EUVC

Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed, Andrew J Scott of 7percent Ventures, and Lomax unpack the forces shaping European venture capital.This week, veteran journalist Mike Butcher (ex-TechCrunch Europe, The Europas, TechFugees) joins the pod. From the creator economy eating media brands, to Europe’s fragmented ecosystem and the capital gap that just won’t die, we dive into EU-Inc, Draghi’s unfulfilled reforms, ASML’s surprise bet on Mistral, Europe’s defense awakening, Klarna’s IPO, and quantum’s hot streak.Here’s what’s covered:00:01 – Mike’s ResetTechCrunch Europe closes; Mike reflects on redundancy, summer off, dabbling in social and video.03:00 – Media Evolution & Creator EconomyFrom ’90s trade mags → TechCrunch → The Europas & TechFugees. Blogs as early social media; today’s creators (MrBeast, Bari Weiss, Cleo Abram) echo that era. Bloomberg pushes reporters front and center as media becomes personality-driven.06:45 – Europe’s Ecosystem & Debate CultureEurope isn’t Silicon Valley’s 101 highway — it’s dozens of fragmented hubs. Conferences like Slush, Web Summit, VivaTech anchor the scene, but the missing ingredient is debate. US VCs spar on stage then grab a beer; Europe is still too polite.12:00 – All-In Summit DebriefMads’ takeaways from LA: Musk on robotics (the “hand” bottleneck), Demis Hassabis on AGI (5–10 yrs away), Eric Schmidt on US–China AI race, Alex Karp on Europe’s regulatory failures. The Valley vibe captured, but it’s only one voice.17:00 – EU-Inc & Draghi ReportDraghi’s 383 recommendations, just 11% implemented. €16T in pensions sit mostly in bonds; only 0.02–0.03% flows into VC (vs 1–2% in the US). Permitting bottlenecks: 44 months for energy approvals. Panel calls for a Brussels “crack unit,” employee stock option reform, and fixing skilled migration.35:00 – Deal of the Week: ASML × MistralASML leads a €2B round in Mistral at €11B valuation. Strategic and cultural fit (Netherlands ↔ Paris) mattered more than sovereignty. Mads: 14× revenue is a bargain vs US peers. Andrew: proof Europe’s VCs are too small — corporates must fill the gap. Lomax: ASML knows it’s a one-trick pony with 90% lithography share; diversifying into AI hedges risk.49:00 – Defense & Industrial BaseRussian drones hit Poland, NATO urgency spikes. UK pledges defense spend to 2.5% GDP by 2027, but procurement bottlenecks persist. Poland cuts red tape under fire; UK moves at peacetime pace. Andrew: real deterrence is industrial capacity. Mike: primes must be forced to buy from startups; dual-use innovators like Helsing show the way.59:00 – Klarna IPO & the Klarna MafiaKlarna IPOs at $15B (down from $46B peak). Oversubscribed; Sequoia nets ~$3.5B; Atomico 12M → 150M. A new “Klarna Mafia” of angels and operators will recycle liquidity back into Europe’s ecosystem.01:03:00 – Quantum’s Hot StreakPsiQuantum ($7B, Bristol roots), Quantinuum ($10B, Cambridge), IQM (Finland unicorn), Oxford Ionics’ $1B exit. Europe has parity in talent but lacks growth capital. Lomax: “Quantum is hot, but a winter will come.” Andrew: Europe can win here — if the money shows up.01:05:00 – Wrap-upThe pod ends on optimism: Europe may not own AGI, but in quantum it has a fair fight.

