EUVC

In this episode, Jeppe Høier and Andreas Munk Holm sit down with Julien Fredonie, Head of Europe & Africa at Honda Xcelerator Ventures, for a deep dive into how one of the world’s most iconic manufacturing giants is strategically navigating venture capital across Europe.

They explore Honda’s global investment strategy, Julien’s views on Europe’s deeptech strengths, the nuanced role of corporate VC, and why Honda is bullish on European innovation—from climate tech to AI and advanced manufacturing.

This one’s a rare look into how a global player allocates capital, thinks about strategic alignment, and partners with both startups and emerging funds.

Here’s what’s covered:

• 01:10 Who is Julien Fredonie and what is Honda Xcelerator Ventures?

• 02:40 The 4 Strategic Pillars: Sustainability, Manufacturing, Mobility, AI

• 04:15 What "Deep Tech That Sells" Means to Honda

• 05:30 Strategic Projects Explained: POCs, JVs, and R&D Partnerships

• 07:45 Fund-of-Fund Activity: Why Honda Also Backs VCs

• 09:00 Structuring the CVC: The Role of Julien’s Team vs. Internal Honda R&D

• 11:30 What Startups Get from Honda (Beyond Capital)

• 13:45 Deep Tech DD: How Honda Approaches Validation from Inside & Outside

• 23:30 Where Europe Stands Out: Climate, Advanced Industry, AI

• 25:30 Gen 2 Climate Tech: From Environmental to Industrial Impact

• 26:15 The State of French VC and Deep Tech Momentum
  

Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed and Lomax from Outsized Ventures unpack what’s happening in European tech and venture capital.

This week: Why Meta and Microsoft are minting cash from AI, what Figma’s IPO signals for SaaS, whether the EU got rolled in its new trade deal with the US, and how Europe’s AI scene is finally delivering billion‑dollar exits. Plus: OpenAI’s new “Study Mode” and Harry Stebbings’ Project Europe—an “anti‑YC” deep‑tech accelerator for founders under 25.

🎧 Here's what's covered:

• 01:07 Meta & Microsoft Blowout Earnings: How AI is driving real revenue and margins.

• 04:43 Meta’s Efficiency Playbook: Ads, engagement, and headcount cuts fueling growth.

• 06:39 Zuckerberg’s Billion-Dollar AI Talent Grab: Why Meta is betting the farm on AI.

• 11:23 CapEx Shockwaves: Meta at $70B and Amazon at $100B—bigger than all of European VC.

• 14:02 Sticky Inflation & AI Boom: Why markets stay bullish despite high rates.

• 21:33 Figma’s Blockbuster IPO: SaaS revival or a one‑off outlier?

• 25:37 Index Ventures’ €7B Payday: Power law dynamics in European venture.

• 33:51 EU–US Trade Deal Breakdown: Tariffs, defense procurement, and $600B in investment.

• 46:43 Anthropic’s $5B Raise: Can US AI dominance withstand cheap, open‑source rivals from China?

• 49:32 Germany’s $1B AI Exit: Cognigy and the rise of European enterprise AI.

• 01:07:59 Accelerators & the “Best Founders Don’t Need Them” Debate

In this episode,

sits down with

and

, the founding partners of

, a brand-new fund laser-focused on what they call Human Interaction Tech.

They explore why online communication, remote work, and AI are disrupting how we relate at work and in life, and why that opens a massive opportunity for a new kind of VC firm. With a track record of backing unicorns like Flo, Revolut, and Patreon, and institutional knowledge from Bain and SDV, the duo is now raising their first fund to scale this vision.

We dive into how they define their category, the growing $150B+ market opportunity, their standout portfolio performance, and how their unfair advantages—from GTM playbooks to Tier 1 VC intros—create gravity with both founders and LPs.

