EUVC newsletter - 10.03.2025
Welcome to our community-sourced newsletter featuring the most important news from the European venture ecosystem and the latest submissions to the EUVC insights platform — the platform that collects & amplifies the best long-form pieces from the EUVC community.
Click here to submit your own articles, events or projects 📥
💬 Survey | Are you investing in European startups or scale-ups? Your voice matters!
Benoit Vandevivere from EU/acc is gathering investor insights on how to streamline corporate formalities (e.g., online filing, faster registrations, and optional notaries) and reduce bureaucracy across Europe. Your feedback will help shape policy discussions with the European Commission and institutions. Join the effort to modernize Europe’s business environment and improve its competitiveness!
Please take 2 minutes to complete the “Accelerating Europe” survey.
📝 Article | Diary of an Emerging Manager - Part 2: The First Steps
Why it matters: In the follow-up article, our Venture Whisperer highlights key lessons from an emerging manager’s experience in a U.S.-based accelerator program for first-time fund managers.
The program leaned heavily on sales rather than substance but still offered insights: raising from private individuals can be faster than securing institutional LPs, many fund theses follow predictable patterns (AI + impact), and compliance—especially around general solicitation—is a major hurdle. These early experiences shaped the fund's approach to fundraising and thesis development.
🎙Podcast | Notion Capital's Stephen Millard deducing learnings from Europe's 23 100M$+ ARR "Cloud Champions"
Why it matters: In this episode, Andreas talks with Stephen Millard, Operating Partner & Chief Platform Officer at Notion Capital, a London-based fund exclusively investing in B2B SaaS, about Notion Capital’s latest report that unpacks learnings from Europe’s 23 SaaS companies with more than 100M$ in ARR.
The conversation wraps up with a crucial discussion on the dominance of outliers in venture—whether in startups or funds—how traditional VC wisdom can be misleadingly simplistic, and the nuanced role of "small" outcomes in portfolios.
💬 Survey | Who do you think are the best early-stage VCs in Europe?
There are more than 4,000 VCs in Europe ... but are they all equal?
We want to know which early-stage VCs are the cream of the crop and why.
Take our short, anonymous survey and make your voice heard!
We’ll reveal the most interesting findings in the coming weeks.
📝 Article | Can you teach VC?
Why it matters: VC remains an insiders’ game, with just 13% of senior UK investment roles held by women and even fewer by ethnic minorities. The root issue? 94% of Brits can’t confidently define venture capital, limiting who enters the industry.
Newton Venture Program argues that structured education can break these barriers, offering practical learning, debiased selection, and elite mentorship to diversify the ecosystem. With 3,000+ alumni from 48 countries, Newton proves that VC can be taught—and that broader access benefits the entire industry.
🎙Podcast | This Week in European Tech with Dan Bowyer, Lomax Ward and Andrew J. Scott
Why it matters: This episode dives into Europe’s rising defense spending (set to surpass €500B), its impact on dual-use tech startups, and the increasing role of private capital in defense VC.
It also covers US tariffs on European goods, which could push startups to relocate or shift focus, and breakthroughs in AI-driven proteomics and antibiotic research, paving the way for new healthtech innovations. With AI startups raising $8B+ in 2024, the momentum in European biotech and healthtech continues to grow. The key takeaway? Defense, AI, and healthtech are shaping the next wave of European VC.
📝 Article | IWD: Gender Parity isn't Just Women's Fight
Why it matters: Despite widespread DEI commitments, the gender gap in VC remains stark: women-led startups receive less than 1p for every £1 of UK VC investment, while all-male teams secure 89p. With 48% of UK VC firms lacking a single female investor, the pipeline problem persists.
Research shows that companies with female leadership outperform their male-led counterparts, yet bias and systemic barriers persist. The call to action? Gender equity isn't just about fairness—it’s a business imperative, and men must be part of the solution.
Why it matters: In this episode, Andreas Munk Holm speaks with Sune Stilling and Christy McCaig, General Partners at Nine Realms, a venture fund focused on transforming global supply chains.
In this conversation, they discuss the fund’s strategy of building a concentrated, operator-led portfolio to generate steady returns from trade sales, not just unicorn exits. They explore how evolving trends like AI optimization and sustainability open new market opportunities.
📝 Article | What It Really Takes to Run a Billion-Pound VC Firm: Notion Capital’s Ian Milbourn Tells All
Why it matters: Notion Capital has scaled from a £20M fund to £1B+ AUM, proving that a disciplined, multi-strategy approach can drive long-term success. CFO & COO Ian Milbourn highlights the complexity of running a top-tier VC—balancing fundraising, portfolio oversight, and FX risk while expanding across Europe.
