EUVC

At the EUVC Summit 2025, the award for Emerging Manager of the Year went to a team that has carved its place in Europe’s venture ecosystem with grit, heart, and vision: Tapestry Venture.

Founding Partners Patrick Murphy, Audrey Miller, David Kelly, and Alex McKenzie were celebrated for their relentless effort to build something new—not just for themselves, but for founders and LPs across the continent.

Not Just Another Fund. Not Just Another Story.
Tapestry isn’t simply adding capital to the market. They’re challenging the established players in Luxembourg’s fund admin industry, pushing through barriers that often make it hard for emerging managers to break in.

Patrick Murphy took the stage to accept the award, on behalf of his partners:

“It’s amazing to be able to work with people I like so much every day for the last five years. At least now we’re all back in person—because it wasn’t so fun on Zoom.”

From Ireland to Venture
Patrick’s journey into venture wasn’t planned.

“I grew up in Ireland building computers and websites. I didn’t know venture capital was even a thing—that people could believe in your dreams and then give you money to do something about them. It’s pretty wild. I’m glad venture found me.”

That spirit—of discovery, belief, and persistence—is what defines Tapestry.

In Service to Founders
If there was one theme in Patrick’s words, it was service.

“To be in venture is to be in service,” he said. “There’s no exam, no syllabus, no license for board members—though I wish there was. There’s no ombudsman, no complaint line for founders. So it’s up to us to raise our own standards. To be in service to the great founders who want to change Europe and change the world.”

That vision is backed by their LPs and by a belief that the ecosystem thrives not through competition alone, but through collaboration—co-investors and friends lifting each other up.

Leadership That Raises the Bar
For Tapestry Venture, winning Emerging Manager of the Year is less about the trophy and more about the mandate:

• To challenge entrenched structures

• To empower founders head-on

• To raise the standards of venture itself

Congratulations to Patrick Murphy, Audrey Miller, David Kelly, and Alex McKenzie of Tapestry Venture—Emerging Manager of the Year.

Because in their words: “We’re all winners in this ecosystem. And we’re going to be here for a long time.”

At EUVC Summit 2025, one of the most anticipated sessions broke down a powerful data set: 100 of Europe’s breakout startups. This wasn’t theory—it was company-by-company insight, straight from interviews and bottom-up analysis.

Yes, there were rogue slides.
Yes, the crowd wanted to skip to the AI part.
And yes, it delivered.

~75% of these startups are based in Germany, France, and the UK.

Despite growing noise around new hubs, Europe’s big three remain dominant. It reflects ecosystem maturity—but also a challenge: how do we better back breakout teams in the Nordics, Baltics, Southern Europe, and CEE?

For the first time in years, Fintech dropped in sector rankings.

Instead, we saw a wave of AI-native sales and marketing tools—building products that help companies grow smarter, automate go-to-market, and personalize customer acquisition at scale.

“This year’s cohort is selling before building. AI is their leverage.”

One of the most notable shifts: a significant increase in solo-founder companies.

This reflects:

• A rise in repeat operators

• Greater early-stage tooling

• More confidence in focused execution

It also implies VCs may need to shift their bias—many of these founders are no longer waiting for a co-founder to “complete” them.

The moment everyone waited for: AI-native insights.

49% of these 100 startups are AI-native at their core.

This means:

• AI is not bolted on—it's the product itself

• Many founders have already moved beyond horizontal LLMs to verticalized applications

• They're monetizing via use-case depth, not just model architecture

Last year’s 100 had an average of 25 employees per company.
This year’s cohort? Just 14. That’s a 40% drop.

But don’t mistake that for weakness—roles are more specialized, and teams are more surgical. These aren’t MVPs—they’re hyper-focused execution machines.

“Today’s teams are smaller, sharper, and trained on efficiency from Day 1.”

Across hundreds of founder interviews, one theme stood out:

Tool loyalty is low.

Founders are switching infra, models, APIs, and tooling with no hesitation.
That’s not a sign of flakiness—it’s a sign of rapid evolution, where AI-native teams optimize continuously.

Controversially, the speaker closed with a contrarian take:

“I believe European AI regulation will actually accelerate enterprise adoption.”

Why?

• Clarity breeds confidence

• Corporate buyers need frameworks

• Knowing what’s allowed = faster go/no-go decisions

In a twist, Europe might become the first-mover on enterprise AI—not in spite of regulation, but because of it.

Final Message:

“AI-native is not a trend. It's a new category of company. And Europe is building it—faster and leaner than ever before.”

Let’s keep watching the signals. Let’s keep fueling the flywheel.

