2 JUL 2024 · In this episode, we welcome https://www.linkedin.com/in/giulia-van-waeyenberge-7880bb2/ to the pod. Giulia is an experienced investor and judge in the https://www.eu.vc/p/say-hello-to-the-european-vc-awards and a Managing Director at https://www.sofinagroup.com/, an investment holding company with more than 9 billion in AUM. Sofina Group is a global investor investing mainly in the Venture and Growth stages. Its sectors include digital, healthcare and life sciences, consumer, education, and sustainable supply chain sectors. Sofina has a direct investment strategy, investing from a series B/C until IPO and beyond. They also invest in venture and growth capital funds on a global basis. They invest from their balance sheet and take a long-term view. Sofina is also a shareholder in Vinted (a second-hand marketplace), Mistral AI, Cleo (an AI chatbot providing financial advice to young adults), and ByteDance. On the fund side, they have long-standing relationships with US managers where they have invested for several decades in firms like https://www.sequoiacap.com/, https://www.iconiqcapital.com/, and https://lsvp.com/. In Europe, they invested in several European GPs, some more emerging than others. In the seed stage, they have a partnership with https://www.pointnine.com/, https://www.moonfire.com/, https://atlanticlabs.de/, https://seedcamp.com/, https://visionaries.vc/, https://stride.vc/, and https://hoxtonventures.com/. On the seed/series A stage they have invested in https://www.blossomcap.com/, https://singular.vc/, and https://alven.co/. On the platform side, they have in funds like https://northzone.com/, https://www.balderton.com/, https://atomico.com/, https://dawncapital.com/, and https://www.felixcap.com/. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png Chapters 05:49 Direct Investments and Partnerships 06:16 Allocation and Investment Decision-making 07:40 Investing from a Balance Sheet 08:39 Investment Pace and Diversification 09:08 Allocation to Venture and Growth 10:44 Investing in Venture for Multiple Decades 22:56 Views on the European Venture Ecosystem 25:12 Maturity of the European Ecosystem 28:37 US Investors' Perspective on Europe 32:37 Venture in Eastern Europe 33:37 Long-Term Orientation and Dealing with Challenges 37:58 Shoutout to Ophelia Brown of Blossom 39:25 Learnings from the Last 10 Years 41:30 Tips for Emerging VCs in Fundraising 42:44 Counterintuitive Lessons in Venture

27 JUN 2024 · In today’s episode, Andreas discusses the importance of ESG in the venture capital industry with our four guests: - https://www.linkedin.com/in/henry-philipson/, Director of Marketing and Communications at http://www.beringea.com/ - https://www.linkedin.com/in/ashleigh-brown-853698254/, Sustainability Manager at http://www.atomico.com/ - https://www.linkedin.com/in/antonia-whitecourt-40722750/, Director at https://seedcamp.com/ - https://www.linkedin.com/in/grace-savage-b18429152/, ESG Lead at https://www.moltenventures.com/ We are talking about ESG in VC because https://www.esgvc.co.uk/ recently published an https://www.esgvc.co.uk/wp-content/uploads/2024/06/ESGVC_BVCA_InsighttoImpact.pdf collected from 587 startups backed by leading VC firms, including Atomico, Molten Ventures, Bringea, and Seedcamp. ESG_VC is a global network of more than 300 VC firms enabling start-ups to tackle ESG. Join us while diving into the value of ESG for startups, how VCs are working with founders to drive forward the sustainability agenda, and what the future of European ESG looks like. We also address the buzz surrounding ESG, emphasizing the need to focus on building well-governed and responsible businesses. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png Chapters: 00:34 Deep Dive into the ESG Report 07:11 Importance of ESG in Startups 07:36 Historical Context of ESG 09:15 Operational vs. Strategic ESG 10:19 Challenges and Opportunities in ESG 11:14 Backlash and Misunderstandings of ESG 12:32 Divergence in ESG Practices 16:32 Future of ESG in European VC 19:38 Materiality and Practical Implementation 25:25 Carbon Footprint and Environmental Impact 35:17 Diversity and Talent in Startups

