In this episode, we roast two European startups and three investment funds — and end up noticing that most of what's being funded right now isn't startups at all. Upwest (Berlin) wants to be the investment operating system for legacy banks, but AI is collapsing the very complexity they're paid to abstract away. Kupando (Schönefeld) is betting on innate immunity therapy KUP101 for cases where standard immunotherapy fails — biotech plays by completely different investment rules, and that's worth understanding. We also briefly cover Partech Impact Fund, Montis VC, and Homaio: three ESG-flavored vehicles where the real story is about choosing sides, not backing innovation.