EUVC

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 Max Kufner, Co-Founder and CEO of again, and Jan Miczaika, Partner at HV Capital.again is one of those rare European deep-tech stories that blends academic brilliance, industrial execution, and venture pace. Born out of DTU, with roots at Stanford and MIT, again uses gas-eating microbes to turn CO₂ emissions into valuable chemicals and materials. In plain English: they take carbon that’s already in the air (not the ground) and repurpose it into things we use every day, from plastics to fertilizers.Backed by HV Capital, GV, and a handful of top European and US investors, again is on a mission to decouple industrial growth from fossil carbon. But the conversation goes far beyond climate tech.Max and Jan unpack what it takes to build deep tech at venture speed, the reality of talent scarcity in Europe, the cultural differences between US and EU deep-tech ecosystems, and how to navigate board dynamics, milestone-based investing, and the journey to a Series B in a capital-intensive world.Whether you’re a founder, investor, or LP curious about deep tech’s reindustrialisation wave — this one’s for you.Here what’s covered:01:24 | again in one line — gas-eating microbes → chemicals (no oil out of the ground)02:53 | Why HV Capital backed again — climate upside and a chance to redefine European chemicals04:31 | Investor → founder pendulum — why Max went from Atlantic Labs partner back to operator06:20 | The serial founder advantage (and its hidden trap)10:17 | Building deep tech in Europe — talent constraints, optimism gaps, and moving early to the US15:30 | Multipolarity — global operations, risk appetite, and where to spend your time23:38 | Boardcraft — how to use your board (and avoid being over-managed)28:39 | On-air sparring — asset-heavy vs. platform-heavy business models33:17 | Prepping for Series B — risk, IRR, and the difference between validation and scale36:59 | Milestone-based investing in deep tech — bridges, binaries, and how to keep momentum43:12 | LPs and VCs — why deep tech is high-risk and high-alpha46:08 | Founder lessons — customer co-creation, speed, and building fast with scientists48:06 | Final reflections — Europe’s industrial renewal through deep tech

Corporate venture capital isn’t just having “a bit of VC on the side.” Done well, it’s a strategic lens on the future. Done badly, it’s a short-lived pet project with a half-life of 3.7 years and a trail of confused founders and annoyed co-investors.In this episode, we sit down with Martin Scherrer, Partner & Head of Managed Funds at Redstone, alongside our own CVC lead Jeppe Høier, to unpack what really happens when corporates leave venture — and how to do it without destroying value or reputation.Redstone runs a dual model: classic VC funds + “VC-as-a-Service” for corporates and family offices. Martin himself has lived three lives:Inside Swiss Re’s CVC (later shut down)As a founder of an insurtech in SwitzerlandNow as VC & fund manager at Redstone across multiple corporate mandates.🎧 Here’s what’s covered:01:37 Why Martin? Why now? — Jeppe on Redstone’s VC-as-a-service role, his history with them, and why Martin is the go-to voice on CVC secondaries.02:50 Redstone in both worlds — Martin explains Redstone as a VC + CVC-as-a-service platform with deep corporate, VC, and founder roots.06:12 Portfolio thinking 101 — Why corporates underestimate startup investing, ignore the J-curve, and must commit to true portfolio construction + financial KPIs.09:37 Runoff vs. selling the bag — Score case: options to sell the whole portfolio at a 50–80% NAV discount vs. patient value-maximising runoff.13:54 Spin-outs & resilience — How CVCs can evolve into mixed-LP or fully independent VC funds (Swisscom Ventures, Berliner Volksbank → Redstone Fintech III).18:27 Follow-ons in “shutdown mode” — Why corporates sometimes should still fund follow-ons in runoff to unlock new investors and protect upside.20:25 Designing the partnership — Governance, IC design, reporting (e.g. IFRS 9), and performance-based structures that align Redstone and corporates.31:41 Managing vs. buying portfolios — How Redstone runs CVC runoff as an external manager with fees + carry, versus secondary buyers who acquire the assets outright.44:02 How to avoid a wind-down — The “gold standard”: bring in third-party LPs, avoid annual-budget setups, ringfence capital in a dedicated entity, and keep exec sponsors close.

