Welcome back to another episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.
Today, we’re joined by Alexey Plesakov and Alexander Lis from Social Discovery Ventures (SDV) — a quietly influential, globally active investment firm deploying capital across the US and Europe. Born out of the bootstrapped success of Social Discovery Group (the company behind Dating.com), SDV invests in both funds and directs, with a venture allocation far above the family office norm.
We dive into their origin story, why they’re leaning into Europe now, their approach to fund vs. direct investments, and how they think about the future of VC in a more uncertain macro climate.
🎯 This Episode’s Themes:
From bootstrapped dating giant to global LP & VC player
Why diversification isn’t just about having “more investments”
How they balance US vs. European VC allocations
The case for emerging managers — and the collaboration edge they offer
Where they see the biggest bets in European tech over the next decade
Why they’re playing more conservatively in 2025 — without stopping deal flow
Lessons from building lean — and the “Five Whys” test for cutting through hype
🎧 Here’s what’s covered:
00:24 | Welcome & Origin Story: From Dating.com to a global investment portfolio
01:24 | Bootstrapping a Unicorn: How Social Discovery Group scaled without outside capital
04:38 | The Myth of Diversification: Quality over quantity in portfolio construction
06:19 | Why 30%+ of Their Assets Are in Venture Capital
08:44 | Leveraging Network Effects: How their IT roots give them an edge in sourcing deals
09:31 | VC Fund Portfolio: From NEA & Khosla to emerging managers like Davydov & Black River
14:26 | US vs. Europe: Why their overall portfolio skews 70% US but VC is more balanced
15:55 | Emerging Managers vs. Big Names: Risk, return, and picking the right early funds
19:41 | Big Picture Bets: Tariffs, decoupling, and a possible US–Europe tech split
22:31 | Direct Investment Focus: Fintech, PSD3, and voice-first neobanking
25:07 | Macro vs. Micro: Combining top-down analysis with bottom-up deal work
27:05 | Playing Defense in 2025: Why they’re slowing deployment without stopping pipeline building
30:23 | European VC Arbitrage: Lower valuations — until growth takes off
34:23 | Bootstrapping Lessons: Discipline, burn control, and ROI-driven decisions
35:25 | The “Five Whys” Test: Cutting through hype to find fundamentally sound investments
You can watch the episode here, or add it to your queue on Apple or Spotify 🎧 (chapters for easy navigation available on both).
From Dating.com to Deploying Millions
Social Discovery Group started in 2001 as a bootstrapped dating platform that scaled into one of the largest in the world. By 2013, the founders began deploying capital, first informally, then as a structured portfolio under the SDV brand.
Today, SDV invests across multiple asset classes, with venture capital making up more than 30% of total AUM, a far higher allocation than most family offices.
“It was natural to invest more in technology companies. We made some of our biggest venture bets before it was cool.” — Alex
Quality Over Quantity in Diversification
Alex and Alexey push back on the VC mantra that more portfolio companies automatically means less risk. For them, diversification means non-correlated assets, not just a longer list of names.
“Five high-conviction investments beat 100 you understand nothing about.” — Alex
The VC Roster
They back household names like NEA, Khosla Ventures (via a fund that hit on OpenAI early), and Target Global, alongside emerging managers like Davydov VC, Black River Ventures, and Bleen Capital.
Their approach: start small with new managers, then double or triple down when performance and relationship align.
Europe vs. the US
While SDV’s overall portfolio is 70–80% US, its VC allocation is closer to 60% US / 40% Europe. That’s partly due to longstanding European networks and easier access to top managers.
They see possible macro tailwinds for Europe if US–Europe tech decoupling accelerates, but admit it’s too soon to be sure.
Playing More Conservatively in 2025
After aggressive deployment through early 2024, they’ve dialed back, citing high valuations, low risk premiums, and geopolitical uncertainty. Still, they’re maintaining deal flow to be ready when the right opportunities hit.
“If you plan to invest in a year, the time to build network and pipeline is right now.” — Alex
The “Five Whys” for Cutting Through Hype
One of Alexey’s favorite tools: ask “Why?” five times in a row when founders (or fund managers) pitch. If they can answer clearly all the way down, they probably know what they’re building and why.
“It works for both directs and fund investments. It’s how you strip away the hype.” — Alexey
💡 Investor Takeaway
In a market still flush with hype but light on certainty, SDV is proving that a disciplined, relationship-driven approach, balanced between emerging and established managers, can position you to win when conditions shift.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.