EUVC

Today we are welcoming Bastian Larsen, Founding Partner of BlackWood Ventures, a pan-European early-stage VC fund focused on Fintech, Web 3.0 and Cleantech. Blackwood has a value-creating approach that leverages AI to minimize biases and a proprietary pan-European network of over 1200 angels. BlackWood had a $10m first closing in early April this year, with a $50m target. As of today, BlackWood has made investments across 5 countries in just 6 months, counting companies like Qaptis, Trips and Fingreen AI.

We wanted to bring Bastian on because BlackWood, just as ourselves, build on a strong angel community, so for this episode, that’s where we focus 👀

Chapters:
00:02:54 - From London to New York: Bastian’s Journey into VC
00:04:17 - Building the European VC Market
00:05:37 - A Pivotal Moment in Venture Capital
00:06:57 - The Power of a Small Positive Impact
00:08:22 - The Lack of European Growth Stage Funds
00:09:41 - Launching Growth Stage Funds
00:11:03 - Building Blackwood and Overcoming Hurdles
00:12:15 - Leveraging the Power of Angel Networks
00:13:30 - Building Relationships with Angels
00:14:41 - The Importance of Angel Networks in Startup Investing
00:16:00 - The Importance of Feedback and Strategic Investments
00:17:16 - Leveraging the Network for Co-investment and Cash Injection
00:18:33 - Investing and Dividing Deals
00:19:54 - Monetization and Scaling Up
00:21:15 - Personalized Approach in Angel Investing
00:22:52 - Jacob Kilgard: A Backer of Blackwood
00:24:10 - Fundraising success and trust in our network
00:25:28 - Staying Curious and Building Relationships
00:26:46 - Building a Common Vision
00:28:01 - Comparing Opposites and Writing Children's Books
00:29:22 - Fundraising and Leveraging Networks in the VC Industry
00:30:43 - Drop Us a Review and Join the Blackwood Gang

As we welcome 2024, let's reflect on the critical developments in scientific research and innovation shaped by geopolitical dynamics over the past year. This pod (and article on eu.vc) delve into the shifting landscape of international collaboration, emphasizing the roles of major global players and innovative breakthroughs in energy, space technologies, and generative AI.

We'll explore how these advancements are influencing our sustainable future and expanding our cosmic understanding. Additionally, we examine the burgeoning world of AI, where rapid growth brings both opportunities and challenges in regulation and industry adaptation.A special focus is given to the evolving dynamics of startup ownership and control, illustrated by Open AI's public board deliberations.

This case study highlights the complex balance of power among founders, teams, investors, and boards in guiding the future of pioneering companies.As we step into the new year, let's navigate these changes with insight and integrity, both professionally and personally. Here's to a year of positive impact and innovation. We hope you enjoy and have a great New Year's! 🥳

It was awesome hosting more than 600 European venture investors for our Roundtable on strategies for winning with non-dilutive funding in Europe 📺 In case you missed it, you can rewatch the session above, read the quick recap below or tune in on Spotify or Apple to get it right into your ears 🎧.

You’re in for a treat with the magnificent panel consisting of:

• Gilles de Malbosc, Chief Investment Officer at Harmony Family Office
• Bailey Morrow, Managing Director at HSBC Innovation Banking
• Hemal Fraser-Rawal, General Partner at White Star Capital
• Benjamin Rieder, Founder & CEO of Levenue

