At EUVC Summit 2025, one of the most anticipated sessions broke down a powerful data set: 100 of Europe’s breakout startups. This wasn’t theory—it was company-by-company insight, straight from interviews and bottom-up analysis.

Yes, there were rogue slides.Yes, the crowd wanted to skip to the AI part.And yes, it delivered.

🇫🇷🇩🇪🇬🇧 Still Rule the Map

~75% of these startups are based in Germany, France, and the UK.

Despite growing noise around new hubs, Europe’s big three remain dominant. It reflects ecosystem maturity—but also a challenge: how do we better back breakout teams in the Nordics, Baltics, Southern Europe, and CEE?

📉 Fintech Cools, GTM Tools Rise

For the first time in years, Fintech dropped in sector rankings.

Instead, we saw a wave of AI-native sales and marketing tools—building products that help companies grow smarter, automate go-to-market, and personalize customer acquisition at scale.

“This year’s cohort is selling before building. AI is their leverage.”

🧍 Solo Founders On the Rise

One of the most notable shifts: a significant increase in solo-founder companies.

This reflects:

* A rise in repeat operators

* Greater early-stage tooling

* More confidence in focused execution

It also implies VCs may need to shift their bias—many of these founders are no longer waiting for a co-founder to “complete” them.

💡 AI-Native: Not Just a Feature—A Foundation

The moment everyone waited for: AI-native insights.

49% of these 100 startups are AI-native at their core.

This means:

* AI is not bolted on—it's the product itself

* Many founders have already moved beyond horizontal LLMs to verticalized applications

* They're monetizing via use-case depth, not just model architecture

🧑‍💻 Teams Are Leaner, Sharper

Last year’s 100 had an average of 25 employees per company.This year’s cohort? Just 14. That’s a 40% drop.

But don’t mistake that for weakness—roles are more specialized, and teams are more surgical. These aren’t MVPs—they’re hyper-focused execution machines.

“Today’s teams are smaller, sharper, and trained on efficiency from Day 1.”

🔄 Low Loyalty, High Velocity

Across hundreds of founder interviews, one theme stood out:

Tool loyalty is low.

Founders are switching infra, models, APIs, and tooling with no hesitation.That’s not a sign of flakiness—it’s a sign of rapid evolution, where AI-native teams optimize continuously.

🇪🇺 Regulation: Burden or Opportunity?

Controversially, the speaker closed with a contrarian take:

“I believe European AI regulation will actually accelerate enterprise adoption.”

Why?

* Clarity breeds confidence

* Corporate buyers need frameworks

* Knowing what’s allowed = faster go/no-go decisions

In a twist, Europe might become the first-mover on enterprise AI—not in spite of regulation, but because of it.

Final Message:

“AI-native is not a trend. It's a new category of company. And Europe is building it—faster and leaner than ever before.”

Let’s keep watching the signals. Let’s keep fueling the flywheel.

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

At the EUVC Summit 2025, the award for Emerging Manager of the Year went to a team that has carved its place in Europe’s venture ecosystem with grit, heart, and vision: Tapestry Venture.

Founding Partners Patrick Murphy, Audrey Miller, David Kelly, and Alex McKenzie were celebrated for their relentless effort to build something new—not just for themselves, but for founders and LPs across the continent.

Not Just Another Fund. Not Just Another Story.Tapestry isn’t simply adding capital to the market. They’re challenging the established players in Luxembourg’s fund admin industry, pushing through barriers that often make it hard for emerging managers to break in.

Patrick Murphy took the stage to accept the award, on behalf of his partners:

“It’s amazing to be able to work with people I like so much every day for the last five years. At least now we’re all back in person—because it wasn’t so fun on Zoom.”

From Ireland to VenturePatrick’s journey into venture wasn’t planned.

“I grew up in Ireland building computers and websites. I didn’t know venture capital was even a thing—that people could believe in your dreams and then give you money to do something about them. It’s pretty wild. I’m glad venture found me.”

That spirit—of discovery, belief, and persistence—is what defines Tapestry.

In Service to FoundersIf there was one theme in Patrick’s words, it was service.

“To be in venture is to be in service,” he said. “There’s no exam, no syllabus, no license for board members—though I wish there was. There’s no ombudsman, no complaint line for founders. So it’s up to us to raise our own standards. To be in service to the great founders who want to change Europe and change the world.”