At EUVC Summit 2025, one speaker opened with an unexpected challenge:“Let’s stop munching grass like a herd of sheep—and start looking toward the horizon.”What followed was a deeply tactical session on how VCs and founders can recruit, test, and develop top-tier talent, with lessons drawn from—of all places—English football and cybersecurity unicorns.Will Maunder-Taylor shared the story of Leicester City FC, one of the most improbable sporting triumphs of modern times.In 2008, they were relegated to the UK’s third divisionIn 2010, bought by new ownersIn 2011, hired Steve Walsh as head of recruitmentBy 2016, against 5,000-to-1 odds, they won the Premier LeagueHow? By focusing on:Mindset over CVData over brandTeam chemistry over big-name signingsThey built an entire team for £25M—less than what a competitor paid for one player.“They believed in talent and mindset over character. And they trained accordingly.”Once founders have the confidence to hire ambitiously, the next question becomes: How?The speaker offered a practical framework:Be brutally honest in interviews – Share real concerns and observe how candidates respond. Can they absorb and reflect?Create structured feedback loops – Let people improve in real time, not post-mortem.Test behavior, not polish – Past brand names don’t predict future startup grit.Build in weekly accountability – The only difference in the top-performing teams? They check in—regularly, honestly, and constructively.“If you're a VC or board member and you’re not instilling weekly accountability in your portfolio, you’re missing the biggest lever.”Will Maunder-Taylor called on VCs to get tactical—not just strategic:Ask founders how they’re hiringWho’s mentoring the team?What KPIs exist for internal talent development?How is feedback being delivered?Because talent isn’t just about who you hire—it’s how you coach, test, and level them up.Let’s give founders the confidence to stop hiring like sheep—and start winning like Leicester.Accountability, mindset, and trust in the process win out over pedigree, every time.

In this episode, Andreas Munk Holm speaks with Dom Hallas, Executive Director of the UK’s Startup Coalition, to explore how the organization is influencing policy at the intersection of startups, venture capital, and government. From immigration reform to capital access and regulatory red tape, Dom brings a candid view on what it takes to create real impact for founders across Europe.They dive into the power of founder-first advocacy, the evolving lobbying landscape in Europe, and the urgent need for a united tech voice across the continent.Here’s what’s covered:01:10 Why Policy is a Competitive Sport03:42 GDPR, Brussels & Lessons from Tech Regulation05:12 What is the Startup Coalition & Who Funds It?07:13 The Three Buckets: Talent, Capital, Regulation11:20 Why Founders Need Their Own Voice in Politics16:31 Making Advocacy Fun, Human & Effective17:56 What Startups Can Learn from Farmers21:30 Time Horizons & Playbooks in Policy Work26:18 How the Coalition Sets its Agenda31:46 A Crossroads for European Tech35:46 The Current Policy Agenda: Talent, Finance & Reg43:27 Funding the Underfunded: Inclusion as Policy47:01 Regulation That Clears the Way for the Next Thing

At the EUVC Summit 2025, the Firm of the Year award didn’t go to a household name—or a partner of the presenter. It went to a firm that’s quietly built one of the most impactful portfolios in European venture over the past decade:Credo Ventures – winner of this year’s Firm of the Year Award.And the irony? They didn’t see it coming.“I never really liked awards like this… but maybe I’m ready to reconsider.”Credo Ventures’ rise hasn’t always been center stage. Based in Central and Eastern Europe, they’ve long bet on founders and ecosystems that many in mainstream venture overlooked.But the results speak for themselves—category-defining companies, global expansion stories, and a consistent track record of backing ambitious founders early.“Maybe having such an award can be a new KPI for us—right next to DPI.”The Credo team kept the moment light, thanking not just their founders and LPs—but even the investors who didn’t back them.“Thank you, Thomas, for not investing in us. Maybe that pushed us forward even more.”This self-awareness is part of what’s made Credo so beloved in the ecosystem: no arrogance, no buzzwords—just clear conviction, strong founder relationships, and outcomes that speak louder than headlines.This award wasn’t just about Credo—it was a signal to every fund building off the beaten path:That it’s possible to build world-class performance from anywhereThat recognition follows consistencyAnd that humility and humor are strengths, not liabilities“The real credit goes to the founders we’ve backed. Their success is why we’re here today.”Congratulations to Credo Ventures—EUVC Firm of the Year 2025.May DPI stay high, and KPIs stay fun.