Go to eu.vc to read the full recap and watch the recording of the roundtable 👀

Chapters:
00:00:00 - Introduction to the Round Table Discussion on Non-Diluted Financing and Revenue Based Financing
00:02:52 - The Difficulty of Company Financing
00:05:33 - Using Recurring Revenue as Collateral for Financing
00:08:12 - Investing in RBF as an MFO
00:11:16 - Risk and Reward in Venture and RBF
00:13:47 - Varying Capital Stack for Companies
00:16:17 - Financing for Entrepreneurs and Investors
00:18:43 - The Benefits of Non-Dilutive Capital
00:20:45 - Non-dilutive Capital and Cap Table Management
00:22:55 - Blending Debt and Equity Instruments
00:25:22 - Uses and Benefits of Short-term Working Capital Finance
00:27:57 - Complementing Equity in Financing
00:30:13 - Investing in Alternatives
00:32:57 - Risk and Data in Private Markets
00:35:36 - Loss Rates in Private Credit and Alternative Finance
00:37:59 - Investing in Venture-backed Companies
00:40:25 - Risk Management and KPIs in Lending
00:42:30 - Choosing the Right Business Partner
00:44:54 - Fraud Stories and Short-Term Analysis
00:47:25 - Financing Options for Venture-backed Companies
00:49:46 - The Importance of Partnering with VCs and Being Creative in Venture Debt
00:52:05 - Short-Term Capital for Companies & Investors
00:55:00 - Non-Dilutive Financing
00:57:40 - Closing Remarks

In this special feature, we're excited to share a must-listen for anyone interested in the intersection of venture capital and climate change as we wrapped up COP28 with some of the leading VCs attending COP this year:

• Lena Tiede from Planet A
• Peter Hirsch from 2150
• Sonia Weymuller from VentureSouq
• Areije Al Shakar from Al Waha Fund of Funds

In the episode, we dived into:

• The evolution of climate tech as a crucial sector in VC as well as in fighting climate change.
• The increasing role of VCs in shaping environmental policy and driving sustainable innovation.
• Perspectives from both LPs and VCs on the future of climate finance and technology.

Chapters:
00:00:00 - Wrapping up COP28 and its Implications
00:01:56 - Introduction of Panelist and Funds
00:03:47 - Transition Away from Fossil Fuels
00:05:28 - Investing in Climate Tech Funds
00:07:19 - Investing in the Environmental Space
00:09:13 - Investing in Early Stage Climate in the GCC
00:10:51 - Climate Investment in the Middle East
00:12:24 - Increasing Investment in Early Stage Climate Tech
00:14:07 - Tech Tipping Points and Earth Systems Tipping Points
00:16:12 - All-Hands-On-Deck Approach in Addressing Climate Change
00:17:57 - Generating Collaborative Spaces for Climate Action
00:19:26 - The Next Generation and Climate Accountability
00:21:04 - Investing Strategies in the GCC
00:22:45 - The Global Nature of Climate Innovation
00:24:35 - Fundraising in the GCC
00:26:16 - Investing in Climate in Emerging Markets
00:27:47 - Emerging Climate Solutions in High Growth Markets
00:29:21 - The Overwhelming Scale of COP and the Role of VC in Climate Tech
00:31:11 - Growth and Construction in Developing Countries
00:32:59 - The Role of the Private Sector in Supporting Climate Technologies
00:34:43 - The Need for More Public Funding in Europe
00:36:41 - Funding Climate Solutions in the MENA Region
00:38:26 - Collaboration for Climate Solutions

Today we have Hampus Jakobsson, founding GP of Pale Blue Dot with us for a very special episode dedicated wholly to raising a fund virtually. It came about because Hampus casually mentioned that he hadn’t traveled a single mile in the raise of Fund 2, which of course had us thinking: "Wow, we need to share this story! So strap in!"

Hampus is a GP at Pale Blue Dot, an early stage venture fund in Sweden to back European Climate Tech companies. PBD are investing out of Fund 2 with a total 200M$ AUM and an established portfolio of 32 companies and notable investments including Monta, Patch, OverStory, ClimateX and Opna.

Prior to co-founding Pale Blue Dot, Hampus was a Venture Partner at science fund Blue Yard and a prolific angel investor with more than 100 angel investments. He is a software engineer turned founder, turned angel investor, turned VC. When not working with ambitious climate people Hampus cooks, reads and thinks.

We’ve had Hampus on before (episode #115 🎧) and we whole-heartedly recommend you go check it out if you haven’t yet, ‘cos Hampus is hands-down one of our best guests on the pod. Smart, candid, top performing, and a rapid talker like none other!

