In this episode, David Cruz e Silva sits down with Andre de Haes, founder of Backed VC, live from SuperVenture 2025 in Berlin.

Backed is one of Europe’s boldest early-stage funds, known not just for investing in frontier tech but for pioneering a new model of VC community. In this conversation, Andre unpacks the philosophical and practical foundations of their work—from turning a value-add into a moat to why “edge” in venture is mostly a myth—unless you build your own rules.

Who should listen:

* Emerging managers figuring out how to build true differentiation

* LPs trying to evaluate durable edge in a saturated VC market

* Founders deciding what kind of capital partner they want long-term

Here what’s covered:

* 00:20 Who is Andre de Haes & What is Backed VC?

* 00:48 Frontier Tech Focus: Fintech, Bio, and Manufacturing Software

* 01:30 Why Community is a Core Offering—Not a Side Show

* 02:15 Behind the Scenes: The SuperVenture Speaker Dinner & Rooftop Surprise

* 04:00 Playing the Long Game: Trust Built Over 20-Year Cycles

* 05:08 Stage Preview: What it Means to Build VC Edge

* 07:50 Advice for LPs on Identifying Real Differentiation

* 10:50 Biggest Learnings: Humility, Leverage & Contrarian Courage

* 15:00 Investing at the Frontier: Computational Bio, Optics & Non-Invasive Brain Tech

* 16:00 What Munger & Buffett Teach Us About Capital Efficiency in VC

Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.

💡 Key Takeaways

The Backed VC ModelBacked focuses on three frontier verticals where Europe can win globally:

* Fintech & Blockchain Infrastructure

* Computational Biology

* Manufacturing Software

Each vertical has its investment team, angel network, and event series—underscoring a deeply thematic approach.

More Than a Fund: Community as Infrastructure

Backed hosts 40+ events a year—from intimate offsites with unicorn founders to 300-person parties alongside SuperVenture. Their belief: community builds trust faster than formal pitch meetings.

“We don’t want founders to just choose us because of the money—but because they want to belong to this tribe.”

What Gives a VC Real Edge?

Andre is brutally honest: “Most VCs don’t have edge. They look for it in startups, but don’t have it themselves.” To him, true edge means:

* Playing by a different set of rules

* Committing for decades (not just one cycle)

* Earning a 97% win rate on term sheets by delivering real, non-obvious value

Advice to LPs: Find the Signal in the Noise

Don’t be fooled by surface-level differentiation. Real edge is:

* Durable (not easily copied)

* Authentic (aligned with the fund’s DNA)

* Measurable (e.g. win rates, founder referrals, unique sourcing channels)

“If you can’t say ‘we’re the best in the world at this,’ it’s not edge. It’s noise.”

Contrarianism Pays—If You Can Withstand the Silence

Andre shares how their best deals came from early, conviction-led bets:

* 20+ investments in computational biology when no one else was paying attention

* CoMind: non-invasive brain monitoring tech that once seemed “out there”

* A long-game mindset that required being “prepared to look stupid” for years

Operational Scaling Lessons

With 90+ portfolio companies and 60 LPs, Andre highlights the importance of building internal leverage:

* Systems, automations, and delegated workflows

* Team built for execution (COO, finance, events, portfolio ops)

“Your calendar is your most honest autobiography.”

🧠 Lessons from the Journey

* Venture is humbling: Prepare to be wrong often, and stay hungry.

* Momentum is seductive—but dangerous: Their worst deals were “me too” FOMO rounds.

* Systems beat heroics: You can’t scale excellence without process.

* Great companies look stupid at first; that’s the point.

Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend on July 15th↓

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

Live from SuperVenture 2025 in Berlin, Andreas Munk Holm sits down with Jan Miczaika, Partner at HV Capital, one of Europe’s largest and longest-standing venture capital firms.

Together, they talk about macro trends shaping the future of VC, HV Capital’s unique positioning across funding stages, and offer a refreshingly honest take on ESG, DEI, defense, hype, LP dynamics, and the challenges of building a VC fund.

