EUVC

Rainer Märkle is the General Partner of HV Capital, €380m Venture and €400m Growth fund, with almost €3BN AUM.Rainer joined HV 15 years ago. In his third week at the firm, HV invested in Zalando. Accompanying the founders of Zalando from seed to IPO and beyond has been the most rewarding chapter in his VC career. It taught him that anything is possible, boundaries are imaginary, and amazing things can happen by working in the right set-up. Aside from this, he has been involved in big exit stories with HelloFresh, Quandoo, and Stylight. Some of his other highlights include working with Scalable Capital, Alasco and finn.auto.In his spare time, Rainer is a family guy. He also likes to push boundaries in sports, participating in the Ironman World Championships Hawaii and many other endurance events.Go to eu.vc for our core learnings and the full video interview 👀Chapters:03:16 Rainer’s Journey: From Engineer to VC04:04 Diving Deep into HV Capital07:21 Transitioning from Corporate VC to Independent Fundraising10:56 Raising Funds in a Challenging Market13:26 Maintaining Trust with Existing LPs16:03 Keep Your Principles Against Market Hype30:57 Strategies for Achieving Fundraising Goals32:39 The Importance of DPI in Fundraising34:33 Balancing Act: Liquidity vs. Value Potential37:34 Decision-Making Dynamics Within the Firm39:29 Adjusting Strategies and Narratives in Changing Markets42:05 Insights for Emerging VCs and Fundraising Challenges44:30 Shout Outs to Emerging Managers and Partners48:26 Key Learnings from the Latest Fundraise51:43 Advice for Younger Selves and Emerging VCs

We continue our discussion on Fundraising during and after the tech reset, as part of our little hype parade ahead of the launch of the State of European VC Fundraising Report. Today, we have with us two close friends of the pod: Carlos Eduardo Espinal from Seedcamp and Bogdan Iordache from Underline Ventures.Carlos Eduardo Espinal is a Managing Partner at Seedcamp, arguably, Europe's leading seed fund, first launched in 2007 to support European entrepreneurs truly compete on a global scale. With investments in over 460 companies including publicly listed Romanian-founded, UiPath, Wise and unicorns Revolut, wefox and Pleo. Carlos is a published author, fellow podcaster and has been on the Forbes Midas List as one of the most influential VCs in Europe for more or less as long as yours truly has been alive.Bogdan Iordache is the Founding GP of Underline Ventures, a $20M seed fund in Romania and the first solo GP in the region. Bogdan and his team are focusing on backing Eastern European founders with global ambitions, and though I just said vertical-agnostic, Underline does pay extra attention to enterprise automation, AI, cybersecurity, industrial tech, defense, and climate-related startups 🌳.Chapters:00:14 Shifting Sands and the Rise of New LPs00:32 Seedcamp and Underline Ventures04:52 Shifting Sands and Impact on Emerging Managers05:43 Bogdan's Journey Through the Tech Reset07:58 Carlos's Insights on Supporting Emerging Managers10:23 The Challenges of Fundraising12:00 The Tech Reset on VC Funding17:10 Raising Fund Six and the Importance of Fund Size21:02 The Art of Fundraising and Learning from LPs26:27 Exploring Overlooked Geographies in Venture Capital39:00 The Role of Community and Background in VC47:44 Reflecting on the Evolution of the Venture Ecosystem50:02 Closing Thoughts on GPLP Relationships and Emerging Managers