Go to eu.vc to watch the whole interview 👀

Chapters:
00:02:45 - The Motivation Behind Saying No to Traveling for Fundraising
00:04:56 - Building a Deck for Fundraising
00:06:47 - Defining Your Fundraising Strategy
00:14:28 - Effective Meetings and Learning Opportunities
00:16:16 - Building Trust Virtually
00:20:06 - Being a Real Person
00:22:07 - Working with What You're Good At
00:28:09 - Dealing with Different Investment Perspectives
00:32:01 - Importance of Handcrafted Relationships
00:35:47 - The Quick Fire Round
00:37:54 - The Dangers of Coming Into Wealth
00:42:26 - Parenthood and the Love for Kids

Today, Freddie Macpherson, analyst at Isomer Capital, and Linda Võeras, associate at Karma Ventures, are joined by Paul Gillespie, Managing Director at Sheffield Haworth, a global executive search firm with a specialty in deep tech. With over 20 years in the industry, he co-founded Gilmore Stevens, focusing on building executive teams for venture-backed businesses. After merging with Sheffield Haworth to expand globally, Paul now leads their deep tech practice, covering sectors from semiconductors to nuclear fusion. An electronic engineer by training, he thrives on the cutting-edge innovation in deep tech, despite the opportunity to retire. His recent projects include a significant investment deal with a French chip company, underscoring his commitment to the ever-evolving world of technology.

Chapters:
00:00:00 - Introduction to Paul Gillespie and the Importance of Talent in High Growth Companies
00:02:24 - Deep Tech and the Exciting Era of Technology
00:04:43 - Discovering Your Superpower in the Industry
00:06:54 - Finding the Right Chief Operating Officer
00:08:54 - The process of executive search
00:11:11 - Creating a Viable Target List for Candidates
00:13:28 - The Importance of Assessing Candidates Beyond Interviews
00:15:43 - Approaching the Right Search Agency
00:18:03 - The Importance of Having a Mentor and Advisor
00:20:13 - The Importance of Critical Hires
00:22:26 - Attracting Talent with the Wow Factor
00:24:30 - Key Factors for Startup Success
00:26:50 - The Power of Evangelizing and Positioning Propositions
00:28:56 - Common Mistakes in Hiring a CFO
00:31:18 - Issues with CEO Hiring
00:33:39 - The Importance of Feedback Loops and Communication 00:35:57 - The Importance of Good Hiring
00:38:09 - The Role of Investors in the Hiring Process
00:40:18 - Replacing Founder CEOs
00:42:44 - The Role of the CEO in Company Growth
00:45:05 - Skills for Success in Investment Roles
00:47:18 - Understanding the Difference Between Titles and Skills
00:49:24 - The Importance of Mentors and Retention in Hiring
00:51:40 - Reflecting on Linder's Career

Join us as Tom Wilson from Seedcamp and Anthony Danon from Cocoa talk to Harsh Sinha, Wise-CTO about his angel investing journey, thesis and strategy and core learnings.

Harsh is a seasoned technologist with a passion for creating innovative, scalable, and customer-centric digital experiences. With a strong foundation in team building and a knack for impactful business strategies, he's played a pivotal role in developing server-side technologies and enhancing consumer experiences on web and mobile platforms.

His professional journey includes a significant tenure at PayPal as Director of Product, where he spearheaded the product strategy and development of mobile applications and software for mobile wallet experiences. Join us as we dive into Harsh's insights and experiences in powering global financial infrastructure and pushing the boundaries of technology in finance.

Chapters:
00:00:00 - Introduction to the Super Angel Pod
00:02:32 - Building Experiences & the Primacy of Passionate Builders
00:07:19 - On Non-Technical Founders and Becoming More Objective
00:11:42 - Core Learnings from Angel Investing
00:13:52 - Finding a Middle Ground
00:16:06 - Balancing Diversification and Time to Support Founders
00:18:17 - Assessing Founders and their passion for solving problems
00:20:25 - Three Core Learnings: Team, First Principles, and Avoiding Bias
00:22:35 - Being Naive in Angel Investing and the Importance of Passion
00:24:44 - The Reality of Investments
00:26:55 - Lessons in Angel Investing & Investing Across Europe and Asia
00:31:19 - The Access Issue in European Markets
00:33:32 - Building a Global Lens and Investing Internationally

Today we have Greg Dewerpe with us. Greg is a founder & CIO at A/O, a venture firm in London backing European founders that are building innovative technology companies that directly and indirectly solve mission critical problems in the Built World with a unique access to some of the largest B2B customers in the industry.