With 60% of deals now sourced outside the UK, Notion’s centralised yet locally informed strategy offers a blueprint for European VC scaling. The takeaway? Execution matters more than ever, and firms that master the fundamentals will define the future.
📝 Article | Turning academic AI breakthroughs into real-world solutions – Rasmus Rothe (Merantix)
Why it matters: Merantix is bridging the gap between academic AI research and industrial applications, tackling sectors from healthcare to manufacturing. With a €1.5B AI campus in Berlin, Rasmus Rothe’s firm is driving AI adoption through venture funding, corporate partnerships, and policy engagement.
Europe lags behind the US in AI-commercialization, but Merantix’s thesis-driven approach—investing in emerging megatrends before a clear business model exists—offers a blueprint for scaling AI-first companies. As regulation tightens and industrial sectors face economic pressures, AI integration will be critical for Europe's global competitiveness.
📝 Article | Introducing Kepler: Inflection's Home for Research
Why it matters: Inflection has built Kepler, a VC-specific AI research tool designed to streamline investment research, market analysis, and thesis development. Unlike generic AI assistants, Kepler enables real-time team collaboration, automates research synthesis, and builds a growing institutional knowledge base.
By integrating exploratory chatbots, automated citations, and document scraping, it aims to accelerate investment decisions and enhance sourcing through Pathfinder, Inflection’s deal flow engine. With AI-driven insights shaping VC strategies, Kepler represents the next step in data-driven venture investing.
📝 Article | The State of EU Green AI
Why it matters: With €200B+ in AI investment, the EU is betting on Green AI to differentiate itself globally. While AI accelerates productivity, its energy-intensive supply chain—from rare earth dependencies (China controls 80% of key minerals) to data centers consuming 90-146 TWh/year—poses sustainability risks. The EU’s Green Deal (€400B) and AI Act aim to decarbonize AI infrastructure, creating opportunities for startups innovating in energy-efficient chips, sustainable data centers, and AI-powered circular economy solutions.
As the US and China dominate AI models, Europe's edge lies in ethical AI, supercomputing access for startups, and industrial applications. With a booming Green AI market (22-35% CAGR), investors should act now to back EU-based AI sustainability leaders.
📝 Article | The War Within: Choosing the Future Over the Past
Why it matters: Marvin Liao reflects on the trap of dwelling on past trauma and the importance of moving forward. While self-awareness and therapy are valuable, endlessly reliving regrets hinders progress.
Drawing from Freudian and Adlerian psychology, he argues that the only thing that matters is taking action in the present—for yourself, your family, and society. A timely reminder for founders, investors, and anyone navigating personal growth and decision-making in high-stakes environments.
📝 Article | The State of the Greek economy (Q1 2025)
Why it matters: Greece’s GDP growth (+2.3%) outpaces the Eurozone, with unemployment at a 15-year low and bank deposits up 31% in five years. However, a rising current account deficit, skill mismatches in the labor market, and a concentrated export base remain key structural issues.
Real estate dominates FDI, fueling affordability concerns, while political instability is escalating, threatening economic momentum. With record tax revenues and shrinking debt (from 209% to 154% of GDP), Greece is at a crossroads—whether it can sustain growth amid rising geopolitical and domestic challenges remains the big question.
📝 Article | These were the 100 most active VCs in Europe in 2024
Why it matters: Despite a volatile 2024 for European VC, 1,992 startups still secured backing from the most active investors. SFC Capital (UK) led the pack with 102 deals, followed by Kima Ventures (FR, 89 deals) and HTGF (DE, 85 deals).
While early-stage funding dominated, deeptech, B2B SaaS, and healthtech were key focus areas. Notably, Speedinvest (€14M avg. deal), Octopus Ventures (€15M), and HTGF (€12M) led in larger ticket sizes. With investment slowing in H2 2024 (-36%), who keeps writing checks in 2025 will be critical for European startups.
Up next in the EUVC community, we’ve got exclusive AMAs, expert-led workshops, and insider discussions you won’t want to miss. If you are not a member already, join now to connect and learn!
💬 Community event | LP AMA with Ertan Can
Join us for an exclusive AMA session with Ertan Can, Founder & Managing Partner at Multiple Capital.
