EUVC newsletter - 05.05.2025
Spotlighting Europe’s Digital Health Leaders, Impact-Driven VCs, and the Emerging Managers Raising Their First Funds. Deep Diving into Nordic AI Talent, the Future of Defence Tech, and the Specialist
There’s a quiet revolution underway in European venture.
From Brussels policy corridors to the founder trenches in Stockholm, we’re seeing the lines blur — between capital and cause, between startups and states, between hype and real hard work. This week’s drop is a front-row seat to that shift.
You’ll hear from Marie Ekeland redesigning VC from the ground up, Norrsken embedding founders into the heart of EU policy, and Charles Martin unpacking what truly sets Nordic AI apart. Meanwhile, Daniel Dippold makes a bold case for changing the face of venture.
We’ve also got a hard look at the growing wave of specialist funds coming up with James Heath in our community AMA sessions — knowing James, this should be a good one.
We’ve also got a major drop for you — the Firm of The Year Finalists. Check them out just below 👀
Scroll down. Listen deep. Read slowly. This is what the European venture flywheel looks like in motion.
with 💖 Andreas & David
Table of Contents
🏆 Who’s Europe’s Standout VC Firm in 2024? Meet the EUVC Awards Firm Of The Year Finalists!
🎧 Podcasts of The Week
🦄 Startup: Behind European Unicorns featuring Dan Vahdat, Founder & CEO at Huma
VC: Marie Ekeland on Reinventing VC from the Ground up & Powering Systemic Change with Impact
VC: Kinnevik’s Charles Martin on Nordic AI Talent, Founder Archetypes, Evergreen Funds, and more
VC: Daniel Dippold on Launching EWOR to Unite LPs and Fuel Europe’s Venture Flywheel
VC: This Week in European Tech with Dan Bowyer, Mads Jensen, and Andrew J. Scott
✍️ Insights Articles of the Week
From the battlefield to investing in defence tech startups – Samuel Burrell
Diary of an Emerging Manager - Part 5: THE FIRST BAG OF CASH
🏆 Who’s Europe’s Standout VC Firm in 2024? Meet the EUVC Awards Firm Of The Year Finalists!
These firms didn’t just show up — they set the pace. Backing unicorns, shaping narratives, and raising the bar for what it means to lead in European venture. 👉 Hit play for the big reveal of the 4 finalists! 👀
Who should win? 🔥
Check out the criteria below, then let us know your pick!
Honoring the long-standing tried and true champions and stewards of our industry, this accolade recognizes a firm from a fully holistic view, including pure financial performance and portfolio performance as well as innovation, impact on the ecosystem, diversity, transparency, and fairness as well as team and culture.
The winner will be announced live at the EUVC Summit & Awards Show on May 14 in London. Sponsored by our dear friends at Haynes Boone — the go-to partner for comprehensive lifecycle legal advisory services for LPs, GPs, startups, and scaleups.
Where operational expertise and innovation work for you.
End-to-end coverage of Fund Admin, Tax, Accounting, Compliance, ESG, and more—enabling you to focus on what matters most: supporting visionaries and maximizing LP returns.
🎧 Podcasts of The Week
Behind European Unicorns Featuring Dan Vahdat, Founder & CEO at Huma
In this episode of our Behind European Unicorns series, David Cruz e Silva talks with Dan Vahdat, the founder and CEO of Huma, exploring the journey behind one of Europe’s leading digital health scaleups. Founded in 2011, Huma is headquartered in London and has grown to approximately 500 employees and has raised over €275 million to date.
Dan shares how the company evolved from supporting rare diseases to building a disease-agnostic, globally scalable platform used by healthcare systems, research institutions, and pharmaceutical giants.
Here’s what’s covered:
07:09 The Evolution of Huma
09:56 Challenges and Future Vision
22:16 The Challenges of Starting a Digital Health Company
22:40 Geographical Focus and Strategy
29:57 Navigating Regulatory Challenges in Digital Health
36:12 Partnerships and Organizational Growth
41:26 Future Vision and Expansion Plans for Huma
Berlin is the place. GITEX is the moment.
Europe’s largest inaugural tech, startup, and digital investment event lands in Berlin. GITEX EUROPE unites global innovators, investors, and policymakers to shape the continent’s future across AI, quantum, cybersecurity, and beyond.
Get a ticket with the EUVC Discount Code - GE25EUVCTKT
Marie Ekeland on Reinventing VC from the Ground up & Powering Systemic Change with Impact
In this powerful conversation, Marie Ekeland (founder of 2050) talks about her mission to redesign venture capital as a tool for long-term, systemic change. From co-founding France Digitale to walking away from a traditional firm to start 2050, she shares her journey, beliefs, and the model she’s building to align capital with impact.
Here’s what’s covered:
04:20 Why Marie left traditional VC to start 2050
11:33 Building a fund model around alignment and transparency
18:55 What "regenerative finance" means in practice
25:47 The biggest challenges in changing how capital works
33:21 Lessons from founders building for impact
38:05 How LPs are responding to radically new models
42:42 Advice for emerging managers thinking differently
Join ImpactVC, a global community of 900+ VCs driving change and using venture capital to tackle the world’s biggest challenges—explore their community, resources and training at impactvc.co.