🎧 Here’s what’s covered:

• 00:05 Introduction to AdHoc Ventures
• 01:30 The Concept of Human Interaction Tech
• 05:28 Market Opportunities in Human Interaction Tech
• 09:23 Investment Strategy and Track Record
• 12:27 Unfair Advantages of Ad Hoc Ventures
• 16:03 Building a Global Fund
• 20:03 The Role of AI in Human Interaction
• 24:25 Value Addition as Specialized Investors
• 25:40 Management Fee Structure Explained

Welcome back to another episode of At the Cap Table, your trusted inside track on the people, ideas, and power dynamics shaping the future of European venture.This week, Savs sits down with

, Partner at

and Co-Founder of

, for a candid conversation about doing VC differently—from day-one investing and values-led portfolios to walking away from a fund that could have been.

They dive into the rise of “residency models” over accelerators, why ESG is often misunderstood (even by the pros), and how real co-founder chemistry can’t be faked. Hannah also opens up about why Fund II didn’t happen at Houghton Street Ventures, what she’s learned about partnership dynamics, and what kind of founders actually thrive under pressure.

Whether you're building from zero, navigating the future of VC, or just wrestling with what it means to do this job with intention—this one's for you.

Here’s what’s covered:

• 01:50 | How an NGO office in Mumbai sparked a decade-long obsession with founders
• 04:20 | VentureESG: the accidental nonprofit now guiding 700+ VCs and LPs
• 11:30 | Houghton Street Ventures: the thesis, the traction, and the hard call not to raise Fund II
• 18:00 | Why working with the right people trumps firm strategy
• 20:00 | Antler’s “day one” model and what a residency really offers founders
• 23:00 | Week 3 in the Antler cohort: when teams form, and sometimes fall apart
• 25:30 | What actually matters in early-stage teams (hint: not the idea)
• 28:00 | Standard terms, 10-week pressure, and founder selection inside Antler
• 30:00 | Project Europe, collaboration culture, and why VC needs more team sports
• 33:00 | Europe’s strength in AI, climate, and thoughtful founders
• 34:30 | Luck, wonky careers, and why no door is ever really closed

Welcome to a new episode of the EUVC podcast, where Andreas Munk Holm and Jeppe Høier explore the cutting edge of European venture capital. Today’s guest is Nacho Tovar, who is the Group Innovation Director at IAG. IAG—the airline group behind British Airways, Iberia, and Vueling.

Together, they unpack how one of the world’s most complex legacy industries is retooling itself through deep tech, startup collaboration, and CVC-backed transformation—from synthetic fuels to quantum AI.

This is the CVC playbook for aviation, straight from the cockpit.

🎧 Here's what's covered:

• 02:02 How Childhood Dreams of Flight Became a CVC Career

• 05:12 IAG’s Six Investment Themes: AI, Automation, SAF, CX, Connectivity & Quantum

• 10:01 No Fund Yet—But €200M in Committed Capital Through the Balance Sheet

• 14:30 Why IAG Doesn’t Invest at Concept Stage (And Doesn’t Take Equity in Accelerator)

• 18:32 Nacho’s Career Path: Why Engineering + Accenture + VC = Ideal CVC Operator

• 24:34 Inside Iberia’s Turnaround: From €1M/day Losses to €1B Profit

• 28:47 Co-Investing over Leading: IAG’s Approach to Rounds

• 30:29 What Nacho Brings to the Cap Table: Commercial Scale, Access & Global Brand

• 32:54 The Secret Sauce: Airline Autonomy + Strategic Collaboration

• 34:08 How IAG Unlocks Strategic Value Post-Investment

• 39:23 Why Punctuality, Cost & CX Are All Linked in Aviation

• 44:59 The Airline-Customer Relationship: From Booking to Destination

Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture. This week marks a major milestone — Episode 50! To celebrate, Dan Bowyer, Mads Jensen of SuperSeed and Lomax from Outsized Ventures, and Andrew J. Scott return to unpack the headlines and trends shaping the European tech landscape.

From the UK government’s OpenAI partnership and what it means, to the missed boat on stablecoins, and to AI outperforming the brightest minds in math—this episode cuts deep into the future of tech, sovereignty, and competitiveness in Europe.

Whether you're a founder navigating policy shifts, an investor eyeing infrastructure plays, or just an AI-curious policy wonk—this one’s for you.

Here's what’s covered

• 00:00 | Celebrating Episode 50
  The gang reflects on hitting a podcasting milestone and shares quick updates from Denmark, Paris, and a beachside founder retreat.

• 03:30 | OpenAI x UK Government: A Real Deal?
  The UK’s MOU with OpenAI is meant to boost public sector productivity—but is it too flimsy to matter? The hosts debate if this partnership is toothless signaling or meaningful progress.

• 06:00 | Can AI Actually Transform Public Services?
  From “Humpfree the Chatbot” to NHS waitlists, the panel weighs in on the real-world use cases, and how opt-in AI diagnostics could solve the NHS backlog.

• 09:30 | The Bigger Picture: AI Sovereignty and Strategy
  With the UK relying on US players (OpenAI, Anthropic, Nvidia), are we compromising our digital sovereignty? Andrew drops the big question: Is this the modern equivalent of exporting raw strategic resources?

• 14:00 | US vs UK AI Plans: Build, Baby, Build vs. Think, Baby, Think
  The team compares the UK's thoughtful “consultancy-style” AI strategy with the US’s aggressive, deregulatory action plan—complete with eagles and executive orders.

• 19:00 | Policy Recommendations from the Pod
  From national compute backbones and Buy-UK mandates to AI visa fast-tracks and sovereign LLMs — the panel proposes big ideas Europe should act on today.

• 25:00 | Stablecoins: UK’s Missed Opportunity
  While Japan, Singapore, and the US regulate stablecoins, the UK is just starting consultations. Why? And what’s at stake?

• 30:00 | Dollar Dominance Reinvented
  Mads explains how stablecoins are reinforcing US economic control — and how UK hesitation risks long-term relevance in fintech.

• 34:00 | Ideas for UK Leadership in Stablecoins
  Could interest-bearing stablecoins become London’s new edge? Could we reclaim fintech innovation by embracing DeFi rails?

• 38:00 | AI Wins Gold at the Maths Olympiad
  Google’s DeepMind and OpenAI hit gold-level scores at the IMO. The gang discusses the leap in AI’s creative reasoning and what it means for R&D, drug discovery, and Europe’s scientific leadership.

• 43:00 | Should Europe Build Its Own Sovereign Research Hub?
  From CERN-for-AI to training sovereign models, the crew asks whether public sector moonshots are the right way to compete.

• 48:00 | Deal of the Week: Eurazeo’s €650M Fund for AI Scaleups
  In a capital-constrained landscape, Eurazeo closes a rare growth fund to back Europe’s AI champions.

• 50:00 | Wildcard: AI vs. Raccoons
  Andrew shares a niche but hilarious use case for computer vision AI: keeping raccoons out of houses. No joke.

In this episode, Andreas Munk Holm is joined by Eoghan O’Neill, Senior Policy Officer at the European Commission’s AI Office, to break down the EU AI Act, Europe’s strategy to lead the global AI wave with trust, safety, and world-class infrastructure.

They dive into why the EU’s approach to AI is not just regulatory red tape but a proactive framework to ensure innovation and adoption flourish across sectors—from startups to supercomputers. Eoghan unpacks how startups can navigate the Act, why Europe’s regulatory clarity is an advantage, and how investors should be thinking about this new paradigm.

Here’s what’s covered:

• 02:41 Eoghan’s Unorthodox Journey: From Gravy Systems to AI Policy
• 04:32 The Mission & Structure of the AI Office
• 05:52 Understanding the AI Act: A Product Safety Framework
• 09:40 How the AI Act Was Created: An Open, 1,000+ Stakeholder Process
• 17:42 What Counts as High-Risk AI (And What Doesn’t)
• 21:23 Learning from GDPR & Ensuring Innovation Isn’t Crushed
• 26:10 Transparency, Trust & The Limits of Regulation
• 30:15 What VCs Need to Know: Obligations, Timelines & Opportunities
• 34:42 Europe's Global AI Position: Infra, Engineers, Strategy
• 43:33 Global Dynamics: Commoditization, Gulf States & the Future of AGI
• 48:46 What’s Coming: Apply AI Strategy in September

In this episode, Jon from the European VC pod is joined by co-host Ambika from Circle Capital for a special look at the Southeast Asian VC landscape. Their guest, Bhavik Vashi—Managing Director at Carta for APAC and MENA—brings both operator and investor lenses to the table. From the myth of “Southeast Asia as a region” to emerging manager struggles, this conversation pulls no punches. If you’re thinking global, this is your field guide.

Here’s what’s covered:

• 01:20 Bhavik’s Journey from Anaplan to Carta
• 03:45 Why “Southeast Asia” Is a Convenience, Not a Region
• 08:00 The Operator’s Reality: Fragmentation, Regulation, and Talent Arbitrage
• 11:45 Power Law Doesn’t Work Here: Rethinking Portfolio Construction
• 16:10 Fund IRRs Are Down, and It’s Worse in Southeast Asia
• 19:00 The First Wave of Emerging GPs: What Went Wrong
• 22:30 The Bright Side: Carta’s $1B Bet and Market-by-Market Nuance
• 27:15 Australia, MENA, Singapore, and What Global LPs Should Understand
• 32:00 The Case for Emerging Managers (And Why LPs Need to Get Over Their Fears)
• 36:10 Belief Shift: The East Isn’t Copying the West Anymore
• 41:00 Hub-and-Spoke Is Dead: Local Ops for Global Scale
• 44:00 Middle East ≠ Europe: Why Singapore and Dubai Are Mirror Plays

This week on the EUVC podcast, Andreas Munk Holm is joined by Jörg Binnenbrücker, General Partner at Capnamic, to unpack the story behind one of Europe’s standout software exits—LeanIX, winner of Exit of the Year at the European VC Awards.

Jörg walks us through how a €500K initial check turned into a billion-dollar outcome—and why the deal was perfectly sized for the realities of European venture. We go deep on Capnamic’s founder-first philosophy, their obsession with DPI, and how they’ve built a venture firm that consistently turns real returns across funds—not just paper markups.

From investing early in B2B SaaS to building a culture that mirrors the best of startups, Jörg shares the blueprint behind Capnamic’s flywheel—one rooted in trust, ownership, and team alignment.

🎯 In This Episode, We Cover:

• The inside story of the LeanIX deal—and why it was a fund-maker
• How Capnamic builds DPI-first into every decision
• Why real founder empathy starts with how your team works
• Lessons from Michael Jordan and Yoda (really)
• Europe’s underrated software founders—and why they’re winning
• Why generalist firms still play a key role in climate, deep tech & beyond

Here’s what’s covered:

• 00:00 | Jörg joins: From Capnamic to Exit of the Year
• 02:15 | Why LeanIX is a “Google Maps for Enterprise Software”
• 04:30 | The €500K check that turned into a billion-dollar outcome
• 07:45 | What makes a “perfect” exit for European fund sizing
• 10:30 | DPI > Paper: How Capnamic structures for real returns
• 13:00 | Building founder empathy through operational design
• 16:30 | Every team member gets carry—even platform
• 19:00 | No consensus, no problem: Why Capnamic values conviction
• 22:00 | B2B SaaS, German depth, and the Capnamic thesis
• 25:45 | York on founder-centric processes and fast reps
• 28:00 | Why they track “10x front returners” at investment stage
• 31:00 | The art of timing exits—and when secondaries don’t work
• 34:00 | LeanIX team, bootstrap mentality, and long-term value creation
• 36:30 | Jörg’s parting advice: Start businesses wisely. Play like Jordan.