We sat down with Daniel Keiper Knorr, founding partner of Speedinvest for a discussion on what he thinks allowed them to raise 500 million during and after the tech reset.What ensued was a conversation revealing how Speedinvest decided to diverge from traditional VC practices by dedicating substantial resources including the full time attention Daniel, one of the founding partners, to fundraising and investor relations.This conversation ONLY focuses on the raise process, dynamics and learnings, to understand the thesis behind the fund, go read the original launch post of Speedinvest IV by Oliver Holle.Chapters:03:34 Daniel's Journey into Venture Capital04:02 The Evolution of Speedinvest05:15 The Unique Approach to Fundraising06:28 Navigating Fund Generations07:21 Experiencing Market Cycles and Pivots08:28 The Strategy Behind Speedinvest's Latest Raise11:22 Adapting to Changing Market Conditions12:26 The Impact of Macroeconomic Changes on Fundraising16:19 Pivoting the Narrative Around the Fund21:11 Differentiating Between Seed and Growth Stage Investing24:56 Advice for Fund Managers Raising in Europe26:03 Understanding LP Preferences and Building Relationships27:41 Creating Urgency Among LPs28:53 Thoughts and Advice for Future FundraisersKey learnings from the episodeEconomic sensitivity and its implications for venture capitalOne of the most striking revelations from Daniel’s experience is the profound impact of global economic conditions on venture capital dynamics. He delves into how the sudden shift in LP inquiries from portfolio-centric to macroeconomic concerns mirrored the broader economic uncertainties, highlighting the necessity for VCs to be economically astute. This sensitivity to macroeconomic shifts is not just about staying informed but about integrating this understanding into the strategic narrative of the fund. Daniel’s recount of adapting Speedinvest’s narrative in response to changing economic sentiments underscores the importance of this adaptability not as a reactionary measure but as a strategic imperative. It serves as a compelling reminder that venture capital, while focused on the future, must navigate the present’s economic realities.The art and science of LP communicationDaniel’s emphasis on transparent and ongoing communication with LPs underscores a fundamental pillar of successful venture capital operations. The strategic approach to communication — viewed through the lens of building trust and managing expectations — is both an art and a science. Daniel illustrates how Speedinvest’s preemptive communication strategy, especially in times of strategic pivots or market volatilities, has been instrumental in reinforcing trust with LPs. This proactive engagement goes beyond regular updates, encompassing a nuanced understanding of LP preferences, concerns, and the strategic dissemination of information to mitigate surprises and align expectations. It’s a testament to the view that in the realm of venture capital, effective communication is as crucial as financial acumen.Navigating shifts with agility and insightThe conversation further illuminates the critical importance of agility in the face of market shifts. Daniel’s narrative brings to life the concept of strategic adaptability — not just as a response to changing market conditions but as a proactive stance in anticipation of these changes. This agility, underpinned by a thorough understanding of both the venture ecosystem and broader economic indicators, is pivotal for the relevance and efficacy of venture funds in fluctuating times. It’s about the capacity to pivot not just in strategy but in the narrative, ensuring that the fund remains aligned with the evolving priorities and concerns of investors.Leverage of experience in winning confidenceSpeedinvest’s journey through various economic cycles, as narrated by Daniel, accentuates the invaluable role of experience in the venture capital landscape. This seasoned expertise, characterized by a history of navigating booms and busts, is a cornerstone in building and sustaining LP confidence, particularly during turbulent market conditions. Daniel’s reflection on Speedinvest’s strategic decisions, underpinned by decades of collective experience, underscores the trust that experience engenders in investors. It’s a poignant reminder of the weight that history and track record carry in the venture capital arena.The strategic importance of local marketsFinally, Daniel’s insights on the significance of local markets in Speedinvest’s fundraising success story offer a compelling perspective on the value of nurturing local investor relationships. Despite the allure of global expansion, the substantial support from within Austria highlights the untapped potential and strategic importance of home markets. This aspect of Speedinvest’s strategy underlines a broader lesson for the venture capital community: the power of local ecosystems as a bedrock for support and growth. It challenges the venture capital ethos to look beyond the global horizon and recognise the value lying within their immediate geographical and economic contexts.