At the EUVC Summit 2025, Tom Wilson took the stage to highlight something we often overlook when talking about Europe’s breakout tech stories:“The real engine of growth isn’t just the unicorns. It’s what happens after.”Tom opened with a striking stat:“Over 2,000 startups have been founded by alumni of just 250 European unicorns.”This ripple effect—beautifully documented in the Atomico State of European Tech report—is the unsung compounding force in our ecosystem. Each breakout company doesn’t just create returns—it creates founders. And each founder then builds the next set of teams, products, and outcomes.“Tech is right at the heart of Europe’s growth story. It’s what drives jobs, resilience, and momentum.”While the flywheel is turning, one spoke is still weak: liquidity.“The recycling of capital is still too thin across the ecosystem.”Without steady exits—IPOs, large acquisitions, secondary markets—we limit:Angel reinvestmentEmerging manager formationOperator talent flowing back into early-stage companiesTom called for more policy, infrastructure, and cultural support to celebrate exits—not just fundraises—and to empower alumni to give back as investors, advisors, or future founders.Tom also made a powerful point about non-linear outcomes.“Not every startup becomes a unicorn. But the people who build them still carry value—and often show up in the next big story.”He cited examples of founders who, after shutdowns, joined early teams at Revoo, Vizier, and other category leaders—and played crucial roles in their success.This isn’t just resilience. It’s how ecosystems mature.“We need to do more to recognize and encourage the second act: the angels, the early hires, the operators who cycle back in.”Because Europe’s breakout companies aren’t just wins.They’re launchpads for the next generation.And every reinvested euro—and recycled founder—keeps the flywheel spinning faster.2,000 Startups Later: The Alumni EffectWhat’s Still Missing? Liquidity.Failures That Feed the FutureFinal Message: Celebrate the Cycle

In this episode, Andreas Munk Holm and Jeppe Høier sit down with Paul Morgenthaler, Partner at CommerzVentures, to unpack the inner workings of a single-LP CVC and how strategic structure can drive long-term VC success. Paul shares insights from over a decade of fintech investing, offering a rare look into how one of Europe’s leading corporate venture arms thinks about climate, compliance, and the coming wave of agentic AI in financial services.They explore what it takes to make a single-LP model work, how GenAI is reshaping fintech workflows, and why European regulation may be a global feature, not a bug.🎧 Here’s what’s covered:03:54 How LP alignment shapes internal incentives & decision-making06:28 What fundraising looks like when your only LP is a bank12:52 How CommerzVentures handles regulatory risk15:24 Customer insights from climate fintech portfolio founders17:27 Climate policy, public budgets & surviving U.S. turbulence19:10 Why ROI matters more than mission in today’s market21:11 Timing markets vs. betting on long-term trends33:35 What metrics matter most in AI x FinTech startups39:19 Can the EU AI Act be a wedge for new startups?41:55 Paul’s call to Series A/B fintech founders across Europe

Welcome back to another episode of the EUVC Podcast, where we gather Europe’s venture family to share the stories, insights, and lessons that drive our ecosystem forward.Today we welcome Enrique Alvarado Hablutzel, Co-founder and Chief Investment Officer of Chi Impact Capital, and Marvin Nusseck, Finance Lead at Circle Economy. Together they’re behind the landmark Circularity Gap Report, the reference point for tracking how much capital flows into the circular economy — and where it still falls short.We dive into the latest data, why most money is still chasing recovery-phase solutions with the least systemic impact, the outdated risk models blocking capital flows, and how circularity can address not only climate but also geopolitics, competitiveness, and resource security.🎧 Here’s what’s covered:01:00 Why the Circularity Gap Report matters: tracking where capital really flows.03:00 The numbers: From $10B in 2018 to $42B peak in 2021 — and why momentum slowed.05:00 VC on the ground: Enrique on why linear models still attract most capital.07:00 Where the money goes: 50% of flows target recovery, not design or use phases.08:00 Geopolitics & resources: Why circularity = resource security in a multipolar world.10:00 Cynics & excuses: Why “China won’t play along” isn’t a reason to sit out.12:00 Linear risk models: Outdated finance ignores systemic and material risks.15:00 What’s missing: Correctly pricing resources — recycled vs. virgin.17:00 Investor levers: Bio-based chemicals, methanol, hydrogen as circular enablers.20:00 Circularity as systemic lens: Tackling biodiversity, climate, and geopolitics together.23:00 Local loops: Why Amsterdam and Dutch PP partnerships matter.25:00 Misalignment: Money goes to transport, but construction offers far bigger impact.26:00 The 7.2% economy: More than 90% of global materials are still in a linear economy.

Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed, and Lomax unpack the forces shaping European venture capital.This week: Can Europe build a “VC Alliance” like the US and India? Why pensions remain the missing piece of Europe’s capital markets. Gold, bonds, and macro risk: what really matters for startups. Google’s antitrust reprieve, the UK’s “middling AI power,” and how Europe should play catch-up. Plus: Xi Jinping’s military parade, why manufacturing supremacy is destiny, and quantum’s hot streak in Europe.Here’s what’s covered:00:01 Europe’s VC Alliance? Lessons from the US–India deeptech pact00:06 Europe’s Capital Gap: pensions, late-stage funding, and IPO droughts00:09 Macro Forces: gold, bonds, deficits, and what founders should care about00:24 Google’s Antitrust Ruling: no breakup, just data-sharing00:29 The UK’s Middling AI Power: Eisenberg supercomputer & Europe as a “power user”00:34 Tesla, humanoid robots, and China’s military parade00:41 Europe’s Defense & Industrial Base: what’s at stake00:44 Deal of the Week: Quantum computing’s billion-dollar moment00:46 Looking Ahead: All-In Summit, new funds, and Lisbon reflections

At EUVC Summit 2025, few sessions packed as much history, humility, and hard-earned wisdom as the conversation with Bernard Dallé and Thomas Kristensen.What began as a one-man show in the early ’90s—when venture in Europe was barely a concept—has become one of the most respected platforms in the global industry.“I joined Index before it even existed as a venture firm. It was still Index Securities.”This was more than a talk. It was a journey through time, with insights for every fund manager—new or seasoned—building for the long haul.Before Skype, before unicorns, before European VC had a flag to wave, it was about scraping together conviction and capital.Index Fund I: $17 millionRaised in 1999, following years of groundwork and trialNo real ecosystem, no pattern recognition, and no “easy” capital“You can’t raise without a track record. So we used Fund I to create it.”And then came the landmark deal: Skype’s acquisition by eBay for $3–4 billion. That one outcome shifted the trajectory of Index—and of European venture as a whole.“After Skype, we could raise with more ease. It gave us credibility.”One of the standout themes was Index’s philosophy around team building:“The hires that worked? People we knew—or people who joined slightly below partner level and grew into the role.”In contrast, hiring senior talent cold—especially across geographies—proved far harder. Culture cohesion was key, and misalignment at the top often broke the system.The advice was clear:Grow talent internally when you canOnly bring in outsiders when they’re “known entities”Avoid parachuting in partners who haven’t lived the firm’s values“At some point, having someone senior focused purely on operations becomes essential.”This wasn’t about back office—it was about survival.Today’s LP demands include:ESG complianceFund reportingExit prepOngoing fundraisingPortfolio support“You need to start thinking about this 10 years in advance.”“It takes 15 years to become somewhat successful in this business. And once you get there—you need to start thinking about who’ll take over.”Venture isn’t just about spotting founders. It’s about building the kind of firm that can back them for decades to come.Bernard and Thomas left the stage with no fluff—just a quiet reminder:Build slowly. Hire wisely. Think in generations.And good luck to all of us doing the same.The Early Days: A Market Without MomentumScaling a Firm: Culture First, Titles LaterOps Matter More Than You ThinkThe Final Lesson: Play the Long Game

At the EUVC Summit 2025, the “Impact Leader of the Year” award went to a voice that’s impossible to ignore—and equally impossible to copy.Hampus Jakobsson, General Partner at Pale Blue Dot, was honored for his relentless push to bring urgency, clarity, and conviction to climate investing.The award, presented by Google Cloud, recognized not just a fund or a firm, but a force in the ecosystem—someone who has helped reshape the narrative on impact itself.As Google Cloud put it:“Innovation isn’t just the next feature. It’s about who’s solving the world’s most pressing challenges.”What Hampus and the Pale Blue Dot team have done is create a space—both intellectually and practically—that brings together VCs, LPs, founders, and operators who actually want to build things that matter.From climate investing as a sector (not a virtue), to challenging LPs who see ESG as a checkbox, to advocating for clarity over carbon offsetting theatre—Hampus has never opted for the easy soundbite.When he came back to the stage to accept the award, Hampus didn’t offer a speech. Just a sharp observation—about his T-shirt:“Some smart people noticed my T-shirt today. It’s not the Zuckerberg one that says ‘We need more emperors.’ It’s the one that says—‘We need fewer emperors.’”Because that’s the vibe:Less ego.Less bluster.More building.More impact.Hampus leads not with scale, but with substance.Not with "thought leadership", but with actual thought.He reminds the ecosystem that climate investing is:UrgentSmartPotentially enormousAnd yes, a little uncomfortable—because it means changing how capital behavesCongratulations to Hampus Jakobsson—Impact Leader of the Year.Let’s keep turning clarity into action. And ambition into outcomes.Not Just Widgets. Not Just Warm Words.We Need Fewer EmperorsLeadership That Leaves a Mark