Lomax Ward from Outsized Ventures and Mads Jensen from SuperSeed join Dan Bowyer to dissect the European tech scene. They dive into the dynamics of Figma's recent IPO, its surprising $730M paper loss, and its implications for the market. The trio also discusses the sluggish London IPO climate and necessary reforms to enhance competitiveness. Vertical AI is revealed as a promising new frontier, potentially shaping the next wave of SaaS. This episode is packed with insights for anyone navigating the evolving venture capital landscape.
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insights INSIGHT
Figma as SaaS Bellwether
Figma's IPO is a bellwether for SaaS and vertical AI investment potential.
Its success could open the floodgates for major tech IPOs like Databricks and Stripe, signaling market optimism.
insights INSIGHT
Figma's Paper Loss Explained
Figma's $730M loss in 2024 was a paper loss driven by stock-based compensation.
It reflects accounting for employee share vesting after a failed Adobe acquisition, not cash loss.
insights INSIGHT
London's IPO Market Collapse
London's IPO market saw the slowest half-year first half in nearly 30 years.
Compared to $9B in the US, London raised only $160M across five listings, showing a dramatic gap.
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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.
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