That vision is backed by their LPs and by a belief that the ecosystem thrives not through competition alone, but through collaboration—co-investors and friends lifting each other up.

Leadership That Raises the BarFor Tapestry Venture, winning Emerging Manager of the Year is less about the trophy and more about the mandate:

* To challenge entrenched structures

* To empower founders head-on

* To raise the standards of venture itself

Congratulations to Patrick Murphy, Audrey Miller, David Kelly, and Alex McKenzie of Tapestry Venture—Emerging Manager of the Year.

Because in their words: “We’re all winners in this ecosystem. And we’re going to be here for a long time.”

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 back to another episode of the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.

Today we welcome Alex Bakir, General Partner at Norrsken Evolve, the new €57M pre-seed fund spun out of the legendary Norrsken family of funds. Together with Johan Attby and Rebecka Löthman Rydå, Alex is doubling down on impact-driven founders building Europe’s resilient and sustainable future—with backing from EIF, Saminvest, SmartCap, and operators like Taavet Hinrikus and Sten Tamkivi of Plural.

We dive into Alex’s journey - with family roots in Iraq and England to Cambridge, the World Bank, Climate Change Capital, and Planet Labs; his lessons from the clean-tech crash of 2008; why resilience is now the lens for Europe’s industrial strategy; and how Norrsken Evolve is rethinking fund construction with 80 portfolio companies, automated follow-ons, and a sprint model for founder collaboration.

Here’s what’s covered:

* 01:38 Alex’s path: Iraqi–English upbringing, Cambridge climate science, World Bank, first-wave cleantech VC

* 04:30 Lessons from the cleantech crash (’08): macro can kill even great theses

* 07:19 Why this time is different: realism, supply chains, energy security

* 10:31 Fundraising the hard way: €40M → €57M; satellites vs. raising a fund

* 12:36 Mistakes & pivots: from naive global to Europe-first resilience

* 15:50 LP profiling: local anchors + institutional validation (Saminvest, EIF)

* 19:00 The trough of despair & team completion with Rebecka Löthman Rydå

* 22:11 The “funky” model: 80 companies, €250K tickets, no boards, automated follow-ons

* 26:06 Sprint model: six-week in-person collaboration (not a school)

* 31:22 Investment focus: The carbon-free economy, the infrastructure of tomorrow, future of Europe

* 40:57 Founder fit: mission-driven, experienced builders with scars and purpose

You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).

✍️ Show Notes

Alex’s Journey

* Half Iraqi, half English; Cambridge climate science; World Bank; Climate Change Capital; Planet Labs (largest Earth-imaging satellite constellation).

* Lessons from 2008 cleantech crash: macro risk wasn’t modeled; even billion-dollar theses collapse without resilience.

Why Now Is Different

* Post-Ukraine, Europe faces supply chain, energy, and hydrocarbon dependence like never before.

* Climate tech is no longer about “green premiums,” but about realist economics: supply chains, cost bases, industrial resilience.

* Europe must rebuild—new materials, new energy, and new industries.

Fundraising the Hard Way

* Planned €40M, closed oversubscribed at €57M.

* Early feedback: global strategy = no; climate buzzwords = weak; resilience & Europe = strong.

* Anchors: Saminvest, EIF, SmartCap, Plural’s Taavet & Sten.

* Momentum shifted after 18 months of “trough of despair.”

A Funky Fund Model

* 80 companies in 3 years.

* €250K standardized tickets.

* No board seats.

* Automated follow-ons: +50% into new rounds led by external VCs.

* Goal: diversification, alignment, LP co-invest, and deep founder bonds.

Sprint Model (Not a School)

* Six-week in-person sprints with portfolio founders.

* Tailored problem-solving, emotional bonds, and peer learning.

* “We want you to like us enough to tell us the bad stuff.”

Investment Focus

* Hardware/software agnostic.

* Real problems: materials (graphite, graphene), energy, bio/health, cyber, security.

* Core filter: scalable businesses that contribute to sustainability and resilience

Europe’s Landscape

* Climate buzz may fade, but resilience and industrial strategy(that does not rely on hydrocarbons) keeps demand alive.

* LP money is shifting to security/resilience, but real climate and economic drivers remain.

* Problems get worse, climate, geo-political and supply shocks increase — creating new opportunities.

