EUVC newsletter - 21.04.2025
Table of Contents
🎧 Podcasts of The Week
VC: This Week in European Tech with Dan Bowyer, Lomax Ward, Andrew J. Scott, and Dilek Dayınlarlı
VC: S16VC’s Oleg Bibergan on Scaling Founder Communities and Productizing Venture Capital
VC: Norrsken’s Niklas Adalberth on Going From Klarna to Impact and Redefining Venture for Good
CVC: Wayra's Bruno Moraes on Leading Telefónica’s CVC in the UK and Turning Deals into €1B in Revenue
VC: Navigating the Venture Landscape of 2025 with Chris Wade
✍️ Insights Articles of The Week
🎧 Podcasts of The Week
This Week in European Tech with Dan Bowyer, Lomax Ward, Andrew J. Scott and Dilek Dayınlarlı
Welcome to a new episode of the EUVC podcast, where our good friend Dan Bowyer from SuperSeed meets with Andrew J. Scott, Founding Partner at 7percent Ventures, Lomax Ward, General Partner at Outsized Ventures, and Dilek Dayınlarlı, General Partner at ScaleX Venture,s to cover recent news and movements in the European tech landscape 💬
Here’s what’s covered:
01:31 Recent News and Highlights
02:38 European Defense and Tech Investments
07:41 UK and Turkish Startup Ecosystems
30:42 Capital Efficiency in Europe vs. Silicon Valley
31:34 Navigating the Middle of the Portfolio
34:57 Insights from the 2024 PitchBook Report
45:17 The Rise of the Turkish Startup Ecosystem
S16VC’s Oleg Bibergan on Scaling Founder Communities and Productizing Venture Capital
In this episode, Andreas Munk Holm talks with Oleg Bibergan, co-founder of S16VC, a venture capital fund built on the foundation of a tight-knit founder community. Oleg shares the story of how S16 began in a Moscow apartment he shared with fellow founders, where casual poker nights evolved into startup discussions, business clubs, and an informal incubator.
Here’s what’s covered:
01:18 Alex's Entrepreneurial Journey
05:17 Oleg's Background and Investment Experience
06:50 The Birth of S16: From Poker Nights to a Tech Incubator
10:37 Building a Global Community and Fund
11:48 The Fund's Unique Approach and Strategy
19:37 Productizing the Fund: Technology and Community
29:36 Investment Success and Future Goals
Norrsken’s Niklas Adalberth on Going From Klarna to Impact and Redefining Venture for Good
Welcome to the first episode of our brand new podcast series focused on impact. August Soliv, author of Impact Supporters, and Douglas Sloan, Managing Director at Better Society Capital, talked with Niklas Adalberth, co-founder of Klarna and the visionary behind the Norrsken Foundation.
Here’s what’s covered:
02:14 Niklas' Personal Journey and Realizations
06:45 The Birth of Norsken Foundation
11:30 Norsken's Global Expansion and Impact
13:35 Balancing Commercial Success and Impact
25:07 The Role of AI in Impact Investing
39:50 Building a Mission-Driven Team
43:04 Future of Impact VC and Norsken's Vision
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.
Wayra's Bruno Moraes on Leading Telefónica’s CVC in the UK and Turning Deals into €1B in Revenue
In this episode of our CVC series, Andreas Munk Holm talks with Bruno Moraes, Managing Director at Wayra, Telefónica’s corporate venture capital arm. With nearly 15 years of experience, Wayra stands out for its focus on driving strategic business value by connecting startups with Telefónica’s core operations across Europe and Latin America.
Here’s what’s covered:
01:51 Corporate Clienting Explained
03:24 Investment Structure and Funds
06:17 Investment Stages and Strategies
08:02 Global Investment Approach
15:23 Team Structure and Roles
30:34 Principles and Learnings
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.
Isomer Capital's Chris Wade on Navigating The Venture Landscape in 2025
In this episode of the EUVC podcast, our host, David Cruz e Silva, talks with Chris Wade, Co-Founder of Isomer Capital, to explore the evolving European venture landscape in 2025. Reflecting on a decade since Isomer’s inception, Chris shares insights on the industry's growth and how Europe has expanded from just 20 unicorns in 2014 to nearly 400 today.
