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 covered

• 00:26 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.

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 path

• 05:00 | Why competence always comes before confidence

• 09:15 | The five pillars of Dave’s coaching methodology

• 13:40 | Founder Mode: planning and executing with quarterly rhythm

• 18:25 | Why visual clarity often beats verbal reflection

• 22:10 | The hidden link between trauma, ego, and founder drive

• 27:45 | Product launches as a culture-shaping mechanism

• 32:30 | How to transform board meetings into true strategic accelerators

• 38:50 | The founder’s mindset: obsessive curiosity + conviction
  

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 Next

• 05:00 | The Three Pillars: Studio, Community, and Consulting

• 08:00 | Deep Tech vs Wrapper AI — Going Beyond the Hype

• 11:00 | Why Many Venture Studios Fail — and Where Merantix Capital Adds Value

• 16:30 | PowerPoint to Paying Customers — The Validation-First Approach

• 20:00 | Why AI Makes the Studio Model More Relevant Than Ever

• 30:00 | Regulating AI — Why Europe Should Target Applications, Not Tech

• 36:00 | Europe’s Edge in Healthcare, Manufacturing, and Finance

• 44:00 | The Future of Venture Studios — Where They’ll Win by 2030

• 49:00 | Betting on Neurotech — Frontier Opportunity or Too Soon?

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 Experience

• 05:38 Crowding Out or Catalyzing? Steelmanning the Public Capital Debate

• 07:21 When DTCF Steps Aside—and When It Competes for Deals

• 09:54 Walking the Tightrope: Returns, Ecosystem Support, and Incentives

• 14:36 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 Subsidies

• 20:38 Defining “Readiness to Scale” in Uncertain Markets

• 22:28 Avoiding the Subsidy Trap: Building Models That Work Without Support

• 25:03 Climate & Hydrogen: Placing Bets Before the Hype

• 27:36 Tech Waiting for the Market vs. Market Waiting for Tech

• 29:06 Expanding the Portfolio: Semiconductors, Robotics, Cybersecurity

• 31:27 Munich vs. Berlin: Why Munich Has Emerged as a Hardware Hub

• 32:53 Corporates in Venture: Buffer, Booster, or Bottleneck?

• 34:38 What Founders Need: Senior Hires & Serious Cashflow Models

• 36:04 What Investors Get: Policy Links, Due Diligence, Deep Tech Edge

• 38:22 Advice for Emerging VCs & Policymakers: Where the Next Gap Lies

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 covered

• 00:17 — Mandate & why Series B+: Europe needs domestic late-stage capital

• 04:39 — Two OF archetypes: inside-only vs blended

• 08:15 — How KfW diligences emergent managers launching OFs

• 13:19 — Why a third-party lead (≥25%) matters

• 18:53 — Terms that matter: fees, carry, GP commit, duration

• 25:30 — GP commit reality for second-timers

• 33:19 — Governance: allocation policy, LPAC, down-rounds

• 36:10 — Hurdle rates: 6–8% standard, not the battleground

• 37:55 — Market pulse: ~10 OFs/year cross KfW’s desk

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.

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 covered

• 03:15 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.

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 Curie

• 03:00 | High financial returns + patient impact: the dual promise of biotech

• 05:00 | Why GPs investing their own family money matters

• 07:00 | Raising €200M in “harsh” markets — portfolio highlights

• 09:30 | The billion-dollar impact story of Acerta Pharma

• 12:00 | Building specialist networks & engaging strategics early

• 14:00 | TargED Biotherapeutics: developing a breakthrough stroke therapy

• 17:00 | Zero bankruptcies — besides capital Curie helps the

  young ventures with their network to support raising next rounds

  and partnering

• 20:00 | The Curie Capital team — science, business, and hands-on support

• 21:30 | Why Western Europe is a life sciences powerhouse

• 23:30 | The 6.1x valuation gap between EU & US early-stage biotech

• 25:00 | The truth about life science holding periods & exits

• 27:00 | Educating LPs: why life science VC isn’t as binary as many think

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 covered

• 00:31 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.

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.