For Founders

* Mission matters—older, scarred, purpose-driven founders fit best.

* Willingness to engage deeply with the fund and its network is non-negotiable.

* Self-selection: not the right fund if you want “just a check.”

💡 One-liner takeaway:Norrsken Evolve’s €57M pre-seed fund proves that investing in the future of Europe beats buzzwords—80 startups, automated follow-ons, and founder sprints show a new way for emerging managers to back real businesses building a sustainable future.

🤗 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.

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 back to another episode of the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.

Today we welcome Olav Ostin, Founder & Managing Partner at TempoCap, one of Europe’s few dedicated secondary direct firms. With a nine-year track record, a 12-person team in London and Berlin (soon Paris), and multiple $500M+ exits, Olav is perfectly placed to explain why secondaries have gone from taboo to the hottest corner of venture.

From buying whole portfolios from corporates to cherry-picking strip deals with VCs under LP pressure, TempoCap has built a reputation for navigating complex transactions and delivering liquidity in a market starved of exits. In this conversation, Olav shares what makes secondary directs different, how pricing really works, and why “who isn’t selling?” is the right question in today’s market.

🎧 Here’s what’s covered:

* 01:00 TempoCap’s story: founded in 2016, 9 years of secondary directs, team and footprint

* 02:00 What secondary directs really are: single-asset vs. portfolio transactions

* 03:03 What they buy: later-stage, €10–30M ARR, fully funded enterprise software, fintech, cyber & more

* 05:00 Typical deal sizes: €5–20M singles, €20M–€100M+ portfolios

* 06:30 How deals come in: board seats, VC relationships, and corporate inbound

* 09:50 Portfolio deals: cherry-picking vs. full takeovers, strip deals, and tailored solutions

* 15:00 Misconceptions: discounts are not automatic; valuation discipline and liquidity dynamics

* 23:40 How a secondary deal is actually done: NDA, desktop analysis, confirmatory DD, SPA

* 28:20 Who’s selling? Corporates offloading, GPs under DPI pressure, but few fire sales

* 36:00 Notable exits: Onfido ($650M), D-Orbit ($500M), and what they say about today’s market

* 39:20 The future of TempoCap: bigger funds, becoming Europe’s leading secondary direct player

You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).

✍️ Show Notes

TempoCap’s Model

* Focus: secondary directs — buying stakes directly in companies, not just LP positions.

* Types: single assets (€5–20M) and portfolios (€20M–€100M+).

* Criteria: later-stage (€10–30M ARR), fully funded, mostly enterprise SaaS, fintech, cyber/defense.

Why It Matters Now

* Liquidity crunch: everyone needs DPI — corporates retrenching, VCs under LP pressure.

* Corporate VCs went from $18B invested in 2014 to $173B at the 2021 peak. Those portfolios now need exits.

* Natural 10-year cycle: expect a decade of secondary deals as 2020–21 vintages age.

Misconceptions & Mechanics

* Discounts: not automatic. Driven by exit prospects, not arbitrary %.

* Process: NDA → desktop analysis → confirmatory DD → execution. Confidentiality is key.

* Partnerships: prefer to keep incumbent GP in place and co-manage portfolios.

Market Insights

* Exits still happen ($100M–$500M typical in Europe), but big billion-plus IPOs are rare.

* Private equity buyers are more active again, though disciplined.

* If companies stay private longer, secondaries fill the gap.

TempoCap’s Edge

* 5 exits >$500M in last 4 years.

* 2020 vintage fund: 0.9x DPI, 50%+ IRR.

* Goal: become Europe’s #1 secondary direct player, eventually partnering in the US.

💡 One-liner takeaway:Secondaries are no longer taboo — they’re the liquidity engine of European venture, and TempoCap is leading the charge.

🤗 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.

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

At the EUVC Summit 2025, Andreas Klinger didn’t mince words.Europe lacks something every other industry has had for decades:→ Big spending→ Big infrastructure→ Big exits

And without them, we can’t pretend we’re building a sovereign innovation ecosystem.

“Europe needs tech innovation to work—because without it, we will never be fully sovereign.”

Startups Aren’t Small. They’re Strategic.

Andreas opened by flipping a common narrative:

“Startups are too often framed as small, creative, ambitious companies. But in reality—they’re the foundation of sovereignty in tech.”

