Key highlights

• How Backed grew from a $30M first fund to a newly closed $100M Fund III, with top-quartile returns and 5 unicorns across 100 investments.
• The founder traits they optimize for: deep competitiveness, speed under uncertainty, and “PQ” - a founder’s magnetic pull on top talent and early believers.
• Why the biggest outcomes come from betting early on markets that look strange, overlooked, or technically impossible.
• How events became Backed's secret weapon — sourcing better deals, meeting founders earlier, and building a tight-knit community through 40+ events a year.
• What it means to run a venture firm where portfolio founders also become LPs, and why this deepens alignment across every new fund.
• The frontier-tech themes they’re betting on now: financial services, manufacturing, and biotech — all at the edge of engineering and scientific breakthroughs.
• Why Backed is expanding their US presence while keeping the core of their thesis focused on European founders.

This episode is a masterclass for early-stage founders and investors navigating fast-moving markets, deep tech, and high-ambition company building.

Tune in to learn how Backed spots founders, builds community at scale, and chooses markets long before they become obvious.

Recorded live at Slush 2025 in Helsinki.

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Henrietta Hearth’s path to venture capital began with a deep interest in nutrition and public health. After realizing the limitations of public health campaigns, she pivoted to the corporate world, launching over 100 products at firms like Danone and L’Oréal. Her transition into venture capital came via an MBA and a desire to drive meaningful change in the food ecosystem, ultimately leading her to Big Idea Ventures where she set up their European operations in Paris.

Henrietta explains that 30% of global emissions are linked to food, especially meat and dairy, making alternative protein a key climate solution. But beyond sustainability, alt-proteins tap into health and ethical concerns too. While the sector has suffered from overvaluation, like the now-cautionary tale of Beyond Meat, Henrietta argues there's still strong potential if companies focus on taste, affordability, and customer satisfaction.

Some of the most promising innovations in food tech today combine scientific rigor with user-centric design. Henrietta points to Gourmey, a cell-based foie gras startup in Big Idea Ventures’ portfolio, as a standout example of aligning tradition, taste, and ethics. She also highlights the emerging role of AI in food R&D, citing companies like New Wave Biotech, which are using machine learning to speed up product development, especially in precision fermentation.

While Henrietta sees AI as a valuable tool, she urges founders and investors alike not to get lost in the buzz. Real impact still comes from solving core problems, like child malnutrition or the lack of innovation in infant nutrition. She expresses a desire to see more startups tackling urgent global issues, particularly in underserved markets, where food tech can truly make a life-or-death difference.

Henrietta stresses the importance of founders building companies around real customer problems, not just investor narratives. Many early-stage companies focus too much on raising funds instead of validating product-market fit. Whether the end customer is a family or a large food corporation, the key to long-term success is solving meaningful, scalable problems.

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Nicolas’s journey began with a first-hand experience in Bolivia, where he witnessed the environmental impact of industrial meat production and deforestation. This planted the seed for a mission-driven career focused on sustainable food. After stints in both corporate and nonprofit sectors, he became convinced that cell-cultivated meat could offer a breakthrough solution - if it could deliver on taste, scale, and affordability.

Instead of competing immediately with commodity meats, Gourmey launched with cultivated foie gras - a premium, high-margin product that addressed a real market gap due to supply chain volatility and regulation. This choice allowed the company to prove the viability of its tech without having to undercut traditional meat prices from the outset. By addressing an underserved culinary segment, Gourmey established credibility with chefs and customers alike.

Gourmey has raised over €60 million and grown to a team of 50+ people. Nicolas emphasized the importance of working with mission-aligned investors who understand the long road of deep tech development. With their latest cost analysis showing production prices as low as €5-€7 per kilo, the company is entering a new phase where cultivated meat could move beyond fine dining into broader markets. This opens the door to massive potential impact in the $2 trillion meat industry.

Consumer acceptance is rising, even before widespread availability. Gourmey's strategy includes launching in forward-looking markets like Singapore and collaborating with Michelin-starred chefs to drive trust and desirability. Nicolas believes chefs are the ultimate tastemakers who can help shift public perception - from skepticism to curiosity - by letting flavor lead the way.

