EUVC

With: Nicholas Nelson (Archangel) • Dan • Lomax • MadsTL;DW• Defence-first wins on capability and returns; primes are partners and channels.• Helsing: buys platforms/revenue for access; layers AI—different from Anduril’s buy-TRL-tech + scale model.• Beyond drones: biggest gap/opportunity is tactical EW.• Procurement: more fast lanes (SOF, pilots); primes getting easier to work with.• AI: real profits exist (esp. NVIDIA), but value chain is fragile; expect a correction, not a collapse. Picking winners more important than timing.Content with Time Codes02:40 — Why defence-firstBeats dual-use on outcomes and returns; lifelong focus.04:32 — DefinitionsCustomer = MoDs + primes; aim: lethality/readiness and societal resilience. Beware “defence-washing”.06:37 — What’s hotAvoid herd to drones only; counter-UAS, EW, human performance, deception, survivability.08:23 — Helsing buys GrobNeo-prime play: new co buys legacy manufacturing for platform access.10:42 — The two Defence M&A playbooksAnduril: buys mid-TRL tech (Area-I, Dive LD/Ghost Shark, Adranos) → scales via brand/distribution.Helsing: buys finished products/revenue (Mittelstand) → immediate customers; then add AI.14:25 — Prime status & capitalDistribution + capital to AI-enable platforms.17:47 — Roll-up vs buildNarrative “build”; execution “roll-up + build”.19:47 — Drones & ‘drone wall’Layered answer: blunt with drones, hold with conventional forces.21:49 — The big one: Electronic Warfare (EW)NATO underinvested; tactical EW is the unmet need; legacy kit is ’80s/’90s.24:54 — Startup wedgePut EW at the edge (drones/aircraft/fixed) → near-term wins.26:33 — Baltic realismHistory, 2007–09 Estonia cyber, current incursions; likely Kaliningrad corridor.28:19 — Founder mistakesTech ≠ win by itself; experience + gov engagement matters; US analogue: top funds have IC/SOF DNA.30:43 —  Are there really only a “Few buyers?”Many real buyers inside a MoD/DoD (services, sub-units, innovation orgs).36:23 — Sovereignty & US primesUS strategics will buy abroad; Europe balancing autonomy with jobs/exits.41:07 — Starlink vs IRIS²Starlink’s lead + cadence; IRIS² slower—watch timelines vs evolving threats.47:18 — AI bubble?Warnings vs fundamentals; self-funded capex; real profits.49:37 — NVIDIA ramp$4.4B (2023) → $73B this year; growth tempers multiples.51:48 — AI Circular money & marginsCursor → Anthropic → hyperscalers → NVIDIA; only NVIDIA mints big margins; margin pressure coming (new semis, China, SLMs).53:12 — Picking beats timingDot-com lesson: Cisco losses vs Amazon wins.54:19 — Capacity vs efficiencyCapex likely useful long-run, but open source squeezes costs.55:52 — Platform riskFrontier labs moving up-stack; vertical AI + trust + data = moat.58:58 — Base caseLikely correction (30–50%) at some point; timing is unknowable (not investment advice).

Welcome back to the EUCVC Summit Talks, where we bring you the voices shaping Europe’s venture and corporate collaboration landscape.In this episode, Andreas Munk Holm speaks with Tanja Lind Melskens, Head of Corporate Strategy and M&A at Terma, Denmark’s tier-one defense technology group. As Europe re-arms and defense spending surges, Tanja shares how startups, corporates, and investors must rethink dual-use technology, navigate inflated wartime valuations, and prepare for the post-conflict market.From frontline innovation in Ukraine to the challenges of ESG in defense tech, this conversation sheds light on one of the most important—and controversial—frontiers for venture collaboration.00:00 Europe’s re-armament: rising budgets, real opportunities—and inflated valuations.01:30 Ukraine as the “Silicon Valley of defense tech”: 4 million drones a year and frontline R&D.03:00 Why startups must prepare for the post-conflict market, not just donation-driven sales.04:30 Terma’s Kyiv subsidiary and partnerships with Ukrainian startups.06:00 Drone wars and critical infrastructure: protecting energy, transport, and hospitals.07:00 ESG in defense: compliance vs. survival in frontline innovation.08:00 Risks no VC faces: working with founders whose survival is uncertain.💡 One-liner takeaway: Europe’s defense tech boom is real but risky—success depends on bridging frontline innovation with post-conflict markets, and balancing ESG ideals with the brutal realities of war.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Andreas Munk Holm is joined by Crispin Leick, Managing Director of EnBW New Ventures, Georg Reifferscheid, Head of Sustainability Ventures at REWE Group, and Jeppe Høier. Together, they explore how corporates are deploying capital, rethinking supply chains, and integrating AI to tackle Europe’s most urgent challenge: the energy transition.From evergreen venture models to decarbonizing retail operations, the discussion dives deep into how industrial and consumer giants are investing, where capital is moving fastest, and why success still depends on aligning financial and strategic incentives.