Welcome back to the EUCVC Summit Talks, where we spotlight Europe’s corporate venture leaders, founders, and academics shaping the future of venture collaboration.

In this episode, Francesco Di Lorenzo, Associate Professor at Copenhagen Business School, takes the stage to share fresh research on the state of corporate venture capital (CVC) in the Nordics. From Sweden to Denmark, Francesco explores how corporates are experimenting with different venturing models, what makes CVC effective, and why Nordic corporates are some of Europe’s most important venture partners.

Rather than polished slides, Francesco offers candid reflections from the Summit itself: the open questions corporates face, the trade-offs in structuring CVC units, and why cultural change in the boardroom is key if corporate venturing is to succeed long-term.

🎧 Here’s what’s covered

• 00:00 Nordic snapshot — Why the region punches above its weight in tech and CVC.

• 01:00 Tools beyond CVC — Incubators, accelerators, and venture clienting: complementary or conflicting?

• 03:00 The CVC effect — Beyond capital: what corporates bring to the table (and why it matters).

• 05:00 Measuring success — Why CVC units last only 3.7 years on average and the difficulty of proving ROI.

• 07:00 Smart money vs. just money — How engineer exchanges and board participation can be more impactful than capital alone.

• 08:00 Venture clienting — A rising model where corporates act as first customers instead of investors—and the risks it carries.

• 10:00 Governance cycles — Why CVC units live and die with CEO tenure, and why board-level protection is essential.

• 11:00 Collaboration vs. competition — What data says about corporates co-investing (and when they don’t).

• 13:00 Nordic findings — Early results from research in Norway, Finland, and Sweden: small portfolios, early-stage focus, and bureaucracy as the top blocker.

• 14:00 AI paradox — Corporates investing in AI startups but cutting internal AI budgets—what this signals for the future.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.

In this session, Christian Tang, Partner at San Francisco–based Acme, and Claus Gregersen, CEO of the 275-year-old evergreen investor Augustinus Fabrikker, explore what global ambition really means in today’s venture landscape.

From recalibrating US expansion strategies to navigating sovereignty, trade tensions, and structural resets, they unpack how investors and founders must adapt to thrive in a more complex—but still interconnected—world.

🎧 Here’s what’s covered:

• 00:00 Setting the stage: Cycles, crises, and why this downturn feels different.

• 02:00 Structural reset, not just another downturn—why waiting for “normal” is not an option.

• 03:30 Investors as navigators, not moral arbiters—what it means in practice.

• 04:15 Why the US remains critical: learning, scaling, and surviving tough competition.

• 06:00 Page nine of every pitch deck: the inevitable US expansion slide.

• 07:20 Trade tensions vs. venture building—why early-stage models aren’t derailed by politics.

• 08:30 The importance of value-adding capital—choose partners for impact, not geography.

• 09:15 Lessons from COVID and defense: building lean, fast, and resilient.

• 10:00 Closing thoughts: capital may be scarcer, but ambition must remain global.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.

In this episode, Anne C. Fleischer, Global VP of Consumer Engagement and New Business Models at Novo Nordisk, joins Henrijette Richter, Managing Partner at Sofinnova Partners, for a conversation on the future of health innovation.

Together they explore how corporates and VCs are driving the next wave of digital health, the role of AI in transforming patient care, and what it takes to turn breakthrough science into scalable business models.

🎧 Here’s what’s covered:

• 00:00 Pharma’s digital leap — why Novo Nordisk is going “beyond the pill” with AI and personalized engagement.

• 01:30 The investor’s lens — what makes AI-driven health fundable versus “still a science project”.

• 03:00 AI at the patient interface — where machine learning is closest to real-world integration.

• 04:30 Corporate + VC collaboration — how pharma and venture can align (and where they clash).

• 06:00 Scaling deeptech in health — what it takes for startups to go global from day one.

• 07:30 Consumerization of health — balancing trust, privacy, and the impatience economy.

• 08:45 Europe’s edge — strengths in science and regulation, risks of falling behind the U.S..

• 09:30 Lightning round — the next big thing in health innovation: specificity for patients.

Corporate venture capital has become a $100B+ force in tech. Charlie Hayward from Global Corporate Venturing unpacks what’s really driving the trend: which sectors are heating up, where CVCs make a difference, and how Europe stacks up under capital constraints and geopolitical pressure.