Gourmey is currently raising a Series B round to fund its next milestones: regulatory approvals, commercialization in key global markets, and the expansion of its product range beyond foie gras and duck to other poultry and meat types. With a lean approach and efficient tech, the company aims to prove its model without the capital-heavy burden of massive infrastructure builds.

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Marion co-founded Ask Mona in 2017 with the goal of making culture more interactive and accessible by enabling conversations with artworks. Back then, they used custom-built NLP tools, and the idea of combining AI and culture was seen as niche. Today, Ask Mona works with major cultural institutions worldwide, leveraging generative AI to help organizations personalize content and better engage with audiences.

What began as a tool for museums has grown into a broader vision. Marion explains that curiosity has always been the core of their approach, whether it’s asking questions about a painting, a travel destination, or even a bottle of wine. Realizing this opened up new markets in education, tourism, and consumer goods. Ask Mona’s mission now spans any object or experience that sparks a desire to learn.

For Marion, accessibility isn’t just about physical access. It’s symbolic too. Many people feel intimidated or excluded in cultural spaces. Ask Mona’s tools aim to remove those barriers by letting users ask questions in their own words, via text or voice, and get tailored answers. This promotes a more inclusive experience, particularly for those who might not feel confident navigating traditional museum formats.

Marion’s work extends beyond entrepreneurship. As a lecturer, artist, and author, she approaches AI not just as a technical tool, but as a societal force. Her diverse roles allow her to both build and critique technology, emphasizing the importance of keeping human perspectives central in AI development. Her latest book explores how AI affects our attention and decision-making, urging reflection on how we use the tools we build.

Marion’s biography of Alice Recoque, a forgotten French AI pioneer, is part of her mission to spotlight accessible role models in tech. She believes in showcasing diverse paths into the AI field, especially for women and people from non-technical backgrounds. Her own journey, rooted in the humanities, is a testament to the value of interdisciplinary contributions to the tech world.

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Ilias Benjelloun’s journey began with identifying untapped talent in Canada’s tech scene and helping create community among builders. He transitioned from launching startups to developing programs at large institutions like Desjardins, where he helped align startup innovation with corporate goals. His goal has remained constant: unlocking value trapped by outdated structures and accelerating impact through strategic collaboration.

During his time at Desjardins, Ilias led several key initiatives including a $250M fund, a corporate accelerator, and a pre-incubator. What made these efforts unique was their grounding in local ecosystem needs, not top-down mimicry of Silicon Valley models. His philosophy is simple but powerful: start with what you have, listen to the community, and complement what’s missing. He was also an early advocate for integrating SDGs into innovation frameworks, proving that financial returns and social impact can go hand-in-hand.

Having traveled to innovation hubs in the Middle East, San Francisco, and beyond, Ilias observed a few standout patterns: corporate investors are entering earlier, opening doors more readily, and embracing a pay-it-forward culture that fosters genuine collaboration. By contrast, some ecosystems - including parts of Canada - remain more cautious, often waiting until startups are less risky. Ilias believes this risk aversion can be overcome through smart partnerships and shared learning.

Ilias is now focused on activating a massively underutilized force: the African diaspora in Europe and North America. These globally connected individuals hold cultural insights, technical expertise, and business potential that is often overlooked. He argues for shifting the narrative away from DEI as a moral obligation and toward viewing inclusion as a strategic business advantage, especially in sectors like climate tech, agtech, and water innovation where frugal solutions are in high demand.

To turn this vision into reality, Ilias advocates for partnerships with anchor corporates in target countries - like OCP in Morocco - and creating consortiums that lower the risk of startup collaboration. This requires intermediaries with cultural fluency and operational know-how to translate between regions. He sees VivaTech as a prime example of where these global bridges can be built, linking France, Canada, Africa, and beyond. His mission is to move from talk to action, harnessing innovation not just for returns, but for systemic change.