Ertan Can is the Founder & Managing Partner of Multiple Capital, Europe’s first tech-focused fund of micro funds. With over 20 years of experience in asset management, VC, and fund of funds investing, he has backed 31+ early-stage VC funds and built a portfolio of 500+ companies. His mission is to democratize access to early-stage tech funds across Europe and the US.
This AMA is part of our ongoing series of small-group sessions designed to foster deep, meaningful discussions within the VC community. Participation is free for members of our community, but spots are limited. Reserve your spot now to ensure you don’t miss this opportunity.
⏰ March 11 | 💻 Online | THIS EVENT IS FOR EUVC COMMUNITY MEMBERS ONLY.
✍🏻 EUVC Masterclass | Marketing Foundations for Fund Managers
Join us for an engaging workshop tailored for fund managers looking to institutionalise their marketing approach and craft a category-defining investment brand.
This masterclass is designed to go beyond traditional marketing advice on tactics to help you create lasting brand equity, ensuring your fund stands out in a competitive landscape.
This session will provide actionable insights into fund positioning, LP communications, and crafting compelling narratives - all while maximising time for Q&A to address your specific challenges.
⏰ March 13 | 💻 Online |
💬 Community event | GP AMA with Carlos Eduardo Espinal
Join us for our first ever exclusive GP AMA session with Carlos Espinal, Seedcamp's Managing Partner.
Carlos is the Managing Partner at Seedcamp, investing in world-class founders tackling global challenges with technology. Since joining in 2009, he has supported over 300 startups, including unicorns like Transferwise, UiPath, and Revolut. Passionate about early-stage founders, he authored The Fundraising Fieldguide and frequently ranks among Europe's top VCs. In 2018, he was featured on Forbes Midas List as one of Europe’s most influential VCs.
This AMA is perfect for VCs on the fundraising trail looking to understand how to best engage with Fund of Funds without asking all the “stupid” questions as part of your own raise process.
⏰ March 25 | 💻 Online | THIS EVENT IS FOR EUVC COMMUNITY MEMBERS ONLY.
✍🏻 EUVC Masterclass | Setting up and Structuring a VC Fund
Emerging fund managers face countless challenges when setting up and structuring their first VC fund. The process is complex, daunting, and full of pitfalls, from navigating legal frameworks to engaging with the right service providers, the foundations you lay now will shape your growth trajectory.
That’s why we’re planning an exclusive 3-hour masterclass designed to equip emerging managers with the insights, strategies, and tools needed to tackle these challenges head-on.
⏰ Jun. 02 | 🇩🇪 Berlin | This masterclass is a side-event taking place during SuperVenture & SuperReturn.
Our 2025 is already packed with events and unique experiences, and we want you to join us. Here is what’s coming next from EUVC! Exclusive retreats, adventure getaways, and deep-dive industry events designed to connect, challenge, and inspire.
How do you best engage with American LPs
Winning over American LPs isn't just about numbers—it’s about trust, positioning, and understanding what makes U.S. investors tick. This session brings together Matias Collan (ACE Alternatives), Felix von der Planitz (ACE Alternatives), and David Rose (US Expansion Partners) to break down LP expectations, fundraising strategies, and regulatory hurdles.
If you're a GP, investor relations pro, or just fundraising-curious, this is your chance to learn how to speak LP fluently and secure that sweet, sweet U.S. capital.
Roundtable on Choosing the Right Fund Admin
A solid fund admin partner isn’t just a back-office thing; it’s a compliance shield and time-saver if done right. This roundtable brings together Rebecca Roberts (7percent), Raoul Lehtonen (OpenOcean), Camille Hamon (Elaia), and Edwin Chan (Carta) to discuss key selection criteria, regulatory navigation, and tech innovations in fund admin.
Whether you’re launching Fund I or scaling Fund IV, outsourcing or keeping it in-house, this session will help you avoid admin nightmares and focus on investing. Don’t DIY your fund admin; learn from the pros.
Embark on a Journey of Deep Inner Work
Join us for a transformative experience of self-discovery and vulnerability, guided by Rupda and supported by a trusted group of peers. Through embodied practices and self-inquiry, we will build resilience, presence, and a supportive network of fellow investors and founders for meaningful growth. Let’s walk each other home.
Escape for an extended weekend of adventure
Join us for a partners retreat packed with awe-inspiring treks, thrilling canyoning and river rafting, and inspiring sessions balanced with moments of reflection and exceptional dining. Be inspired by world record-holding polar explorer Ben Saunders, challenged by our ex-commander, and discover how to deepen focus in an introductory deep work session with Fred Destin.
