Upside Podcast: Defence, Health Tech & The Future of European Venture

This week on Upside, Dan Bowyer (SuperSeed VC) is joined by Lomax (Outsized) and Peter Ward (Humanity) to dive into two major themes dominating European venture: defence and health tech. With Mads away running up hills in Spain with fellow VCs and LPs, the trio take a no-holds-barred approach to dissecting the latest developments shaping investment, technology, and geopolitics.

1. Welcome & Introductions (00:12)

2. Defence & European Venture (02:22)

• The geopolitical impact of US halting aid to Ukraine: What does it mean for European defence startups?
• The rise of defence ETFs and their influence on VC investment.
• Trump, NATO, and the potential ripple effects on European security.
• The growing relevance of Turkey in European defence strategies.
• Europe’s defence budgets are growing, but how fast can startups access the market?
• The challenge of military procurement and its implications for defence tech startups.

3. Private Capital & Defence Innovation (06:32)

• The role of dual-use technology in military applications.
• The ethical dilemmas of investing in defence technology.
• Drone warfare: The boom in anti-drone and drone swarm tech.
• Lomax’s insights on the procurement challenge and opportunities for startups.
• Dan’s first-hand experience in Ukraine delivering medical supplies.

4. Trumponomics & European Startups (22:37)

• Trump's proposed tariffs on the EU and potential supply chain shocks.
• How this could drive inflation, stagflation, and impact fundraising for startups.
• The anti-American sentiment in Europe and its impact on consumer and business purchasing decisions.
• Opportunities for EU startups to capitalise on this shift.
• Will founders move to the US earlier to escape potential trade barriers?

5. The Future of Health Tech in Europe (30:37)

• A new breakthrough in immune system research: Could it revolutionise antibiotics?
• The rise of AI in drug discovery and early diagnostics.
• Humanity’s work with Imperial College London: Predicting disease and biological age with just four blood markers.
• Personalized medicine: How it will transform healthcare systems.
• The booming investment landscape: $7B invested in health tech in Europe last year vs. $23B in the US.
• Neko Health, Function Health, and the billion-dollar Series A from Retro Biosciences.

6. Deals of the Week (44:31)

• Alpine Eagle ($10M seed, UK): Drone blocking and attacking tech.
• CloudSmith (Series B, Belfast): Cloud software security startup.
• Quintexa ($175M Series F, UK): AI-powered anti-money laundering and fraud detection.