In today’s episode of the EUVC podcast, Andreas Munk Holm talks with Claude Ritter and Stefan Walter from NAP, formerly known as Cavalry and Rene Andres from the European Investment Fund (EIF).

In today’s episode of the EUVC podcast, Andreas Munk Holm talks with Claude Ritter and Stefan Walter from NAP, formerly known as Cavalry and Rene Andres from the European Investment Fund (EIF).

The conversation centers on Cavalry’s recent rebranding into NAP and evolving investment approach, which now emphasizes backing early-stage startups led by expert founders. The team explains how their shift from a broad, pre-seed focus to a more refined strategy—centered around proprietary data, instant utility, and interoperability—reflects the changing dynamics of the tech landscape in Europe.

Our guests also discuss broader themes shaping the venture ecosystem, such as managing team dynamics and maintaining transparent, candid communication with limited partners. They share insights on the importance of agility in a market influenced by rapid technological change, political shifts, and the AI boom.

Go to eu.vc for our core learnings and the full video interview 👀

Chapters:

02:35 Claude and Stefan's Background and Firm Overview
03:52 Rene's Background and EIF's Role
06:13 Current State of the European Venture Ecosystem 
09:55 The Role of Tech in Politics
17:47 Rebranding from Cavalry to NAP
20:55 The Meaning Behind Nerds and Pioneers
22:10 Managing Partnership Changes
24:05 Navigating Team Changes in VC Firms
24:39 The Importance of Adaptability
26:00 Challenges and Strategies in Team Dynamics
29:44 Honesty and Transparency with Investors
32:08 Reflecting on Core Learnings
36:55 The Evolution of Investment Theses
38:41 Focusing on Proprietary Data and Instant Utility
39:48 Interoperability: The Future of Business Models
44:09 Expert Founders and Founder Future Fit
48:28 Final Thoughts and Key Takeaways