At the EUVC Summit 2025, the stage belonged to a voice shaped by geopolitics, defense, and the future of industrial innovation: Sebastian von Ribbentrop, Managing Partner at Join Capital.

Sebastian took us on a journey—one that started in Berlin in 2017 with a cornerstone commitment from Eiser Capital, and has since expanded to NATO, Ukraine, and beyond.

Not Just Startups. Not Just Capital.
Join was born when European engineers left corporates like Siemens and Airbus to build their own ventures—but weren’t getting funded.

Sebastian and his team stepped in. Today, with 148 LPs (90% from across Europe’s industrial heartlands), Join has become a backbone for the builders reimagining enterprise and defense.

The paradigm shift became undeniable in 2023, when the NATO Innovation Fund wrote its largest ticket into Join Fund II. It wasn’t just capital—it was a mandate to help reshape defense and industrialization.

A New Industrial Moment
From Washington’s NATO anniversary to trips into Ukraine, Sebastian’s message was clear: the defense supply chain has transformed.

It is now:

• Fast

• Targeted

• Smart

And while Europe faces inefficiencies (43 different tanks vs. one Abrams in the U.S.), it also faces a massive market opportunity.

Billions at Play
The scale is unprecedented:

• €200 billion from Ursula von der Leyen into defense & infrastructure

• €500+ billion from Germany’s new chancellor, Matz

• $500 billion floated by Trump over the next five years

These aren’t subsidies—they’re revenues. Offset programs that give companies the ability to build products, not just pitch ideas.

DARPA, Dual Use & the Technology Race
Sebastian reminded the room: shocks create breakthroughs. Sputnik birthed DARPA, which still deploys $4 billion annually into challenges.

Now, the race is on—dual-use technology, export restrictions, inexpensive smart radar systems taking down next-gen jets.

Europe, he argued, must catch up. But it has the chance to lead.

“Geopolitics,” he quoted Kissinger, “is 100% personal.” And Europe must take responsibility—urgently.

Leadership With Teeth
Sebastian’s talk wasn’t about abstractions. It was about:

• How wars reshape supply chains overnight

• How NATO’s backing changes venture capital

• How Europe can seize its industrial and defense moment

Because leadership in this decade won’t be written in press releases. It will be written in supply chains, radar systems, and the speed of capital deployment.

Congratulations to Sebastian von Ribbentrop and Join Capital—for reminding the ecosystem that industrial innovation isn’t just defense spending. It’s Europe’s opportunity to lead in a world being reshaped, fast.

At the EUVC Summit 2025, Andreas Klinger didn’t mince words.
Europe lacks something every other industry has had for decades:
→ Big spending
→ Big infrastructure
→ Big exits

And without them, we can’t pretend we’re building a sovereign innovation ecosystem.

“Europe needs tech innovation to work—because without it, we will never be fully sovereign.”

Andreas opened by flipping a common narrative:

“Startups are too often framed as small, creative, ambitious companies. But in reality—they’re the foundation of sovereignty in tech.”

Europe doesn’t need more “projects.”
It needs repeatable, scalable, founder-first infrastructure to unlock its next wave of global tech companies.

“The easiest way to explain EO Inc? It’s Deliveroo—but for incorporation. A European legal and operational standard for startups.”

The idea is deceptively simple:

• Standardized formation

• Recognized structures across all member states

• Seamless stock option systems

• Taxation only at exit

• Bank acceptance by default

“This isn’t just for startups. It’s a company structure any business can use—built for the modern economy.”

And the movement? It’s already here:

• 16,000+ signatories

• Backing from founders of Wise, Bold, and countless unicorns

• Support from every major VC fund and ecosystem body in Europe

• Growing traction in Brussels

This wasn’t launched by a ministry.
It wasn’t cooked up by consultants.

“EO Inc was built by founders, VCs, and ecosystem people who literally just got together in a WhatsApp group.”

The message is clear:
You don’t need permission. You need momentum.

Andreas ended on a blunt but vital point:

“If one of my founders did an IPO in Europe right now—I’d sue them.”

Why? Because there’s no pan-European IPO framework. No deep exit market. And without exits, VC doesn’t work.

“So please. Someone. Anyone. Get together and fix this.”

He wasn’t joking.
He was inviting.

Andreas closed with the same clarity he opened with:

“You can just do things.”

This wasn’t a stage for platitudes—it was a platform for action.

So if you know a policymaker, a president, a minister—connect them to EO Inc.
And if you care about making European venture work—get involved.

Thanks, Andreas—for reminding us that sovereignty isn’t just about borders. It’s about infrastructure.
Let’s build it.

