Seedcamp, one of Europe’s best-known early-stage venture firms, has raised $320 million for its next phase of investing. The firm, an early investor in Revolut, Wise, UiPath, Fluidstack and Synthesia, is also expanding its US presence and placing a bigger bet on startups operating where AI meets science, robotics and the physical world. Seedcamp partner Tom Wilson joined Mike Butcher to discuss where one of Europe’s ‘original gangster’ investors goes from here.

You might have though diversity and impact was out of fashion, but apparently it’s alive and well. And Europe has no shortage of startups claiming to make an “impact”. But what does Impact mean in 2026, which companies are genuinely worth watching? “Next Impact Europe”, is a new platform created by two investors: 4P Capital in Paris, and Impact Shakers, a VC and accelerator. They’ve unveiled an inaugural list of 50 impact startups, selected from 520 nominations across 35 countries. The initiative aims to give greater visibility, and potentially greater access to capital, to diverse founders tackling challenges ranging from climate and waste to healthcare, food and education. To discuss how the companies were selected, what “impact” really means in venture capital in 2026, and whether greater visibility can translate into investment, Mike Butcher spoke to Yonca Braeckman, founder of Impact Shakers and co-founder of Next Impact Europe.

UK startup Cosine has won UK government backing to train Lumen Sovereign, its own frontier AI model, on the Isambard-AI, the UK’s most powerful supercomputer. It will work with partners such as BT, Lloyds Banking, HSBC, BAE Systems, Thales and other major British companies and institutions, to build a frontier AI model designed to operate without dependence on foreign technology or infrastructure. Cosine co-founder Yang Li spoke to Pathfounders’ Editor Mike Butcher about their plans.

New UK startup Apoha has emerged from stealth with $36 million to build what it calls “Liquid State Intelligence” — a data layer for measuring how molecules, materials and formulations behave in the real world. The round was led by Singular, with participation from Draper Associates, Redalpine, Seedcamp, Wilbe, Nucleus and grant funding from Innovate UK.

Founded in 2021 by Shamit Shrivastava and Anshika Srivastava, Apoha is trying to fill a gap in molecular science. Researchers can already analyse a molecule’s sequence and structure. Apoha wants to measure its behaviour: how it responds to stress, liquids and real-world conditions.

Pathfounders’ Founder and Editor Mike Butcher interviewed the co-founders at SXSW London to find out their next moves.

Energy-intensive industries like cement, glass, and steel-making are facing an energy crisis. But the software that controls their plants is ancient. AI startup Gigaton plans to catapult these laggard industries into the future, by building fully autonomous plants. CEO and co-founder Josh Vernon told Pathfounders' Editor Mike Butcher how they plan to do it.

Transition Ventures' second fund has closed at over $150M, bringing AUM to $300M. David Helgason, founding CEO of Unity Software (NYSE: U), spent two decades giving developers the tools to build virtual worlds. Now, with Transition, he's backing the founders building the physical one. He spoke to Pathfounders Editor Mike Butcher about its pivot towards rarified areas such as photonics and even small modular reactors.

Europe’s healthcare systems are still focused on sickness, not prevention, even as its population become more interested in the latter. That’s the bet of Lucis, the Paris-based preventive health startup that has just raised a $20 million Series A round led by Singular Ventures. Its playbook includes biomarker testing, longitudinal data and an AI health companion. In this interview with Pathfounders editor Mike Butcher, Lucis co-founder and CEO Max Berthelot, says they plan to use the funding expand across Europe. And recounts the first time they met…

Electronics manufacturing has failed to keep up with the speed of hardware design. Now, CircuitHub allows engineers to upload circuit board designs, get an instant quote and have finished printed circuit boards delivered in days. It means a huge acceleration for EVs, drones, or even defence systems. CEO and founder Andrew Seddon spoke to Pathfounders’ Mike Butcher about their recent $28 million VC funding round.

Mistral’s acquisition of Austrian startup Emmi AI marks a shift in Europe’s AI story, away from chatbots and into the industrial systems that underpin advanced manufacturing. Emmi builds AI models that can make engineering simulations run in seconds rather than days. Guillaume Decugis, General Partner of Serena Data Ventures, an early investor, told Pathfounders the deal was driven by commercial traction and strategic fit. For Mistral, best known as Europe’s leading LLM company, Emmi adds a vertical AI asset in the “language of physics,” hinting at where the next battleground in AI may lie.Mistral’s acquisition of Austrian startup Emmi AI marks a shift in Europe’s AI story, away from chatbots and into the industrial systems that underpin advanced manufacturing. Emmi builds AI models that can make engineering simulations run in seconds rather than days. Guillaume Decugis, General Partner of Serena Data Ventures, an early investor, told Pathfounders the deal was driven by commercial traction and strategic fit. For Mistral, best known as Europe’s leading LLM company, Emmi adds a vertical AI asset in the “language of physics,” hinting at where the next battleground in AI may lie.

Mouro Capital has hit a $400 million first close for its third fund, backed by Banco Santander, taking total commitments to more than $1 billion. In this episode, Manuel Silva Martínez, General Partner at Mouro Capital, joins Pathfounders to unpack why the firm is moving beyond the old “fintech” label and investing at the broader intersection of financial services, AI, regulation and infrastructure.Mouro Capital has hit a $400 million first close for its third fund, backed by Banco Santander, taking total commitments to more than $1 billion. In this episode, Manuel Silva Martínez, General Partner at Mouro Capital, joins Pathfounders to unpack why the firm is moving beyond the old “fintech” label and investing at the broader intersection of financial services, AI, regulation and infrastructure.