Norrsken’s Sara Kappelmark & Willem Vriesendorp on Embedding Impact at the Heart of EU Policy & Building a Home for Mission-Driven Founders in Brussels
In this episode, Sara Kappelmark (Co-CEO, Norrsken Foundation) and Willem Vriesendorp (Founder, Sustainable Public Affairs) share the story behind launching Norrsken House Brussels — the first EU-based hub connecting impact founders with the heart of European policymaking. Learn how they’re bridging the gap between regulation, innovation, and entrepreneurship to drive systemic change.
Here’s what’s covered:
02:10 Why Brussels? And why now?
06:42 Bridging impact founders and EU institutions
10:15 What it takes to build a home for mission-driven entrepreneurs
14:33 Norrsken House Brussels: programming, partnerships, and purpose
18:57 How regulation can help (not hinder) innovation
23:48 Nurturing a pan-European impact ecosystem
28:12 Next steps for scaling Norrsken’s mission across Europe
Make an impact with the bank made for the innovation economy
We know building relationships and building businesses go hand-in-hand. With our sector expertise and tailored solutions, we’ll connect you with what’s next.
Kinnevik’s Charles Martin on Nordic AI Talent, Founder Archetypes, Evergreen Funds, and more
In this episode, Charles Martin of Kinnevik unpacks how their evergreen investment model fuels sustainable growth, enabling long-term, hands-on support that aligns deeply with entrepreneurs through every stage.
Here’s what’s covered:
01:22 – Why AI in the Nordics is thriving (and where the gaps are)
08:10 – Founder archetypes that Kinnevik bets on
15:45 – Evergreen vs. traditional VC: pros, cons, and founder appeal
22:18 – Lessons from Sweden’s startup ecosystem – and what the rest of Europe can learn
28:36 – Navigating hype cycles with long-term capital
34:02 – The real reason Kinnevik bets early – and how they think about risk
39:44 – What excites Charles most about the next generation of tech
Where operational expertise and innovation work for you.
End-to-end coverage of Fund Admin, Tax, Accounting, Compliance, ESG, and more—enabling you to focus on what matters most: supporting visionaries and maximizing LP returns.
Daniel Dippold on Launching EWOR to unite Europe’s most powerful unicorn founders to Fuel Europe’s 0.1% Outlier Founders
In this episode, Andreas Munk Holm talks with Daniel Dippold to unpack the vision behind EWOR, a venture platform designed not as a fund but as a self-reinforcing ecosystem where LPs become builders, the community drives capital, and Europe’s boldest entrepreneurs find a launchpad.
Daniel challenges the traditional LP-GP dynamic, advocating for an interconnected flywheel where education, storytelling, and systems thinking empower founders and funders. From the structural flaws in European venture to the cultural shifts needed to drive generational change, this episode is a masterclass in rethinking the venture equation from first principles.
Here’s what’s covered:
00:58 – The problem EWOR is solving in Europe’s venture ecosystem
06:23 – From founding Prime Pulse to EWOR – the journey and pivot
11:40 – Why universities are failing founders (and how EWOR steps in)
17:05 – Building a pipeline for entrepreneurial talent that scales
22:44 – LP engagement as a force multiplier for the ecosystem
28:31 – What Europe can learn from Silicon Valley – and what it shouldn’t copy
35:17 – Daniel’s take on purpose-driven entrepreneurship
41:03 – The long game: EWOR’s vision to ignite the European flywheel
We’re proud to welcome back Haynes Boone as the official sponsor of the Firm of the Year category at the EUVC Awards.
Haynes Boone brings deep expertise in fund structuring and full lifecycle legal support for VCs, GPs, LPs, and startups across the US, UK, and Europe. As trusted advisors to emerging and established fund managers alike, they know what it takes to build and scale in competitive markets, making them the perfect backers of this high-caliber award.
Whether you're launching Fund I or navigating late-stage growth, Karma, Vicki, and the team at Haynes Boone are ready to help you.
This Week in European Tech with Dan, Mads from, Lomax Ward, and Chris Elphick
Welcome to a new episode of the EUVC podcast, where Dan Bowyer and Mads Jensen of SuperSeed and Lomax from Outsized Ventures dive deep into the macro and micro of European venture, joined this week by special guest Chris Elphick, Head of Venture Capital at the British Private Equity & Venture Capital Association (BVCA).
Together, they pull back the curtain on the real stories shaping VC—from pension reform to geopolitical shocks, blackout readiness, and the transatlantic battle for AI and aerospace dominance.
Here’s what’s covered:
07:40 Politicians Using AI: Tech Literacy or National Security Risk?
12:01 UK Local Elections: Rise of Reform & Political Fragmentation
18:20 Trump’s Tariffs: Recession Risk & Global Trade Realignments
22:33 Heart Aerospace Flies to LA: A Blow to Europe?
28:04 UK VC Fundraising Rebounds—but Where’s the LP Money?
33:42 The Pension Problem: Zero UK Pensions Backing UK VC?
