EUVC

Dr. Elisabeth Schrey, Managing Director of the Deep Tech & Climate Fonds, leads a €1B initiative aimed at bridging funding gaps for European startups in deep tech and climate sectors. She discusses navigating the delicate balance of public funding without crowding out private capital. Topics include the co-investment model's advantages, the challenges of investing in policy-fragile sectors like hydrogen, and criteria for determining startup readiness to scale. Elisabeth emphasizes the importance of strategic investments at the right time to support Europe's future industrial champions.

Lea Strumberger, Senior Investment Manager at KfW Capital, shares insights on Europe's growing Opportunity Funds scene. She highlights the necessity of Series B+ capital while differentiating between pure and blended fund archetypes. Lea explains KfW’s rigorous diligence for emerging managers and stresses the importance of having an external lead in funding rounds. She also discusses the significance of transparent governance policies and how GPs should navigate fee structures. Tune in for a deep dive into the mechanics driving late-stage investment in Europe!

The hosts tackle the UK’s abrupt exit tax decision and its potential impact on entrepreneurs. They delve into the reality of enterprise AI, questioning why progress lags behind hype. A spotlight shines on Europe's dependence on Chinese chip packaging and the urgent implications for the automotive supply chain. The discussion also covers market tremors led by Nvidia, the threat posed by Chinese open-source AI models, and the chilling discovery of remote kill-switches in buses. Lastly, the tech sovereignty debate heats up as Europe seeks supply-chain independence.

Patrick Odier, Chairman of Lombard Odier and Chair of Building Bridges, discusses financing systemic transitions toward sustainability. He believes circularity is key to business value, emphasizing input/output efficiency and risk reduction. Odier outlines three major investment arenas: energy, nature, and materials. He advocates for investing in hard-to-abate sectors to encourage genuine transitions. The conversation also highlights the essential role of private assets and venture capital in de-risking and unlocking future investments in sustainability.

Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.This week, Andreas Munk Holm is joined by Mariette Roesink, Co‑Founder of Curie Capital. Named after Marie Curie, the fund backs breakthrough life science technologies with a mission to both deliver outsized returns and transform patient outcomes.Mariette and her co-founder Han de Groot have already been part of two unicorn exits, raised €200M across their portfolio in a single year, and — most strikingly — can point to zero bankruptcies across 25 investments. As family office-backed GPs, they also invest significant personal capital alongside LPs.They dive into Curie’s approach, the unique dynamics of European biotech, why Western Europe is a life science powerhouse, and how to make life science VC anything but “binary.”Whether you’re an LP curious about the sector, a GP sharpening your pitch, or a founder in healthtech — this conversation is packed with insights.Here’s what’s covered:01:00 | Why Curie Capital is named after Marie Curie03:00 | High financial returns + patient impact: the dual promise of biotech05:00 | Why GPs investing their own family money matters07:00 | Raising €200M in “harsh” markets — portfolio highlights09:30 | The billion-dollar impact story of Acerta Pharma12:00 | Building specialist networks & engaging strategics early14:00 | TargED Biotherapeutics: developing a breakthrough stroke therapy17:00 | Zero bankruptcies — besides capital Curie helps theyoung ventures with their network to support raising next roundsand partnering20:00 | The Curie Capital team — science, business, and hands-on support21:30 | Why Western Europe is a life sciences powerhouse23:30 | The 6.1x valuation gap between EU & US early-stage biotech25:00 | The truth about life science holding periods & exits27:00 | Educating LPs: why life science VC isn’t as binary as many think