Today, we are meeting with Ertan Can, the Founding General Partner of Multiple Capital, a venture capital fund based in Luxembourg.Ertan has just closed his third fund with a target of $50M after investing already in companies like NP-Hard, Angular, Airstreet (1), Lunar, Fly, Inflection, Foreword by Declan, and Remote First Capital by Andi Klinger, Nomad by Marc McCabe.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:54 Deep Dive into Ertan Can's Third Fund and Investment Strategy04:07 Ertan's Journey from Family Office to Micro VC06:04 Challenges and Learnings from Raising Fund III08:13 Navigating the European Fundraising Landscape13:47 Strategic Shifts in LP Engagement and Fundraising Realities21:29 Understanding the Micro VC Ecosystem and Fund Size Dynamics35:42 Evaluating Emerging Managers and Fund Performance37:50 The Role of Randomness in Fund Success and Investment Strategy39:55 Evaluating Investment Consistency and Strategy40:34 The Importance of Building a Strong Network41:07 Performance Metrics: Beyond Early Success43:14 Assessing Portfolio Company Progress and Entry Valuations53:23 The Rise of Fund of Funds in Europe54:03 The Role of LPs in the Venture Ecosystem01:03:02 Advice for Emerging Managers and Fundraising Challenges01:13:42 Personal Reflections and Future DirectionsKey Learnings from the episode Acceptance of Power LawOne must acknowledge that not all VC funds, especially first-time funds, will be outperformers. Ertan works from an expectation that a minority, perhaps 10 to 20 percent, will become outlier funds, with the remainder performing average or below average.Role of RandomnessErtan Can notes the randomness in fund success, citing that outliers in his experience have come from unexpected places, suggesting a belief in the potential rather than the certainty of each fund being a standout.AssessmentBeyond Immediate PerformanceThe transition from a first to a second fund often does not provide sufficient time to demonstrate real performance in terms of markups or DPI. Early successes or markups are seen as unsustainable for predicting future performance.Consistency and FocusErtan values the consistency of the emerging manager with their initial strategy and approach. He looks favorably upon GPs who remain focused on their initial thesis and do not chase current market hypes or trends without a well-thought-out reason for any strategic shifts.Networking and Co-investor QualityThe ability of a GP to build a network, attract follow-on investments from reputable names, and be invited to competitive rounds is viewed as more important than early performance metrics.Entry Valuations as KPIsAn important KPI for Ertan is the range of entry valuations a fund manager secures. Investing at lower entry valuations, indicative of conviction and an earlier investment stage, is preferred over higher entry valuations that might follow market signals or competitiveness.Brand Building and RecognitionBuilding a recognizable brand and becoming the go-to GP in a specific region, vertical, or niche is deemed more crucial than first-fund numbers. Recognition in the ecosystem can be a more significant indicator of future success than immediate performance data.Advice for Emerging ManagersErtan advises maintaining consistency, having a well-defined market thesis, and resisting the urge to significantly upscale the fund size or pivot strategies to follow current hypes. Managers should focus on being recognized as experts in their specific focus areas, which is seen as vital in a competitive market.Q: Advice for your 10 year younger self.Take advice more seriously.Dont underestimate the fundraising part.10y ago was my inflection point, so did right, but than after…Q: Advice for fundraising managersTry to identify the most realistic LPs for you. And that might be the closest, people in your network, like other angel investors, founders who invest in funds, smaller family offices, and also corporates as they might be strategic and strategic partners. So try to think before you're reaching out to everyone in a broad sweeping approach. I think most of that will be noise and will not be helpful.Try to use intros. If people who are well-considered in the market makes an introduction to a fund that increases the probability that someone looks at your fund from a different view.Try not to change your strategy every six months. Don’t adapt to a new strategy just because it is easier to raise capital. Just try to be very focused on what you do. And if that focus does not lead to raising a fund. So be it, I think that's better than raising a fund with a different focus just because of raising a fund.Q: The most counterintuitive thing learned in venture.Invest in people you don’t like.

In this roundtable, we pull the curtain back on some of the core insights from our upcoming State of European VC Fundraising-report and dive deep on the impact of the tech reset for fundraising managers, discuss GP/LP dynamics and uncover how VCs best navigate the current fundraising environment. For the conversation, we brought together some of the most respected investors in our ecosystem:Daniel Keiper-Knorr, Founding GP at SpeedinvestJoe Schorge, Founding GP at Isomer CapitalEkaterina Almasque, General Partner at OpenOceanChristian Hjort Pedersen, VC Fund Investor at IIP Denmark..And to moderate the whole thing; Tom Hughes Ellis & eu.vc’s Andreas Munk Holm.Watch it on eu.vc 👀 Get the full report before anyone else on floww.io/raise ! 👀Together with our good friends at Isomer Capital and Floww, we’ve spent the winter digging into 300+ interviews as well as the latest market data and Isomer Capital’s vaulted data treasures to uncover how the tech reset has impacted the fundraising market in Europe and how leading VCs across the continent have changed their strategies, tactics and operational handbook.Filled with graphs, beautiful narratives and video interviews providing an entirely new and engaging experience, we’ve created an unparalleled learning experience you won’t just sift through, but actually spend real time with.