Here’s what’s covered:

• 00:00 – Setting the stage: CVC as a $100B+ global force

• 01:00 – Why corporate venture matters: from Microsoft’s outlier story to the role of corporate backers

• 03:00 – Active CVC units: stock performance and why entrepreneurs should care

• 04:00 – Lower bankruptcy risk & higher exit multiples for CVC-backed startups

• 05:00 – State of play: fundraising headwinds, but CVCs take the long-term view

• 05:30 – Early-stage shift: corporates getting active in seed & pre-seed rounds

• 06:00 – Global hotspots: Latin America and APAC showing strong momentum

• 07:00 – What CVCs bring: board seats, portfolio support, but still lighter on financial-return expectations

• 08:00 – Who plays the game: large corporates with $1B+ revenues dominate, but LP stakes open doors for smaller players

• 09:00 – New frontiers: universities, accelerators, and venture clienting as the next CVC battlegrounds

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.

In this session, Marcus Behrendt, Managing Director at BMW i Ventures, and Nicole LeBlanc, Partner at Woven Capital (Toyota’s global growth fund), join Andreas Munk Holm to explore the shifting landscape of mobility and corporate venture.

From navigating capital-intensive hardware bets to finding the balance between strategic alignment and financial discipline, Marcus and Nicole share what they’ve learned running two of the world’s most active mobility CVCs. They open up on exits, collaboration with startups, and how CVCs must evolve to remain relevant in an era of autonomous, connected, and electrified vehicles.

🎧 Here’s what’s covered:

00:00 BMW i Ventures’ journey from corporate “experiment” to one of Europe’s most established mobility CVCs.
01:00 Woven Capital’s global mandate — $800M to invest in growth-stage companies shaping the future of mobility.
02:00 Strategic vs. financial returns: how to keep credibility with founders while serving corporate parents.
04:00 The hard part of hardware — why scaling in mobility takes patient capital and operational backing.
06:00 Startups + corporates = frictions and opportunities — lessons from portfolio collaborations.
08:00 Exit realities: IPO droughts, M&A dynamics, and how mobility startups find liquidity.
10:00 The next decade of CVC in mobility: sustainability, AI, and cross-border collaboration.

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

Today, we’re joined by Alexey Plesakov and Alexander Lis from Social Discovery Ventures (SDV) — a quietly influential, globally active investment firm deploying capital across the US and Europe. Born out of the bootstrapped success of Social Discovery Group (the company behind Dating.com), SDV invests in both funds and directs, with a venture allocation far above the family office norm.

We dive into their origin story, why they’re leaning into Europe now, their approach to fund vs. direct investments, and how they think about the future of VC in a more uncertain macro climate.

🎯 This Episode’s Themes:

• From bootstrapped dating giant to global LP & VC player

• Why diversification isn’t just about having “more investments”

• How they balance US vs. European VC allocations

• The case for emerging managers — and the collaboration edge they offer

• Where they see the biggest bets in European tech over the next decade

• Why they’re playing more conservatively in 2025 — without stopping deal flow

• Lessons from building lean — and the “Five Whys” test for cutting through hype

🎧 Here’s what’s covered:

• 00:24 | Welcome & Origin Story: From Dating.com to a global investment portfolio

• 01:24 | Bootstrapping a Unicorn: How Social Discovery Group scaled without outside capital

• 04:38 | The Myth of Diversification: Quality over quantity in portfolio construction

• 06:19 | Why 30%+ of Their Assets Are in Venture Capital

• 08:44 | Leveraging Network Effects: How their IT roots give them an edge in sourcing deals

• 09:31 | VC Fund Portfolio: From NEA & Khosla to emerging managers like Davydov & Black River

• 14:26 | US vs. Europe: Why their overall portfolio skews 70% US but VC is more balanced

• 15:55 | Emerging Managers vs. Big Names: Risk, return, and picking the right early funds

• 19:41 | Big Picture Bets: Tariffs, decoupling, and a possible US–Europe tech split

• 22:31 | Direct Investment Focus: Fintech, PSD3, and voice-first neobanking

• 25:07 | Macro vs. Micro: Combining top-down analysis with bottom-up deal work

• 27:05 | Playing Defense in 2025: Why they’re slowing deployment without stopping pipeline building

• 30:23 | European VC Arbitrage: Lower valuations — until growth takes off

• 34:23 | Bootstrapping Lessons: Discipline, burn control, and ROI-driven decisions

• 35:25 | The “Five Whys” Test: Cutting through hype to find fundamentally sound investments

