EUVC

At the EUVC Summit 2025, Anthony and Sarah took the stage with what turned out to be one of the most intellectually charged exchanges of the day.

The topic? Solo GPs, specialization, and the hard choices that define fund performance.

Let’s just say—no consensus was reached. But the tension? That’s where the insight lived.

Anthony came in strong:

“Being a solo GP is the purest form of interest alignment.”

To him, solo GPs aren’t a stepping stone or niche play—they’re a category in their own right. The advantage? Focus. Speed. Zero overhead. And most importantly: a differentiated product founders want.

He highlighted what he sees as the compounding edge:

• No IC.

• No coordination cost.

• Vertically integrated workflows.

• A position as a complementary node, not a competitor, in the ecosystem.

And yes—there’s scale in solo too.

“I just had coffee with two solo GPs managing over a billion in AUM. You don't need to ‘scale up’ to be credible.”

Sarah offered a more grounded lens: focus on performance over scale.

“You don’t win on good ops alone—but you can lose on bad ops.”

Her point: it’s not about copying what works in another market. It's about right-sizing your fund to what your strategy and your market can actually sustain.

Especially in Europe, she argued, the path isn’t about chasing a 10x in AUM—it’s about finding the zone where your edge sings.

“If I think about the funds I admire, they got really good at finding the fund size that matched their true strategy.”

And for emerging managers, the key is still figuring out what the market needs now, not just what worked last cycle.

As the session wrapped, one line captured the spirit of it all:

“The test of a great intelligence is holding two opposing ideas at the same time.”

At EUVC, we didn’t just hear those ideas.
We saw them—sitting side by side on stage.

And if we’re smart about it, we won’t choose one or the other.
We’ll connect the dots.

The Case for the Solo GP: Pure Alignment, Compounding AdvantageThe Performance Perspective: Ops, Fund Size & Market FitTwo Views. Both True.

Carlos Moreira da Silva brings a rare blend of insight: a deep B2B operator, a specialist investor at 33N, and a leading force behind Europe’s cybersecurity coordination efforts through ECSO. Together, we explore why cybersecurity is Europe’s opportunity to lead, not follow, in the new geopolitical tech stack.

Here’s what’s covered:

• 01:15 What is ECSO and Why It Matters for European Cyber

• 03:30 Mapping the Cybersecurity Investment Gap: US vs Israel vs Europe

• 05:20 The Tech Stack Power Shift: From Cloud to AI, and Why Security Must Catch Up

• 07:30 Europe’s Fragmentation Problem—Or Its Untapped Advantage?

• 09:45 The Role of ECSO in Building a Unified European Cyber Strategy

• 11:45 Why Europe Needs Specialist Cybersecurity VCs

• 15:30 What Other Movements Can Learn from the ECSO Playbook

• 20:00 Cybercrime vs Cyber Spending: The 10 Trillion Dollar Wake-Up Call

• 21:30 Building Global Champions in Cyber (Not Just Regional Winners)

• 25:00 What Startups Should Look for in a Cyber VC (Beyond the Check)

• 26:30 Invest for Cyber @ SuperVenture: Why the LP Community Should Pay Attention

• 28:00 Where Cyber Ends and Defense Begins—Drawing Ethical Boundaries at 33N

Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping venture — this time with a lens on Southeast Asia and India.

This week, David Cruz e Silva, founder of EUVC, and Ambika Behal from Circle Capital sit down with Tanuja Rajah, Partner at M Venture Partners (MVP) in Singapore — an early-stage fund backing founders from day zero across Southeast Asia and India.

Tanuja’s path is not your typical VC story: a PhD in immunology, a startup built on trial and error, and a mission now to fund the region’s next generation of founders tackling healthcare, trust, access, and affordability — without the science risk.

🎯 This Episode’s Themes:

• How a science background shapes a founder-first investment lens

• Southeast Asia vs. India: where the next breakout health techs will come from

• The truth about exits in Asia: secondaries, roll-ups, & why IPOs are hard

• AI hype vs. reality: why MVP waits before jumping on the AI bandwagon

• Going from B2C to B2B: the maturity curve in regional digital health

• The realities of being an emerging fund manager in an overheated early-stage ecosystem

• Tanuja’s biggest lesson: great teams are not enough — markets matter more

🕒 Here’s what’s covered:

• 01:30 | How a PhD in immunology landed Tanuja in venture

• 03:00 | Starting a company with no playbook: lessons from Malaysia to Singapore

• 05:00 | Why MVP backs healthcare — but avoids the science risk

• 07:00 | 25% of the world’s population: why India & Southeast Asia are consumer goldmines

• 10:00 | Biggest VC lesson: ownership matters (and why it’s so hard for new funds)

• 12:30 | How MVP balanced brand building with early fund modeling

• 15:00 | Why angels and micro-funds make Southeast Asia so competitive

• 17:00 | Healthcare’s future: physical + digital or nothing

• 19:00 | AI: hype, scribe startups, and the real wedge that matters

• 22:00 | Portfolio spotlight: how HD used real-world data to build a regional moat

• 25:00 | Can Southeast Asia’s healthtech scale into Europe?

