This week on the EUVC podcast, Andreas Munk Holm is joined by Jörg Binnenbrücker, General Partner at Capnamic, to unpack the story behind one of Europe’s standout software exits—LeanIX, winner of Exit of the Year at the European VC Awards.
Jörg walks us through how a €500K initial check turned into a billion-dollar outcome—and why the deal was perfectly sized for the realities of European venture. We go deep on Capnamic’s founder-first philosophy, their obsession with DPI, and how they’ve built a venture firm that consistently turns real returns across funds—not just paper markups.
From investing early in B2B SaaS to building a culture that mirrors the best of startups, Jörg shares the blueprint behind Capnamic’s flywheel—one rooted in trust, ownership, and team alignment.
🎯 In This Episode, We Cover:
The inside story of the LeanIX deal—and why it was a fund-maker
How Capnamic builds DPI-first into every decision
Why real founder empathy starts with how your team works
Lessons from Michael Jordan and Yoda (really)
Europe’s underrated software founders—and why they’re winning
Why generalist firms still play a key role in climate, deep tech & beyond
Here’s What’s Covered:
00:00 | Jörg joins: From Capnamic to Exit of the Year
02:15 | Why LeanIX is a “Google Maps for Enterprise Software”
04:30 | The €500K check that turned into a billion-dollar outcome
07:45 | What makes a “perfect” exit for European fund sizing
10:30 | DPI > Paper: How Capnamic structures for real returns
13:00 | Building founder empathy through operational design
16:30 | Every team member gets carry—even platform
19:00 | No consensus, no problem: Why Capnamic values conviction
22:00 | B2B SaaS, German depth, and the Capnamic thesis
25:45 | York on founder-centric processes and fast reps
28:00 | Why they track “10x front returners” at investment stage
31:00 | The art of timing exits—and when secondaries don’t work
34:00 | LeanIX team, bootstrap mentality, and long-term value creation
36:30 | Jörg’s parting advice: Start businesses wisely. Play like Jordan.
🎧 Listen now on Apple or Spotify. Chapters are available for easy navigation.
✍️ Show Notes
LeanIX: A European Fund-Maker
Jörg explains why the LeanIX exit was the perfect size for the European market—and why it wouldn’t have mattered much for A16z but changed everything for Capnamic.
DPI Obsession
Capnamic doesn’t optimize for unicorns—they optimize for distribution. Jörg breaks down the firm’s emphasis on real cash returns and how they evaluate exit potential from Day 1.
Everyone Gets Carry
At Capnamic, even the platform team participates in carried interest. It’s a cultural signal—and it drives startup-like accountability across the firm.
Processes That Attract Founders
From investment analyst autonomy to founder-centric ops, Jörg shares how their internal systems drive founder trust and ongoing deal flow.
Why It’s OK to Say No to Crypto (and Other Hype)
Capnamic’s thesis is tight. They know what they’re great at—and where they won’t stretch. Deep tech, crypto? Probably not. But they’ll help you scale the right B2B SaaS.
💡 VC Takeaway
True VC performance isn’t paper unicorns—it’s hard-earned DPI. Capnamic’s disciplined thesis, early conviction, and cultural alignment show what it takes to consistently win in European software investing.
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