🎧 Here’s what’s covered00:00 The energy transition is here — Europe’s corporates on the frontlines.01:00 Evergreen VC at EnBW New Ventures — why Crispin calls it the “best decision ever.”03:00 REWE Group’s sustainability mandate — tackling scope 1, 2, and 3 emissions.05:00 Where venture capital meets infrastructure — smarter, more capital-efficient deployment.06:00 AI in energy — real-world use cases from batteries to trading algorithms.07:00 Cooling, HVAC, and sustainable construction — REWE’s innovation priorities.08:00 Financial return first — why strategic impact only follows startup success.09:00 Incentives matter — why carry and financial alignment are make-or-break in CVC.✍️ Show NotesEvergreen Model at EnBW New VenturesUnlike closed-end CVC funds, EnBW’s evergreen structure reinvests all exit proceeds into new startups.This creates stronger alignment with founders and sharper accountability for the investment team.Crispin: “It’s the best decision we made in nine years — we’re entrepreneurs ourselves.”Decarbonizing Retail at REWE GroupSustainability ventures are embedded directly in operations.Current focus: scope 1 & 2 emissions (energy, mobility, buildings).Scope 3 (supply chain) remains the hardest challenge due to missing data and supplier dependency.AI in EnergyNot chasing LLMs or infrastructure — instead focusing on applied AI.Examples: battery analytics for health monitoring; algorithmic trading in intraday power markets.Innovation Priorities at REWECooling and HVAC with natural refrigerants.Alternative building materials (wood, green concrete).Greener retail store construction.Financial First, Strategic SecondFor both corporates, financial returns are non-negotiable.Strategic impact only comes if startups succeed.Incentives (including carry) are key for aligning CVC teams with true financial discipline.💡 One-liner takeaway: The energy transition needs corporates that invest like VCs — financially disciplined, strategically relevant, and willing to back startups tackling Europe’s toughest infrastructure and sustainability challenges.

Welcome back to the EUCVC Summit Talks, where we bring you ground-level conversations with the founders, corporate leaders, and investors shaping Europe’s innovation future.In this episode, Andreas Munk Holm sits down with Nadia Carlsten, VP at DCAI, and Bjarke Ruse Sejersen, CEO of Go Autonomous, to explore how Europe is putting AI hype into practice. From Denmark’s launch of the Gefion supercomputer to startups training proprietary models, this conversation dives into the reality of building AI factories that deliver business value — and what it will take for Europe to compete globally.Nadia shares why compute sovereignty matters and how Denmark is positioning itself as a hub for large-scale AI innovation, while Bjarke explains how Go Autonomous trained the world’s first B2B foundation model — and why European startups need braver investors to seize the AI-native future.🎧 Here’s what’s covered:00:00 Forget the AI hype — why compute sovereignty matters for Denmark and Europe.01:40 From infrastructure to innovation — Nadia on how Gefion enables Danish startups and researchers.02:15 Go Autonomous’ leap — Bjarke on training the world’s first B2B foundation model.03:20 Scale in action — handling €30B annually with tailor-made AI.04:00 Adoption gap — Nadia on why Denmark must accelerate real-world AI use cases.05:20 Capital mindset — Bjarke on why Europe lags the U.S. in risky AI-native investments.06:30 Investor responsibility — Nadia on knowing which startups are fine-tuning vs. building foundational models.07:30 Green AI — Europe’s unique advantage: pairing supercomputing with sustainability.08:15 The missing link — Nadia on translating business ambition into compute-ready AI projects.09:00 Corporate + startup collaboration — Bjarke on why structured partnerships could be Europe’s AI superpower.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Sead Bajrovic of Water Impact Partners and Gijs de Bruin of PureTerra Ventures take the stage to unpack one of the most overlooked challenges in climate investing: water. From scarcity and pollution to corporate resilience and trillion-dollar opportunities, they explain why water technology must become a central pillar of Europe’s impact and climate strategy.🎧 Here’s what’s covered00:00 Why water is the “oil that runs everything” — and why it’s undervalued.01:00 The hard facts: only 0.3% of Earth’s water is accessible, and demand will outstrip supply by 40% by 2030.02:30 Legacy systems can’t cope — why centralized water treatment is failing.04:00 Corporate risk: data centers, manufacturing, and the Amazon Arizona case.05:00 Who’s leading: Apple, BASF, and L’Oréal’s water stewardship programs.06:00 Investment shift — from niche impact to mainstream VCs entering water.07:00 UN data: every $1 invested in water resilience returns $7.08:00 Innovation spotlight: AI, software, and applied technologies for efficiency.09:00 The most disruptive thing? Corporates putting real money into water.