With: Nicholas Nelson (Archangel) • Dan • Lomax • MadsTL;DW• Defence-first wins on capability and returns; primes are partners and channels.• Helsing: buys platforms/revenue for access; layers AI—different from Anduril’s buy-TRL-tech + scale model.• Beyond drones: biggest gap/opportunity is tactical EW.• Procurement: more fast lanes (SOF, pilots); primes getting easier to work with.• AI: real profits exist (esp. NVIDIA), but value chain is fragile; expect a correction, not a collapse. Picking winners more important than timing.Content with Time Codes02:40 — Why defence-firstBeats dual-use on outcomes and returns; lifelong focus.04:32 — DefinitionsCustomer = MoDs + primes; aim: lethality/readiness and societal resilience. Beware “defence-washing”.06:37 — What’s hotAvoid herd to drones only; counter-UAS, EW, human performance, deception, survivability.08:23 — Helsing buys GrobNeo-prime play: new co buys legacy manufacturing for platform access.10:42 — The two Defence M&A playbooksAnduril: buys mid-TRL tech (Area-I, Dive LD/Ghost Shark, Adranos) → scales via brand/distribution.Helsing: buys finished products/revenue (Mittelstand) → immediate customers; then add AI.14:25 — Prime status & capitalDistribution + capital to AI-enable platforms.17:47 — Roll-up vs buildNarrative “build”; execution “roll-up + build”.19:47 — Drones & ‘drone wall’Layered answer: blunt with drones, hold with conventional forces.21:49 — The big one: Electronic Warfare (EW)NATO underinvested; tactical EW is the unmet need; legacy kit is ’80s/’90s.24:54 — Startup wedgePut EW at the edge (drones/aircraft/fixed) → near-term wins.26:33 — Baltic realismHistory, 2007–09 Estonia cyber, current incursions; likely Kaliningrad corridor.28:19 — Founder mistakesTech ≠ win by itself; experience + gov engagement matters; US analogue: top funds have IC/SOF DNA.30:43 —  Are there really only a “Few buyers?”Many real buyers inside a MoD/DoD (services, sub-units, innovation orgs).36:23 — Sovereignty & US primesUS strategics will buy abroad; Europe balancing autonomy with jobs/exits.41:07 — Starlink vs IRIS²Starlink’s lead + cadence; IRIS² slower—watch timelines vs evolving threats.47:18 — AI bubble?Warnings vs fundamentals; self-funded capex; real profits.49:37 — NVIDIA ramp$4.4B (2023) → $73B this year; growth tempers multiples.51:48 — AI Circular money & marginsCursor → Anthropic → hyperscalers → NVIDIA; only NVIDIA mints big margins; margin pressure coming (new semis, China, SLMs).53:12 — Picking beats timingDot-com lesson: Cisco losses vs Amazon wins.54:19 — Capacity vs efficiencyCapex likely useful long-run, but open source squeezes costs.55:52 — Platform riskFrontier labs moving up-stack; vertical AI + trust + data = moat.58:58 — Base caseLikely correction (30–50%) at some point; timing is unknowable (not investment advice).

Welcome back to the EUCVC Summit Talks, where we bring you the voices shaping Europe’s venture and corporate collaboration landscape.

In this episode, Andreas Munk Holm speaks with Tanja Lind Melskens, Head of Corporate Strategy and M&A at Terma, Denmark’s tier-one defense technology group. As Europe re-arms and defense spending surges, Tanja shares how startups, corporates, and investors must rethink dual-use technology, navigate inflated wartime valuations, and prepare for the post-conflict market.

From frontline innovation in Ukraine to the challenges of ESG in defense tech, this conversation sheds light on one of the most important—and controversial—frontiers for venture collaboration.

00:00 Europe’s re-armament: rising budgets, real opportunities—and inflated valuations.
01:30 Ukraine as the “Silicon Valley of defense tech”: 4 million drones a year and frontline R&D.
03:00 Why startups must prepare for the post-conflict market, not just donation-driven sales.
04:30 Terma’s Kyiv subsidiary and partnerships with Ukrainian startups.
06:00 Drone wars and critical infrastructure: protecting energy, transport, and hospitals.
07:00 ESG in defense: compliance vs. survival in frontline innovation.
08:00 Risks no VC faces: working with founders whose survival is uncertain.

💡 One-liner takeaway: Europe’s defense tech boom is real but risky—success depends on bridging frontline innovation with post-conflict markets, and balancing ESG ideals with the brutal realities of war.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.