Europe doesn’t need more “projects.”It needs repeatable, scalable, founder-first infrastructure to unlock its next wave of global tech companies.

Introducing EO Inc: Europe’s Standard Startup Infrastructure

“The easiest way to explain EO Inc? It’s Deliveroo—but for incorporation. A European legal and operational standard for startups.”

The idea is deceptively simple:

* Standardized formation

* Recognized structures across all member states

* Seamless stock option systems

* Taxation only at exit

* Bank acceptance by default

“This isn’t just for startups. It’s a company structure any business can use—built for the modern economy.”

And the movement? It’s already here:

* 16,000+ signatories

* Backing from founders of Wise, Bold, and countless unicorns

* Support from every major VC fund and ecosystem body in Europe

* Growing traction in Brussels

Founders Did This. In a WhatsApp Group.

This wasn’t launched by a ministry.It wasn’t cooked up by consultants.

“EO Inc was built by founders, VCs, and ecosystem people who literally just got together in a WhatsApp group.”

The message is clear:You don’t need permission. You need momentum.

The Missing Piece: IPOs in Europe

Andreas ended on a blunt but vital point:

“If one of my founders did an IPO in Europe right now—I’d sue them.”

Why? Because there’s no pan-European IPO framework. No deep exit market. And without exits, VC doesn’t work.

“So please. Someone. Anyone. Get together and fix this.”

He wasn’t joking.He was inviting.

Final Words: Just Do Things

Andreas closed with the same clarity he opened with:

“You can just do things.”

This wasn’t a stage for platitudes—it was a platform for action.

So if you know a policymaker, a president, a minister—connect them to EO Inc.And if you care about making European venture work—get involved.

Thanks, Andreas—for reminding us that sovereignty isn’t just about borders. It’s about infrastructure.Let’s build it.

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 back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed, Andrew J Scott of 7percent Ventures, and Lomax unpack the forces shaping European venture capital.

This week, veteran journalist Mike Butcher (ex-TechCrunch Europe, The Europas, TechFugees) joins the pod. From the creator economy eating media brands, to Europe’s fragmented ecosystem and the capital gap that just won’t die, we dive into EU-Inc, Draghi’s unfulfilled reforms, ASML’s surprise bet on Mistral, Europe’s defense awakening, Klarna’s IPO, and quantum’s hot streak.

Here’s what’s covered:

* 00:01 Mike’s Reset

* 03:00 Media Evolution & Creator Economy

* 06:45 Europe’s Ecosystem & Debate Culture

* 12:00 All-In Summit Debrief

* 17:00 EU-Inc & Draghi Report

* 35:00 Deal of the Week: ASML × Mistral

* 49:00 Defense & Industrial Base

🎧 Listen on Apple or Spotify — or queue it for later with chapters ready to go.

✍️ Show Notes

Mike’s Reset

Mike opens by sharing how TechCrunch Europe shut down after Yahoo’s sale, and how the team was made redundant. Rather than rushing back in, he took the summer off — testing new formats on social, making video, and reflecting on what comes next.

Media Evolution & The Creator Economy

Mike walks us through his career — from trade mags in the dot-com boom, to freelancing at TechCrunch in 2006, and eventually building the European team. Along the way he launched The Europas awards and TechFugees during the refugee crisis.Mads draws parallels between the blog era of the 2000s and today’s creator economy: MrBeast, Barry Weiss, Cleo Abram. Mike agrees — blogging was social media, and today media is personality-driven. Outlets like Bloomberg now push reporters front and center to match this shift.

Europe’s Vibe: Fragmentation & Debate Culture

Mike reflects on 20 years of European tech. The dream of pulling everyone together proved harder than expected — it’s not Silicon Valley’s 101 highway, it’s dozens of fragmented hubs. Still, marquee events like Slush, Web Summit, and VivaTech have anchored Europe’s scene.The missing ingredient? Robust debate. In the US, VCs and founders spar on stage then grab a beer after. Europe is still too polite. Mike calls for more candidness, more “kicking the tires,” and less deference — to build confidence without losing honesty.

All-In Summit Takeaways

Mads shares highlights from LA:

* Elon Musk on robotics — the hardest problem is “the hand,” with 26 actuators and no supply chain.

* Demis Hassabis — AGI isn’t 2 years away, it’s 5–10.