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Andreas Munk Holm speaks with Bodil Sidén, Founding Partner at Kost Capital, and Marika King, Head of PINC, the venture arm of Paulig. Together, they explore how Europe can reinvent food systems to feed 10 billion people by 2050—without destroying the planet.From test kitchens and Michelin chefs in VC funds, to evergreen corporate models and the hunt for plastic-free packaging, Bodil and Marika share their unique approaches to food and agri-tech investing, the biggest opportunities ahead, and what they look for in founders building the future of food.🎧 Here’s what’s covered00:00 Feeding 10 billion people by 2050 — why food is “different” and needs a new venture model.01:00 Inside Kost Capital’s test kitchen — from Michelin chefs to food historians in due diligence.02:00 PINC’s evergreen model — why speed and long-term capital matter for food innovation.03:00 Execution over ideas — why market obsession beats product obsession.04:00 The secret sauce: validating food science claims in real time.05:00 When corporates add value without killing agility — the good and bad of CVC in food tech.06:00 The holy grail: plastic-free packaging that behaves like plastic.07:00 Big bets today: green fertilizers, bio-controls, smart water, and sustainable agriculture.08:00 AI as an enabler — cutting costs and accelerating product development.09:00 Food, health & nutrition — the rise of sustainable fatty acids, vitamins, and bio-based aromas.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this episode, Samuli Sirén, Managing Partner at Redstone, joins Andreas Munk Holm to explore how data-driven deal sourcing is reshaping venture capital. Redstone has spent nearly a decade building Sophia, its proprietary analytics platform, to track trends, identify group dynamics, and map startup opportunities long before they show up on mainstream radars.From the promise and limits of AI in scouting to the common mistakes corporates make in startup sourcing, Samuli pulls back the curtain on what works, what doesn’t, and how data can give investors an edge without replacing human judgment.🎧 Here’s what’s covered00:00 Data, hype, and reality — is algorithmic deal flow just LP marketing or a real sourcing edge?01:00 Building Sophia: Redstone’s proprietary database for mapping opportunities02:00 Identifying groups and dynamics — why trends matter more than picking a single winner03:00 From regulation to signals: how legal shifts and new markets trigger clusters of startups04:00 Geography and global scope — why national champions rarely scale, and why global is better05:00 Corporate mistakes in sourcing — overfocusing on core business and overestimating their value06:00 Doing it right: how corporate LPs can learn, stay hands-off, and still gain massive value07:00 Lessons from Redstone’s fintech funds — German banks as LPs and the power of curiosity

Welcome back to EUVC Live in Malmö, where we bring you unfiltered conversations and reflections from the people shaping Europe’s venture ecosystem.As the day closed, Andreas Munk Holm, co-founder of EUVC, took the stage for the final word — a candid reflection on where real power comes from and what Europe’s venture community must do next.Throughout the day, speakers discussed sovereignty, collaboration, and Europe’s industrial future. Andreas’ message cut through with urgency: if we want Europe to lead, we can’t stop at innovation — we must step into politics.He pointed to the example of the United States, where the tech ecosystem has rallied around political power, influenced policy, and put its candidates into office. The takeaway? Values matter, but influence requires engagement — and Europe’s founders and investors need to find their voice in the political arena.🎧 Here’s what’s covered:00:30 Closing thanks — to Sophia for orchestrating EUVC Live, to Jeppe for bringing it to life, and to Nicole and Team Woven for backing Team Europe.01:00 Europe’s mood — sovereignty, collaboration, and the belief that unity is power.01:30 The missing ingredient — understanding that real power doesn’t just come from technology or capital, but from politics.02:00 Lessons from the U.S. — how tech rallied around a candidate, won power, and now shapes national policy from within the system.02:30 The power of lobbying — Andreessen Horowitz’s largest internal team today isn’t marketing or hiring — it’s policy and lobbying.03:00 The challenge for Europe — we have the values and the vision, but not yet the political infrastructure or courage to act collectively.03:30 The call to action — for VCs, founders, and ecosystem leaders to step up, take a side, and engage politically to secure Europe’s future.

