Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.
This week,
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, gather to unpack the macro forces and micro signals shaping European tech and venture.
They sit down to break down the two sides of the IPO market: the soaring optimism behind Figma’s public debut — and the deep freeze that’s hit London listings harder than at any time since before the dot-com crash.
They also unpack what Figma’s $730M paper loss means, how vertical AI is the next generation of SaaS, and what the UK must fix to stand a chance in the global listings race.
If you’re investing, building, or just trying to make sense of the markets this summer — this one’s for you.
Here’s what’s covered
- 02:30 | AI infra’s moment & CoreWeave hype
Why infra plays like CoreWeave and Circle have the market buzzing — but vertical AI is where the next SaaS returns lie. - 04:50 | Figma’s $730M paper loss explained
Mad breaks down the headline figure, the failed Adobe deal, the FTC veto, and why this IPO is about fundamentals — not hype. - 08:20 | Tender offer drama & employee morale
How Figma’s $20B exit fizzled — and the May 2024 tender to keep teams motivated ahead of listing. - 12:00 | Figma as a bellwether for design & vertical AI
Why product-led SaaS is shifting toward deep vertical AI workflows — and what that means for investors. - 15:45 | London: the slowest IPO H1 in nearly 30 years
Counter to the US’s $9B+ haul in 12 deals, London managed just $160M across five listings. A brutal gap. - 18:10 | Worse than dot-com. Worse than ‘08.
Dan & Mad put the numbers in perspective: this is the weakest stretch since before many listeners were born. - 26:15 | Dual-class shares & free float: too little too late?
Why tweaking share classes & float minimums is more copy-paste than innovation — and not the real fix. - 35:20 | The ESG paradox & listing tension
Where does London’s ESG edge help — and where does it push big companies abroad? - 40:15 | US vs UK capital markets: talent, trust & scale
Why founders and funds still flock to New York — and the structural advantages London must address. - 44:30 | Can London fight back?
What would it actually take to make London relevant again for growth listings? Dan’s realist take. - 50:00 | Lessons from Figma for founders
Why strong fundamentals still matter — and how the tender saga shows the cost of employee trust. - 55:00 | The vertical AI playbook: Europe’s edge?
Where Europe’s sector expertise might win if it can get capital markets working again.