Startups Aren’t Small. They’re Strategic.Introducing EO Inc: Europe’s Standard Startup InfrastructureFounders Did This. In a WhatsApp Group.The Missing Piece: IPOs in EuropeFinal Words: Just Do Things

At EUVC Summit 2025, Reece Chowdhry from Concept Ventures made a bold claim:
Pre-seed isn’t just a quirky corner of venture. It’s the layer that will define the future of European tech.

“Pre-everything. Backing crazy people. No product. No traction. Just vision.”

And if that makes your IC uncomfortable? Good.

Reece laid it out clearly:

• No product

• Often no team

• Up to €3M raises

• Entry valuations where true upside is unlocked

This is not a place for 60-page memos. It’s a place for conviction, operating instincts, and guts.

“If you’re running a market-sizing exercise at pre-seed, you’ve already missed the point.”

With a wink, Reece shared some hard truths:

“Sorry to our French and German friends—but the UK is trouncing you.”

From unicorn creation to capital deployed to founder density, London continues to pull ahead.

Backed by data (and a few cheeky slides), he reinforced that high-density talent hubs are gravity wells—and London’s orbit is strong.

Reece didn’t sugarcoat it:

“Pre-seed is also about luck. Let’s just say it.”

And that’s why portfolio construction matters.
→ Too many GPs still run over-concentrated portfolios at pre-seed.
→ The layer needs larger portfolios, faster deployment, and more acceptance of variance.

“You want your winners to carry the fund? You better give yourself enough shots.”

One of the most striking trends?

“Founders can now go straight from pre-seed to Series A.”

Why?

• AI tools let solo operators do more with less

• MVPs are faster, GTMs are leaner

• Seed rounds are getting compressed—and sometimes skipped entirely

This means pre-seed is becoming a more critical entry point than ever, and if Europe wants to compete, we need more risk-on LPs and ICs willing to lean into the earliest bets.

“If you’re in an IC meeting with a 60-page memo for a pre-seed deal, please… just remember this talk.”

Pre-seed is where the crazy ideas live. It’s where the upside is wild. It’s where founders take real swings—and where GPs must be brave enough to back them.

“We need more European GPs to take more risk, earlier.”

Thank you Reece for the reminder: you don’t de-risk the future by waiting—you do it by backing the people building it.
No product? No problem. Just conviction.

Defining Pre-Seed: Where the Real Risk LivesThe UK Is (Still) Leading—Sorry, Everyone ElsePre-Seed is High Risk, High Volume—and High RewardThe AI Effect: Shrinking the StackFinal Advice? Just Write the Damn Check.

Welcome back to another episode of the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.

Today we welcome Alex Bakir, General Partner at Norrsken Evolve, the new €57M pre-seed fund spun out of the legendary Norrsken family of funds. Together with Johan Attby and Rebecka Löthman Rydå, Alex is doubling down on impact-driven founders building Europe’s resilient and sustainable future—with backing from EIF, Saminvest, SmartCap, and operators like Taavet Hinrikus and Sten Tamkivi of Plural.

We dive into Alex’s journey - with family roots in Iraq and England to Cambridge, the World Bank, Climate Change Capital, and Planet Labs; his lessons from the clean-tech crash of 2008; why resilience is now the lens for Europe’s industrial strategy; and how Norrsken Evolve is rethinking fund construction with 80 portfolio companies, automated follow-ons, and a sprint model for founder collaboration.

Here’s what’s covered:

• 01:38 Alex’s path: Iraqi–English upbringing, Cambridge climate science, World Bank, first-wave cleantech VC

• 04:30 Lessons from the cleantech crash (’08): macro can kill even great theses

• 07:19 Why this time is different: realism, supply chains, energy security

• 10:31 Fundraising the hard way: €40M → €57M; satellites vs. raising a fund

• 12:36 Mistakes & pivots: from naive global to Europe-first resilience

• 15:50 LP profiling: local anchors + institutional validation (Saminvest, EIF)

• 19:00 The trough of despair & team completion with Rebecka Löthman Rydå

• 22:11 The “funky” model: 80 companies, €250K tickets, no boards, automated follow-ons

• 26:06 Sprint model: six-week in-person collaboration (not a school)

• 31:22 Investment focus: The carbon-free economy, the infrastructure of tomorrow, future of Europe

• 40:57 Founder fit: mission-driven, experienced builders with scars and purpose

Welcome back to another episode of the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.

Today we welcome Olav Ostin, Founder & Managing Partner at TempoCap, one of Europe’s few dedicated secondary direct firms. With a nine-year track record, a 12-person team in London and Berlin (soon Paris), and multiple $500M+ exits, Olav is perfectly placed to explain why secondaries have gone from taboo to the hottest corner of venture.

