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04/12/2025

E663 | Leyla Holterud, Vintage Investment Partners: European Venture: Growth, Secondaries, and the Future of Vintage Investment Partners

Welcome back to another episode of the EUVC Podcast. Today, we’re thrilled to feature Leyla Holterud, partner at Vintage Investment Partners. Many know Leyla from her years at StepStone, where she led venture growth across EMEA. Now, at Vintage, she’s helping deploy $4.3 billion from their global platform to double down on Europe, anchored by the firm’s new London office. With a strategy spanning fund-of-funds, growth, and secondaries, Leyla offers a rare vantage point on the European VC landscape.

04/12/2025

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45 min
23 FÉVR.

E700 | This Week in European Tech with Dan Bowyer, Lomax Ward & Eyal Malinger

Welcome back to another episode of Upside where Dan Bowyer and Mads Jensen of SuperSeed go behind the headlines shaping European tech, capital, and power. This week we’re joined by Eyal Malinger, co-founder of Resurge Growth Partners, to unpack a genuinely strange week in global tech. China unveils humanoid robots that look disturbingly battlefield-ready. Anthropic tries to draw moral lines in defence AI. Peter Steinberger leaves Europe almost as fast as he went viral. Munich becomes less “security conference” and more “Europe, wake up.” And in the background, billion-dollar AI seed rounds and quantum mega-funds quietly signal that the frontier is accelerating again. This isn’t just a tech cycle. It feels like a systems cycle. This is Upside, where optimism is earned, not assumed. What’s covered: 02:10 China’s humanoid robot moment: hardware dominance meets AI brains 06:20 Battlefield AI and the ethics problem Anthropic can’t avoid 14:00 Raspberry Pi, edge AI, and Europe’s accidental meme stock 20:30 Anthropic vs Palantir: moral lines vs deterrence logic 25:10 Peter Steinberger leaves Europe — ecosystem gravity in action 31:00 AI inside venture: workflow automation vs real alpha 43:00 Munich Security Conference: defence budgets, sovereignty, and Stark vs Thiel 52:10 Psychedelics and glucose monitors: Europe’s quiet biotech strength 55:30 Quantum funds and Europe’s billion-dollar AI seed round

23 févr.

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54 min
-6 J

E702 | Lubomila Jordanova, Plan A: Climate Isn’t “Over”

Climate isn’t “over.” But building in climate has entered a new chapter, defined by shifting regulation, politicized narratives, buyer confusion, and a market that funded dozens of overlapping platforms. In this episode, Andreas and co-host Carmel Rafaeli, Founding Partner at The Table, sit down with Lubomila Jordanova, Co-founder & CEO of Plan A, just weeks after Plan Ajoined forces with Diginex, the NASDAQ-listed sustainability technology company, at the end of 2025. The conversation is part of Leaders Shaping a Resilient Planet, a series spotlighting exceptional founders in climate tech who happen to be women. The focus is not identity as a theme, but execution as a discipline. These are operators building in some of the most complex and capital-intensive parts of the real economy. This is not an acquisition recap. It is a clear-eyed discussion about what it takes to build and responsibly exit a climate tech company in a market that is maturing quickly. What’s covered: 00:52 The Table: co-investing community + the Foundation’s recoverable grants model 02:05 Introducing Lubomila Jordanova and Plan A 02:45 The acquisition: why Plan A chose to lead consolidation 04:35 Fundraising logic → acquisition logic: what changed 06:40 Founder outcome vs VC outcome: how alignment works in an exit 11:30 “The truth is where the real economy sits”: what carbon software actually sells 13:30 The uncomfortable line: “glorified consulting with a digital angle” 15:05 What VC portfolios get wrong in climate: return distribution, capital stack, secondaries 16:55 Why “climate” can’t be one bucket: hardware vs SaaS vs reporting 20:00 Managing investor perception: visibility, bias, and boardroom baggage 23:15 The broader financial pyramid: VC vs public markets vs real-economy signals 27:35 Post-exit reality: why a public-company KPI lens changes the conversation 31:10 Three founder learnings (humility, ecosystem, real-world problems) 33:55 A rare founder truth: pregnancy during the exit + building with “more hats than one”