This episode is a must-listen for:

* LPs trying to understand how established firms see the world

* Emerging managers finding their product-market fit

* Founders building across deep tech, defense, and climate

💡 What you'll learn:

* Why SuperVenture is a cultural paradox in Berlin—and why Jan loves it

* How HV Capital operates with flexibility across €500K to €50M investments

* The future of ESG & DEI in a depoliticized, impact-first world

* Defense investing: HV’s bets on Quantum Systems & Rocket Startups

* What the G in ESG means—and why it's more relevant than ever

* Advice for emerging managers: Fund I is hard, Fund II and III are harder

* A reflection on being humbled by VC, even after successful exits

Here what’s covered:

* 00:15 SuperVenture, Berlin, and Capitalism in the Radical Left’s Hometown

* 01:00 The HV Capital Model: From €500K to €50M in One Platform

* 02:00 ESG, DEI & Fiduciary Duty: Past the Pendulum, Toward Balance

* 04:05 Why Impact Companies Still Win: A Case Study from Copenhagen

* 05:05 Defense Tech & ESG: Not Contradictory, But Complementary

* 06:54 Advice for Emerging Managers: Fund Fit, Hustle & Dual Product-Market Fit

* 10:02 Words for LPs: Don’t Dismiss Venture as “Too Risky”

* 11:45 Lessons in Humility: From Founding Two Companies to Becoming a VC

* 13:00 Betting Big: Why NeuroRobotics Said No to Focus & Yes to Full Stack

Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.

Key takeaways

HV Capital’s Unique Thesis

HV Capital’s current fund totals €800M, split across early-stage (€1–10M tickets) and growth (€10–25M). But last year’s investments ranged from €500K to €50M, showcasing unparalleled flexibility.

ESG Isn’t Dead—It’s Maturing

Yes, ESG and DEI are being politicized. But Yan believes the real point is building long-term, multi-stakeholder companies, not virtue signaling. His take: ESG is just a framework—we’ve always done this.

“Some of our most successful companies have been in our portfolio for over a decade. We’re not in the quick flip game.” — Jan Miczaika

On Defense Tech

HV’s early bets on Isar Aerospace and Quantum Systems show that being “contrarian early” pays off. But governance (the “G” in ESG) is crucial here too, especially in sensitive sectors like AI and defense.

Advice to Emerging ManagersJan breaks it down:

* Fund I is hard but doable

* Fund II and III are the real test: no DPI, tapped networks, and rising LP expectations

* VC is a two-sided product-market fit game: you need to win LPs and founders

Message to LPs

Don’t over-index on "venture is risky" narratives. Yan argues that technology is where long-term societal value accrues, and real estate or public equities aren’t necessarily less volatile.

“If I have pensions to pay in 25 years, venture is where I want some of that money.” — Jan Miczaika

Deep Tech Learnings

His biggest personal takeaway? Bet on teams with massive ambition and industry-changing theses. HV’s bet on NeuroRobotics, despite industry advice to “focus,” is a proof point.

“They said: we’ll go full-stack—hardware, software, supply chain. And now the market is proving them right.”

Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend on July 15th↓

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

Welcome to a special episode of the EUVC podcast, where Andreas Munk Holm sits down with Cathy White founder of CEW Communications and her star colleague and former tech.eu managing editor Dan Taylor —two of the most plugged-in voices in European tech media —to dissect the shocking news of TechCrunch Europe’s closure and what’s ahead.

In this conversation, they unpack:

* Why TechCrunch’s downfall signals something bigger in media

* What the rise of AI means for journalists, PR pros, and founders alike

* And how Europe’s startup ecosystem can—and must—take charge of its narrative

Here’s what’s covered:

* 00:10 The Impact of TechCrunch's Closure on European Media

* 06:33 The Future of Media in Europe

* 10:30 The Rise of Entrepreneurial Journalism

* 15:46 Navigating the New Media Landscape for Startups

* 18:06 The Shift from SEO to LEO in Media Strategy

* 23:13 Making Complex Ideas Accessible

* 27:18 The Role of PR in the Age of AI

* 29:31 The Importance of Human Touch in AI

* 33:12 AI's Impact on Content Creation and Journalism

* 39:37 The Future of Journalism and New Publications

🎧 Listen now on Spotify or Apple Podcasts — complete with chapters for easy navigation.