From buying whole portfolios from corporates to cherry-picking strip deals with VCs under LP pressure, TempoCap has built a reputation for navigating complex transactions and delivering liquidity in a market starved of exits. In this conversation, Olav shares what makes secondary directs different, how pricing really works, and why “who isn’t selling?” is the right question in today’s market.

🎧 Here’s what’s covered:

• 01:00 TempoCap’s story: founded in 2016, 9 years of secondary directs, team and footprint

• 02:00 What secondary directs really are: single-asset vs. portfolio transactions

• 03:03 What they buy: later-stage, €10–30M ARR, fully funded enterprise software, fintech, cyber & more

• 05:00 Typical deal sizes: €5–20M singles, €20M–€100M+ portfolios

• 06:30 How deals come in: board seats, VC relationships, and corporate inbound

• 09:50 Portfolio deals: cherry-picking vs. full takeovers, strip deals, and tailored solutions

• 15:00 Misconceptions: discounts are not automatic; valuation discipline and liquidity dynamics

• 23:40 How a secondary deal is actually done: NDA, desktop analysis, confirmatory DD, SPA

• 28:20 Who’s selling? Corporates offloading, GPs under DPI pressure, but few fire sales

• 36:00 Notable exits: Onfido ($650M), D-Orbit ($500M), and what they say about today’s market

• 39:20 The future of TempoCap: bigger funds, becoming Europe’s leading secondary direct player

At EUVC Summit 2025, Marius Istrate didn’t come to pitch a fund or debate capital structures.
He came to talk about something harder to define—but more urgent than ever: inspirational European leadership.

And it wasn’t all comfortable.

“It’s great to win together with others. But we should be capable of winning alone if needed.”

Marius spoke as someone who’s helped shape ecosystems from the ground up. As the leader of Romania’s largest angel group, he’s seen firsthand what local ambition looks like—and what it lacks.

“I don’t want to be the VC who accidentally becomes a politician because no one else stepped up.”

But leadership, he argued, isn’t about power. It’s about clarity, empathy, and ownership.

“If you pinned every place in Europe that calls itself the ‘Silicon Valley of Europe,’ the map would collapse.”

The obsession with copying Silicon Valley is a distraction. What Europe needs isn’t mimicry—it’s confidence in its own identity. And that means policies, capital structures, and culture that reflect our values, not someone else’s blueprint.

One of the most poignant parts of Marius’ talk centered on something distinctly European:

“It’s not fair that I should work more than my parents. It’s not fair that my retirement is uncertain.”

That sense of fairness—a shared European moral compass—isn’t a bug. It’s a feature.
And it can inform the kind of political and ecosystem leadership we need now.

“People don’t want perfection. They want dignity. And when possible, empathy.”

In a time of rising populism and political gridlock, this felt like a quiet manifesto for something different.

“It shouldn’t be our job to inspire people—because our political leaders should already be doing that.”

Marius wasn’t calling for VCs to become politicians. He was calling for a renaissance of purpose in Europe. For a generation of builders, thinkers, and yes, investors, to step up and fill the vacuum—not with slogans, but with systems, strategy, and soul.

“Give us something to hope for—something we can call our own.”

This wasn’t a policy talk. It was a wake-up call.
And in classic EUVC fashion, it ended with an open invitation: Let’s talk more. Let’s build better. Let’s define what European leadership really means—together.

From VC to VisionSilicon Valley of Europe? Please.Fairness, Dignity, EmpathyA Call to Build What’s Ours

Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed, Andrew J Scott of 7percent Ventures, and Lomax unpack the forces shaping European venture capital.

This week, veteran journalist Mike Butcher (ex-TechCrunch Europe, The Europas, TechFugees) joins the pod. From the creator economy eating media brands, to Europe’s fragmented ecosystem and the capital gap that just won’t die, we dive into EU-Inc, Draghi’s unfulfilled reforms, ASML’s surprise bet on Mistral, Europe’s defense awakening, Klarna’s IPO, and quantum’s hot streak.

Here’s what’s covered:

• 00:01 – Mike’s Reset
  TechCrunch Europe closes; Mike reflects on redundancy, summer off, dabbling in social and video.

• 03:00 – Media Evolution & Creator Economy
  From ’90s trade mags → TechCrunch → The Europas & TechFugees. Blogs as early social media; today’s creators (MrBeast, Bari Weiss, Cleo Abram) echo that era. Bloomberg pushes reporters front and center as media becomes personality-driven.