-6 j

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35 min
06/02/2024

EUVC #277: On The Rise of Defence Tech with Nicholas Nelson, GP of MD One Ventures

Today, we have Nicholas Nelson, who recently joined MD One Ventures as Partner. Nicholas is an important and active player in building Europe’s first defence and national security venture capital fund, supporting the growing portfolio of over a dozen defence and dual-use tech companies. Nicholas is an internationally recognised defence investor and thought leader, with over 17 years of experience across the national security and defence tech sectors. His National Security career has spanned roles in the US Government, management consulting, and leading defence and dual-use tech companies. Nicholas was an early investor in defence tech as we know it today, having made his first investment in 2020, and has been advising within the dual-use sector since 2015. He has become a leading advocate for the nascent European national security technology ecosystem- contributing to multiple publications and communities, including the US Army War College, the NATO Review, National Defence Magazine, Munich Security Conference, Defence Disrupted, College of Europe, University of Cambridge, and Kings College London. We invite you to listen to this discussion below for a refreshingly honest talk on the defence tech sector, where we stand vis a vis the US and China, as well as actionable advice on how the ecosystem can change for the better. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 00:02:24 - From Aerospace Defense to Government Services 00:04:24 - Transitioning from Government to Tech Startups 00:06:24 - The Role of Tech in a Changing Geopolitical Landscape 00:08:36 - Investing in European Defense Tech for Returns and Impact 00:10:36 - The Declining Tech Valuation Delta between Europe and the US 00:12:38 - Increase in European Defense Spending and Private Capital Engagement 00:14:51 - The Blurring Lines Between Defense Technology and Commercial Use 00:16:51 - The False Sense of Long-term Security 00:18:55 - Trends in Military Spending 00:21:04 - Exclusion Lists for Aerospace Defense Companies 00:23:05 - Europe at risk of being left behind in defense innovation 00:24:59 - The Role of European Primes in the Defense Economy 00:27:02 - Investing in European Defense Tech 00:33:14 - Successful Defense-First Tech Companies 00:35:30 - The Role of Defense Experience in Investing 00:37:34 - The Value of Military and National Service in Tech 00:39:41 - Defense Tech in Eastern Europe 00:41:40 - European Unity and New Beginnings

06/02/2024

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42 min
19 FÉVR.

EUVC Live at GoWest | Europe Wants Defence Tech Without Saying “Defence”: Karl-Christian Agerup, NATO Innovation Fund & Nicholas Nelson, Archangel Ventures & Sebastian von Ribbentrop, Join Capital

Is Europe’s defense investment wave real, or is it simply venture capital wrapped in a Ukrainian flag? The debate featured Nicholas Nelson, General Partner at Archangel Ventures, and Sebastian von Ribbentrop, Founding Partner at Join Capital. At stake is more than narrative. It is about capability, returns, sovereignty — and the structural future of European capital markets. Until recently, defense investing in Europe was controversial. Many institutional LPs avoided the sector. ESG mandates were interpreted narrowly. Defense was often softened under the label “dual-use.” Russia’s invasion of Ukraine changed the landscape. Defense budgets rose. Political rhetoric shifted. Venture capital began flowing into the sector at unprecedented levels. But the central question remains: Is this a structural capital reallocation — or a short-term momentum trade? The debate crystallizes around one fault line: defense-first vs dual-use. Nicholas argues Europe’s hesitation to embrace defense-first investing is both strategically and financially misguided. Defense-only startups, he contends, have historically outperformed. Dual-use often dilutes focus by forcing two distinct go-to-market motions. Real capability requires designing directly for the warfighter — not adapting commercial products later. In his view, dual-use in Europe often functions as a reputational hedge rather than a strategy. Sebastian counters that dual-use is not compromise — it is risk management. Advanced technologies can serve both industrial and defense customers without duplicating entire teams. Diversified revenue reduces concentration risk. Non-dilutive defense contracts can substitute late-stage equity rounds in a region where growth capital remains thin. And Europe’s comparative advantage may lie less in building vertically integrated primes — and more in dominating high-precision subsystems. As the conversation escalates, it moves beyond product strategy into a deeper structural issue: scale capital. Even where early-stage defense investment has improved, later-stage funding remains limited. Several leading European defense startups have relied heavily on US or Middle Eastern growth capital. Which raises uncomfortable questions: Can Europe build independent defense champions without foreign growth capital? Will its strongest companies inevitably “pick a flag” as they scale? Is fragmentation across 30+ procurement regimes Europe’s structural disadvantage? Without coordination at scale, even strong early-stage ecosystems struggle to produce global champions. What’s covered: 00:30 Framing the question — structural shift or narrative trade? 02:00 From taboo to trend — ESG optics and the Ukraine inflection point 04:15 Defense-first vs dual-use — the core strategic divide 07:30 The defense-first case — focus, procurement alignment, and capability building 11:00 The dual-use counterargument — diversification and risk management 14:30 Subsystems vs primes — where Europe’s advantage may lie 18:00 The growth capital gap — reliance on US and Middle Eastern funding 21:00 “Picking a flag” — sovereignty vs scale 23:30 Procurement fragmentation — 30+ regimes and scaling friction 26:00 Final takeaway — Europe’s defense future depends on capital conviction and coordination

