & VC playerWhy diversification isn’t just about having “more investments”How they balance US vs. European VC allocationsThe case for emerging managers — and the collaboration edge they offerWhere they see the biggest bets in European tech over the next decadeWhy they’re playing more conservatively in 2025 — without stopping deal flowLessons from building lean — and the “Five Whys” test for cutting through hype🎧 Here’s what’s covered:00:24 | Welcome & Origin Story: From Dating.com to a global investment portfolio01:24 | Bootstrapping a Unicorn: How Social Discovery Group scaled without outside capital04:38 | The Myth of Diversification: Quality over quantity in portfolio construction06:19 | Why 30%+ of Their Assets Are in Venture Capital08:44 | Leveraging Network Effects: How their IT roots give them an edge in sourcing deals09:31 | VC Fund Portfolio: From NEA & Khosla to emerging managers like Davydov & Black River14:26 | US vs. Europe: Why their overall portfolio skews 70% US but VC is more balanced15:55 | Emerging Managers vs. Big Names: Risk, return, and picking the right early funds19:41 | Big Picture Bets: Tariffs, decoupling, and a possible US–Europe tech split22:31 | Direct Investment Focus: Fintech, PSD3, and voice-first neobanking25:07 | Macro vs. Micro: Combining top-down analysis with bottom-up deal work27:05 | Playing Defense in 2025: Why they’re slowing deployment without stopping pipeline building30:23 | European VC Arbitrage: Lower valuations — until growth takes off34:23 | Bootstrapping Lessons: Discipline, burn control, and ROI-driven decisions35:25 | The “Five Whys” Test: Cutting through hype to find fundamentally sound investments Oct 14, 2025 31:43 #### E629 | This Week in European Tech with Dan, Mads, Lomax and Nicholas Nelson With:Nicholas Nelson (Archangel) • Dan • Lomax • MadsTL;DW• Defence-first wins on capability and returns; primes are partners and channels.• Helsing:buys platforms/revenue for access; layers AI—different from Anduril’s buy-TRL-tech + scale model.• Beyond drones:biggest gap/opportunity is tactical EW.• Procurement:more fast lanes (SOF, pilots); primes getting easier to work with.• AI:real profits exist (esp.NVIDIA), but value chain is fragile; expect a correction, not a collapse. Picking winners more important than timing.Content with Time Codes02:40 — Why defence-firstBeats dual-use on outcomes and returns; lifelong focus.04:32 — DefinitionsCustomer = MoDs + primes; aim:lethality/readiness and societal resilience. Beware “defence-washing”.06:37 — What’s hotAvoid herd to drones only;counter-UAS,EW, human performance, deception, survivability.08:23 — Helsing buys GrobNeo-prime play: new co buys legacy manufacturing for platform access.10:42 — The two Defence M&A playbooksAnduril:buys mid-TRL tech (Area-I, Dive LD/Ghost Shark, Adranos) → scales via brand/distribution.Helsing:buys finished products/revenue(Mittelstand) → immediate customers; then add AI.14:25 — Prime status & capitalDistribution + capital to AI-enable platforms.17:47 — Roll-up vs buildNarrative “build”; execution “roll-up + build”.19:47 — Drones & ‘drone wall’Layered answer:blunt with drones,hold with conventional forces.21:49 — The big one: Electronic Warfare (EW)NATO underinvested;tactical EW is the unmet need; legacy kit is ’80s/’90s.24:54 — Startup wedgePut EW at the edge (drones/aircraft/fixed) → near-term wins.26:33 — Baltic realismHistory, 2007–09 Estonia cyber, current incursions; likely Kaliningrad corridor.28:19 — Founder mistakesTech ≠ win by itself;experience+ gov engagement matters; US analogue: top funds have IC/SOF DNA.30:43 — Are there really only a “Few buyers?”Many real buyers inside a MoD/DoD (services, sub-units, innovation orgs).36:23 — Sovereignty & US primesUS strategics will buy abroad; Europe balancing autonomy with jobs/exits.41:07 — Starlink vs IRIS²Starlink’s lead + cadence;IRIS² slower—watch timelines vs evolving threats.47:18 — AI bubble?Warnings vs fundamentals; self-funded capex; real profits.49:37 — NVIDIA ramp$4.4B (2023) →$73B this year; growth tempers multiples.51:48 — AI Circular money & marginsCursor → Anthropic → hyperscalers → NVIDIA; only NVIDIA mints big margins; margin pressure coming (new semis, China, SLMs).53:12 — Picking beats timingDot-com lesson: Cisco losses vs Amazon wins.54:19 — Capacity vs efficiencyCapex likely useful long-run, but open source squeezes costs.55:52 — Platform riskFrontier labs moving up-stack;vertical AI + trust + data= moat.58:58 — Base caseLikely correction(30–50%) at some point; timing is unknowable (not investment advice). Oct 13, 2025 01:00:27 #### E628 | EUCVC Summit 2025: Tanja Lind Melskens, Head of Corporate Strategy; M&A, Terma & Andreas: Defense, Disruption & Dual-Use: Europe’s Next Frontier in Innovation Welcome back to the EUCVC Summit Talks, where we bring you the voices shaping Europe’s venture and corporate collaboration landscape.In this episode, Andreas Munk Holm speaks with Tanja Lind Melskens, Head of Corporate Strategy and M&A at Terma, Denmark’s tier-one defense technology group. As Europe re-arms and defense spending surges, Tanja shares how startups, corporates, and investors must rethink dual-use