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Yannick Alléno is best known for revolutionizing French cuisine. But in recent years, he’s stepped into an entirely different arena—road safety advocacy. After his son’s life was taken in a senseless car crash, Yannick transformed his grief into action, founding an association to tackle road violence through legislative reform, youth support, and technological innovation.

At VivaTech 2025, Alléno launched the Impact initiative—the first platform rallying civil tech actors to combat road deaths globally. The effort brought together over 120 startups from 42 countries, proposing solutions spanning AI, sensor tech, vehicle safety systems, and behavior-change tools. Three standout projects were showcased:

• A steering wheel sensor detecting alcohol levels through perspiration
• A motorcycle safety application enhancing rider visibility
• A chemical grip agent reducing aquaplaning on roads

“Tech can save lives, and it can be a good business too,” Yannick says.

Beyond policy and startups, Impact uses art and storytelling to change public perception. Its signature performance, Fragiles, fuses dance, music, and testimonies - including from perpetrators of road violence - to humanize the statistics and engage younger audiences.
This intersection of emotional resonance and policy innovation is at the heart of the project’s approach.

Impact’s mission rests on three pillars:

• Legal reform: Contributing to the reclassification of reckless road violence as homicide in France
• Family support: Providing psychological and financial help to families, especially children impacted by the loss of siblings or parents
• Cultural transformation: Running awareness campaigns that challenge outdated narratives around driving, alcohol, and responsibility

From France to New Delhi, Alléno’s ambition is global. He’s seeking partnerships with governments, insurers, mobility companies, and tech leaders to embed road safety solutions at scale. Renault is already an anchor partner, providing both financial and strategic support.

This isn’t bad luck, it’s preventable. And we can act now.

Association Antoine Alléno – Official site of the initiative

Impact Project – Civil tech movement for road safety

VivaTech – France’s biggest tech & innovation event

Sesamers – Discover the events and people shaping the future of innovation

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SOSV wasn’t always a billion-dollar fund—it began as a scrappy experiment. Ten years ago, the team was writing $50K checks. Today, it’s a global operation with $1.5B under management, backing 60+ new startups annually and running two specialized programs:

• HAX for hard tech (robotics, industrial, mobility)
• IndieBio for biotech, food, health, and sustainability

Their formula? Hands-on acceleration + deep labs + strategic follow-on capital.

“We’re not just investors—we’re builders. We have scientists and engineers on staff to help startups go from prototype to product faster.”

Ben’s career spans Asia (Japan, Korea, China), Silicon Valley, and Europe. While SOSV is a US-based fund, its hard tech accelerator HAX was originally launched in Shenzhen and has since relocated to Newark, NJ. Its biotech program IndieBio began in San Francisco and later expanded to New York City. Today, ~50% of SOSV’s portfolio is US-based, with the rest spread across Europe, Asia (notably Singapore), and LATAM.

SOSV focuses on:

• Climate Tech: From Neptune Robotics cleaning ship hulls to AI-powered food formulation
• Health Tech: With over 100 investments, including 20+ in women’s health
• Biomanufacturing: Startups using biology to produce materials, pharma, food, and solvents sustainably

Frustrated with event inefficiencies, Ben built his own internal toolset—combining spreadsheets, Python scripts, and LLMs—to run high-efficiency online matchmaking events. These have drawn thousands of VCs and startups, focusing on niche verticals like:

• Biomanufacturing
• Women’s Health
• Climate Tech (with over 1500 participants and 800 investors)

“If it takes me more than an hour to do a repetitive task, I’ll just build a tool to automate it.”

And yes—SOSV has invested in eight startups discovered through these very matchmaking events.

SOSV is known for spotting winners in categories others overlook. Their portfolio spans everything from plant-based AI-designed food (NotCo) to microbe-based mining. As Ben puts it:

“We’re not afraid to invest in the things that don’t have a category yet.”

Ben spoke at over 300 events—but not for ego. As a self-described "trained shy person," it was a way to build visibility without cold outreach. For founders, the lesson is the same:

“It takes three signals to make a tiger. If people hear about you on stage, in media, and from someone they trust—they believe.”

In other words, visibility builds credibility.