19 févr.

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24 min
24/06/2025

E501 | Matthew Spence, Barclays: Why Defense Tech Is Back, IPOs Are “Sneaky Good” & The Return to Deep Tech

In this episode, David Cruz Silva sits down with Matthew Spence, Barclays’ Global Head of Venture Capital Banking, to talk about the state of exits, dual-use tech, and how Europe can seize the next defense innovation wave. With a background spanning the White House, Pentagon and a16z, Matt shares a unique view from the intersection of global power, technology, and venture. Who should listen: GPs working with later-stage companies or exit-readinessLPs and allocators curious about dual-use and defense opportunitiesPolicymakers and ecosystem builders across EuropeAnyone wondering how venture intersects with geopolitics Here’s what’s covered: 00:00 Meet Matt Spence & why Barclays is doubling down on venture01:00 SuperVenture 2025: Why Berlin matters to a Silicon Valley banker01:39 “Sneaky good”: The IPO market is back—but not how you expect03:00 How GPs can prep for exits—before they’re even on the table04:00 Barclays as an LP: What their private bank is looking for05:10 Defense tech: From bombs to AI & cloud for the battlefield07:00 “The government is a terrible customer”—but that’s changing08:30 Dual-use: Why it’s not code for defense and shouldn’t be10:00 The real opportunity for Europe: leapfrog, don’t lag12:30 A wake-up call for Brussels and national leaders15:00 The return to deep tech: hardware + software, redux16:45 Why this isn't just a new trend—it's a venture returning to its roots

24/06/2025

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19 min
29/09/2025

E604 | This Week in European Tech with Dan, Mads, Lomax & Andrew

Welcome back to another episode of Upside at the EUVC Podcast, where Dan Bowyer, Mads Jensen of SuperSeed and Lomax from Outsized Ventures unpack what’s happening in European tech and venture capital. This week: The UK lands $150B of US pledges and 120,000 Nvidia GPUs—can London turn its AI hype into substance? NATO on edge after Russian incursions across Poland and Denmark. Are we witnessing an AI bubble, or just the infrastructure wave of the century? Plus: cyber risk after JLR’s ransomware hit, Trump’s $100K H-1B visa fee, and the week’s billion-dollar deals. 🎧 Here’s what’s covered: 01:59 The UK Economy: stalled housing, digital ID hopes, and why Gatwick beats Heathrow. 08:02 Macro Context: UK at 1% growth vs US 3.8%, but Revolut and AI unicorns offer upside. 11:23 Trump’s UK State Visit: $150B in pledges, Nvidia’s mega GPU cluster, and hidden strings. 17:34 Pageantry vs Reality: Andrew on IMF forecasts and why the UK still outpaces France & Germany. 20:41 Pensions & Equity Gap: Why Europe lags the US in growth capital. 25:17 Are We in an AI Bubble? Big tech’s circular bets, Nvidia’s chokehold, and history repeating. 35:12 Cybersecurity & AI: JLR hack fallout, ransomware surge, and a $500B market by 2030. 43:21 NATO on Edge: Russian drones in allied airspace, Trump’s hawkish rhetoric, and Europe’s defense unicorns. 53:28 The H-1B Shock: Trump’s $100K fee and whether Europe can seize the talent opportunity. 59:44 Deal of the Week: N-Scale’s $1.1B data center raise and Oura Ring’s $875M round.

