EUVC Newsletter - 21.07.2025
Exploring the Inner Game of Venture, the Rise of Solo GPs, and Spain’s Emerging Fund Managers. Deep Diving into TechBio, Startup Sales Strategy, and Europe’s Shifting Geopolitics.
This week, we’re going deep. Six heavyweight drops, each hitting a nerve at the heart of how Europe builds, backs, and scales ambition:
Venture Beyond takes us into the inner game of startups, with Colin Knight and Mike Reiner mapping the emotional architecture behind high-performing founders, teams, and VCs. This one’s not just reflective—it’s required listening for anyone building for the long game.
Solo GPs, step forward. Sarah Drinkwater and Anthony Danon return to unpack why going solo isn’t just viable—it’s powerful. From syndication to founder-led raises, this is the real state of play behind Europe’s micro fund wave.
Carlos Trenchs gives us the clearest read yet on Spain’s emerging managers and why the founder-backer model is finally going mainstream. A sharp look at fund structuring, LP shifts, and the collective capital thesis playing out across Europe.
RNA, TechBio, and Europe’s science sovereignty. Jean Schmitt and Rob Blackie break down the funding gaps, regulatory friction, and IP bottlenecks defining Europe’s shot at deep tech scale. Based on their landmark report, this one’s dense, essential, and overdue.
Fanny Talagrand of Stripe gets tactical on startup sales—sharing hard-won lessons from Google Cloud to early-stage SaaS. PLG vs enterprise, hiring your first rep, and why onboarding is your secret weapon.
And finally, our This Week in European Tech crew—Dan, Mads & Lomax—cut through the noise: defense, LLM fatigue, remote work culture, browser wars, and the geopolitics creeping into every cap table.
Each one of these is a different vantage point—but together, they map a venture ecosystem in motion.
Dive in, share with your sharpest operator or investor, and tell us what’s landing.
with 💖 David & Andreas
Table of Contents
🎧 Podcasts of The Week
Founder: Venture Beyond: Coaching Founders, VCs & the Inner Work of Building Well
GP: Why Solo GPs Are Europe’s Secret Weapon
Investor: Carlos Trenchs on Spain’s Emerging Fund Manager Wave & The Return of the Founder-Backer
VC: Jean Schmitt & Rob Blackie on the State of RNA in Europe & the TechBio Opportunity
Startup: Path to Market: Adapting Sales Strategies for Startups and Enterprise with Fanny Talagrand of Stripe
VC: This Week in European Tech with Dan, Mads & Lomax
🎧 Podcasts of The Week
Venture Beyond: Coaching Founders, VCs & the Inner Work of Building Well
In this episode, Andreas Munk Holm is joined by Colin Knight, a leading coach in the startup ecosystem, and Mike Reiner, co-founder of 432 Legacy, to dive deep into the emotional and relational dynamics that power — and often derail — the venture journey.
This conversation is part of the Venture Beyond initiative: a space to reflect on the human side of venture, supporting founders and investors in building intentional teams, resilient cultures, and sustainable energy for the long game.
Here’s what’s covered:
02:15 – What is Venture Beyond? (feat. 432 Legacy & Stride VC)
05:00 – “Peeling the Onion”: Relationships → Team → Role → Self
10:30 – Power dynamics and pitching: resetting the foundation
22:00 – The myth of pleasing and the power of check-ins
29:00 – Why VC firms struggle as teams
38:00 – Role transitions: letting go of identity and control
44:00 – The “Colin Column”: Why am I doing this?
47:00 – The Self: Paying the price of transformation
49:00 – Outcome addiction vs. joy in the journey
55:00 – Energy is everything: what drains you, what fuels you
57:30 – Finding your inner peace in a mad world
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
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Why Solo GPs Are Europe’s Secret Weapon
Andreas Munk Holm is joined by Sarah Drinkwater, Founding Partner at Common Magic, and Anthony Danon, Founder at Rerail, for a deep dive into the rise of solo GPs and micro funds in Europe. Together, they unpack the forces driving this new wave of intentional, nimble VC—why it’s working, how it's evolving, and what it takes to win.
It’s a conversation that builds on their stage debate at the EUVC Summit—this time going deeper into headless rounds, syndication dynamics, the next generation of angel investors, and the very real personal decisions behind going solo.
Here’s what’s covered:
00:22 | Solo Love: The magic of being founder-picked and founder-aligned
01:30 | Angel Roots: Why Sarah and Anthony bet small before going big
04:00 | Market Dynamics: The squeeze between seed giants and multistage platforms
06:30 | Why Small Wins: Flexibility, focus, and belief in outlier founders
09:00 | Micro Syndication: Why solo GPs are finally co-leading in Europe
13:00 | The Reserve Question: What happens when founders need more capital?
