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 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.

This week on the EUVC Podcast, Andreas Munk Holm sits down with Sebastian Peck, Partner at KOMPAS VC, Europe’s leading specialist in industrial tech and the decarbonisation of manufacturing and the built world.KOMPAS VC is an early- and growth-stage venture capital firm backed by leading corporates, focused on transforming how the world builds, moves, and powers itself. With offices in London, Amsterdam, and Copenhagen, KOMPAS partners with startups and industrial leaders driving efficiency, automation, and decarbonisation across sectors like manufacturing, construction, energy, and mobility.With the firm gearing up for major announcements, Sebastian unpacks why industrial tech is finally having its moment in European VC — and why resilience, regulation, and risk appetite will determine whether Europe leads or lags.Here’s what’s covered:00:20 Defining Industrial Tech - Decarbonisation, productivity, and resilience: the three pillars driving transformation in Europe’s industrial base.03:30 The Energy Debate: Transition vs pragmatism, nuclear’s comeback, and Europe vs US vs China09:14 Fragmented Corporate Commitments: Nordics doubling down, US ambivalence, China scaling renewables fast11:21 AI in Industrial Tech: From power-hungry models to agentic AI: where real productivity gains are emerging and what’s still hype.16:02 Robotics: Hype vs. reality: Why humanoid robots won’t take over factories (yet) — and where automation truly moves the needle.21:57 Adoption Hurdles: Why industrial tech moves slower than SaaS, and how smart VCs help bridge the gap between pilots and production.24:37 AI & Jobs: Creative destruction or just destruction? How Europe, the US, and China are charting radically different paths.33:18 Regulation: Europe’s protective instinct: how the EU’s AI Act balances innovation with oversight - for better and for worse.40:27 Startups × Corporates: Why pilots fail, and how KOMPAS VC brokers real commercial traction44:48 KOMPAS VC Fund II: New bets, Makersite’s standout Series B, and how the firm is deepening its industrial tech thesis.45:54 Specialist vs Generalist VCs: Why Europe needs deep domain VCs working alongside generalist syndicates to build lasting industry platforms.48:52 Magic Wand Policy: Pension capital reform and risk appetite as Europe’s bottlenecks51:09 It’s Not Founders, it’s the Ecosystem: Employees, customers, regulators, and LPs — everyone needs to lean in if Europe is to lead.

Welcome back to the EUVC Podcast, where we bring you the people and perspectives shaping European venture.Today we’re joined by Lucanus Polagnoli (Founding Partner & CEO) and Stephanie Urbanski (Managing Director) of Calm/Storm — a specialist early-stage fund backing software-only digital health across Europe. Fresh off the close of Fund II, we dive into how they’ve evolved from a solo-GP experiment into a community-powered platform, why they keep the scope digital-only, and how they navigate regulation, AI and the post-COVID reality without losing the plot.🎯 This Episode’s ThemesSame, same — but sharper: Fund II doubles down on pre-seed/seed, software-only digital health, with bigger checks and higher ownership.Community as a product: 60+ “supporting partners” and 110+ LPs powering 100+ co-invests — founder-to-founder help on demand.Specialist by design: Why digital health (no molecules, no hardware) lets a small fund move fast and add tangible value.Regulation ≠ roadblock: In health, approvals can protect moats — if you have the patience and the cash plan.AI without the buzzwords: Companion to clinicians, not a replacement; curated, longitudinal data beats generic LLM advice.Europe’s moment (still): Later-stage money does show up now; e-prescriptions and rails are here; US health is just as complex.Logo gravity matters: Follow-on quality (Sequoia, Balderton, Creandum et al.) is the strongest portfolio predictor.⏱️ Here’s what’s covered00:24 | Names & origins - how to say “Polagnoli” (and why words matter)01:24 | Fund II - same stage/sector/geo; larger tickets (€400–500k initial), higher ownership, co-lead when conviction is high03:30 | Supporting partners - 60+ founder-operators + LPs as an on-call help network05:45 | Why Calm/Storm - the gap they saw in 2019; launching Feb 5, 2020, right before the pandemic wave08:52 | Post-COVID reality - rails stayed (e-scripts, digital flows), tourists left; real followers now fund B/C rounds in Europe11:08 | Longevity & prevention - out-of-pocket willingness, AI unlocking insights from dormant data13:21 | Team split - Stefanie’s operator engine + community execution; Lucanus on strategy and navigation16:10 | Why digital-only - software speed, small teams, low capex; pass on molecules/hardware for fund construction reasons22:45 | Regulation as moat - ThinkSono’s 8-year climb on DVT ultrasound automation; Europe vs. US complexity myths26:44 | AI in health - pattern recognition, prep and triage; risks of generic LLMs for personal diagnosis31:10 | Adoption & incentives - public vs. private delivery, prevention economics, and Europe’s risk-capital bottleneck36:26 | Where AI wins first - curated data, longitudinal monitoring, workflow copilots; the missing top-10 health app42:58 | Community receipts - burnout averted, board-level engagements, LPs turning co-investors45:27 | Portfolio & follow-ons - Nelly, Lindus, 9am Health; why “who picks you up” predicts outcomes48:56 | Exit math & fund design - earlier liquidity via M&A/secondaries; co-lead over “winner-takes-all”; stay early-stage by choice

Andrew Beebe, Managing Director at Obvious Ventures, shares his insights on the surge of AI and robotics transforming industries. The discussion covers Amazon's plan to automate jobs and its implications for Europe's workforce. They explore whether AI can trigger a second industrial revolution and delve into the high failure rates of enterprise AI implementations, revealing the underlying issues of skills and organizational structure. The panel also highlights the pressing need for smart regulation to keep pace with rapid technological change.

Welcome back to another EUVC Podcast, where we explore the lessons, frameworks, and insights shaping Europe’s venture ecosystem.Today’s episode marks a major milestone for Notion Capital - the launch of its new Growth Fund, designed to back Europe’s most ambitious B2B software founders beyond Series B.Today, Andreas Munk Holm sits down with Stephen Chandler, Jessica Bartos, formerly of Salesforce Ventures, and Stephanie Opdam, both key leaders at Notion’s growth fund. They discuss how Notion approaches growth-stage investments, the importance of founder quality, AI trends, enterprise go-to-market excellence, and the global ambitions of European startups.🎧 Here’s what’s covered:00:28 Jessica’s background & lessons from Salesforce Ventures — 15 years in deal-making, AI and enterprise software investments, and applying those lessons to Europe.02:54 Founder quality & endurance — How Notion supports founders over long journeys and ensures they can scale their vision.05:58 AI and incumbents — Insights on how AI is reshaping enterprise software and the competitive landscape, and why product-market fit remains central.07:39 Portfolio vs external opportunities — How Notion benchmarks internal portfolio companies while capturing external growth opportunities.08:53 Diligence at growth stage — Evaluating ARR quality, retention, repeatability, product-market fit, and team execution.13:30 Exit strategy considerations — Planning for IPOs, secondary markets, and liquidity while staying aligned with founders’ long-term vision.15:19 European companies and US markets — Why listing in the US does not make a company “less European” and the importance of global scale.17:17 Fund evolution & multi-stage strategy — Stephanie reflects on moving from venture to growth, leveraging internal ecosystem insights, and building top-performing funds.