* Eric Schmidt — US focuses on AGI, China pushes ahead with applied AI.

* Alex Karp (Palantir) — Europe is wasting its talent through poor regulation and weak industrial strategy.Mike notes the All-In crew captured the Valley conversation, but cautions they’re just one voice.

EU-Inc & Draghi Report

The group unpacks Europe’s slow progress:

* Only 11% of Draghi’s 383 recommendations implemented.

* €16T in pensions sit mostly in bonds; just 0.02–0.03% flows into VC, vs 1–2% in the US.

* Permitting bottlenecks cripple infrastructure build-out — 44 months for an energy project approval.

* Employee stock options remain over-taxed, making it hard to attract and reward talent.

* Skilled migration is down despite record net migration — the wrong people are leaving, the right ones can’t get in.Andrew calls for a “crack unit” in Brussels to push reforms; Lomax highlights underinvestment in R&D (2.2% of GDP vs US 3.5%, Korea 5.5%).

Deal of the Week – ASML × Mistral

Europe’s biggest deeptech deal in years: ASML leads a $2B round in Mistral, valuing the French LLM startup at ~$11B.

* Mike: strategic fit and cultural proximity (Netherlands ↔ Paris) matter more than sovereignty politics.

* Mads: at ~14× revenue, the deal is rational — and a bargain vs US valuations.

* Lomax: ASML knows it’s a “one-trick pony” with 90% lithography share; investing in AI hedges its monopoly risk.

* Andrew: shows Europe’s VCs are too small to write growth checks — corporates step in.

Defense & Industrial Base

Against the backdrop of Russian drones hitting Poland, Europe’s defense gaps loom large.

* UK commits £250M to regional defense hubs, with a promissory note to hit 2.5% of GDP by 2027.

* Andrew: real deterrence comes from industrial capacity, not just budgets — and Europe is dangerously hollow.

* Lomax: Poland is cutting procurement red tape under fire; the UK still moves at peacetime pace.

* Mike: dual-use startups (e.g., Helsing) and drone firms are moving, but primes must be forced to buy from smaller innovators.

Klarna IPO & the Klarna Mafia

Klarna IPOs at $15B — down from a $46B peak, but oversubscribed.

* Sequoia returns billions; Atomico makes a 12M → 150M gain.

* A new “Klarna mafia” of angels and operators will recycle liquidity into Europe’s ecosystem.Mike: “Long may they reign.”

Quantum’s Hot Streak

PsiQuantum ($7B), Quantinuum ($10B), IQM unicorn, Oxford Ionics’ $1B exit — Europe has real parity in quantum research and talent.

* Lomax: “Quantum is hot, but a winter will come.”

* Andrew: Europe can win here — but only if growth capital shows up.The pod ends on optimism: Europe may not own AGI, but in quantum it has a fair fight.

💡 One-Liner TakeawayEurope’s next act hinges on fixing capital markets, permitting, and pensions — so that when frontier tech like AI and quantum hit, Europe scales the winners here, not in the US.

🤗 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.

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

At the EUVC Summit 2025, the stage belonged to a voice shaped by geopolitics, defense, and the future of industrial innovation: Sebastian von Ribbentrop, Managing Partner at Join Capital.

Sebastian took us on a journey—one that started in Berlin in 2017 with a cornerstone commitment from Eiser Capital, and has since expanded to NATO, Ukraine, and beyond.

Not Just Startups. Not Just Capital.

Join was born when European engineers left corporates like Siemens and Airbus to build their own ventures—but weren’t getting funded.

Sebastian and his team stepped in. Today, with 148 LPs (90% from across Europe’s industrial heartlands), Join has become a backbone for the builders reimagining enterprise and defense.

The paradigm shift became undeniable in 2023, when the NATO Innovation Fund wrote its largest ticket into Join Fund II. It wasn’t just capital—it was a mandate to help reshape defense and industrialization.

A New Industrial Moment

From Washington’s NATO anniversary to trips into Ukraine, Sebastian’s message was clear: the defense supply chain has transformed.

It is now:

* Fast

* Targeted

* Smart

And while Europe faces inefficiencies (43 different tanks vs. one Abrams in the U.S.), it also faces a massive market opportunity.