• 06:45 – Europe’s Ecosystem & Debate Culture
  Europe isn’t Silicon Valley’s 101 highway — it’s dozens of fragmented hubs. Conferences like Slush, Web Summit, VivaTech anchor the scene, but the missing ingredient is debate. US VCs spar on stage then grab a beer; Europe is still too polite.

• 12:00 – All-In Summit Debrief
  Mads’ takeaways from LA: Musk on robotics (the “hand” bottleneck), Demis Hassabis on AGI (5–10 yrs away), Eric Schmidt on US–China AI race, Alex Karp on Europe’s regulatory failures. The Valley vibe captured, but it’s only one voice.

• 17:00 – EU-Inc & Draghi Report
  Draghi’s 383 recommendations, just 11% implemented. €16T in pensions sit mostly in bonds; only 0.02–0.03% flows into VC (vs 1–2% in the US). Permitting bottlenecks: 44 months for energy approvals. Panel calls for a Brussels “crack unit,” employee stock option reform, and fixing skilled migration.

• 35:00 – Deal of the Week: ASML × Mistral
  ASML leads a €2B round in Mistral at €11B valuation. Strategic and cultural fit (Netherlands ↔ Paris) mattered more than sovereignty. Mads: 14× revenue is a bargain vs US peers. Andrew: proof Europe’s VCs are too small — corporates must fill the gap. Lomax: ASML knows it’s a one-trick pony with 90% lithography share; diversifying into AI hedges risk.

• 49:00 – Defense & Industrial Base
  Russian drones hit Poland, NATO urgency spikes. UK pledges defense spend to 2.5% GDP by 2027, but procurement bottlenecks persist. Poland cuts red tape under fire; UK moves at peacetime pace. Andrew: real deterrence is industrial capacity. Mike: primes must be forced to buy from startups; dual-use innovators like Helsing show the way.

• 59:00 – Klarna IPO & the Klarna Mafia
  Klarna IPOs at $15B (down from $46B peak). Oversubscribed; Sequoia nets ~$3.5B; Atomico 12M → 150M. A new “Klarna Mafia” of angels and operators will recycle liquidity back into Europe’s ecosystem.

• 01:03:00 – Quantum’s Hot Streak
  PsiQuantum ($7B, Bristol roots), Quantinuum ($10B, Cambridge), IQM (Finland unicorn), Oxford Ionics’ $1B exit. Europe has parity in talent but lacks growth capital. Lomax: “Quantum is hot, but a winter will come.” Andrew: Europe can win here — if the money shows up.

• 01:05:00 – Wrap-up
  The pod ends on optimism: Europe may not own AGI, but in quantum it has a fair fight.

At EUVC Summit 2025, one of the most animated sessions wasn’t about regulation or returns—it was about size.
Fund size.

“You need to back small, early, and smart.”
— Chloé

While some claimed that fund size isn’t predictive of returns, this panel pushed back with a powerful rebuttal: in early-stage venture, size absolutely matters—and skin in the game matters even more.

Chloé laid out the logic:

• The earlier you invest, the lower the probability of hitting a mega outcome

• But the smaller your fund, the greater your exposure to uncapped upside

“No one thought a $100M fund was too large in the early 2000s. But back then, a $1B exit was 99th percentile. Today? That’s just 85th. A $20B exit is the new 99th percentile.”

In short: outcomes have scaled dramatically—but fund sizes have ballooned even faster.
If you want real multiples, you can’t rely on average returns. You need asymmetric upside.

“Average venture-backed exit valuation? Still around $100M.”

That stat alone makes a strong case for micro-funds.
→ A $5B mega fund might get you into elite cap tables—but you’re unlikely to 10x
→ A $30–50M fund? One breakout and you’re a rocketship

And the panel made it clear: LPs chasing “safe” strategies may be missing the real alpha generators.

The panel also poked fun at outdated VC modeling tools:

“Can we finally stop using the Page & Associates PDF?”

(Amen.)

This wasn’t just a critique of stale math—it was a call for more creative, conviction-led underwriting in a world where category winners look radically different than they did two decades ago.

“We’re not looking for averagely good returns. We’re backing for uncapped upside.”

That’s the ethos driving many LPs toward emerging managers and micro funds.
Not to mention the sense of alignment, focus, and nimbleness that often fades in billion-dollar vehicles.

This panel had heat—and it wasn’t done.

“Happy to do this again. On a podcast. Longer. Louder.”

Count us in.

The Case for Small Funds: Math, Mindset, and MultiplesThe Uncomfortable Truth: Most VC Exits Are Still SmallPage & Associates: Retire the TemplateFund Size Isn’t Just Capital—It’s PhilosophyComing Soon… A Podcast Debate?