Welcome back to EUVC Live in Malmö, where we bring you unfiltered conversations with the voices shaping Europe’s venture ecosystem.In this session, Nick de la Forge, Partner at Planet A Ventures, takes the stage to share insights from an eye-opening field trip through China’s climate and hardware startup ecosystem.Nick’s story begins with a simple question: what if we’re wrong about China’s advantage? — and ends with a humbling realization of just how fast and how efficiently the world’s largest manufacturing ecosystem now moves.Joined by fellow investors from 2150, Energy Impact Partners, and Compass, Nick toured factories, startups, and hyperscalers like CATL and BYD, witnessing firsthand what “scale” really looks like. The takeaway? Europe’s biggest competitor isn’t just cheaper — it’s faster, leaner, and far more integrated.🎧 Here’s what’s covered:00:30 Why China — what sparked the trip, who joined, and how a week-long “Disneyland of hardware” tour changed everything.01:30 Inside the factory visits — from solid-state batteries to precision fermentation, startups founded just 3–5 years ago already hitting $30–60M in revenue.02:30 The myth of state subsidy — why cheap labor and government handouts aren’t what’s driving China’s success.03:00 The real drivers of scale04:30 Capital efficiency at another level — $20M raised, $40M revenue, full-scale factories operational within 24 months.05:00 What Europe can learn — humility, realism, and the need to choose its battles wisely.05:30 Competing with China = playing Djokovic at tennis — pick a different game. Find niches in ultra-high-precision manufacturing and advanced polymers where Europe still leads.06:30 The founder takeaway — every European hardware founder should go to China, see it, and learn from it firsthand.07:00 Managing IP risk — why sourcing below component level is the new best practice for protecting innovation.07:30 The role reversal — 20 years ago, China came to Europe to learn. Today, Europeans visit China in awe.08:00 Europe’s opportunity — use China’s speed as leverage: source smarter, integrate faster, and turn dependency into advantage.08:30 Final message — be humble, be smart, and keep perspective: Europe has world-class science and talent — but must learn to play to its strengths.

Welcome back to EUVC Live in Malmö, where we bring you unfiltered conversations with the voices shaping Europe’s venture ecosystem.In this session, Danijel Visevic, Founding Partner at World Fund, takes the stage with a powerful message: Europe’s strength has always been its ability to turn crisis into collaboration — and it must do so again.Dantraces Europe’s journey from the coal and steel community of 1951 to today’s climate and geopolitical challenges. From the fall of the Berlin Wall to COVID and the war in Ukraine, he reminds us that Europe’s greatest leaps have always come from unity, resilience, and investment in shared progress.Now, as Europe faces an era of “polycrisis” — encompassing war, climate change, supply chain fragility, and tech disruption — Danijel calls for a new act of radical innovation: rebuilding Europe’s industrial leadership through collaboration, deep technology, and climate investment.🎧 Here’s what’s covered:00:30 The Coal and Steel Treaty of 1951 — when Europe chose collaboration over conflict.02:00 From war to unity — Danijel’s personal story of a continent rebuilt through cooperation.03:00 The “Age of Polycrisis” — or, as Danijel reframes it, the age of opportunity for those who collaborate.04:00 Europe’s new sovereignty — not armies and flags, but semiconductors, raw materials, data, and AI.04:30 The hard numbers: 98% of rare earths and 97% of lithium imported; 80% of solar panels made in Asia.05:30 Europe at risk of becoming a spectator in a game it helped invent — and why collaboration is the antidote.06:00 Lessons from history — how Europe expanded prosperity after 1989 and launched the NextGenEU fund during COVID.07:30 Real transformation: cutting Russian gas dependency from 40% to 11% in two years — with renewables as resilience.08:30 The venture challenge — Europe raises 7x less VC than the US, and only 11% of climate startups reach Series B.09:00 Hope in motion — from €300M climate funds to €1B+ deep tech and climate vehicles driving the next wave.09:30 European champions10:30 The next phase — Europe needs ambitious scale-up capital, public–private partnerships, and a shared mission.11:00 The call to action — Europe’s story isn’t stagnation; it’s reinvention through unity and belief.