• 28:00 | Where follow-on capital is (and isn’t) coming from

• 30:00 | Exits done right: why secondaries and &A trump IPO dreams

• 35:00 | Strong beliefs overturned: why the best teams still need the best markets

• 39:00 | Advice for emerging fund managers: pick your people and sharpen your USP

• 42:00 | Book of the Week: how Siddhartha Mukherjee’s “Emperor of All Maladies” shaped Tanuja’s mission

Welcome to a new episode of the Impact Highlight Series, powered by EUVC, Impact VC and Impact Supporters.

Today, we’re joined by Tony Jamous, founder and CEO of Oyster. Oyster is on a mission to reverse brain drain and reduce wealth inequality by democratizing access to global job opportunities. Before founding Oyster in 2020, Tony took his previous software API company public on the New York Stock Exchange.

Together, we dive into how Tony built Oyster into an impact unicorn, what it means to lead a mission-driven company, and why he believes impact and financial success are collinear. From hiring across 45 countries to creating a billion-dollar company in just two years, Tony shares the lessons, challenges, and values that guide him.

This is the playbook for building impact unicorns — straight from the founder’s journey.

🎧 Here's what's covered:

• 02:11 Witnessing the Power of Global Hiring in 45 Countries

• 05:02 Why Oyster Started: Democratizing Access to Global Jobs

• 08:27 From Zero to $1B in Two Years — How the Pandemic Accelerated Demand

• 12:04 Impact Entrepreneurs: Using Technology as a Means, Not an End

• 15:43 Aligning Financial Success with Impact — The Virtuous Cycle

• 20:12 The “Inner Rock”: Sticking to Your Values Under Pressure

• 24:05 Playing the Infinite Game: Building for the Next Generation

• 27:44 Recruiting for Mission Alignment & Emotional Stability

• 33:02 Why Impact Businesses Attract the Best Talent and Investors

• 37:19 The Oyster Framework: Wellbeing as a Core OKR

• 41:08 Choosing Impact-Driven Investors with Real Frameworks

• 46:30 Actionable Tip for Generalist VCs: Get Curious and Start Testing

Welcome back to another episode of Upside at the EUVC Podcast, where

,

of

and

from

unpack what’s happening in European tech and venture capital.

This week: Why Series A in Europe now often means “multi-seed” and what founders should do about it, Germany’s €100B industrial policy push and whether it can actually deliver, and the Bank of England’s rate cut as a red flare for the economy. Plus: the OECD’s warning on corporate underinvestment, why the EU’s Chips Act 2.0 risks missing the AI boom, and the latest in the global AI race from GPT-5 rumours to billion-dollar raises. Also: Clay’s $100M relationship-intelligence war chest, N8N’s unicorn momentum, and a Spanish autonomous tractor that’s rewriting farm economics.

🎧 Here's what's covered:

• 01:12 Series A Reality Check: US vs Europe timelines, bridge rounds, and why naming matters.
• 06:04 The Multi-Seed Era: How European founders should think about funding milestones.
• 10:47 Germany’s €100B Deutschlandfonds: Ambition, execution risk, and industrial policy priorities.
• 17:58 UK Rate Cut at 4.0%: Red flare for growth, modest boost for VC competitiveness.
• 22:31 OECD on Corporate Investment Stagnation: Why regulatory drag is Europe’s silent growth killer.
• 29:44 Europe’s Chips Act 2.0: From missed targets to high-value manufacturing opportunities.
• 38:11 AI Corner – GPT-5 Rumours & Claude 4.1: Funding surges and the open-source shift.
• 45:27 IP & AI Models: Data leakage risks and the Napster-era copyright parallel.
• 52:03 Deals of the Week: Clay, N8N, and Voltrac’s autonomous tractor breakthrough.
• 57:46 Closing Takeaways: Focus, speed, and execution as Europe’s competitive levers.

At EUVC Summit 2025,

(

) didn’t give a talk—he threw down a gauntlet.

Forget polite panel chatter. This was part existential reckoning, part investor roast, and part Radiohead reference. It left the room laughing, nodding, and—if we’re honest—slightly uncomfortable.

Which was the point.

“Venture is lending money to people believing one future. That’s what I do at least.”

2019: The Climate Fundraising GauntletHampus opened with a flashback to 2019, when fundraising for climate still meant fighting disbelief.

“One third of LPs didn’t believe in climate change. Another third didn’t understand the business models. The rest were waiting for someone else to go first.”

Fast forward to today, and while climate events are louder, many investors still hesitate.

“The expected value of climate change is huge. So why are we still asking if there’s upside?”

Fossil Fuels vs. Electrons: Which Sounds Dumber?

In classic Hampus form, he took aim at the status quo with punchy simplicity:

“We burn things that explode to move forward. Or we could use electrons that fall from the sky for free. Which sounds smarter?”