Welcome back to another episode of Upside at the EUVC Podcast, where ⁠Dan Bowyer⁠,⁠ Mads Jensen⁠ of ⁠SuperSeed⁠, ⁠Lomax Ward⁠ of ⁠Outsized Ventures⁠⁠, and this week’s guest Jone Vaituleviciute, Managing Partner at ⁠Firstpick⁠ VC, unpack the forces shaping venture across Europe and the Baltics.This week’s conversation bridges Lithuania’s booming early-stage scene and Europe’s macro tensions — from defense investments and bootstrapping culture to Matt Clifford’s call for “permissionless growth,” the rise of quant capital, and how Europe’s AI reality is evolving fast.🎧 Here’s what’s covered00:31 From Startup Wise Guys to Firstpick: why Jone spun out to back Baltic founders even earlier.04:22 “It will never get cheaper than pre-seed”: on starting at the first line of code.05:47 The Baltic edge: distribution over product perfection and why bootstrapping still wins.11:22 €300 M defense deal: Rheinmetall’s Lithuanian factory and why incentives trump fear.16:23 Matt Clifford’s speech: 17 years of UK stagnation and a call for permissionless growth.25:04 The politics of productivity — shock therapy vs. bureaucracy fatigue.33:18 Quant trading boom: XTX’s 25 k GPUs vs. Germany’s 10 k, and where talent flows.40:19 AI corner: Calm model, Nebius cloud, and Europe’s token factory moment.52:36 Circular financing or just capital cycles? The debate behind AI mega deals.55:45 Deals of the week: Nexus AI’s $8 M raise and Poolside’s $2 B round.

Welcome back to the EUVC Podcast — where we go deep with the people shaping European venture.Today, David sits down with Kristaps Ronis, Partner at ION Pacific, a global secondaries investor (HQ in LA, presence in Europe & Asia) focused on Series B+ tech and a specialty that’s getting hotter by the month: structured secondaries.Kristaps runs ION Pacific’s European practice and has been with the firm since inception (2015). In this episode, he unpacks why DPI is king, why traditional “sell-the-shares” secondaries often fall short, and how structured deals can deliver liquidity without selling or signaling — all while preserving control and upside for GPs.Whether you’re a GP under LP pressure, an LP looking for distributions, or a founder trying to understand what’s happening around your cap table, this one’s for you.Here’s what’s covered:00:55 – Who is ION Pacific? Global secondaries focused on B/C/D with a European practice led by Kristaps.02:36 – What they do: Liquidity for venture via structured & traditional secondaries.04:01 – Kristaps’ path: Latvia → Peking University → Hong Kong banking → co-founding ION Pacific.06:05 – What are structured secondaries (in one line).07:35 – Three big learnings in venture: lack of financial innovation, complex cap tables = silent killer, DPI is king.10:48 – Early vs. later stage instruments — why complexity hits hard post-Series B.17:16 – Why secondaries now (esp. in Europe): DPI pressure, awareness, more dedicated players.21:09 – Continuation vehicles in Europe: “2025 is the year of the EU CV.”23:31 – Where structured deals fit: liquidity without selling, pricing gaps, zero market signaling.26:20 – “What’s the catch?” Educating LPs on partial upfront + future upside.28:05 – Advice for GPs & LPs: how to open the liquidity conversation.29:53 – Solving the bid–ask spread: structure beats headline discounts.31:27 – Co-investing: where others join (and where they don’t).32:26 – The market gap: too big for small PE secondaries, too small for mega funds — ION’s sweet spot.35:55 – Timing: don’t start in year 11 of a 10+2 fund; think 6–9 months ahead.36:58 – Seller mistakes: timing, portfolio prep, governance blockers, LP comms.40:23 – Good news for emerging managers: relationships can reopen info rights.43:37 – Kristaps’ bookshelf: The One Thing, Getting to Neutral, Buy Back Your Time.45:23 – How to reach Kristaps: LinkedIn + email; open to being a sounding board.