Join us as Tom Wilson from Seedcamp and Anthony Danon from Cocoa talk to Eva Spannagl, co-founder & Managing Director of Climatos.Eva is a builder. She loves to build things and see their outcomes come to life, and she loves to work with people who are building something. Previously, she worked at McKinsey and at Moss, an early-stage FinTech startup from Berlin.Now, Eva is leading Climatos, a company that builds mini solar panels for urban spaces while nurturing her passion for angel investing.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:48 Eva's Journey from Consulting to Angel Investing03:04 Eva's First Investment Story03:55 The Motivation Behind Becoming an Angel Investor05:25 Eva's Approach to Angel Investing05:32 Memorable Deals and the Impact of Angel Investing08:52 Eva's Investment Thesis and Strategy11:03 Portfolio Diversification and Founder Support18:46 The Value of Collaboration with VCs and the Angel Community22:05 Core Learnings from Angel Investing26:42 Testing for Founder Drive and Attitude

In the Investing and Scaling in Romania and Beyond webinar, we talk about the vibrant entrepreneurial ecosystem of Central and Eastern Europe, with a specific focus on Romania. From celebrating the local technical skills and historical engineering heritage, countries in CEE examine the nuances of building a startup with a global mindset from day one.Our guests discuss the 'UiPath effect', highlighting how success stories like of this one company have inspired new entrepreneurs and attracted increased attention and resources from the venture capital world.In essence, the webinar provides a comprehensive, nuanced, and up-to-date exploration of the Eastern European startup and venture capital landscape, making it a must-watch for investors, founders, and anyone interested in the local tech scene of Romania and its surrounding regions.Listen to it here or watch it on eu.vc for a discussion on:How to crack the code: Understand the challenges and opportunities shaping the Romanian ecosystem.Empowering the future: Delve into the status and growth prospects for women-led startups in the region.Scaling beyond borders: Learn how to overcome challenges and adapt global best practices to the Romanian context from the people who have done it.Pioneering Deep Tech: Explore the intricacies of launching, backing, and scaling a deep tech company in Romania and the region.Success stories: Get inspired by real-life case studies of thriving Romanian scale-ups.This event is a part of the CO-INVESTIN project, focusing on understanding and improving European investment ecosystems.Chapters:00:26 The Venture Ecosystem in CEE04:56 Romania's Flourishing Ecosystem: Insights and Success Stories07:34 The Technical Talent and Entrepreneurial Mindset in Romania09:37 Challenges and Opportunities for Romanian Startups12:51 Investor Perspectives: The Appeal of Romanian Startups17:27 The UiPath Effect: A Catalyst for Romanian Innovation23:05 The Global Impact of Romanian Startups and the UiPath Legacy29:40 Investment Strategies and Considerations in CEE34:06 Investment Trends and Pricing in the Startup Ecosystem37:42 Local vs. Global: Startup Challenges in the CEE Region40:07 Unique Challenges of Building Startups in CEE41:23 The Role of Engineering Culture in Startup Success43:24 The Critical Need for More Capital in the Ecosystem55:16 Addressing Diversity and Gender Gaps in Tech

Today, we have Davor Hebel with us. Davor is the Managing Partner at Eight Roads, a $11bn global venture platform. The firm has over 450 portfolio companies, including 60 IPOs and many unicorns, such as Alibaba, Toast, Flywire, Chewy, Hibob, Neo4j, and Fever. Eight Roads invests in companies at scale-up stages (usually rounds A-C) and helps them win globally.Davor runs the Europe and Israel franchise with around 45 companies and $1.5bn AUM. Davor’s investments count leaders across SaaS, consumer, digital health, and fintech sectors, including Hibob, Appsflyer, Fever, Fireblocks, Owkin, Wallapop, ScyllaDB, Red Points, Packlink (sold to Auctane), Rimilia (Blackline), Innogames (MTG), and Treatwell (Recruit).Davor was born in Croatia and studied in the US. Davor is also passionate about sports, and he still tries to find time for some rowing, tennis, and Barry’s Bootcamp 🙂 whilst raising his 3 kids (11, 9, and 6).Go to eu.vc for our core learnings and the full video interview 👀Chapters:01:03 Davor's Journey: From in Venture Capital03:50 The Role of a VC: Beyond Investment04:12 Empathy and Support: The VC Approach to Entrepreneurship06:05 Balancing Business and Personal Life in Entrepreneurship06:53 The Evolution of a Founder's Role11:22 The Future of Technology: AI's Impact14:42 AI in Venture Capital: A Tool for Success17:00 The European Entrepreneurial Landscape: From Ice Age to Innovation19:45 The Growth and Potential of European Startups22:27 US Investor Participation in Europe24:06 Navigating the VC Landscape in a Changing Europe30:20 Davor's Top Learnings from a Decade in Venture Capital