26 JUN 2024 · Join us as https://uk.linkedin.com/in/tomwilsonseedcampfrom http://seedcamp.com/and https://uk.linkedin.com/in/anthony-danon-3409099bfrom http://cocoa.vc/talk to https://www.linkedin.com/in/cyrilchemla/, co-founder at ProcessOut (acquired by https://www.checkout.com/) In this episode of the Super Angel podcast, Cyril shares his inspiring journey from a school project in computer science to building a successful payment business that was acquired by Checkout.com. Cyril discusses the importance of resilience, the dynamics of starting a business while still a student, and the impact of support from VCs and angel investors. He emphasizes the value of networking, iterating on business ideas, and the role of imposter syndrome in continuous learning. Cyril also shares memorable experiences from his angel investing career and offers insights into his investment strategy, including the importance of evaluating founders and market potential beyond just revenue figures. The discussion also touches on the significance of collaboration and network-building in angel investing, particularly for international investments. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png Chapters: - 01:04 Cyril's Early Days in Computer Science - 01:43 The Birth of ProcessArt - 02:15 Acquisition by Checkout.com - 02:37 Support from Mentors and Angel Investors - 03:19 Giving Back to the Ecosystem - 03:46 Encouraging Young Entrepreneurs - 04:15 The Best Times to Start a Business - 06:39 Memorable Angel Investments - 07:50 Investing in Family Connections - 09:20 Traveling and Bonding with Founders - 11:55 Lessons from Angel Investing - 16:19 The Importance of Grit and Determination - 16:48 Cyril's Investment Strategy - 17:56 Focus on FinTech - 26:03 Challenges in the FinTech Market - 27:36 Collaboration with Angels and VCs - 31:24 Key Learnings and Advice

25 JUN 2024 · In this episode we’re joined by one of the most honest and dynamic LPs we’ve yet met: https://www.linkedin.com/in/evanfinkel/, Head of Venture Capital Investments at https://www.integraga.com/. Evan’s based in the US with an Early-stage investment focus - first check to Series A in the US, Europe, Israel, and LatAm. This is a long one and covers a lot of ground from an LP’s perspective, so strap in. Big shoutout to https://www.linkedin.com/in/opheliacai/from https://www.linkedin.com/company/tinyvc/for the introduction 💖 In this episode, Evan emphasizes the importance of accessing top-tier investment opportunities and the need for a data-informed approach as well as his perspective on the current market conditions, including the deployment slowdown and the potential for a macro TVPI adjustment. The conversation also highlights the importance of having well-defined goals and strategies as a venture capital LP, exploring the principles and considerations important when allocating to venture. We also discuss how investing in smaller funds yield a higher probability of outsize returns for LPs as well as the stages of investment that Evan believes offer the best value for money while overcoming the challenges of performance dispersion in VC. Finally, we discuss the classification of ecosystems, why Evan considers Europe an established ecosystem and how he thinks about the challenges and opportunities in different VC markets, concluding on the importance of data-informed decision-making and the importance of separating personal relationships from investment decisions. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png 02:02 Meet Evan Finkel: Background and Journey 05:37 Building a Global Venture Fund Strategy 09:25 Market Insights and Current Trends 13:08 Challenges and Opportunities in Emerging Markets 17:04 Government Support and Market Distortion in Europe 21:07 Deployment Slowdowns and Capital Management 22:34 First Principles of VC Investment Strategy 30:47 Performance Dispersion in Venture Capital 38:00 European Venture Challenges 40:44 The Emotional Side of VC 41:47 Balancing Emotions and Investments 44:18 Friends in VC: A Double-Edged Sword 45:50 The Reality of Fund Management 55:32 Operational Due Diligence 01:05:33 Fundraising Strategies for Emerging VCs 01:08:35 The Commitment of Raising a Fund 01:12:07 Counterintuitive Learnings for LPs

20 JUN 2024 · In this episode of the EUVC podcast, Andreas discusses, with https://www.linkedin.com/in/richardmuirhead/, Managing Partner at https://www.fabric.vc/, the transformative potential of Web3 and AI. Richard shares insights into how these technologies will reshape the internet, the power dynamics between big tech and decentralized communities, and Fabric Ventures' role in this evolving landscape. They also discuss ethical considerations, the development of decentralized finance, and the challenges and opportunities facing venture capital in Europe. Fabric Ventures is a 125M EUR fund, with 250M under management, anchored in Europe around Paris & Zurich, but investing globally. They are actively investing in WEB3, which has become a global phenomenon, and they have incredible investments in their portfolio so far, such as Sorare, https://ramp.network/, https://near.org/, https://www.immutable.com/, https://polkadot.network/, https://docs.flashbots.net/, and many more. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png 02:30 Richard’s Journey into Venture Capital 07:20 The Evolution of the Internet: Web1 to Web3 09:20 The Role of Blockchain and DAOs 14:35 The Intersection of AI and Web3 22:32 Challenges and Opportunities in Web3 Adoption 26:59 Disrupting Centralized Powers with Web3 29:20 The Future of AI and Web3 Integration 33:43 AI Safety and Ethical Considerations 35:28 The Case for Open Source AI 37:19 Challenges of Open AI Systems 37:59 Business Models in Open AI 40:48 Token Economics and Incentives 42:35 Decentralized Systems and Network Effects 50:35 Operational Challenges in Venture Capital 53:57 Building a Successful VC Firm 57:34 Advice for Emerging Managers 01:05:04 Concluding Thoughts on Venture Capital

