In this episode, David Cruz e Silva sits down with Matthew Spence, Barclays’ Global Head of Venture Capital Banking, to talk about the state of exits, dual-use tech, and how Europe can seize the next defense innovation wave. With a background spanning the White House, Pentagon, and a16z, Matt shares a unique view from the intersection of global power, technology, and venture.

Who should listen:

• GPs working with later-stage companies or exit-readiness
• LPs and allocators curious about dual-use and defense opportunities
• Policymakers and ecosystem builders across Europe
• Anyone wondering how venture intersects with geopolitics

Here’s what’s covered:

• 00:00 Meet Matt Spence & why Barclays is doubling down on venture
• 01:00 SuperVenture 2025: Why Berlin matters to a Silicon Valley banker
• 01:39 “Sneaky good”: The IPO market is back—but not how you expect
• 03:00 How GPs can prep for exits—before they’re even on the table
• 04:00 Barclays as an LP: What their private bank is looking for
• 05:10 Defense tech: From bombs to AI & cloud for the battlefield
• 07:00 “The government is a terrible customer”—but that’s changing
• 08:30 Dual-use: Why it’s not code for defense and shouldn’t be
• 10:00 The real opportunity for Europe: leapfrog, don’t lag
• 12:30 A wake-up call for Brussels and national leaders
• 15:00 The return to deep tech: hardware + software, redux
• 16:45 Why this isn't just a new trend—it's a venture returning to its roots