A/O has a total of 250€ MN in AUM, an established portfolio of 23 companies and notable investments including SPAN, Passivelogic, SatteliteVu, Plentific and Enter.

At A/O, Greg focuses on building world technology and positive transformation (like decarbonisation, climate resiliency and digitalisation), in Europe & the US, late seed to series B.A/O is also the first VC to ever join as a Global Innovator at the WEF which the attentive listener will know we are big supporters of given our involvement with the UpLink Initiative.

Watch the whole interview and our key take-aways on eu.vc 💖

Chapters:
00:00:00 - Introduction to the European VC Podcast
00:04:12 - Overcoming Challenges in Career Transition
00:07:55 - The Power of Visualization and Positivity
00:11:44 - The Challenges of the Industry
00:15:34 - Building Europe’s biggest Solo GP
00:19:25 - Keyman Risk vs. Team Risk
00:22:54 - The Journey towards Growth and Improvement
00:26:34 - On Bullying, Balancing Work and Parenthood
00:33:59 - Being Present in Relationships
00:38:02 - Confidence, Humility, and Growth in Entrepreneurship
00:41:58 - The Challenges and Opportunities of VC in Real Estate
00:45:44 - The Impact of Technology Transformation on Asset Prices
00:49:32 - Aligning Doing Good and Making Money
00:53:35 - Risk Tolerance and Acceptance of Failure in Venture Capital
00:57:14 - The Benefits of Being a Specialist in Venture Capital

We’re kicking the Super Angel series into a whole new gear for 2024 by introducing Seedcamp-partner Tom Wilson as our new co-host 🥳 alongside the existing host team of the amazing Anthony Danon from Cocoa, David and Andreas 🎙️

But before celebrating Tom, let us just pause and extend a heartfelt shoutout to Anthony Danon, whose contributions as a co-host have been pivotal to the Super Angel Podcast so far 💖. Anthony's vast network, particularly potent within fintech (but, tbh, generally quite mindblowing), has brought forth some of the most brilliant founders and operators to our platform.

But there’s another reason why Anthony is the perfect host for the series: with just shy of twenty angel investments made prior to launching his angel fund Cocoa, his money is where his mouth is - and with two portfolio unicorns, that’s a good place 🦄.

Anthony's deep understanding of the VC space and his dedication to bridging the gap between angels and VCs have been invaluable. His efforts have not only sculpted the podcast's feel, but also its success.

Thank you, Anthony. We can’t wait to continue on our joint journey for decades to come 🚀

Welcoming Tom Wilson to the host team 🎧
Tom comes to us with a wealth of experience from Seedcamp, where he has worked closely with some of the most promising startups in Europe. But Seedcamp is way more than just one of Europe’s top tier seed VCs with a ludicrous track. Ever since their founding in 2007, Seedcamp has been dedicated to connecting VCs and Angels across Europe having built its own fully-fledged network economy where 1,000+ founders, experts, angels and VCs come together to make each other stronger.

Or as Tom said in connection to the launch of Seedcamp VI:

"It does make sense to build a village around the founders for that initial phase and so with our very collaborative approach, and the fact that we had the chance over the past years to work with pretty much everyone that invests early in Europe, we can be a catalyst to really help entrepreneurs find the best partner for that round."

Being a catalyst for finding the right partners. That’s exactly what the eu.vc pod is about - be that as an LP, a co-investor or a founder. Connecting Europe. The super angel series being specifically designed to champion the amazing angels across the continent.

By joining the Super Angel Podcast, Tom brings the collective wisdom of Seedcamp to the forefront, offering listeners a unique insight into the journey of tech investing from the ground up​​.In case you should’ve missed some of our Super Angel episodes (which you’d be excused for, we’re keeping a pretty good pace on the pod), we’ve collected them all for you on the playlist below 🎧

Today we have Klementina Österberg from GU Ventures & Ted Persson from EQT Ventures with us🎙️.