Billions at PlayThe scale is unprecedented:

* €200 billion from Ursula von der Leyen into defense & infrastructure

* €500+ billion from Germany’s new chancellor, Matz

* $500 billion floated by Trump over the next five years

These aren’t subsidies—they’re revenues. Offset programs that give companies the ability to build products, not just pitch ideas.

DARPA, Dual Use & the Technology RaceSebastian reminded the room: shocks create breakthroughs. Sputnik birthed DARPA, which still deploys $4 billion annually into challenges.

Now, the race is on—dual-use technology, export restrictions, inexpensive smart radar systems taking down next-gen jets.

Europe, he argued, must catch up. But it has the chance to lead.

“Geopolitics,” he quoted Kissinger, “is 100% personal.” And Europe must take responsibility—urgently.

Leadership With TeethSebastian’s talk wasn’t about abstractions. It was about:

* How wars reshape supply chains overnight

* How NATO’s backing changes venture capital

* How Europe can seize its industrial and defense moment

Because leadership in this decade won’t be written in press releases. It will be written in supply chains, radar systems, and the speed of capital deployment.

Congratulations to Sebastian von Ribbentrop and Join Capital—for reminding the ecosystem that industrial innovation isn’t just defense spending. It’s Europe’s opportunity to lead in a world being reshaped, fast.

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

At EUVC Summit 2025, Marius Istrate didn’t come to pitch a fund or debate capital structures.He came to talk about something harder to define—but more urgent than ever: inspirational European leadership.

And it wasn’t all comfortable.

“It’s great to win together with others. But we should be capable of winning alone if needed.”

From VC to Vision

Marius spoke as someone who’s helped shape ecosystems from the ground up. As the leader of Romania’s largest angel group, he’s seen firsthand what local ambition looks like—and what it lacks.

“I don’t want to be the VC who accidentally becomes a politician because no one else stepped up.”

But leadership, he argued, isn’t about power. It’s about clarity, empathy, and ownership.

Silicon Valley of Europe? Please.

“If you pinned every place in Europe that calls itself the ‘Silicon Valley of Europe,’ the map would collapse.”

The obsession with copying Silicon Valley is a distraction. What Europe needs isn’t mimicry—it’s confidence in its own identity. And that means policies, capital structures, and culture that reflect our values, not someone else’s blueprint.

Fairness, Dignity, Empathy

One of the most poignant parts of Marius’ talk centered on something distinctly European:

“It’s not fair that I should work more than my parents. It’s not fair that my retirement is uncertain.”

That sense of fairness—a shared European moral compass—isn’t a bug. It’s a feature.And it can inform the kind of political and ecosystem leadership we need now.

“People don’t want perfection. They want dignity. And when possible, empathy.”

In a time of rising populism and political gridlock, this felt like a quiet manifesto for something different.

A Call to Build What’s Ours

“It shouldn’t be our job to inspire people—because our political leaders should already be doing that.”

Marius wasn’t calling for VCs to become politicians. He was calling for a renaissance of purpose in Europe. For a generation of builders, thinkers, and yes, investors, to step up and fill the vacuum—not with slogans, but with systems, strategy, and soul.

“Give us something to hope for—something we can call our own.”

This wasn’t a policy talk. It was a wake-up call.And in classic EUVC fashion, it ended with an open invitation: Let’s talk more. Let’s build better. Let’s define what European leadership really means—together.

You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).

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 speaks with Dom Hallas, Executive Director of the UK’s Startup Coalition, to explore how the organization is influencing policy at the intersection of startups, venture capital, and government. From immigration reform to capital access and regulatory red tape, Dom brings a candid view on what it takes to create real impact for founders across Europe.

They dive into the power of founder-first advocacy, the evolving lobbying landscape in Europe, and the urgent need for a united tech voice across the continent.

Here’s what’s covered:

* 01:10 Why Policy is a Competitive Sport

* 03:42 GDPR, Brussels & Lessons from Tech Regulation

* 05:12 What is the Startup Coalition & Who Funds It?

* 07:13 The Three Buckets: Talent, Capital, Regulation

* 11:20 Why Founders Need Their Own Voice in Politics

* 16:31 Making Advocacy Fun, Human & Effective

* 17:56 What Startups Can Learn from Farmers

* 21:30 Time Horizons & Playbooks in Policy Work

* 26:18 How the Coalition Sets its Agenda

* 31:46 A Crossroads for European Tech

* 35:46 The Current Policy Agenda: Talent, Finance & Reg

* 43:27 Funding the Underfunded: Inclusion as Policy

* 47:01 Regulation That Clears the Way for the Next Thing

🎧 Listen on Apple or Spotify — or queue it for later with chapters ready to go.