SOSV – Early-stage investor in deep tech and biotech

Hello Tomorrow – Global Summit for science and deep tech innovation

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What started as a niche academic research project has become a deep tech startup operating across Europe and Latin America, with millions raised in private funding and grants. Strong by Form developed Woodflow, a technology that turns natural timber fibers into 3D-formed structural materials, enabling strong, lightweight, and carbon-reducing alternatives to concrete, aluminum, and even steel.

Their design-driven approach doesn’t just replicate wood planks—it reimagines wood as a high-performance composite, shaped by nature's logic and modern computational design.

Though most of the founding team hails from Chile, the company was strategically incorporated in Spain to operate within Europe’s innovation and regulation ecosystem. Today, the team is 27 people strong and split across Chile, Germany, and Spain.

“Europe is tough on regulation—but it’s also where real scale is possible,” Andres explains.

Yes, their iconic waveform-style logo was sketched in five minutes. Yes, it was inspired by Joy Division. But that aesthetic also represents the undulating structural logic behind their composite designs. Andres’ co-founder Jorge, an architect-turned-engineer, originally developed the idea while studying at ETH Zurich. His mission? Create the lightest, most material-efficient structural slab possible—starting with carbon fiber but pivoting to wood for scalability and sustainability.

Strong by Form’s founding trio came together through long-standing friendships and complementary skill sets—engineering, digital fabrication, and startup acceleration. When Jorge and Daniel realized they had a revolutionary process but no path to market, they called Andres, who had just left venture capital. He joined to build the business—and soon they were securing grants, awards, and investor interest from forestry giants and mobility leaders alike.

At JEC 2025, Strong by Form unveiled a bike frame prototype made entirely from Woodflow, designed using composite logic rather than milled timber. It's a visual and functional proof that their stamped biocomposites can handle form, function, and strength—without carbon-intensive inputs.

“This bike isn’t a gimmick—it’s a signal. We’re building with wood the way carbon fiber is used in aerospace,” says Andres.

While construction remains their core focus, Strong by Form is expanding into automotive and micromobility. BMW was one of the first to express interest back in 2019—and is now working with the startup on large-scale, interior and exterior vehicle components. A million-euro grant is fueling development of their advanced pressing process, and they’re now actively engaging new partners in bikes, transportation, and e-mobility.

Strong by Form’s investor cap table is as unconventional as their tech: four corporate investors (including Europe’s top timber producers and construction leaders) and a mix of impact-oriented VCs. Andres admits they had to throw out the startup rulebook.

“The first thing you're told is to avoid corporates. Well, our first investor was a corporate,” he laughs.

The result is a founder journey that doesn’t follow Silicon Valley tropes—but proves that material science innovation can (and must) be funded differently.

Strong by Form – Woodflow technology for carbon-neutral construction & mobility

JEC World – Global leader in composites innovation

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Linn’s path into deep tech began in business and innovation management, including time at Vienna University of Economics and Business. Her initial exposure to CERN came through an EU-funded Marie Curie research project focused on valorizing technologies for future particle accelerators. That unique intersection—cutting-edge science meets real-world applications—eventually led her to join CERN full-time in 2022.

Launched in late 2023, CERN Venture Connect gives startups access to cutting-edge technologies, expert support, and a curated partner network across Europe and beyond. The goal is simple: turn advanced scientific tools into commercial solutions with real impact. The program is designed to support both internal CERN teams and external deep tech entrepreneurs.

Startups engaging with CERN can tap into technologies across three key domains:

• Accelerators: Superconducting magnets, radiofrequency cavities, and ultra-high vacuum systems
• Detectors: Microelectronics, sensors, and precision instrumentation
• Digital: Distributed data systems, AI for real-time processing, and tools that manage 20TB/sec of sensor data
• These tools, originally designed for particle physics, are now finding applications in manufacturing, sustainability, health tech, and consumer goods.

CERN offers non-equity, royalty-based licenses to startups. There’s no cost until your startup generates more than €1 million in revenue, at which point CERN takes 2% of revenues to reinvest in R&D and internal innovation grants. The priority isn’t profit—it’s impact and dissemination, aligned with CERN’s public mandate.