Ted is a Partner at EQT Ventures, a 1.1bn multi Stage venture fund with offices spread across Europe and the US. EQT Ventures are investing out of Fund 3 with a total €2.3bn AUM and an established portfolio of 120+ companies and notable investments including Wolt, Einride, Nothing, Anyfin and Candela.

Klementina is CEO at GU Ventures, an early seed investor and incubator in Gothenburg, Sweden, that is fully owned by the Swedish State and is an evergreen investment vehicle. GU Ventures invests in deep tech companies formed out of the research at universities. They are investing up to 200k€, have established over 165 companies, of which 82 are in their portfolio today and notable investments including Bico, I-Tech, Surgical Science, all of which are listed on Stockholm Stock Exchange and Nasdaq today.

We’ve reeled in Klementina and Ted for this episode as a warm-up for our participation at the GoWest Conference in Gothenburg, Sweden 🥳 which is proving to a be a real force in DeepTech punching above its wait just as Gothenburg and Sweden is. We’ll be there as there’s lined up for an incredibly cool investor day counting headlines like:

• Fireside chat with Staffan Helgesson, the founder of Creandum
• Climate panel with partners from Norrsken, Pact VC and Planet A,
• DeepTech panel with partners from Speedinvest, Ventech, EQT and NATO Innovation Fund and thought provoking presentations by Sebastian von Ribbentrop at Join Capital and Nicholas Nelson on The rise of Defense Tech
• LP panels with leading pension funds and corporates from the region as well as of course the EIF, Isomer Capital and BFP.

As said, just like the region, GoWest is truly attracting the best of the best. So don’t miss it if you’re into DeepTech 🤖

Chapters
00:00:00 - Introduction to EQT Ventures and GU Ventures
00:02:24 - Klementina & Ted’s Journey in the Venture Industry
00:07:14 - Investing in Deep Tech Startups
00:09:32 - Investing in Startups from Universities
00:11:40 - Investing in Companies Coming out of Academia
00:13:53 - Building Diverse Founding Teams
00:16:14 - The Skills of a Founder and Investor Relations
00:18:24 - Investment Strategies and Cap Tables
00:20:47 - Investing in Post-Internet Companies
00:23:03 - The Need for A Deep Tech Playbook
00:25:14 - Investing in Hardware
00:27:42 - Capital requirements for deep tech companies
00:30:14 - Investing in Deep Tech Startups
00:32:37 - Managing Opportunities in the Sustainable Industrial Sector
00:34:58 - Investment Strategies and Success Stories
00:37:34 - Balancing Expertise and Fresh Perspectives
00:39:52 - Building a Strong Portfolio with Balanced Capital Needs
00:42:04 - The Potential of Biotech
00:44:20 - Managing Technology Risk
00:46:31 - Collaborating with Other Investors as a VC
00:48:50 - Calling for Co-investors at Deep Tech Event
00:51:10 - European Tech Sovereignty
00:53:18 - Drop Us a Review

Considering joining us at GoWest? Here’s what you need to know 🧠


Why GoWest?Two universities. Eight incubators. Many global brands. Industrial heritage. Gothenburg is at the forefront of research& development and home to emerging industries striving to solve tomorrow’s challenges. GoWest is unique. It is fantastic meeting place for investors, startups, scaleups, talent and other stakeholders who want to engage and don’t want to miss out on the opportunities our industries and deep tech spin outs have to offer.What can you expect?There is something for everyone. We facilitate matchmaking and have a dedicated stage for fundraising startups. The hottest topics in deep tech, defense, climate, and health tech will be showcased on the main stage and next year the event will feature a brand-new Deep Tech Investor Day. The Investor Day will add extra value by bringing West Sweden’s investor community together with international peers to discuss current topics and build lasting relationships.Anything else?Yes, Gothenburg is one of the fastest-growing regions in Europe and that adds to our competitiveness on the international stage. GoWest enables easy access to our ecosystem and the region's key stakeholders. The conference has a great line up of speakers and topics on the main stage, side events, networking opportunities and more exciting announcements to come.