48:58 NATO x Deeptech: Europe’s First Combat Robots?
52:35 Portugal’s Great Blackout: A Warning for Renewable Grids
1:03:00 Show Me the Money: Can Pension Reform Really Unlock Capital for UK VC?
Specialist Funds Are Outperforming—But Will They Scale?
Over the past few weeks, we’ve seen a noticeable shift in conversation:
More funds are doubling down on sector depth, and LPs are starting to pay attention.
From our latest analysis:
✅ Specialist funds are nearly 50% more likely to reach top-quartile performance
📉 Yet LPs still allocate <0.01% of their capital to early-stage VC
💬 Founders increasingly value investors who bring technical and regulatory know-how
📕 Catch up on the full editorial
🎤 Then join us on May 19 for a live AMA with James Heath, LP @ dara5 and author of the now widely-circulated piece “Why Specialists Will Win the Next Decade of Venture.”
→ Become and EUVC community member to access it
✍️ Insights from the trenches
The essential building blocks of a VC fund model - Part 3
by David Cruz e Silva, an operator turned angel LP and founder of eu.vc and Marc Penkala General Partner at āltitude
David and Marc are back for part 3 of the fund modeling series — and this one’s all about making your model flexible and realistic. It’s not about making it pretty, it’s about making it work.
Key takeaways:
📊 Model every version of reality: with or without follow-ons, with or without home runs
🧩 Match capital to strategy: map out when the money goes in — and why
🏗️ Portfolio Construction: plan your rounds, follow-ons, and capital calls
🔍 Decomposition: track each startup from check-in to exit (or not)
🧠 Know your key metrics: NAV, IRR, TVPI & MOIC — and how they move
🛠️ Build a model that bends, not breaks: real portfolios zig-zag, so your model should too
From the battlefield to investing in defence tech startups – Samuel Burrell (Expeditions Fund)
Samuel Burrell went from leading troops on real battlefields to backing startups building the future of defence. Now at Expeditions Fund, he shares what makes a great defence tech founder — and how to invest in a space where failure isn't an option.
Key takeaways:
🎖️ From soldier to investor: how battlefield lessons shape Samuel’s investment style
🛰️ Why defence tech is having a moment — and what’s changed in Europe
🧠 Founder mindset: what makes a great defence tech entrepreneur
📦 Dual-use tech: building for both military and commercial markets
⛓️ The deeptech grind: why it’s hard, slow, and totally worth it
🌍 Government as customer: how to sell to bureaucracies and win
🧭 Building trust in frontier markets: who dares, wins
Diary of an Emerging Manager - Part 5: THE FIRST BAG OF CASH
In this episode, we follow an emerging VC manager getting that all-important first cheque. It’s all about how to raise your first fund and get LPs to believe in you, even when you’re just starting.
Key takeaways:
💰 First money in: how to get early believers onboard
📣 Telling your story: what LPs want to hear — and what to leave out
🤝 Trust-building: how to make people bet on you, not just your deck
⛓️ Staying in the game: handling rejection and keeping momentum
📈 Building proof: how even small wins can help you raise bigger
🔄 From soft circle to close: managing the process like a pro
🧠 Mindset shift: What changes once you have the first money in
229 Things Announced at Google Cloud Next '25 – a Recap
In this sharp recap of Google Cloud Next '25, the EUVC team filters the noise to bring you only what matters—from AI agents and model platforms to enterprise-grade infra and strategic moats. This isn’t just a product update—it’s a glimpse into how one of the tech giants is redrawing the cloud and AI battleground.
Key takeaways:
🤖 Gemini Everywhere: AI-first is no longer optional—Gemini is now baked into nearly every Google product
📦 Model Garden to Marketplace: Google doubles down on AI model flexibility—bringing open-source and proprietary models into a unified platform
🧠 AI Agents, Not Just Copilots: The leap from assistive tools to autonomous agents is underway, changing how enterprises think about workflows
☁️ Cloud + Data + Models: Google’s stack is converging—expect tighter integrations and more developer lock-in
📊 From Tools to Platform Strategy: Google’s bundling game is in full swing—creating moats through upsell and integration
🕹️ Dev Skepticism Still Real: Despite the announcements, fragmentation and fatigue remain in the builder community
A Fine Trumpian Line
In this article, Owen Reynolds from Teklas Ventures unpacks the fine line that VCs walk when ideology, identity, and influence collide. From Trump and Thiel to Europe’s own contrarians, it dives into how narratives shape capital allocation and why some lines, once crossed, can’t be uncrossed.
Key takeaways:
🗳️ The Trump Effect: Political alignment is becoming a branding tool in venture, sometimes intentional, sometimes not
🔍 Narrative as Strategy: VCs aren’t just picking startups—they’re shaping worldviews, and LPs are paying attention
💼 The Risk of Being Edgy: There’s upside to being a contrarian, but when does it backfire?
📉 LP Optics Matter: Fundraising in a polarized world requires clarity on where you stand and what that signals
🎭 Talk vs. Action: The loudest VCs don’t always walk the walk—learn to separate performance from principle
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list. Hit us up if you’re going; we’d love to meet!
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany