EUVC

This week, August Solliv is joined by Fabian Heilemann, founding partner at AENU, a climate-focused Article 9 fund reshaping what institutional-grade impact investing looks like in Europe.

A former serial entrepreneur turned VC heavyweight, Fabian spent nearly a decade at Earlybird before launching AENU alongside his brother. Today, he leads a €170M early-stage climate tech fund with one clear mission: backing ventures that can decarbonize at gigaton scale.

In this episode, we dive into Fabian’s journey from angel investor missteps to system-level innovation, and what it takes to truly build an impact-native VC platform—beyond surface-level ESG.

We talk about why the old fund structures don’t cut it for deep tech and climate moonshots, what real accountability looks like for impact metrics, and why mission-aligned founders are starting to demand more than just capital.

🎯 This Episode’s Themes

• Why Fabian walked away from generalist VC to go all-in on climate

• The hard truths of raising an evergreen fund in a bear market

• What it takes to measure impact—beyond the marketing slide

• How AENU’s founders “walk the talk” in company operations

• Why biodiversity collapse may hit harder than climate

Here’s what’s covered:

• 00:45 | Meet Fabian: From founder to Earlybird GP to climate VC

• 03:30 | When the science became too loud to ignore

• 06:00 | Early mistakes in angel investing—and how it shaped AENU

• 08:45 | Building AENU: Clean slate, pure play, Article 9

• 12:00 | Impact metrics that matter: CO₂e saved or removed

• 15:30 | Walking the talk: Travel policy, green ops & founder integrity

• 18:45 | Challenging the 10-year VC fund model

• 22:30 | Why climate tech exits need more patient capital

• 26:00 | The failed evergreen experiment—and what it taught them

• 30:00 | Climate vs. biodiversity: The next systemic wave

• 33:30 | Why Sequoia won’t fix this—but emerging managers might

• 36:15 | Founder redemptions: Building for impact after fast commerce

• 40:00 | The reality of fundraising as an impact-first VC

• 43:00 | AENU’s three pillars: Energy, decarb & climate adaptation

In this episode, Andreas Munk Holm and Jeppe Høier sit down with Florian Noell, PwC’s Global Venturing & EMEA Startups & Scale-ups Leader. Florian draws on his rare blend of experience as a founder, ecosystem advocate, and now corporate innovator to unpack the evolution—and missed opportunities—of corporate venture capital across Europe.

They delve deeply into what distinguishes enduring CVCs from the 3.7-year average lifespan, how to avoid wasting money as a corporate angel, and the structural shifts needed to transition from optics to outcomes. With both realism and optimism, this is a masterclass on corporate-startup collaboration done right—and wrong.

This one’s for ecosystem builders, corporate strategists, and VCs looking to make CVC work in the long term.

Here’s what’s covered:

• 02:10 | Two Hats, One Mission: How Florian Took His Founder Lens to PwC

• 05:50 | What Great Corporate-Startup Collaboration Looks Like

• 08:30 | Why CVCs Die After 3.7 Years—and How to Beat the Odds

• 11:20 | Structuring for Success: The 10 Building Blocks to a Lasting CVC

• 14:00 | Venture Clienting vs. Venture Investing

• 17:40 | The Case for Later-Stage Investing—If You Can Afford It

• 21:15 | LP Investing as a Smart Starting Point

• 25:50 | Policy’s Role: Useful, But Not the Magic Fix

• 30:00 | Changing the Corporate Mindset

• 34:00 | Why Corporates Don’t Reinvent Themselves—And What to Do About It

Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.

This week,

and

of

and

from

, gather to unpack the macro forces and micro signals shaping European tech and venture.

They dive into the EU’s latest corporate structure reforms, the battle with resistant notaries, and the implications for startup formation and cross-border investing. Then it’s onto LLM innovation in China, valuation exuberance in AI, and the strategic shifts in capital allocation. The group finishes by zooming out on macro policy, sovereignty debates, and a cautious optimism for European tech.

Whether you’re an investor, founder, or policymaker trying to navigate Europe’s choppy regulatory waters — this one’s for you.

Here’s what’s covered

• 02:00 | Startup law, friction, and EU Inc.
• 06:30 | The SAFE envy
• 09:30 | Founders as fund managers — and vice versa
• 12:00 | From Pink Floyd to trillion-parameter models
• 17:30 | Capital efficiency and compute arbitrage
• 21:00 | UK startup ecosystem: a shadow of its former self?
• 25:00 | Fundraising cycles and trapped capital
• 28:00 | D2C health — a comeback?
• 31:00 | Crypto week in Europe?
• 35:00 | Macro clouds and haven-hunting

• how to align sales strategies with the needs and journeys of different types of users;
• how PLG and enterprise motions can coexist with careful planning and differentiation in user journeys;
• why as companies grow, including a sales team becomes vital to extend market reach and support users who require more comprehensive solutions;
• and more practical strategies for founders looking to enhance their sales operations and build successful teams.

• 00:00 Introduction to Fannie Talegrand
• 00:46 Fannie’s Career Journey
• 03:11 Comparing Sales Strategies at Google Cloud and Stripe
• 09:02 Product-Led vs. Enterprise Motion
• 12:13 Sales Metrics and Funnel Optimization
• 15:14 Differences in Selling to Startups vs. Enterprises
• 22:50 Hiring the Right Sales Leader
• 33:11 Onboarding New Sales Hires
• 38:51 Conclusion and Final Thoughts

In this week's podcast,

 is joined by

at

and

at

to explore one of the most consequential deep tech opportunities Europe faces: RNA. With roots in foundational biology and applications from cancer therapy to precision agriculture, RNA is both a symbol and a stress test of Europe’s capacity to scale science into sovereignty.

The conversation is based on their

on the State of RNA in Europe, a data-rich, in-depth analysis of patents, funding flows, regulatory bottlenecks, and startup activity across the continent.

Here’s what’s covered:

• 03:05 The State of RNA in Europe
• 05:59 Challenges in Commercialization and Investment
• 09:09 The Landscape of RNA Companies in Europe
• 15:02 Regulatory Challenges in RNA Development
• 17:58 The Future of RNA in Europe
• 26:54 Navigating Regulatory Challenges in Biocontrol Products
• 30:46 The Impact of European Policies on Innovation
• 32:41 Learning from Global Regulatory Practices
• 40:34 The Exodus of Talent and Innovation from Europe
• 45:59 Funding Challenges for RNA Companies in Europe

In this episode,

talks with

— early-stage investor — about the new wave of entrepreneurs in Spain: those who’ve exited, raised again, and are now backing the next wave. They dive into the rise of Spain’s emerging managers, the structural limitations new fund managers face when fundraising, and how institutional platforms can solve them.

Carlos shares insights on how his team is designing a new type of investment structure — one that serves both fund-of-fund limited partners (LPs) and those deeply committed to ecosystem development. From syndicate-style collaboration to collective capital and US micro-fund inspiration, Carlos unpacks the anatomy of the new European seed scene.

Whether you’re building a micro fund, exploring Spain’s founder-led evolution, or curious about how fund design is adapting to new LP profiles — this one’s for you.

Here’s what’s covered:

• 00:00 The Rise of Repeat Founders: From Glovo to Preval and beyond
• 03:15 Why Founders Become Emerging Managers
• 05:42 The Fundraising Gap for New Managers
• 08:10 Co-investing and Scouting for Ecosystem Development
• 11:35 Challenges of Hybrid Investment Models
• 14:00 Case Study: Transcend — A $1.5M EdTech Concept Fund
• 17:20 Collective Capital: When LPs Roll Up Their Sleeves
• 19:45 Closing Thoughts & Invitation to Meet in Barcelona

Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.

This week,

is joined by

, Founding Partner at

, and

, Founder at

, for a deep dive into the rise of solo GPs and micro funds in Europe. Together, they unpack the forces driving this new wave of intentional, nimble VC—why it’s working, how it's evolving, and what it takes to win.

It’s a conversation that builds on their stage debate at the EUVC Summit—this time going deeper into headless rounds, syndication dynamics, the next generation of angel investors, and the very real personal decisions behind going solo.

🎯 This Episode’s Themes:

• Why the solo GP model fits today’s best founders
• The rise of “headless rounds” and what makes them work
• The art (and risk) of conviction without consensus
• The future of angels, from weekend warriors to fund managers
• What’s next for micro funds in Europe—and why some won’t make it

Here’s what’s covered:

• 00:22 | Solo Love: The magic of being founder-picked and founder-aligned
• 01:30 | Angel Roots: Why Sarah and Anthony bet small before going big
• 04:00 | Market Dynamics: The squeeze between seed giants and multistage platforms
• 06:30 | Why Small Wins: Flexibility, focus, and belief in outlier founders
• 09:00 | Micro Syndication: Why solo GPs are finally co-leading in Europe
• 13:00 | The Reserve Question: What happens when founders need more capital?
• 16:00 | Conviction Building: The difference between borrowing belief and earning it
• 20:00 | Headless Rounds: The founder-led raise and its pros and cons
• 24:30 | Next Round Realities: Why leads don’t always do the heavy lifting
• 27:00 | Angel Competition: How to win without bidding wars
• 31:00 | Angel Education: Power law, concentration risk & the need for fresh blood
• 38:00 | Going Solo: The case for building your own lemonade stand
• 44:00 | The Big Firm Tradeoff: Coordination, politics, and the limits of scale
• 47:00 | Looking Ahead: What’s next for Europe’s micro fund wave

In this episode,

is joined by Colin Knight, a leading coach in the startup ecosystem, and 

, co-founder of

, to dive deep into the emotional and relational dynamics that power — and often derail — the venture journey.

This conversation is part of the Venture Beyond initiative: a space to reflect on the human side of venture, supporting founders and investors in building intentional teams, resilient cultures, and sustainable energy for the long game.

Here’s what’s covered:

• 02:15 – What is Venture Beyond? (feat. 432 Legacy & Stride VC)
• 05:00 – “Peeling the Onion”: Relationships → Team → Role → Self
• 10:30 – Power dynamics and pitching: resetting the foundation
• 22:00 – The myth of pleasing and the power of check-ins
• 29:00 – Why VC firms struggle as teams
• 38:00 – Role transitions: letting go of identity and control
• 44:00 – The “Colin Column”: Why am I doing this?
• 47:00 – The Self: Paying the price of transformation
• 49:00 – Outcome addiction vs. joy in the journey
• 55:00 – Energy is everything: what drains you, what fuels you
• 57:30 – Finding your inner peace in a mad world

Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.

This week,

and

of

and

from

, gather to unpack the macro forces and micro signals shaping European tech and venture.

They unpack the defense boom powering Europe’s deep tech surge — and ask whether startups should rush in or sit this wave out. They break down OpenAI’s next big product moves, the battle for browser dominance, and whether we’re already at peak LLM. They ask if working from home quietly kills startup culture (and what actually keeps it alive). And they check in on Trump’s tariffs, Europe’s big tech fines, and the resilience playbook that’s pulling startups deeper into geopolitics.

If you’re investing, building, or just trying to make sense of where Europe’s venture scene goes next — this one’s for you.

Here’s what’s covered

• 02:00 | The defense boom: Europe’s rearmament moment
  How Germany has overtaken the UK in startup funding for the first time — and why defense, dual-use, and resilience are fueling the deep tech wave.
• 04:50 | Moral lines: should you build in defense?
  Mads, Lomax and Andrew debate whether there’s an ethical red line — and if Europe’s founders should follow the money or sit this one out.
• 08:40 | Peak LLM? OpenAI launches a browser
  Is OpenAI eating Google’s lunch? Mads explains why a new browser isn’t just a gimmick — it’s a data moat and a massive ad market play.
• 12:00 | The new search wars & what founders should do
  Lomax breaks down how SEO is dead — GEO (generative engine optimization) is in. Why this shift is reshaping startup distribution playbooks.
• 15:30 | Grok 4, Elon & the next frontier
  Mads explains how Musk’s Grok leapfrogged benchmarks — and why the next LLM battle is all about compute, data quality, and Nvidia’s $4T edge.
• 18:50 | Does working from home kill culture?
  Are great companies built on Slack or in person? The crew unpacks why strong culture is more than values on a wall — and why the best teams come together.
• 25:00 | Trump’s tariffs: a real threat or priced in?
  Why markets barely shrug at Trump’s latest trade threats — and what selective escalation could mean for European startups this autumn.
• 29:00 | UK startup stats: steady but small
  Eight billion raised, a handful of unicorns minted — but the US is still 20x bigger. Why the same structural issues keep the UK from scaling like Silicon Valley.
• 33:15 | Big Tech vs Europe: do the fines matter?
  From DMA penalties to encrypted chat backdoors, the team debates whether Brussels’ big fines work — and who really pays the price.
• 38:10 | Deal of the Week: Eutelsat’s €1.35B resilience play
  Why Europe’s sovereign satellite champion matters — and why Lomax wants them to rebrand fast.

Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.

This week,

sits down with

, founding GP of

, the new defense-first fund going all in on the blunt reality of European strategic autonomy.

Nicholas is no newcomer to this. From advising governments to serving in Afghanistan, launching syndicates, or building dual-use bridges when few wanted to touch defense, he’s stayed on the same mission while the market shifted all around him.

In this episode, Nicholas breaks down why Europe needs unapologetic defense-first investing, why dual-use alone won’t cut it, and what founders, LPs, and co-investors must face up to if they’re serious about Europe’s sovereignty.

Here’s what’s covered:

• 00:00 | Nicholas Nelson’s journey: from service to syndicates to Archangel
• 02:00 | Two decades of doing defense before it was cool
• 04:00 | Why now? Why real defense? Why not just dual-use?
• 07:00 | The war tech shift: tanks out, rapid iteration in
• 10:00 | Ukraine’s ‘hourly sprints’—why on-the-ground matters
• 13:00 | Deterrence, lethality & Europe’s strategic gap
• 16:00 | When dual-use brands muddy the water (and why that’s risky)
• 19:00 | The bullets & bombs dilemma: investing when LPs say no
• 22:00 | Primes, vendor lock & the truth about the military industrial complex
• 26:00 | ESG tensions: Europe’s extra layer of complexity
• 30:00 | The pan-European Anduril myth—why it doesn’t map
• 34:00 | Local vs. pan-European scaling: what’s realistic
• 37:00 | Exit routes & why the big growth rounds go abroad
• 40:00 | The flywheel we didn’t get to—coming in part two