In this session, Andreas Munk Holm is joined by Crispin Leick, Managing Director of EnBW New Ventures, Georg Reifferscheid, Head of Sustainability Ventures at REWE Group, and Jeppe Høier. Together, they explore how corporates are deploying capital, rethinking supply chains, and integrating AI to tackle Europe’s most urgent challenge: the energy transition.

From evergreen venture models to decarbonizing retail operations, the discussion dives deep into how industrial and consumer giants are investing, where capital is moving fastest, and why success still depends on aligning financial and strategic incentives.

🎧 Here’s what’s covered

• 00:00 The energy transition is here — Europe’s corporates on the frontlines.

• 01:00 Evergreen VC at EnBW New Ventures — why Crispin calls it the “best decision ever.”

• 03:00 REWE Group’s sustainability mandate — tackling scope 1, 2, and 3 emissions.

• 05:00 Where venture capital meets infrastructure — smarter, more capital-efficient deployment.

• 06:00 AI in energy — real-world use cases from batteries to trading algorithms.

• 07:00 Cooling, HVAC, and sustainable construction — REWE’s innovation priorities.

• 08:00 Financial return first — why strategic impact only follows startup success.

• 09:00 Incentives matter — why carry and financial alignment are make-or-break in CVC.

  
  

✍️ Show Notes

Evergreen Model at EnBW New Ventures

• Unlike closed-end CVC funds, EnBW’s evergreen structure reinvests all exit proceeds into new startups.

• This creates stronger alignment with founders and sharper accountability for the investment team.

• Crispin: “It’s the best decision we made in nine years — we’re entrepreneurs ourselves.”

  
  

Decarbonizing Retail at REWE Group

• Sustainability ventures are embedded directly in operations.

• Current focus: scope 1 & 2 emissions (energy, mobility, buildings).

• Scope 3 (supply chain) remains the hardest challenge due to missing data and supplier dependency.

  
  

AI in Energy

• Not chasing LLMs or infrastructure — instead focusing on applied AI.

• Examples: battery analytics for health monitoring; algorithmic trading in intraday power markets.

  
  

Innovation Priorities at REWE

• Cooling and HVAC with natural refrigerants.

• Alternative building materials (wood, green concrete).

• Greener retail store construction.

  
  

Financial First, Strategic Second

• For both corporates, financial returns are non-negotiable.

• Strategic impact only comes if startups succeed.

• Incentives (including carry) are key for aligning CVC teams with true financial discipline.

  
  

💡 One-liner takeaway: The energy transition needs corporates that invest like VCs — financially disciplined, strategically relevant, and willing to back startups tackling Europe’s toughest infrastructure and sustainability challenges.

Welcome back to the EUCVC Summit Talks, where we bring you ground-level conversations with the founders, corporate leaders, and investors shaping Europe’s innovation future.

In this episode, Andreas Munk Holm sits down with Nadia Carlsten, VP at DCAI, and Bjarke Ruse Sejersen, CEO of Go Autonomous, to explore how Europe is putting AI hype into practice. From Denmark’s launch of the Gefion supercomputer to startups training proprietary models, this conversation dives into the reality of building AI factories that deliver business value — and what it will take for Europe to compete globally.

Nadia shares why compute sovereignty matters and how Denmark is positioning itself as a hub for large-scale AI innovation, while Bjarke explains how Go Autonomous trained the world’s first B2B foundation model — and why European startups need braver investors to seize the AI-native future.

🎧 Here’s what’s covered:

• 00:00 Forget the AI hype — why compute sovereignty matters for Denmark and Europe.

• 01:40 From infrastructure to innovation — Nadia on how Gefion enables Danish startups and researchers.

• 02:15 Go Autonomous’ leap — Bjarke on training the world’s first B2B foundation model.

• 03:20 Scale in action — handling €30B annually with tailor-made AI.

• 04:00 Adoption gap — Nadia on why Denmark must accelerate real-world AI use cases.

• 05:20 Capital mindset — Bjarke on why Europe lags the U.S. in risky AI-native investments.

• 06:30 Investor responsibility — Nadia on knowing which startups are fine-tuning vs. building foundational models.

• 07:30 Green AI — Europe’s unique advantage: pairing supercomputing with sustainability.

• 08:15 The missing link — Nadia on translating business ambition into compute-ready AI projects.

• 09:00 Corporate + startup collaboration — Bjarke on why structured partnerships could be Europe’s AI superpower.