29/09/2025

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1 h 1 min
07/06/2025

E486 | Fred Destin, Stride: Living a Meaningful Life in Tech (EUVC Summit 2025)

If you came expecting a neat keynote, you were in for something else entirely. What he gave us instead in fourteen minutes was part sermon, part therapy, and part existential gut check for anyone shaping the future. Here’s what stuck: “This isn’t a rehearsal.” Fred opened with vulnerability: standing in front of his peers, in a room that lives and breathes venture, ready to say the uncomfortable things. He asked us to zoom out—to consider the power we hold as people who don’t just fund companies but shape the narratives that shape the future. “We sit in the cockpit alongside the founders. That’s where creation happens now. That’s our canvas.” But with that power comes disorientation. Because the world we’re building into? It’s fragmented. Conflicted. Loaded with moral confusion. On Truth, Power, and the Collapse of Shared Narratives Fred pulled no punches. “Historically, we had shared systems for truth. Religion. Philosophy. Math. But now? Everything’s been deconstructed. Lived experience replaced truth. Everything’s power.” Welcome to the legacy of critical theory. Foucault, Derrida—ideas that once helped explain systems of oppression have now left us with... nothing to agree on. “We’re left in a nihilistic landscape. Everything is a power struggle. There’s no shared center.” And it’s not just academic. It unfolds in cycles of outrage, weaponized identities, and moral ambiguity. Tech doesn’t escape this, it amplifies it. The Algorithm Doesn’t Care About Truth “We thought more information meant more truth. It doesn’t. ”Truth, Fred reminded us, is costly. Outrage is cheap. And platforms optimize for what’s fast, not what’s real. “A four-second tweet can destroy someone’s life. Investigative journalism takes months. ”Now, enter AI. Beautiful, powerful—and deeply destabilizing. “We’re staring at it like it’s the sun or a cobra. We don’t know what it is yet. But it’s changing the rules faster than we can track.” The Danger of Playing Games We Don’t Know We’re In A warning: You may think you’re being righteous. You may think you’re being helpful. “But maybe you’re playing a social game. Maybe you’re being used. And maybe you don’t even know it.” In a world where narratives shift daily, we often end up reinforcing the very dynamics we oppose. “You want to call out a Nazi salute online? Be careful. You might just normalize the thing you hate.” So Where Does That Leave Us? In a word: Stewardship. Fred closed with a challenge: “This is the most powerful tool mankind has ever created. What the f**k are we doing with it?” We’re not just funding innovation. We’re authoring meaning. In an anxious world, that’s a profound responsibility. One Last Question (That Stuck With Us All) “What is the quality of the conversation we’re having?” With ourselves. With each other. With our founders. With the world. Because if we don’t ask that, the rest doesn’t matter.

07/06/2025

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29 min
03/10/2024

E361 | Gina Domanig, Emerald Technology Ventures: CVC as a service model and how you work with Corporate Investors

In this episode of the EUVC podcast, Andreas and our in-house CVC expert Jeppe Høier discuss venture capital with Gina Domanig, Managing Partner at Emerald Technology Ventures. Gina Domanig is the Managing Partner of Emerald Technology Ventures. In 2000, she founded the business as Europe's first independent cleantech venture capital fund. In addition to Emerald activities, Gina serves on the boards of Die Mobiliar and the Basel Agency for Sustainable Energy (BASE) Foundation. In today’s conversation, Gina shares insights on how they landed their first corporate LPs and the challenges of engaging with startups. She also emphasizes the importance of technical depth, thorough due diligence, and being supportive and constructive in the startup ecosystem. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 02:25 Gina's Journey in Venture Capital 03:11 Emerald's Focus on Sustainability and Industrial Technologies 04:08 Flex Term Structure and Corporate Engagement 06:56 Challenges and Innovations in Corporate Partnerships 13:48 Leveraging AI and LLMs in Venture Capital 16:58 Insights on Corporate Venture Capital 28:43 Corporate Culture and Specialist Roles 29:07 Managing Corporate Partnerships 29:33 Investment Process and Portfolio Management 30:26 Corporate Co-Investment and Follow-On Rounds 32:04 Branding and Transparency in CVC 32:52 CVC Team Dynamics and Responsibilities 35:48 Navigating LP Conversations 36:46 Corporate Venture Programs and Team Structure 38:16 Corporate Relationships and Conflict of Interest 49:43 Balancing Corporate and VC Worlds