✍️ Show Notes

TechCrunch Falls, Europe Reacts

TechCrunch Europe’s shutdown is more than a single news team being cut—it's a signal of shifting ownership structures, declining ad models, and the rise of creator-led storytelling. Cathy and Dan explain what the PE acquisition of TechCrunch means for narrative control and media plurality.

Pitching Without a Kingmaker

For years, TechCrunch was the holy grail for startups and VCs looking to launch a narrative. Without it, founders are forced to rethink their playbook, and agencies must rewire their strategy. Dan and Cathy offer a new ladder: from Sifted and niche newsletters to creator-driven podcasts.

SEO, LEO & the Next Search Paradigm

Why showing up in ChatGPT, Claude, and Perplexity results will soon matter more than Google rankings. Dan breaks down the mechanics of schema, structure, and prompt-aware positioning for visibility in a generative-first media world.

The AI-Powered PR Stack

Dan reveals he's been building his own Frankenstein LLM—with real-time indexing, client voice modeling, and custom API integrations. It’s not just hype: AI is rewriting the rulebook for content velocity, narrative control, and brand consistency.

Training the Next Generation—Or Not

As AI replaces junior writers and analysts, both journalism and PR face the same challenge: how do you train the next generation when you no longer need entry-level humans?

From Churnalism to Creatorhood

The gang dives into how journalists can (and should) go solo, à la Substack or 404 Media. But Cathy and Andreas warn: without infrastructure, distribution, or shared platforms, many risk burnout or irrelevance.

Is Digital Frontier Europe’s Answer?

Dan makes the case for Digital Frontier as Europe’s answer to The Information. Can it scale? Will it own the narrative? And will a new generation of European tech media rise—or fade out?

Where operational expertise and innovation work for you.

End-to-end coverage of Fund Admin, Tax, Accounting, Compliance, ESG, and more—enabling you to focus on what matters most: supporting visionaries and maximizing LP returns.

🤗 Join the EUVC Community

Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:

* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.

* On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.

* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend on July 15th↓

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

In this episode, David Cruz e Silva sits down with Joe Schorge, founder of Isomer Capital, one of Europe’s most thoughtful and active LPs—backing funds, co-investing with top GPs, and increasingly leaning into secondaries.

From deep dives into the maturing European tech ecosystem to the reality of what “liquidity” means today, Joe shares what it takes to build long-term portfolios and navigate cycles with wisdom (and a little humor).

Who should listen:

* LPs thinking through secondary exposure and portfolio liquidity

* GPs raising new funds with legacy tailwinds (or baggage)

* Founders and angels curious about how liquidity really works behind the scenes

Here’s what’s covered:

* 00:20 Meet Joe Schorge & Isomer Capital’s model

* 00:31 Why SuperVenture is ground zero for LP/GP dealflow

* 01:30 A New Era of Secondaries: From passive to proactive

* 02:55 "It's not a return until you can buy a beer with it." 🍻

* 03:30 DPI, exits & reflections from the stage with Björn Tremmerie

* 05:00 What macro uncertainty (and Trump tariffs) are doing to exit timelines

* 06:00 Under the hood: Growth is happening — but the windows haven’t reopened yet

* 07:30 Who’s actually buying today? Founders, growth funds, and LP-focused secondaries

* 09:28 Joe’s key learnings: time, uncertainty & the illusion of predictive power

* 12:23 Advice to aspiring LPs & emerging allocators

* 15:00 Diversification in venture is not optional — it’s existential

Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.

Key Takeaways

1. Secondaries Are No Longer an OddityJoe explains how liquidity in venture has shifted:

* Once a niche “special situation,” secondaries are now a core part of the market

* Everyone from LPs to founders is exploring options: “You can’t buy a coffee with gain on paper”

* ICER Capital recently launched a dedicated secondaries fund, focusing especially on LP-side transactions

“What we hear again and again is: this isn’t someone leaving venture. It’s someone taking profits and recommitting. It’s a maturity marker.”