✍️ Show Notes

A Founder-Led Policy Movement

Dom Hallas shares his journey from politics and Bloomberg Philanthropies to leading the Startup Coalition. His mission? Make UK and European startup policy look and feel like the ecosystem it represents—fast, punchy, and entrepreneurial.

What is the Startup Coalition?

Founded in 2010 by Seedrs' Jeff Lynn and TechCrunch’s Mike Butcher, the Startup Coalition exists to solve the "who do you call?" problem for governments engaging startups. Today, it works across three buckets: talent (immigration & skills), capital (funding environment), and regulation.

The Capital Problem

From capital gains taxes to pension fund flows, the UK’s funding environment for startups is under pressure. Dom breaks down how the Coalition is pushing for reform and tackling structural challenges around late-stage capital, founder incentives, and underrepresented groups.

Talent as a National Priority

Whether through smarter visa systems or more competitive stock option schemes, Dom outlines what the UK and Europe must do to remain magnets for entrepreneurial talent in a global race for minds.

The Role of Regulation: Clear the Path, Don’t Pick Winners

From GDPR reform to AI regulation and procurement, the Coalition believes the role of policy should be to unblock markets—not dictate their winners.

Can Startups Learn from Farmers?

Andreas and Dom explore whether tech needs to get a little louder—and dirtier—to win more attention from policymakers. But they agree: the most successful playbooks mix trust-building, problem-solving, and a bit of healthy noise.

Europe Needs a Shared Voice

Dom calls for greater coordination across European tech policy organizations and highlights the Startup Coalition’s openness to supporting founders who want to launch new initiatives. From EU Inc. to pan-European summits, it’s time to think continental.

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At EUVC Summit 2025, Reece Chowdhry from Concept Ventures made a bold claim:Pre-seed isn’t just a quirky corner of venture. It’s the layer that will define the future of European tech.

“Pre-everything. Backing crazy people. No product. No traction. Just vision.”

And if that makes your IC uncomfortable? Good.

Defining Pre-Seed: Where the Real Risk Lives

Reece laid it out clearly:

* No product

* Often no team

* Up to €3M raises

* Entry valuations where true upside is unlocked

This is not a place for 60-page memos. It’s a place for conviction, operating instincts, and guts.

“If you’re running a market-sizing exercise at pre-seed, you’ve already missed the point.”

The UK Is (Still) Leading—Sorry, Everyone Else

With a wink, Reece shared some hard truths:

“Sorry to our French and German friends—but the UK is trouncing you.”

From unicorn creation to capital deployed to founder density, London continues to pull ahead.

Backed by data (and a few cheeky slides), he reinforced that high-density talent hubs are gravity wells—and London’s orbit is strong.

Pre-Seed is High Risk, High Volume—and High Reward

Reece didn’t sugarcoat it:

“Pre-seed is also about luck. Let’s just say it.”

And that’s why portfolio construction matters.→ Too many GPs still run over-concentrated portfolios at pre-seed.→ The layer needs larger portfolios, faster deployment, and more acceptance of variance.

“You want your winners to carry the fund? You better give yourself enough shots.”

The AI Effect: Shrinking the Stack

One of the most striking trends?

“Founders can now go straight from pre-seed to Series A.”

Why?

* AI tools let solo operators do more with less

* MVPs are faster, GTMs are leaner

* Seed rounds are getting compressed—and sometimes skipped entirely

This means pre-seed is becoming a more critical entry point than ever, and if Europe wants to compete, we need more risk-on LPs and ICs willing to lean into the earliest bets.

Final Advice? Just Write the Damn Check.

“If you’re in an IC meeting with a 60-page memo for a pre-seed deal, please… just remember this talk.”

Pre-seed is where the crazy ideas live. It’s where the upside is wild. It’s where founders take real swings—and where GPs must be brave enough to back them.

“We need more European GPs to take more risk, earlier.”

Thank you Reece for the reminder: you don’t de-risk the future by waiting—you do it by backing the people building it.No product? No problem. Just conviction.

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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