technology, navigate inflated wartime valuations, and prepare for the post-conflict market.From frontline innovation in Ukraine to the challenges of ESG in defense tech, this conversation sheds light on one of the most important—and controversial—frontiers for venture collaboration.00:00 Europe’s re-armament: rising budgets, real opportunities—and inflated valuations.01:30 Ukraine as the “Silicon Valley of defense tech”: 4 million drones a year and frontline R&D.03:00 Why startups must prepare for the post-conflict market, not just donation-driven sales.04:30 Terma’s Kyiv subsidiary and partnerships with Ukrainian startups.06:00 Drone wars and critical infrastructure: protecting energy, transport, and hospitals.07:00 ESG in defense: compliance vs. survival in frontline innovation.08:00 Risks no VC faces: working with founders whose survival is uncertain.💡 One-liner takeaway: Europe’s defense tech boom is real but risky—success depends on bridging frontline innovation with post-conflict markets, and balancing ESG ideals with the brutal realities of war. Oct 12, 2025 08:39 #### E627 | EUCVC Summit 2025: Crispin Leick, EnBW New Ventures; Georg Reifferscheid, REWE Group & Jeppe Høier: Fueling the AI Age: Europe's Energy Imperative Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Andreas Munk Holm is joined by Crispin Leick, Managing Director of EnBW New Ventures, Georg Reifferscheid, Head of Sustainability Ventures at REWE Group, and Jeppe Høier. Together, they explore how corporates are deploying capital, rethinking supply chains, and integrating AI to tackle Europe’s most urgent challenge: the energy transition.From evergreen venture models to decarbonizing retail operations, the discussion dives deep into how industrial and consumer giants are investing, where capital is moving fastest, and why success still depends on aligning financial and strategic incentives.🎧 Here’s what’s covered00:00 The energy transition is here — Europe’s corporates on the frontlines.01:00 Evergreen VC at EnBW New Ventures — why Crispin calls it the “best decision ever.”03:00 REWE Group’s sustainability mandate — tackling scope 1, 2, and 3 emissions.05:00 Where venture capital meets infrastructure — smarter, more capital-efficient deployment.06:00 AI in energy — real-world use cases from batteries to trading algorithms.07:00 Cooling, HVAC, and sustainable construction — REWE’s innovation priorities.08:00 Financial return first — why strategic impact only follows startup success.09:00 Incentives matter — why carry and financial alignment are make-or-break in CVC.✍️ Show NotesEvergreen Model at EnBW New VenturesUnlike closed-end CVC funds, EnBW’s evergreen structure reinvests all exit proceeds into new startups.This creates stronger alignment with founders and sharper accountability for the investment team.Crispin: “It’s the best decision we made in nine years — we’re entrepreneurs ourselves.”Decarbonizing Retail at REWE GroupSustainability ventures are embedded directly in operations.Current focus: scope 1 & 2 emissions (energy, mobility, buildings).Scope 3 (supply chain) remains the hardest challenge due to missing data and supplier dependency.AI in EnergyNot chasing LLMs or infrastructure — instead focusing on applied AI.Examples: battery analytics for health monitoring; algorithmic trading in intraday power markets.Innovation Priorities at REWECooling and HVAC with natural refrigerants.Alternative building materials (wood, green concrete).Greener retail store construction.Financial First, Strategic SecondFor both corporates, financial returns are non-negotiable.Strategic impact only comes if startups succeed.Incentives (including carry) are key for aligning CVC teams with true financial discipline.💡 One-liner takeaway: The energy transition needs corporates that invest like VCs — financially disciplined, strategically relevant, and willing to back startups tackling Europe’s toughest infrastructure and sustainability challenges. Oct 12, 2025 08:41 #### E626 | EUCVC Summit 2025: Nadia Carlsten, DCAI & Bjarke Sejersen, Go Autonomous: AI Factories in Practice Welcome back to the EUCVC Summit Talks, where we bring you ground-level conversations with the founders, corporate leaders, and investors shaping Europe’s innovation future.In this episode, Andreas Munk Holm sits down with Nadia Carlsten, VP at DCAI, and Bjarke Ruse Sejersen, CEO of Go Autonomous, to explore how Europe is putting AI hype into practice. From Denmark’s launch of the Gefion supercomputer to startups training proprietary models, this conversation dives into the reality of building AI factories that deliver business value — and what it will take for Europe to compete globally.Nadia shares why compute sovereignty matters and how Denmark is positioning itself as a hub for large-scale AI innovation, while Bjarke explains how Go Autonomous trained the world’s first B2B foundation model — and why European startups need braver investors to seize the AI-native future.