A standout example: Dutch startup Inphocal, incubated via HighTechXL, uses CERN’s structured laser beam to mark curved surfaces—like Coke bottles or fruit—without damaging the product or using ink. Originally developed for precision alignment in particle accelerators, the tech is now powering high-speed, sustainable printing solutions in consumer goods.

Startups apply via the CERN Venture Connect website, selecting relevant technologies and submitting a business case. CERN assesses technical fit and commercial viability, often in collaboration with its partner network of:

• 50+ organizations across VCs, accelerators, legal support, and national innovation hubs
• Support includes expert mentorship, hardware prototyping, and investor matchmaking
• Acceptance is selective: 40 applications led to 5 startups in the first year.

Linn emphasizes that the goal is not vanity partnerships or logo-stacking. Startups must show clear technical alignment and commercial rationale. If existing commercial technologies can solve your challenge, CERN encourages you to use those instead. Their technologies are intended to fill gaps in the market, not compete with industry.

Roughly 40% of the startups in the program come from inside CERN—scientists exploring entrepreneurship as a career path. The other 60% are external founders, many of whom discover CERN technologies through events, venture builders, or deep tech networks.

As one of the world's top physics labs, CERN isn’t always top-of-mind for startup founders. That’s why events like Hello Tomorrow are essential for visibility and discovery. “We have the tech and the founder-friendly terms—we just need startups to come,” says Linn. You’ll also find them at Web Summit, Hello Tomorrow Turkey, and other innovation gatherings throughout the year.

Website: ventureconnect.cern
LinkedIn: Linn Kretzschmar
CERN on LinkedIn: CERN

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What started as a DIY surfboard made from recycled cardboard quickly turned into a deep-tech material startup. François initially entered—and won—an innovation competition in California. But the surf industry was too niche, so he pivoted to a broader mission: replace carbon-intensive materials in furniture, mobility, and industrial design.

Airboard transforms recycled cardboard into composite sandwich panels, competing directly with wood, aluminum, and even honeycomb cores. Their breakthrough lies not just in the material—but in the machinery they’ve developed to treat and mold the waste without water or high energy use. The result: lightweight, strong, and fully moldable bio-based composites.

Unlike traditional manufacturers, Airboard isn’t building one big factory. Instead, they’re creating a scalable machinery platform, inspired by models like Tetra Pak, to enable local production at the source of waste. This distributed approach is designed to keep emissions low and business margins healthy.

Developing novel materials is hard. Developing machines to produce those materials is even harder. François shares how most of Airboard’s progress has been self-funded or bootstrapped—and why fundraising is now critical to accelerate R&D and scale production. The team is currently raising €2 million to build next-generation machines and meet growing demand.

Airboard’s journey was accelerated by attending JEC World 2024 as a visitor. There, François connected with Techstars, joined their sustainability accelerator, and gained exposure to investors and industrial partners. A year later, Airboard returned as an exhibitor—now part of JEC Startup Booster, the Innovation Planet, and the bio-based materials showcase.

• Bio-based & circular: They reuse waste without water or chemicals.
• Low-energy manufacturing: Their machines are analog, efficient, and easy to deploy.
• Custom shaping: Thanks to composites, the material can be molded into complex designs.
• No sanding: Their process eliminates time-consuming post-processing steps.

François isn’t chasing headcount or mass centralization. His vision is a network of local microfactories, embedded in places where cardboard waste is abundant. From automotive OEMs to IKEA-style furniture producers, he believes Airboard machines could sit within customer facilities, enabling on-demand, sustainable material production.

When asked what’s most needed for real sustainability in the composites industry, François doesn’t cite regulation or capital. He says: time. Time to think differently, to explore outside the box, and to develop better systems. “The most valuable thing in the world is time,” he says—something big manufacturers often lack.

Website: [Coming soon — follow updates on Trashboard]
Instagram: @trashboard
LinkedIn: François Jaubert
Currently raising: €2M to scale production and finalize next-gen machines

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