Today, we have Christine Tsai with us.Christine is the CEO and Founding Partner at 500 Global, a multi-stage venture firm in Silicon Valley with $2.4B in AUM, which has backed 2,900 companies operating in 80+ countries. 500 has invested in 35+ companies valued at over $1 billion and 160+ companies valued at over $100 million (including private, public, and exited companies)³.This includes companies like Canva, Talkdesk, Grab, Lucidchart, eFishery, Credit Karma, Intercom, Twilio, Sendgrid, and more.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:09 Diving Deep into 500 Global's Evolution03:02 Christine Tsai's Personal Journey into Venture Capital10:22 500 Global's Unique Approach to Venture Capital14:07 Diverse Backgrounds in Venture Capital27:41 VC Unlocked in Educating Emerging Managers40:42 The Early Bird Gets the Worm: Investing in Startups41:15 The Challenges and Opportunities of Accelerators41:51 Navigating the Accelerator Landscape: Tips for Founders42:48 Spotlight on Global Accelerator Success Stories43:30 The Evolution of Venture Capital: From Skepticism to Success44:02 Venture Capital's Herd Mentality vs. Disruptive Investing48:39 Leading the Charge: Transitioning from Co-Investor to Lead Investor01:08:23 Balancing Act: Navigating Work and Family Life in Venture Capital

Join us for a new episode of the NEUVC series dedicated to those embarking on their journey in the VC. In this episode, Freddie Macpherson, Associate at Isomer Capital, and Linda Võeras, Investment Manager at Karma Ventures, are joined by Marie Brayer, Partner at Fly Ventures.Fly Ventures is an early-stage deep tech and tech-heavy B2B software specialist fund. They are the first-check VC for technical founders and invest from day zero to seed, backing founders from all over Europe.Marie has a background in finance and a keen interest in engineering. Before joining Fly Ventures in 2022, she worked with Serena Capital, where she invested and worked with more than 10 French B2B startups, including Descartes Underwriting, Lifen, Malt, and Kili Technology.Marie is always looking to help founders who really want to take on a huge technical challenge. Make sure to listen to Marie’s inspiring story on today’s podcast episode below.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:58 Marie's Journey into Venture Capital03:54 From Software Engineering to Venture Capital06:23 The Evolution of the French Tech Ecosystem08:35 Expanding Horizons: From France to Europe10:20 Joining Fly Ventures: A New Chapter11:47 The Changing Landscape for Technical Founders in Europe12:26 Education and Ecosystems in Tech Success16:53 The Diverse Paths to Success in European Tech20:22 The Strategy Behind Winning Deals Across Europe22:46 Supporting Deep Tech Founders: Risks and Rewards29:27 Navigating the European VC Landscape42:02 The Future of Board Dynamics in Early-Stage Startups47:08 The Power of Side Projects in Venture Capital49:40 Advice for New VCs: Embrace the Intensity

If one of your guilty pleasures is watching four wealthy, over-the-top opinionated talking heads every weekend, you may recall that Chamath Palihapitiya predicted that 2024 will be the year that bitcoin becomes a mainstream asset. We brought together three true crypto native VCs to discuss crypto’s comeback, recent trends and where we’re headed.Listen to it here or watch it on eu.vc for a discussion on:The State of the crypto market overallWhat has been built in the last few years?Challenges for crypto to overcome in the coming yearsThe impact of global regulations on crypto.Key growth drivers, innovations and hot sectorsWhat makes our panelists excited?Predictions for the future of crypto investments.Sustainability and ethics in crypto investingThe PanelistsJan Baeriswyl, GP at very early Ventures has deep expertise in token design and a dedication to working closely with founders. Veryearly is one of Europe’s leading first time funds in supporting the builders of critical Web3 infrastructure. They focus on helping founders design products, protocols, and tokens with a technical hands-on approach. We recently announced our investment in Very Early - check it out here for a spotlight on what we believe a rising star in crypto looks like.Felix Machart, Partner at Greenfield Capital is an expert in crypto-economics, governance, and crypto capital markets at large. Greenfield is a European crypto investment firm and long-term backers of early developer teams building toward an open, decentralized, and more robust architecture of tomorrow’s web.Anirudh P., Partner at Dragonfly has a track record of identifying new trends early and making bold bets on contrarian theses. Dragonfly are crypto-natives who have been investing and building for 10+ years. Founded in 2018, dragonfly brings access and influence to help crypto teams with global aspirations find innovation and adoption anywhere.Chapters:00:00 Opening Remarks and Roundtable Context01:58 Introducing the Crypto Investment Experts02:49 Diverse Investment Strategies in Crypto06:59 Current State and Future Prospects of the Crypto Market18:38 Stablecoins and Geopolitical Implications22:39 Navigating Regulatory Compliance and Crypto's Ethos23:56 Demographic Challenges and Crypto's Role in Global Policy25:50 Addressing Crypto's Main Challenges: Privacy, Security, and Usability30:55 Distributed systems and Governance in Crypto35:24 Predicting the Market's Future

