Sarah Drinkwater, Founding Partner at Common Magic, previously led Google's startup programs in EMEA, while Anthony Danon, founder of Rerail, focuses on fintech micro-funds. They discuss the rise of solo GPs in Europe, emphasizing their flexibility and tailored approaches to investing. Topics include the concept of 'headless rounds,' the shift towards conviction investing, and the evolving role of angel investors. They explore how smaller funds can better support outlier founders and navigate the competitive landscape, predicting future trends for micro funds.
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insights INSIGHT
Founder Alignment with Solo GPs
Solo GPs offer founder alignment by building personal, long-term relationships without lead investor status.
This allows founders to utilize solo GPs freely for specific support beyond lead responsibilities.
insights INSIGHT
Founders Prefer Aligned Small Funds
Venture bifurcation sees large global platforms and diverse micro funds coexist, serving different founder needs.
Founders patchwork rounds opting for aligned, smaller investors to preserve dilution and gain distinct network value.
volunteer_activism ADVICE
Micro Funds Win by Speed
Act fast and build conviction early to win competitive founder rounds with micro funds.
Utilize active collaboration and syndication among micro funds to co-lead and close rounds efficiently.
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Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.
This week, Andreas Munk Holm is joined by Sarah Drinkwater, Founding Partner at Common Magic, and Anthony Danon, Founder at Rerail, for a deep dive into the rise of solo GPs and micro funds in Europe. Together, they unpack the forces driving this new wave of intentional, nimble VC—why it’s working, how it's evolving, and what it takes to win.
It’s a conversation that builds on their stage debate at the EUVC Summit—this time going deeper into headless rounds, syndication dynamics, the next generation of angel investors, and the very real personal decisions behind going solo.
🎯 This Episode’s Themes:
Why the solo GP model fits today’s best founders
The rise of “headless rounds” and what makes them work
The art (and risk) of conviction without consensus
The future of angels, from weekend warriors to fund managers
What’s next for micro funds in Europe—and why some won’t make it
Here’s what’s covered:
00:22 | Solo Love: The magic of being founder-picked and founder-aligned
01:30 | Angel Roots: Why Sarah and Anthony bet small before going big
04:00 | Market Dynamics: The squeeze between seed giants and multistage platforms
06:30 | Why Small Wins: Flexibility, focus, and belief in outlier founders
09:00 | Micro Syndication: Why solo GPs are finally co-leading in Europe
13:00 | The Reserve Question: What happens when founders need more capital?
16:00 | Conviction Building: The difference between borrowing belief and earning it
20:00 | Headless Rounds: The founder-led raise and its pros and cons
24:30 | Next Round Realities: Why leads don’t always do the heavy lifting
27:00 | Angel Competition: How to win without bidding wars
31:00 | Angel Education: Power law, concentration risk & the need for fresh blood
38:00 | Going Solo: The case for building your own lemonade stand
44:00 | The Big Firm Tradeoff: Coordination, politics, and the limits of scale
47:00 | Looking Ahead: What’s next for Europe’s micro fund wave