He skewered half-hearted circularity narratives and ESG buzzwords, pointing out the absurdity in how valuable materials (like titanium in aerospace) are wasted—literally thrown out next to cigarette butts.

Radiohead, Trump & the Venture Job DescriptionAt one point, Hampus invoked a line from Radiohead:

“If you're a plastic surgeon, you gotta know—gravity always wins.”Then added:“Sorry, Trump.”It was funny—but also cutting. The message was clear: You can deny physics and climate reality for a while, but eventually, gravity wins.

How Venture Can Actually Matter

Hampus made one thing very clear: he’s not in climate to feel good—he’s in it to win.

That means:

• Bigger rounds
• Bigger companies
• Bigger exits
• And fewer excuses

“Let’s stop pretending it’s complicated. Let’s raise, build, scale—and let’s be less dumb.”

At the EUVC Summit 2025,

of

delivered a data-backed reminder: If we’re serious about building global companies from Europe, we need to stop treating the US as a rival—and start treating it like the deeply connected partner it already is.

Robin Klein & the Power of Ecosystem BuildersThe session opened with a heartfelt nod to Robin Klein, this year’s Hall of Fame inductee. When Frontline asked leading investors across the continent “Who has been most influential in your journey in European tech?”—four out of five said Robin.

“Building an ecosystem isn’t just about investing. It’s about building a fund, a culture, and a movement. Robin has done all three.”

His recognition is a signal to us all: the best investors aren’t just backing startups—they’re laying foundations for the entire ecosystem to thrive.

Europe vs. US? The Data Tells a Different Story

You might think Europe and the US operate as separate tech spheres. The media often frames it that way. Politicians like Trump make it seem that way. But the data tells a different story:

• 45% of the world’s internet traffic flows through just 17 transatlantic cables—every single day.
• In consumer tech, nearly 75% of global spend comes from Europe + the US combined.
• Signal AI, a Frontline portfolio company, analyzes global news in 150+ languages—yet a major share of its revenue comes from the US.

“We’re already collaborating—just not always intentionally.”

Think Big. Think Global.William’s message to investors was crystal clear:

“We shouldn’t be advising founders to go small or to ignore the US. Europe and America are economically and digitally intertwined—and always have been.

”He cited the powerful example of Dr. Katalin Karikó (Europe) and Dr. Drew Weissman (US)—the Nobel-winning team behind mRNA vaccines. Global breakthroughs, enabled by global collaboration.

Yes, it’s harder today to build across borders. But that’s where investors need to step up—not retreat.

Let’s not let political headlines shape our investment strategies.

Let’s help our companies build globally, because that’s how we build lasting, category-defining businesses.

And let’s take a page from Robin Klein’s book: invest in the ecosystem, not just the deal.

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 Ties Boukema, Head of Data, Tech & AI at Dawn Capital, one of Europe’s leading B2B SaaS and Fintech investors. With a background spanning law, statistics, Google Health, and five brain surgeries, Ties brings a rare mix of grit, optimism, and technical firepower to Venture and he’s putting it to use by building Rolodex, an internal AI-powered operating system for Dawn.

This is not an AI trends episode. This is an inside look at what it takes to build and deploy technology within a venture firm—and why the industry has been lagging behind.

🎯 This Episode’s Themes:

• How a near-death experience shaped Ties’ perspective—and his edge

• Why most software in VC is “surprisingly bad” and what to do about it

• How Dawn is building Rolodex: AI-powered prep, network graphs, and event intelligence

• The myth of “no data in early-stage” and why private markets still need software

• What Gawande’s checklist manifesto can teach European venture

Here’s what’s covered:

• 02:00 | Meet Ties: From New York brain surgery to Google to Dawn

• 04:00 | Life Before Surgery: Growing up with 200+ hospital stays

• 09:30 | A Second Life: What changed post-op—and how it shaped his drive

• 11:00 | From Sales to AI: Ties' journey at Google and pivot into health

• 12:45 | Why Venture: “These people are smart… but why are they fixing slides at 2 AM?”

• 14:00 | Perspective as Edge: Handling pressure, breaking rules, and ignoring experts

• 17:30 | AI vs Experts: The false trust in tradition—and how AI challenges it

• 20:00 | The Speed Mismatch: We can produce info 100x faster than we can understand it

• 24:00 | Building Tech for Venture: The reality, the resistance, the rewards

• 29:00 | Buy vs Build: Why VC firms should think like operators, not tinkerers

• 32:00 | Rolodex Origins: The deal Dawn lost—and what it taught them

• 36:00 | Entity Resolution Hell: Why syncing your contacts is harder than you think

• 40:00 | Rolodex in Action: Deal prep, relationship mapping, board meeting alerts

• 44:00 | Quantifying Network Power: How Dawn tracks angels & co-investors

• 46:00 | Strong Opinions, Loosely Held: Why Ties changed his mind on VC’s “human core”

• 50:00 | The Checklist Revelation: What brain surgeons taught him about process