11 JUN 2024 · In this conversation, we explore the distinction between construction tech and prop tech, with a focus on the former. Construction tech is a project-based business that optimizes supply chains, while prop-tech is an operations-based business that focuses on real estate transactions and utilization. The conversation delves into: - The different segments within construction tech, including architecture, engineering, construction, and supply chain technology. - The importance of outcome-based business models. - The role of AI and data infrastructure in the construction industry. The conversation concludes with an analysis of the funding trajectory of construct tech and its potential for future growth. Andreas and Patric examine the waves of technology in the construction industry and the importance of data connectivity and harmonization. They also touch on the challenges of pre-manufactured housing and the fallacies in VC fund strategies. Patric shares insights on their fund model, which is vertically dedicated, global, and focused on early-stage investments. They prioritize preempting follow-on rounds and emphasize the importance of staying involved and not delegating decision-making. Patric also offers advice to young people in the industry, including thinking from a DPI perspective and finding differentiation. About the guest. https://www.foundamental.com/people/patric-hellermann, the Founding General Partner of https://www.foundamental.com/, an $84M EUR venture capital fund focusing on construction technology, with $100M EUR Fund III just launched. About the firm. Foundamental is led by three GPs, 1 in the US, 1 in Europe, and 1 in Pacific Asia. They are investing in AEC-Tech: 3D-design, Construction, Renovation, Supply Chain & Logistics, and Blue-Collar Work, starting from day zero up to Series A. Portoflio highlights count https://infra.market/ (Series A), https://www.enter.de/ (pre-seed), https://speckle.systems/ (pre-seed), https://www.rayon.design/ (pre-seed), https://www.metalbook.co.in/ (pre-seed), https://safeai.ai/ (seed), and https://wizfreight.com/ (seed). Key facts include a 94% follow-on rate among Fund-1 companies, the vast majority of which they invested at seed, top-decile returns in both funds, incl. top-decile DPI (Fund-2 actually top 3-5% currently), circa 10 portfolio companies have achieved net-profitability. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png 00:03 Meet Patric Hellemann and Foundamental 00:32 ConstructTech Explained 03:40 PropTech vs. ConstructTech 05:40 AECS: Architecture, Engineering, Construction, and Supply Chain 06:58 Robotics in Construction 08:51 Challenges and Opportunities in Construct Tech 19:33 Data Infrastructure and AI in AECS 33:07 Market Trends and Investment Insights 41:06 Automating Data Connectivity 42:59 The Second and Third Waves of Data Integration 43:22 Consolidation in the Infrastructure Sector 45:00 Challenges in Construction Robotics 46:21 Onsite vs. Offsite Construction 47:04 Automating Bricklaying 48:36 VC Fallacies and Sector-Specific Insights 01:13:05 Personal Productivity and Fund Strategy

4 JUN 2024 · Celebrating one of the finalists in the Newcomer of the Year category at this year’s https://www.eu.vc/p/the-european-vc-awards, this episode dives deep with https://www.linkedin.com/in/sarahdrinkwater/, solo GP at https://www.commonmagic.xyz/. Common Magic is a pre-seed/seed solo GP fund investing in and supporting founders building products with community at their core across Europe and the US. As a small fund, they act like an angel: - fast decisions - operationally useful - comfortable being the first commitment Sarah Drinkwater has been building communities in tech for over 15 years and building communities for fun for much longer. From advising protocols for Filecoin and Gitcoin on their ecosystem building to growing Campus, Google’s East London space for startups, and growing an angel investing portfolio of 36 startups, she built playbooks and networks that can help founders build powerful communities right from the start. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F9cc85c70-8375-4423-9591-3a31f6ec2b61_1536x842.png