Join us as we step back and chart the evolution of European VC with a true O.G. Roundtable:Yaron Valler, Founding Partner at Target GlobalChris Wade, Founding Partner at Isomer CapitalKerry Baldwin, Founding Partner at IQ CapitalAnd moderated by Andreas Munk Holm from EUVC and Gabriel Shin, CFA from Vauban from Carta 🎙️Chapters:00:02:28 The Transformation of European Venture Capital00:08:57 Challenges and Misalignments in the Venture Capital Landscape00:11:43 Navigating the Cyclical Nature of Venture Capital00:19:35 The Impact of Government and Regulation on European VC00:30:29 Approachability of Senior Politicians in Europe00:30:53 The Role of VCs in European Policy and Politics00:31:33 The Impact of AI on Society and the Economy00:35:41 The Importance of Data in Shaping Policies00:38:03 Changing Expectations and Needs of Founders00:41:27 The Role of Accelerators and Incubators00:48:44 The Importance of Governance and Board Readiness in VC00:50:55 What LPs Look for in European VentureWatch the webinar eu.vc or listen on Apple/Spotify 🎧 This roundtable is brought to you in partnership with Carta, the easiest way to launch & run your fund and syndicates.It’s no secret that we at eu.vc are happy and heavy users of the Carta platform as it allows us to be creators turned angels without bogging us down in back-office hassle of investing. For a very special treatment, go here to let the Carta team know you’re coming from the eu.vc community 🤗

Today, we have Vincent Touati-Tomas with us. Vincent is the Head of Marketing at Northzone, a global VC firm Northzone that has raised more than ten funds to date, with its most recent fundraising in excess of €1 billion, investing in startups from Seed to Growth.Northzone is investing out of Fund X and more than 80 active portfolio companies and notable investments, including Personio, Klarna, Kahoot, Spotify, and Spring Health. At Northzone, Vincent focuses on all things marketing.Now, Vincent is one of the great thinkers and practitioners of marketing in European VC, and we're so lucky that he has taken the time to structure his thoughts on the topic for us in this episode. So, you're in for a real master class.Some might be a bit hard to follow if you're not doing marketing in your day-to-day, but I urge you to stay tuned because there's so much to learn for any VC thinking about how to build and grow their firm and its impact. So strap in, and let's hear from Vincent.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:02:18 Vincent's Journey into Venture Capital00:04:15 The Power of Podcasting in Vincent's Career00:05:51 Marketing Strategies for VC Firms: Insights from North Zone00:18:36 Building Relationships and the Importance of Content in VC00:39:54 The Transparency Challenge in European Venture Capital00:40:48 The Importance of Public Performance Metrics00:43:18 Liquidity and Performance: A European Perspective00:46:46 Marketing and Operations: Dream Structures for VC Firms00:56:03 Building a VC Brand: Narrative and Franchise Development

Join us as our own Andreas Munk Holm and Anthony Danon from Cocoa talk to Elsa Hermal, angel investor and co-founder of Epicery, about impact investing, diverse teams, and economic resilience.An exited impact entrepreneur turned founders mentor, Elsa empowers CEOs and C-levels to navigate both strategic and human challenges, leveraging her entrepreneurial expertise to guide them and their teams toward sustainable growth.With a dedicated 100% impact investment portfolio, Elsa is also a proud backer of Satgana, the climate tech fund we recently announced our investment into, whose final close is just around the corner with a 4.2x TVPI.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:00:00 Welcome to the Super Angel Podcast00:01:08 Elsa's Journey into Angel Investing00:03:38 Investment Philosophy: Impact Over Profit00:04:28 Exploring Unconventional Investment Areas00:05:14 Balancing Purpose and Profit in Investments00:12:26 The Future of Mental Health00:14:30 Deep Dive into Psychedelics00:30:13 Elsa's Investment Strategy and Core Learnings

Today, we have Jan Voss with us. Jan is the Head of Family Office at BLN Capital, a Berlin-based Single Family Office. BLN invests across almost all asset classes but has historically been most active in early-stage ventures in Germany as well as the VC and PE fund space.AT BLN, Jan leads a three-person investment team focused on long-term investments across almost all asset classes. Jan is also a very active author on LinkedIn with over 15,000 followers, regularly sharing insights into family offices, venture capital, and asset allocation with his readers.BLN manages over 100M€ in assets and has an established portfolio of 30+ companies and notable investments, including Kittl, PowerUs, and Meine Erde.Jan is also the Managing Director of Cape May Wealth. Cape May Wealth is a Berlin-based wealth management firm. They aim to make family office investment knowledge available to everyone to help entrepreneurs make better decisions regarding their wealth.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:05:18 - Balancing Moonshots and Profitability00:07:54 - The Mistake of Family Offices in VC Investments00:13:00 - The Value of European VCs00:20:29 - Secondaries and Venture Debt00:23:03 - The Versatility of Growth Funds in the German Market00:25:36 - Investments in Private Equity and Venture Capital00:30:39 - The Pros and Cons of Large Funds and Small Market Investments00:33:06 - Direct VC Investments and Portfolio Strategy00:35:41 - Different approaches to investing00:38:17 - The Importance of Tracking Companies' Progress00:40:55 - VC Fund Behavior and Courage00:45:57 - Three Biggest Learnings from the Past 10 Years00:48:19 - Being proactive and driving personal traction00:53:11 - Tips for Emerging VCs00:58:22 - Contradictory Communication Styles

Today, we have Julia Hawkins with us. Julia is a General Partner at Phoenix Court, a $1.5bn AUM EMEA multi-stage tech investor, backing the most ambitious founders on their journey from seed through to public markets and beyond over the last two decades.LocalGlobe is the pre-seed and seed fund investing out of Phoenix Court’s Fund 12 with an established portfolio of over 200 companies with notable investments including At-Bay, Motorway, Zego and Improbable. At Phoenix Court, Julia focuses on health and hard tech and led investments into AccuRx, Oxford Nanopore, Vaccitech, and more recently Spore Bio and Early Health.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:00:00 Welcome to the European VC Podcast with Julia Hawkins00:00:26 Diving Deep into Phoenix Court and Multi-Stage Investing00:04:22 Julia Hawkins' Journey into Venture Capital00:15:44 The Impact of Personal Experiences on Professional Paths00:18:27 Exploring the Future of Hard Tech in Europe00:34:09 Exploring Healthcare Innovations and Community Impact00:34:33 The Unique Approach of Local Globe in Healthcare Investments00:35:25 Building Relationships and Community in the Healthcare Sector00:44:21 Mentorship and Diversity in Venture Capital00:52:47 Advice for Emerging VCs

Today, we have Steffen Pauls with us. Steffen is a Founding Partner at 7GC, a €400M Growth venture fund based in Berlin, and founded the firm in 2015 to bring growth investment opportunities to a network of key decision-makers, industrial families, and entrepreneurs in Europe.7GC is investing out of Fund II with a total €400M AUM and an established portfolio of 15 companies and notable investments including Jackpocket, Jio, Hims & Hers. Steffen focuses on Sars, FinTech, and AI.Steffen is a serial entrepreneur who has founded several businesses; among others, he co­founded and acted as CEO of the first five AG (sold to a PE investor). In addition, Steffen is the founder of Moonfare, a financial services technology firm, which he currently runs as the acting CEO.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:03:14 - From Private Equity to Venture Capital00:06:16 - Moonfare's Global Expansion Journey00:09:14 - The Importance of Patience in Investing00:15:15 - The Future of AI Regulation00:18:12 - Europe's Struggle to Catch Up in AI00:21:02 - The Imbalance of Data Ownership00:33:36 - Democratizing Private Equity Investment00:36:38 - Investment Pre-Selection Process00:39:39 - Moonfare: An Innovation in the Market00:42:31 - The Different Players in the Industry00:45:36 - Moonfare: Building a Community00:48:43 - Democratization of Private Equity00:51:44 - Learning from the Challenges of Starting Moon Fare00:54:49 - The Importance of Culture in Building Great Companies00:58:04 - Trends in Investor Behavior01:01:22 - The Importance of Independence and Speaking Up01:04:26 - The Dangers of Being Cyclical01:07:33 - The Value of University Education

Cornerstoned by Isomer Capital, very early Ventures is built to capture the opportunity in three foundational Web3 pillars: Decentralized Infrastructure, Real World Impact, and Public Markets Opportunity.The very early team has already established a solid initial portfolio in lockstep with leading web3 funds like a16z, Dragonfly, and 1kx. This is evidence that the best founders choose to work with the very early team not just for the capital, but for the value add.At the core of Web3 lies the possibility of separating money from state. Creating a new global monetary system that transcends borders, redefines property rights, and empowers individuals like never before. This transformation may represent the biggest opportunity of our lifetimes, and we are thrilled to be part of this paradigm shift.With the speculative excess and hype cleared from much of the Web3 ecosystem, the emerging Web3 bull market appears to be driven by applications that genuinely add value and are built on robust foundations, rather than fleeting fantasies. We believe Web3 is finally reaching the level of maturation we’ve all been waiting for, leading to the founding of projects with tangible benefits and sustainable models instead of mere speculation. And it is these projects that the very early team is helping to bring about.If you would like an intro to the very early team, don’t hesitate to reach out.

Welcome to a new episode of our special series At The Cap Table.Today, we are joined by Sarah Finegan, an Investor at Antler, in a conversation with Susan Lin, a Partner & Investor at Felix Capital.Susan is an investor at Felix Capital. Over the past 10+ years, Susan has advised, invested, and worked in a range of consumer and technology companies in their journeys to grow and scale. Susan joined Felix Capital from HgCapital, a London-based private equity fund where she focused on software investments and portfolio companies. Prior to HgCapital, Susan was a management consultant at Bain & Company in San Francisco, Singapore, and London, advising private equity and growth capital funds on potential investments and CPG and e-commerce companies on go-to-market, M&A, and growth strategies.Felix Capital is a venture capital firm for the creative class, operating at the intersection of technology and creativity. The fund focuses on digital lifestyle across multiple verticals, investing in authentic consumer-facing brands and platforms and related enabling B2B technologies. Their mission is to be a partner of choice for entrepreneurs with big ideas and help them build category-defining companies that move the world forward.Chapters:00:00:00 Introduction and Welcome00:02:16 Susan's Journey into Venture Capital00:02:51 The Impact of Parents' Entrepreneurship00:04:31 Susan's Career Path and Experiences00:05:34 Transition into Investing and Joining Felix Capital00:06:54 Understanding Felix Capital and Its Approach00:12:44 Opportunities in Consumer Investing00:18:22 Impact and Positive Change in Investments00:20:47 Outlook on Investing and Advice for Founders00:26:10 Diversity in Europe's Tech Ecosystem00:29:35 Advice to Younger Self and Conclusion

Today, we are joined by Jonathan Sibilia, Partner at Molten Ventures and one of the judges at the European VC Awards. He is an important player in our ecosystem as one of the main LPs. He has made over 80 fund investments, 2200 underlying portfolio companies with Molten Ventures, and 2B in AUM.Jonathan joined Molten Ventures in 2009. Prior to joining the company, he was a senior associate in the technology group at Jefferies International, advising on high-profile cross-border M&A, debt & equity offerings.Previously, he worked at Rothschild & CIE in Paris. He also worked at Apax Partners Corporate Finance in France. Jonathan holds an MA in Management from EM-Lyon and the University of St Gallen in Switzerland and an MA in Advanced Corporate Finance from the University of Paris IX Dauphine.Molten Ventures is one of the most active venture capital firms in Europe, developing and investing in disruptive, high-growth technology companies.Go to eu.vc for our core learnings and the full video interview 👀Chapters:00:01:42 The Journey into Venture Capital00:06:08 The Role of a Public Model00:13:43 The Future of AI in Venture Capital00:19:46 The Importance of Exit Strategies00:20:13 The Role of Founders and VCs in Exit Strategies00:33:07 Understanding the Importance of Realizing Gains00:33:43 The Philosophy of De-risking Investments00:35:03 The Reality of Today's Investment Environment00:35:45 Shout Out to Collaborative Partners in the Ecosystem00:36:45 The Importance of Collaboration and Sharing in the Ecosystem00:38:51 The Role of LPs in Building the Ecosystem00:42:06 The Challenge of Making Venture Capital Understandable to All00:42:27 The Mission to Democratize Retail Investing00:44:26 The Importance of Trusting Your Instincts and Talent00:55:58 Tips for Emerging VCs: Differentiation and Discipline00:58:20 The Counterintuitive Truth about Venture Capital00:59:51 Closing Thoughts and Uncommon Beliefs