Here’s what’s covered:
02:25 Celebrating 10 Years of Isomer
05:39 The Growth and Future of European Venture Capital
08:43 Challenges and Opportunities in the VC Landscape
17:56 Transparency and Communication in Venture Capital
25:57 The Role of VCs on Company Boards
27:17 Understanding DPI and Secondary Transactions
39:16 The Future of European VC and Emerging Managers
Meet Key LPs and GPs Focusing on CEE in Budapest this May
If you’re looking to meet key players in CEE’s private markets, this is the conference you don’t want to miss. Join us for the 14th edition of the premier networking event in CEE for the private equity and venture capital industry.
You'll meet investors from firms like Antenna Digital Ventures, EBRD, EIB, Erste Group, IFC, PFR Ventures, Tibas Ventures and many others.
Get a ticket with the EUVC Discount Code - EUVC15CEE.
✍️ Insights from the trenches
The essential building blocks of a VC fund model - Part 1
Guest post by David Cruz e Silva, an operator turned angel LP and founder of eu.vc and Marc Penkala General Partner at āltitude
Everyone says they understand fund modeling, but most are winging it. In this first part of our breakdown on fund modeling, we dig into the core framework that underpins every successful VC strategy. Spoiler: if your assumptions are shaky, your entire fund is too.
Key insights from the article:
🧱 Fewer than 12.5% of first-time funds raise a follow-on, and weak modeling is a big reason why
🛠️ Fund modeling is like house building — structure, logic, and sequencing matter
Fund Summary & GP Economics: Transparency here earns long-term trust
📊 The Fund Dashboard is your first impression — make it visual, clear, and sharp
🧠 Generic templates won’t cut it — deep customization is where strong funds are forged
Venture Capital Term Sheet Guide 2025
Guest post by Glen Waters, Head of Early Stage Tech & Life Sciences at HSBC Innovation Banking
In its third and most comprehensive edition yet, HSBC Innovation Banking’s Venture Capital Term Sheet Guide pulls back the curtain on market standards, founder leverage, and where VC deal terms are heading in 2025.
With 588 anonymised term sheets collected from 27 top law firms, this report covers a third of all UK VC deals in 2024, offering unmatched transparency for founders, GPs, and lawyers navigating early-stage funding.
Key takeaways:
🚀 Seed deals are booming — international investors are crowding in, driving more founder-friendly terms
📉 Later-stage deals come with sharper teeth — lower valuations, tighter structures, and more investor protections
🧠 AI, Life Sciences & Fintech dominate — these three sectors made up 38% of all term sheets (up from 25%)
💸 Fewer syndicates, bigger cheques — VCs are going solo more often to win allocations
📚 The guide helps decode legal jargon, outline best practices, and empower fairer negotiations
📈 Outlook for 2025 is strong — 65% of VCs are optimistic and 50% plan to ramp up investing
GTM & Scale: Lessons from Silicon Valley
by SME Tech Leaders
Charlene Wang has built go-to-market engines across the U.S. startup ecosystem, from Series A ventures to post-IPO giants. Today, she’s channeling that experience into Zyphe, a privacy-first identity verification platform tackling PII and KYC challenges for SMEs.
In this interview, Charlene shares her GTM frameworks, what founders get wrong about product-market fit, and how to prioritize growth in fast-moving environments.
Key takeaways:
💡 The GTM engine starts with non-scalable hustle — use founder-led sales early, then layer in repeatability
⚠️ Avoid fake PMF — enterprise logos can mislead if you can't replicate sales without customization or connections
🧩 Compound startups win — building multi-product from day one helps engage SME buyers and increase retention
📈 Zyphe’s mission — decentralized identity verification that cuts compliance risk and boosts UX
🧠 Best advice: Focus on what not to do. Read Why Startups Fail by Tom Eisenmann
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 Herve Cuviliez | ⏰ April 23, 1:00 PM - 2:00 PM GMT+2 | 💻 Online
Know what’s going on inside LPs heads can be difficult some times. Our series of LP AMAs allows you to ask all the questions you normally hold back. Join our exclusive AMA with Hervé Cuviliez, co-founder of ID4 Ventures, in a small-group, interactive setting where you can ask real questions and get real answers.
Why attend?
Get direct insights from a seasoned LP with 20 years of experience
Learn practical tips and strategies to elevate your fundraising game
Build connections with fellow VCs and LPs in an intimate setting
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Join us at the EUVC Summit & Awards Show
🗓️ 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