Welcome back to another EUVC Podcast, where we explore the lessons, frameworks, and insights shaping Europe’s venture ecosystem.Today, Andreas Munk Holm sits down with Jan Lozek, Co-Founder and Managing Director and Founder of Future Energy Ventures (FEV), the Berlin-based climate-tech investor born from the carve-out of E.ON’s corporate venture arm.With a 50-company track record and a new €235M fund, Jan shares what it takes to spin out from a corporate, how to invest across the energy transition with venture discipline, and why Europe’s renewable leadership is creating both opportunity and complexity.🎧 Here’s what’s covered01:41 Jan’s personal journey from Berlin’s early tech scene to shaping E.ON’s venture arm.04:02 The moment FEV’s carve-out became inevitable and how independence was structured.09:33 Inside the two-fund model: managing E.ON’s legacy portfolio while launching a new EU fund.11:27 FEV’s thesis: software-first, Series A–B investments driving the energy transition.13:33 Grid intelligence - trading flexibility, AI for grid balance, and the battery boom.16:35 The economics of renewables: why decarbonization now pays for itself.21:11 Data centers and AI’s energy demand - the US urgency vs. Europe’s slow policy gears.24:16 Electrifying cities - EV fleets, industrial decarbonization, and heat-pump adoption.33:24 How FEV supports founders through market turbulence, pivots, and bridge rounds.46:32 Scaling to billions: fund growth, LP lessons, and advice to Europe’s climate founders.

Dive into Europe's vibrant tech scene with insights on the transformative Slush event, highlighting its founder-first ethos. Explore Germany's ambitious €35B space strategy and the fascinating immigrant founder effect that fuels a significant portion of the unicorn boom. The hosts analyze Europe's defense stock surges and the potential demise of cookie banners in favor of digital reforms. Plus, uncover the UK’s booming AI investments and the strategic dilemmas Europe faces amid US-China tensions. All this shows that Europe's opportunity window is wide open but closing fast!

Dave Bailey is a serial founder and the creator of FounderCoach.com, coaching around 250 CEOs in Europe. He discusses his unconventional journey from co-founding Delivery Hero to becoming a sought-after coach. Key topics include the importance of competence over confidence, the five pillars of his coaching methodology, and how founder psyche can influence performance. He explores turning board meetings into strategic tools and emphasizes using visual models to enhance clarity and execution. Bailey's insights into the relationship between trauma and founder drive add depth to his coaching approach.

Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.Today, we’re joined by Adrian Locher, co-founder and GP at Merantix Capital, the Berlin-based AI venture capital firm and venture studio that’s just planted its flag in London. Known for building and investing in AI-first companies from the ground up, Mirantix operates at the intersection of venture creation, community, and applied AI consulting — a model Adrian argues is especially well-suited to the AI age.In this conversation, we dive into the reality of the studio model, what makes it work (and not), and why Adrian believes validation with paying customers before a single line of code is written is the ultimate early-stage filter.🎧 Here's what's covered:02:00 | Why Merantix Capital Chose Berlin Over Silicon Valley — and Why London’s Next05:00 | The Three Pillars: Studio, Community, and Consulting08:00 | Deep Tech vs Wrapper AI — Going Beyond the Hype11:00 | Why Many Venture Studios Fail — and Where Merantix Capital Adds Value16:30 | PowerPoint to Paying Customers — The Validation-First Approach20:00 | Why AI Makes the Studio Model More Relevant Than Ever30:00 | Regulating AI — Why Europe Should Target Applications, Not Tech36:00 | Europe’s Edge in Healthcare, Manufacturing, and Finance44:00 | The Future of Venture Studios — Where They’ll Win by 203049:00 | Betting on Neurotech — Frontier Opportunity or Too Soon?

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.