3 JUN 2024 · Celebrating a new finalist in the Firm of The Year category at this year’shttps://www.eu.vc/p/the-european-vc-awards, this episode dives deep with https://www.linkedin.com/in/beata-klein-090982a2/, Principal at https://creandum.com/. Creandum is a leading European early-stage venture capital firm backing some of Europe’s most successful tech companies, including https://www.spotify.com/, https://www.pleo.io/de, https://kahoot.com/, https://www.depop.com/, https://traderepublic.com/, https://neo4j.com/, and https://factorialhr.co.uk/. Creandum has hubs in Stockholm, Berlin, London, and San Francisco. In this episode, we dive deep into Beata’s article “AI in B2B SaaS: Beyond Vertical and into the Horizon(tal),” which we reproduce below together with the rest of the show notes. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 01:05 Deep Dive into AI and Horizontal vs Vertical SaaS 04:27 Beata's Insights on B2B SaaS and AI 06:15 The Future of AI in Horizontal SaaS 07:22 Challenges and Opportunities in AI Integration 09:15 Exploring Legacy Systems and New Innovations 20:31 Legal Tech and AI: A Disruptive Force 32:39 AI First Approach: The Future of User Interfaces 33:23 Revolutionizing the Internet: Human vs. Agent Interaction 35:10 Blockchain and AI: A Seamless Future 35:48 Tailwinds in AI: Adaptability and Data Ingestion 37:28 The Power of AI in Data Ingestion 41:03 AI in Compliance: Disrupting Legacy Systems 42:44 Horizontal vs. Vertical AI Applications 47:50 The Future of AI: European vs. US Models 51:48 Work-Life Balance and Career Growth in VC 59:06 Advice for Aspiring VCs: Embrace Failure and Specialize

2 JUN 2024 · Join us as https://uk.linkedin.com/in/tomwilsonseedcampfrom http://seedcamp.com/and https://uk.linkedin.com/in/anthony-danon-3409099bfrom http://cocoa.vc/talk to https://www.linkedin.com/in/szymonsypniewicz/, co-founder & CEO of https://ramp.network/ Prior to Ramp, he was an advisor for a peer-to-peer bitcoin lending platform. He has a background in law and has worked for several legal firms, including Norton Rose Fulbright. Szymon has also worked as the Director of Research at the Adrianople Group, where he conducted research on free economic zones around the world – focusing on areas in which companies are taxed very lightly or not at all to encourage economic activity. Like many leaders across the crypto space, Szymon has roots in libertarian free-market ideology, he is one of the original founders of the Libertarian Party in Poland. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: - 00:50 Simon's Background and Journey - 01:03 Founding RAMP Network - 01:47 Transition to Angel Investing - 02:39 First Angel Investment Experience - 02:50 Investment Strategy and Learning - 02:53 Focus on Complex Technologies - 03:57 Investment Patterns and Themes - 05:03 Web3 and Early Stage Investments - 05:42 Criteria for Selecting Founders - 08:49 Geographical Focus: Poland and Europe - 10:45 Specialization vs. Broad Knowledge - 14:40 Characteristics of Successful Founders - 23:07 Advice for Aspiring Angels - 27:37 The Role of Angel Investors

1 JUN 2024 · Celebrating a new finalist in the Firm of The Year category at this year’shttps://www.eu.vc/p/the-european-vc-awards, this episode dives deep with https://www.linkedin.com/in/xavier-lazarus-63747/, Partner at https://www.elaia.com/. We’re very excited to have this conversation with Xavier because, as you already know, Elaia has achieved many things in +20 years of activity. Elaia is a French venture capital firm focused on European digital and deep tech startups, from early stage to growth development. Together with Xavier, we’re gonna tackle the following topics: - Generative AI & how it has been shaping venture capital - Future AI trends and what we should expect from this industry - The recent 200M round they have just participated in with https://www.hcompany.ai/ - The rise of Paris as a venture ecosystem and innovation hub - … and some other exciting topics that we invite you to discover by yourself. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 00:44 Diving into Gen AI and H Company 01:48 Xavier's Transition from Boutique to Franchise 04:58 Exploring H Company's AI Innovations 12:03 AI's Impact on Various Sectors 15:17 Future of AI in Education and Beyond 32:14 The Rise of French Tech 32:26 The Impact of AI and International Investments 34:02 Challenges and Strategies in Fund Modeling 36:28 Portfolio Management and Risk Assessment 43:52 Elia's Growth and Expansion 44:50 Strategic Partnership with Lazard 54:30 Personal Insights from Xavier Lazarus 58:23 Reflections on VC and Entrepreneurship