03/10/2024

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56 min
17/09/2024

E354 | Will Prendergast, Frontline Ventures: Founders chasing unicorn status and patterns in entrepreneurs from U.S. vs EU

In this episode of the EUVC podcast, Andreas discusses with Will Prendergast, Partner at Frontline Ventures. With ~€435M in assets under management, Frontline Ventures is a venture investment firm that operates two distinct funds: Frontline Seed: A €100M fund targeting pre-seed and seed-stage European companies with clear U.S. expansion intentions.Frontline Growth: A €100M fund focusing on Series B up to D in U.S. companies planning to expand to Europe within 12-18 months.Frontline Ventures, headquartered in Ireland, specializes in B2B SaaS and Deeptech sectors. The firm's position allows it to bridge the gap between European and U.S. markets, providing valuable support for companies looking to expand across the Atlantic in either direction. As a Partner at Frontline Ventures, Will Prendergast offers us a distinctive perspective on European and U.S. venture landscapes. His insights on early-stage investing in Europe and growth-stage opportunities for U.S. companies expanding to Europe are sure to be valuable for anyone interested in transatlantic venture capital's current state and future. Notable investments: Workvivo (acquired by Zoom), SignalAI, Finbourne, Lattice, MosaicML (acquired by Databricks), Navan. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 00:03 Meet Will Prendergast of Frontline Ventures00:06 Frontline Ventures' Dual Strategy00:51 Notable Investments and Achievements02:47 Welcoming Will Prendergast03:57 Frontline's Unique Approach to Seed and Growth04:41 The Importance of U.S. Market for European VCs05:44 Challenges and Strategies in U.S. Market Entry11:01 LP Perspectives and Fund Strategies37:25 Navigating Series A and B Funding38:09 Engaging US Investors39:16 Importance of US Customer Base39:29 Choosing the Right US City for Expansion41:37 Building a US Team 43:40 Common Mistakes in US Market Entry48:04 Impact of the Pandemic on US Expansion53:08 Differences in US and European Business Practices55:12 Remote Work Trends and Performance57:46 Personal Journey into Venture Capital

17/09/2024

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1 h 16 min

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EUVC

Meilleures émissions

E663 | Leyla Holterud, Vintage Investment Partners: European Venture: Growth, Secondaries, and the Future of Vintage Investment Partners

E700 | This Week in European Tech with Dan Bowyer, Lomax Ward & Eyal Malinger

E702 | Lubomila Jordanova, Plan A: Climate Isn’t “Over”

EUVC #277: On The Rise of Defence Tech with Nicholas Nelson, GP of MD One Ventures

EUVC Live at GoWest | Europe Wants Defence Tech Without Saying “Defence”: Karl-Christian Agerup, NATO Innovation Fund & Nicholas Nelson, Archangel Ventures & Sebastian von Ribbentrop, Join Capital

E501 | Matthew Spence, Barclays: Why Defense Tech Is Back, IPOs Are “Sneaky Good” & The Return to Deep Tech

E604 | This Week in European Tech with Dan, Mads, Lomax & Andrew

E486 | Fred Destin, Stride: Living a Meaningful Life in Tech (EUVC Summit 2025)

E361 | Gina Domanig, Emerald Technology Ventures: CVC as a service model and how you work with Corporate Investors

E354 | Will Prendergast, Frontline Ventures: Founders chasing unicorn status and patterns in entrepreneurs from U.S. vs EU

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