2. Venture Still Hasn’t Had Its Liquidity MomentJoe and Björn Tremmerie reflect on a year where everyone was hoping the exit window would open. It hasn’t—yet. But:

* Q4 2024 showed signs of life

* The fundamentals are stronger than ever

* Most exits are being delayed, not destroyed

“When you look at the underlying companies—real revenues, global customers—the foundation is there. It’s a question of timing.”

3. Don’t Expect Predictive Power—Build Portfolios InsteadOne of Joe’s most candid observations:

* Early-stage investing is filled with unpredictability

* Your top winner might look dumb early. Your most hyped bet might flop.

* That’s why diversification isn’t a nice-to-have—it’s critical.

“I’ve heard this for 25 years, and I’ve lived it: the one you thought was going to be amazing dies. The dumb idea becomes the unicorn.”

4. Macro Matters—but Tech Doesn’t Slow DownDespite elections, tariffs, and uncertainty:

* Europe is at an all-time high in venture-backed company volume

* Growth is happening, even if exits are paused

* LP liquidity (especially via secondaries) is key to keeping the flywheel spinning

“You need secondaries to have a mature capital market. Without it, DPI becomes a bottleneck.”

🧠 Joe’s Lessons from the LP Seat

* Time is the most underrated variable in venture

* Early-stage investing is experimental by nature

* You can’t shortcut cycles, but you can prepare for them

* Your calendar (and how many Zooms you avoid) = efficiency

* Great portfolios are built with humility, not conviction alone

Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend on July 15th↓

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

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:

* 00:30 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

Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.

💡 Key Takeaways

1. Exits Are Quietly Coming BackMatt describes the IPO window as “sneaky good”:

* A growing list of companies are IPO-ready with revenue milestones

* The bar is higher, but the pipeline is quietly building

* For GPs: the time to prep your portfolio for IPO or M&A is now

“We’re seeing deals. It’s slower than we’d like—but the train is moving.”

2. Defense & Dual-Use Tech Are No Longer TabooFrom Pentagon war rooms to venture pitch decks:

* AI, cybersecurity, sensors, and cloud are reshaping defense

* The “dual-use” label is often misunderstood—it’s about translating commercial tech into strategic outcomes

* NATO, Shield Capital, and a wave of funds are leading this charge

“It’s not bombs—it’s cloud, data, and intelligence. And yes, the DMV still runs on tech from the ‘90s.”

3. Europe Has a Closing Window to Leap AheadMatt offers a candid call to European leaders:

* Increased defense budgets are a historic opportunity

* Use that capital to back the future, not replicate the past

* Think like startups—skip landlines, build mobile

“Spend smarter. Skip the ‘90s tech. Leapfrog, like Africa did with mobile.”

4. Venture Is Returning to Its Deep Tech RootsMatt traces the arc of venture:

* From hardware (Digital Equipment Corp) → to SaaS → back to hybrid tech

* Software-only won’t cut it for AI, quantum, defense, or space

* Efficiency gains are reviving capital-intensive bets

“This feels new, but it’s old school venture—investing in the frontier, where returns are exponential.”

Matt’s Lessons from the Frontlines

* DPI is king—but exits take a plan

* Founders aren’t the only ones pitching—GPs are too

* Great commercial tech belongs in government use cases

* Europe can’t afford slow cycles—it must act now

* Every great defense investment begins as a great tech investment

Final Thoughts

Matt brings a rare blend of geopolitical insight and Silicon Valley urgency. Whether you’re a GP navigating exit timelines or a policymaker rethinking defense investment, his message is clear:

“There’s risk. But in that risk lies the opportunity to leap ahead—and this time, we can’t be late.” Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend on July 15th↓

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

Welcome to a new episode of the EUVC podcast, where Dan Bowyer and Mads Jensen of SuperSeed and Lomax from Outsized Ventures gather to unpack the macro forces and micro signals shaping European tech and venture.