Welcome back to another EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.Today we dive into the world of gaming with Alper Oner, Co-founder of Agave Games, and Enis Hulli, General Partner at e2vc. Agave has taken the gaming world by storm with its hit “Find the Cat” — a quirky hidden-object game that has become a global revenue driver, generating hundreds of thousands of dollars in daily revenue. But this wasn’t a straight line: Agave started as a publisher, pivoted into building games in-house, and is now raising big rounds to expand with its new hit “What the Hex.”Agave has taken the gaming world by storm with its hit “Find the Cat” — a quirky hidden-object game that climbed global charts, hitting tens of thousands of dollars in daily revenue and inspiring a wave of imitators. But the road here was far from linear: Agave began as a publisher, pivoted to a studio model, and has since raised an $18M Series A led by Baldur’s Gate Capital, Felicis, and e2vc to fuel its next big title — “What the Hex.”Together, Enis and Alper unpack how to back founders over ideas, pivot at the right time, and scale when metrics explode — all while explaining why Turkey has quietly become Europe’s mobile gaming superpower.🎧 Here’s what’s covered:00:10 Introduction: Andreas sets the stage with Alper (Agave) & Enis (E2VC), and why Turkey is Europe’s gaming powerhouse.05:00 Origins: Alper’s pivot from San Francisco data science to mobile gaming, founding Agave with high school friends.10:00 Publisher Model Pivot: Why Agave started as a publisher, why the space saturated, and how they decided to build games in-house.15:00 Betting on Founders: Enis on why pivots are inevitable, and why VCs back founders over ideas.20:00 Turkey’s Gaming Wave: From Peak Games to 80+ new studios, how the ecosystem multiplies talent and capital.25:00 Cracking the Code: How “Find the Cat” scaled from intuition to top charts, with ROAS and retention metrics off the charts.30:00 The Cat Effect: Why cats trend globally, the copycats that followed, and why Agave resists “reskinning.”35:00 What the Hex: Agave’s next title in the booming sorting genre, its differentiating mechanics, and early fan addiction stories.40:00 Raising $18M: How Agave closed its Series A with Baldur’s Gate Capital, Felicis, and E2VC, and why they chose speed over maximum valuation.45:00 Lessons Learned: Alper on vision-setting before execution, Enis on prorata strategy, and why gaming is Pixar, not SaaS.50:00 Future of Gaming: Will the industry move towards blockbusters or niches, and why agility across multiple titles is now key.

Seb Agertoft is a former product leader and now an executive coach at Evolution, working with VC-backed founders. Mike Reiner, founder of 432 Legacy, brings a focus on wellbeing in the venture ecosystem. They explore the true essence of coaching, highlighting the balance between support and challenge. Seb shares insights on using product experience without giving advice, while Mike emphasizes the importance of personal growth for founders. They discuss the necessity of slowing down for better performance and contrasting trauma-driven ambition with purpose as a sustainable motivator.

Welcome back to another episode of Upside at the EUVC Podcast, where ⁠Dan Bowyer⁠,⁠ Mads Jensen⁠ of ⁠SuperSeed⁠, ⁠Lomax Ward⁠ of ⁠Outsized Ventures⁠ and ⁠Andrew J Scott⁠ of ⁠7percent Ventures⁠, and Lomax unpack the forces shaping European venture capital.This week’s conversation spans the spectrum, from AI moratoriums and political overreach to funding freezes, LP pullbacks, and the question of whether Europe still dares to dream big.The crew digs into whether regulation is protecting society or suffocating innovation, the chilling effect of capital retreat, and how optimism can be rebuilt amid macro fatigue.🎧 Here’s what’s covered00:41 – The “AI Pause” Debate — Can governments ever pause technology? Why moratoriums sound moral but stall momentum.05:25 – Europe’s Fear Reflex — The rise of “safety-first” politics and how overregulation is quietly killing risk appetite.09:57 – LP Freeze Frame — Europe’s institutional capital dries up as funds extend cycles — why secondaries and NAV loans are back in fashion.13:36 – The Optimism Deficit — How founders are stuck between doomist media and cautious investors, and why conviction is now a superpower.17:59 – Policy Paralysis — The mismatch between innovation speed and Brussels process — can Europe’s bureaucracy ever run at startup pace?22:44 – The Deep Tech Divergence — Climate tech, quantum, and AI hardware get hot — but early checks are scarcer than ever.27:32 – Founders as Statesmen — Why European founders must now act as ambassadors for progress — defending the right to build.32:18 – The Politics of Optimism — Why Europe’s next unicorns will be built by those who ignore the headlines and build through doubt.37:20 – AI Regulation & Reality — The EU AI Act’s new interpretive layer — compliance theater vs. competitive advantage.42:48 – The Great European Reset — Why this downturn might finally force quality, discipline, and depth into the ecosystem.