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.