This week, the trio tackles one of the most geopolitically charged, capital-heavy, and morally complex episodes yet:

* The global reshuffling of power: Israel, Iran, Russia, and Ukraine

* Why defense is back—and what it means for VCs

* Europe's space ambitions and what the ESA's new satellite project signals

* China's trade plays and Europe's vulnerability in rare earths

* AI, IPOs, and why founders might want to stay private longer

* Surgical robots, ambient AI, and who’s building the future of healthcare

Plus: Daniel Ek gets flak, SPACs sneak back, and why VCs are now speed-running $15B deals in one week.

Here’s what’s covered:

* 02:00 War & Markets: Iran, Israel, oil prices & Bank of England holds

* 06:00 Defense Budgets: Why Europe is (finally) spending

* 10:00 VC Taboo: Why investing in weapons gets complicated fast

* 15:00 EIF Restrictions: Sex, gambling, and no defense

* 20:00 The Rise of Helsing: Europe’s $12B defense unicorn

* 24:00 Strategic Autonomy: Europe’s new military satellite constellation

* 30:00 ESA vs. Starlink: Earth observation gets serious

* 34:00 China, Trade Wars & Rare Earths: Why Europe’s exposed

* 40:00 EU-US Tariffs & Trump’s Pharma Threat

* 42:00 IPO Boom: Chime, Circle, and the SPAC comeback

* 47:00 CMR Surgical: UK’s $4B robot exit—is that enough?

* 53:00 Lessons from Intuitive Surgical & deeptech M&A

* 56:00 Deal of the Week: Nabla’s AI for clinicians, Helsing, and Scale AI’s lightning-fast cash

* 01:02:00 Founders in Government: Alex DePledge & Matt Clifford’s impact

* 01:05:00 Meta’s AI Transfers: Zuck goes full football transfer window

Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.

✍️ Show Notes

Geopolitics & Defense Tech: The Investment Ripple Effects

The hosts unpack how war in the Middle East and Russia’s decline are triggering a new wave of defense spending—and whether VCs should rush in or stay cautious.

Defense Taboo: The EIF, Dual-Use Workarounds & Daniel Ek’s Bet

Government-backed LPs often bar investments in defense, but Helsing’s rise and Ek’s public support show how the line between ethics and innovation is shifting.

ESA’s Earth Eyes: Strategic Autonomy in Orbit

Europe is betting billions on military-grade Earth observation satellites. The crew debates the opportunity for startups—and whether Europe can catch up with SpaceX.

China, Rare Earths & Supply Chain Vulnerability

From batteries to semiconductors, Europe’s dependence on China is more dangerous than ever. Could reshoring actually work?

IPO Mania & SPAC Resurrection

US public markets are heating up with Chime, Circle, and CoreWeave. But is the window already closing again—and are SPACs really back?

Healthtech’s Highs & Lows: CMR Surgical’s UK Journey

With $1B raised and $100M revenue, is CMR selling too early? Lomax questions the ambition of Europe’s deeptech exits.

AI & Speed: Scale AI’s $15B Deal in 7 Days

Zuck isn’t waiting around. The crew marvels at the pace of recent mega-deals—and whether Europe’s lawyers are holding us back.

Startup Opportunity in the Shadows

From ambient AI in healthcare (Nabla) to robotaxis and autonomy, the real opportunity might lie in building resilient, regulated tech—and moving fast when the tide turns.

🤗 Join the EUVC Community

Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:

* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.

* On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.

* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.

Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend ↓

Secure your Spot

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

Welcome to a new episode of the EUVC podcast, where we bring you the people and perspectives shaping European venture. This week, Andreas is joined by Christophe Jurczak, Managing Partner at Quantonation, the world’s first dedicated quantum technologies VC fund.

Together, they unpack the tangible, applied promise of quantum technologies—far beyond the hype—and discuss why Europe may still win in this deep tech arena if capital (and courage) show up at the right time.

This week’s themes:

* Real-world quantum use cases in health, energy, climate, and security

* The rise of quantum internet and the race to secure communications

* How interdisciplinary talent makes or breaks applied quantum ventures

* Why late-stage capital remains quantum Europe’s biggest bottleneck

Here’s what’s covered:

* 01:30 Quantum Is Real: Health, energy, climate & security

* 02:45 Quantum Drug Discovery: Pascal & Qubit Pharmaceuticals

* 05:00 Simulation Power: Designing less toxic, more effective molecules

* 06:45 Quantum Internet: Unhackable infrastructure deployments in NYC & Berlin

* 08:30 Why Encryption Is Under Threat—And What Quantum Does About It

* 10:00 No Cryo, No Labs: Room-temp quantum machines are here

* 11:45 Talent Mix: Why computer scientists + physicists = startup advantage

* 13:30 ML on Quantum Hardware: Graph ML and novel quantum algorithms

* 15:00 Europe’s Competitive Edge: IQM, Pascal, and more

* 16:30 The Real Risk: Growth-stage capital and the transatlantic gap

* 18:00 Quantonation’s Vision: A future late-stage fund for European quantum

* 19:00 Final Thoughts: Sci-fi vibes, real-world traction, and a rallying cry

Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.

✍️ Show Notes

Quantum Is Not Sci-Fi Anymore

Forget speculative hype—real startups in Europe are already deploying quantum computing for drug discovery, energy simulations, and secure communications.

Deep Tech, Deep Talent

Christophe explains how building quantum startups means forging interdisciplinary teams: software meets physics, theory meets application, and lab meets business.

The Quantum Internet Is Coming

Deployments in New York and Berlin prove it: room-temp quantum-secure communication infrastructure is already live. The quantum internet is a near-term reality.

The European Challenge: Scale

Despite strong early-stage activity, Europe still lags on late-stage deeptech capital. Christophe lays out why closing this gap is key to competing globally—and how Quantonation plans to help.

Investor Takeaway

Quantum is no longer optional. It's a field with real traction, deep IP, and defensible moats—perfect for those looking to back the next era of European innovation.

Make an impact with the bank made for the innovation economy

We know building relationships and building businesses go hand-in-hand. With our sector expertise and tailored solutions, we’ll connect you with what’s next.

🤗 Join the EUVC Community

Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:

* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.

* On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.

* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.

Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend on July 15th↓

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

In this new episode of Path to Market, our Director Natasha Lytton and co-host Micah Smurthwaite, Partner at Pipeline Ventures, sit down with Tim Bertrand — a three-time GTM leader who’s scaled companies from just a few million to hundreds of millions in revenue. Currently serving as President of HAProxy, Tim previously held sales leadership roles at Acquia and Project44, and brings deep insights into category creation, founder-led sales, sales hiring, and international expansion.

Tim walks us through his career of building sales engines from the ground up — including Acquia’s leap from $2M to $200M+ ARR — and explains why he keeps coming back to the early-stage trenches.

He also shares actionable advice for founders: when to hire (and who to hire) in your first sales roles, how to think about pricing in new markets, how to align product and GTM, and what great onboarding and sales coaching look like.

Here’s what’s covered:

* 05:00 Early-Stage Sales: Why Tim Keeps Coming Back

* 07:12 Structuring Your First Sales Hires

* 09:44 Traits of Great Early-Stage Sellers

* 13:00 Does Domain Expertise Matter?

* 15:28 Best Practices for Sales Onboarding

* 17:48 Sales Methodologies: MEDDICC & BANT

* 22:14 Creating Real Urgency in the Sales Cycle

* 30:23 Value-Based Pricing & Market Signals

* 38:09 Building a Business Around Open Source

* 42:16 Sales Methodologies for Founders

* 43:40 Hiring a CRO: When & What to Look For

You can watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation are available on the Spotify/Apple episode.

Join ImpactVC, a global community of 900+ VCs driving change and using venture capital to tackle the world’s biggest challenges—explore their community, resources, and training at impactvc.co.

Key Takeaways from the Conversation

Start with Hustle, Not Hierarchy

Founders shouldn’t hire a CRO too early — what you really need is a gritty sales rep who can evolve into leadership. Look for hustle, adaptability, and hands-on mentality over polished resumes.

From Startup Hustle to Scale at Speed

Tim shares his journey scaling three companies — Acquia, Project44, and now HAProxy — and why he chooses companies at the $15M inflection point, where early traction meets the opportunity to scale. He explains how the most meaningful GTM roles are about doing the hard work, not just managing it.

He outlines how HAProxy, a bootstrapped and profitable company, grew to 40% YoY growth with no VC backing, proving that excellence in product and GTM alignment can be achieved sustainably.

Focus on Traction, Not Just Revenue

Early sales should prioritize strategic wins: pilots, logos, and learning, not just ARR. Traction is the real early indicator of product-market fit.

Build a Culture, Not a Clone Army

Cultural fit means alignment with the values of the company, not a shared background. Embrace diversity of experience and thought while ensuring buy-in to team norms and expectations.

Surround, Don’t Spam

Modern pipeline-building is about surround tactics: targeted outreach, social engagement, smart tooling (like AI SDRs), ABM campaigns, and high-quality direct mail — all working in concert.

Learn to Qualify with Precision

Salespeople often lose deals because they never meet the economic buyer. Learn to ask: “What has to happen to get this deal done?” and map every stakeholder, step, and timeline with clarity.

Use Frameworks Early — Even as a Founder

Sales methodologies like MEDDIC or BANT aren’t just for big teams. Founders can use them to qualify deals, plan sales strategies, and gain a deeper understanding of buyer psychology.

Open Source: Lead with Community & Content

HAProxy’s model proves the power of open source. The secret? Educating the community, offering real value in enterprise editions, and staying true to product integrity.

🤗 Join the EUVC Community

Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:

* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.

* On-Demand Content: A platform with sessions you can access anytime, anywhere complete with presentations, templates and other resources.

* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.

🗓️ The VC Conferences You Can’t Miss

There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!

The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

In this episode, Andreas Munk Holm, Dr. Daniel Carew, and Sebastian von Ribbentrop discuss the critical importance of defense and strategic technologies in Europe. They explore Join Capital's investment thesis, the complexities of dual-use technology, and the intersection of technology, defense, and geopolitics. The conversation also touches on the impact of the Ukraine conflict on European defense strategies and the evolving landscape of venture capital investment in this sector.

Here’s what’s covered:

* 18:55 The Evolution of Join Capital's Investment Thesis

* 24:01 Understanding Dual-Use Technology in Defense

* 28:49 Navigating the Commercial and Defense Markets

* 34:01 The Role of Geopolitics in Defense Investments

* 38:09 Geopolitics and Personal Connections

* 41:29 Complexity of European Defense and Innovation

* 45:10 The Shift in Global Power Dynamics

* 48:06 Defense Washing vs. Genuine Innovation

* 52:55 Investment Strategies in a Changing Landscape

* 59:47 The Future of Defense Post-Ukraine Conflict

Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.

✍️ Show Notes

Why Defense Must Be a Priority for European VC

The war in Ukraine and rising geopolitical tensions have made defense not just a government priority, but a strategic opportunity for venture capital. The team behind Join Capital argues that Europe must step up to avoid technological dependence and geopolitical irrelevance.

The Dual-Use Dilemma

Technologies that serve both civilian and military purposes require special handling—ethically, commercially, and operationally. Join Capital embraces the challenge, focusing on companies that can win in both markets.

From NATO to Startups: Navigating the Ecosystem

Success in defense tech demands understanding government procurement, NATO strategies, and complex political dynamics. But it also needs founders who can build great companies. Sebastian and Daniel share how Join Capital evaluates these two worlds.

Beyond Defense Washing

Europe’s innovation scene is waking up to defense, but not every startup with "dual-use" language is the real deal. Join Capital is building a playbook to distinguish signal from noise, and to back founders with real commercial and military traction.

Looking Ahead: Post-Conflict Innovation & Strategic Sovereignty

As the defense tech stack evolves post-Ukraine, the opportunity lies in investing where technological resilience meets geopolitical relevance. This episode makes a compelling case that European VC must be a proactive force in shaping that future.

Haynes Boone brings deep expertise in fund structuring and full lifecycle legal support for VCs, GPs, LPs, and startups across the US, UK, and Europe. As trusted advisors to emerging and established fund managers alike, they know what it takes to build and scale in competitive markets, making them the perfect backers of this high-caliber award.

Whether you're launching Fund I or navigating late-stage growth, Karma, Vicki, and the team at Haynes Boone are ready to help you.

🤗 Join the EUVC Community

Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:

* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.

* On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.

* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.

Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend ↓

Secure your Spot

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe

In this episode, Andreas Munk Holm and Jeppe Høier sit down with Nicole LeBlanc, Partner at Woven Capital, the $800M growth-stage CVC fund backed by Toyota. They unpack what it takes to drive real strategic and financial outcomes in corporate venture — and what founders and GPs often get wrong when working with CVCs.

Nicole shares how Woven structures its global operations, works hand-in-hand with Toyota’s business units, and leverages a portfolio success team to shepherd startups through complex corporate dynamics. She also breaks down Woven’s investment logic, from hydrogen to lunar rovers — and why corporate alignment shouldn’t come at the cost of independence.

Here’s what’s covered:

* 00:40 – The structure of Woven Capital & its relationship with Toyota

* 03:00 – How Toyota Ventures (early-stage) and Woven (growth-stage) complement each other

* 09:45 – Building internal bridges: the Portfolio Success team model

* 13:15 – Toyota’s internal incentives (and the carrot vs. stick approach)

* 15:10 – The CVC cultural challenge: Japan, US, and Europe

* 21:40 – How to spot a “red flag” CVC as a founder

* 31:30 – Toyota Open Labs: a new playbook for startup-corporate collaboration

* 34:00 – Woven’s LP strategy: investing in funds for access, insight & geography

* 39:00 – Learnings from fund investing: what CVC LPs need from GPs

* 42:00 – Final advice for startups and corporates alike

📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation 🎧

✍️ Show Notes

Bridging Corporate & Startup Worlds

Nicole describes Woven as a “single LP” fund with Toyota, designed with strategic intent. Unlike many CVCs, it operates with a dedicated investment team and a portfolio success team that facilitates startup integration with Toyota’s global business units — from Europe to Japan.

From Culture Fit to Structural Fit

Corporate venture is often described as an “organ transplant.” Nicole explains how Woven uses summits, case studies, and structured collaboration pathways to culturally embed startups inside Toyota, without compromising their independence.

A New Model for Value Creation

Nicole outlines her Forbes article’s thesis: the future of CVC lies in three pillars — subject matter expertise, scalability, and long-term vision. Rather than chasing short-term gains or BD headlines, CVCs must focus on being true strategic allies with deep operational support.

The Hidden Cost of a Misaligned CVC

Founders are warned: not all CVCs are created equal. Nicole explains how to diligence a corporate investor, the signs of future conflicts, and how to structure relationships (from board seats to information rights) to preserve neutrality and build trust.

Europe’s Climate Tech Edge

Nicole champions Europe’s overlooked strength in sustainability and mobility innovation. With higher environmental literacy and policy momentum, Europe is fertile ground — but often underfunded. Woven aims to fix that by writing growth checks in the €15–25M range and bringing European innovation to Toyota’s global platforms.

🛠 Toyota Open Labs: A Call to European Founders

Nicole urges European founders to explore Toyota Open Labs — a new initiative where Toyota business units publicly share their challenges, budgets, and champions to encourage startup engagement. It’s a testbed for scalable, frictionless collaboration between Europe’s brightest startups and one of the world’s largest automakers.

🤝 For Emerging Managers: How to Work with CVC LPs

Woven Capital is also an LP in nine funds globally, including 2150. Nicole outlines how they engage with GPs, what CVC LPs need beyond financial returns, and why pre-seed and seed managers should step up with insights, access, and clear value for potential acquirers.

🤗 Join the EUVC Community

Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:

* Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.

* On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.

* Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.

*

Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.

Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.

Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.

Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.

↓ Register below to attend ↓

Secure your Spot

🗓️ The EU CVC Summit 2025 | 📆 26 - 28 August 2025 | 🇩🇰 Copenhagen, Denmark

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.eu.vc/subscribe