🎧 Here’s what’s covered:00:00 Forget the AI hype — why compute sovereignty matters for Denmark and Europe.01:40 From infrastructure to innovation — Nadia on how Gefion enables Danish startups and researchers.02:15 Go Autonomous’ leap — Bjarke on training the world’s first B2B foundation model.03:20 Scale in action — handling €30B annually with tailor-made AI.04:00 Adoption gap — Nadia on why Denmark must accelerate real-world AI use cases.05:20 Capital mindset — Bjarke on why Europe lags the U.S. in risky AI-native investments.06:30 Investor responsibility — Nadia on knowing which startups are fine-tuning vs. building foundational models.07:30 Green AI — Europe’s unique advantage: pairing supercomputing with sustainability.08:15 The missing link — Nadia on translating business ambition into compute-ready AI projects.09:00 Corporate + startup collaboration — Bjarke on why structured partnerships could be Europe’s AI superpower. Oct 11, 2025 09:59 #### E625 | EUCVC Summit 2025: Gijs De Bruin, PureTerra Ventures & Sead Bajrovic, Water Impact Partners: The Missing water Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Sead Bajrovic of Water Impact Partners and Gijs de Bruin of PureTerra Ventures take the stage to unpack one of the most overlooked challenges in climate investing: water. From scarcity and pollution to corporate resilience and trillion-dollar opportunities, they explain why water technology must become a central pillar of Europe’s impact and climate strategy.🎧 Here’s what’s covered00:00 Why water is the “oil that runs everything” — and why it’s undervalued.01:00 The hard facts: only 0.3% of Earth’s water is accessible, and demand will outstrip supply by 40% by 2030.02:30 Legacy systems can’t cope — why centralized water treatment is failing.04:00 Corporate risk: data centers, manufacturing, and the Amazon Arizona case.05:00 Who’s leading: Apple, BASF, and L’Oréal’s water stewardship programs.06:00 Investment shift — from niche impact to mainstream VCs entering water.07:00 UN data: every $1 invested in water resilience returns $7.08:00 Innovation spotlight: AI, software, and applied technologies for efficiency.09:00 The most disruptive thing? Corporates putting real money into water. Oct 11, 2025 08:39 #### E624 | EUCVC Summit 2025: Bodil Sidén, Kost Capital & Marika King, PINC: Feeding the world Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Andreas Munk Holm speaks with Bodil Sidén, Founding Partner at Kost Capital, and Marika King, Head of PINC, the venture arm of Paulig. Together, they explore how Europe can reinvent food systems to feed 10 billion people by 2050—without destroying the planet.From test kitchens and Michelin chefs in VC funds, to evergreen corporate models and the hunt for plastic-free packaging, Bodil and Marika share their unique approaches to food and agri-tech investing, the biggest opportunities ahead, and what they look for in founders building the future of food.🎧 Here’s what’s covered00:00 Feeding 10 billion people by 2050 — why food is “different” and needs a new venture model.01:00 Inside Kost Capital’s test kitchen — from Michelin chefs to food historians in due diligence.02:00 PINC’s evergreen model — why speed and long-term capital matter for food innovation.03:00 Execution over ideas — why market obsession beats product obsession.04:00 The secret sauce: validating food science claims in real time.05:00 When corporates add value without killing agility — the good and bad of CVC in food tech.06:00 The holy grail: plastic-free packaging that behaves like plastic.07:00 Big bets today: green fertilizers, bio-controls, smart water, and sustainable agriculture.08:00 AI as an enabler — cutting costs and accelerating product development.09:00 Food, health & nutrition — the rise of sustainable fatty acids, vitamins, and bio-based aromas. Oct 10, 2025 09:23 #### E623 | EUCVC Summit 2025: Samuli Siren, Redstone: Mapping Startup Opportunities Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this episode, Samuli Sirén, Managing Partner at Redstone, joins Andreas Munk Holm to explore how data-driven deal sourcing is reshaping venture capital. Redstone has spent nearly a decade building Sophia, its proprietary analytics platform, to track trends, identify group dynamics, and map startup opportunities long before they show up on mainstream radars.From the promise and limits of AI in scouting to the common mistakes corporates make in startup sourcing, Samuli pulls back the curtain on what works, what doesn’t, and how data can give investors an edge without replacing human judgment.🎧 Here’s what’s covered00:00 Data, hype, and reality — is algorithmic deal flow just LP marketing or a real sourcing edge?01:00 Building Sophia: Redstone’s proprietary database for mapping opportunities02:00 Identifying groups and dynamics — why trends matter more than picking a single winner03:00 From regulation to signals: how legal shifts and new markets trigger clusters of startups04:00 Geography and global scope — why national champions rarely scale, and why global is better05:00 Corporate mistakes in sourcing — overfocusing on core business and overestimating their value06:00 Doing it right: how corporate LPs can learn, stay hands-off, and still gain massive value07:00 Lessons from Redstone’s fintech funds — German banks as LPs and the power of curiosity Oct 10, 2025 07:15