16:00 | Conviction Building: The difference between borrowing belief and earning it
20:00 | Headless Rounds: The founder-led raise and its pros and cons
24:30 | Next Round Realities: Why leads don’t always do the heavy lifting
27:00 | Angel Competition: How to win without bidding wars
31:00 | Angel Education: Power law, concentration risk & the need for fresh blood
38:00 | Going Solo: The case for building your own lemonade stand
44:00 | The Big Firm Tradeoff: Coordination, politics, and the limits of scale
47:00 | Looking Ahead: What’s next for Europe’s micro fund wave
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
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Carlos Trenchs on Spain’s Emerging Fund Manager Wave & The Return of the Founder-Backer
In this episode, Andreas Munk Holm talks with Carlos Trenchs — early-stage investor — about the new wave of entrepreneurs in Spain: those who’ve exited, raised again, and are now backing the next wave. They dive into the rise of Spain’s emerging managers, the structural limitations new fund managers face when fundraising, and how institutional platforms can solve them.
Carlos shares insights on how his team is designing a new type of investment structure — one that serves both fund-of-fund limited partners (LPs) and those deeply committed to ecosystem development. From syndicate-style collaboration to collective capital and US micro-fund inspiration, Carlos unpacks the anatomy of the new European seed scene.
Whether you’re building a micro fund, exploring Spain’s founder-led evolution, or curious about how fund design is adapting to new LP profiles — this one’s for you.
Here’s what’s covered:
00:00 The Rise of Repeat Founders: From Glovo to Preval and beyond
03:15 Why Founders Become Emerging Managers
05:42 The Fundraising Gap for New Managers
08:10 Co-investing and Scouting for Ecosystem Development
11:35 Challenges of Hybrid Investment Models
14:00 Case Study: Transcend — A $1.5M EdTech Concept Fund
17:20 Collective Capital: When LPs Roll Up Their Sleeves
19:45 Closing Thoughts & Invitation to Meet in Barcelona
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
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Jean Schmitt & Rob Blackie on the State of RNA in Europe & the TechBio Opportunity
In this week's podcast, Andreas Munk Holm is joined by Jean Schmitt at Jolt Capital and Rob Blackie at Crampton Blackie to explore one of the most consequential deep tech opportunities Europe faces: RNA. With roots in foundational biology and applications from cancer therapy to precision agriculture, RNA is both a symbol and a stress test of Europe’s capacity to scale science into sovereignty.
The conversation is based on their Landmark 2025 Report on the State of RNA in Europe, a data-rich, in-depth analysis of patents, funding flows, regulatory bottlenecks, and startup activity across the continent.
Here’s what’s covered:
03:05 The State of RNA in Europe
05:59 Challenges in Commercialization and Investment
09:09 The Landscape of RNA Companies in Europe
15:02 Regulatory Challenges in RNA Development
17:58 The Future of RNA in Europe
26:54 Navigating Regulatory Challenges in Biocontrol Products
30:46 The Impact of European Policies on Innovation
32:41 Learning from Global Regulatory Practices
40:34 The Exodus of Talent and Innovation from Europe
45:59 Funding Challenges for RNA Companies in Europe
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
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Path to Market: Adapting Sales Strategies for Startups and Enterprise with Fanny Talagrand of Stripe
In the latest episode of “Path to Market,” Natasha and Micah are joined by Fanny Talagrand, Head of EMEA sales for startups and SMBs at Stripe to discuss key sales strategies from startups to enterprises. Drawing from her extensive experience in global tech companies like Google Cloud and Stripe, Fanny emphasizes the importance of understanding user needs and journeys, leveraging user feedback, and the different dynamics between selling to startups versus enterprises.
She also provides advice for hiring the first sales reps, highlighting the need for candidates to be smart, driven, and coachable. She stresses the significance of onboarding processes and embedding new hires with users early on. Additionally, she explores how to balance product-led growth with enterprise sales and shares metrics to optimize sales performance.
Tune in to learn about:
how to align sales strategies with the needs and journeys of different types of users;
how PLG and enterprise motions can coexist with careful planning and differentiation in user journeys;
why as companies grow, including a sales team becomes vital to extend market reach and support users who require more comprehensive solutions;
and more practical strategies for founders looking to enhance their sales operations and build successful teams.
Here’s what’s covered:
00:00 Introduction to Fannie Talegrand
00:46 Fannie’s Career Journey
03:11 Comparing Sales Strategies at Google Cloud and Stripe
09:02 Product-Led vs. Enterprise Motion
12:13 Sales Metrics and Funnel Optimization
15:14 Differences in Selling to Startups vs. Enterprises
22:50 Hiring the Right Sales Leader
33:11 Onboarding New Sales Hires
38:51 Conclusion and Final Thoughts
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
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This Week in European Tech with Dan, Mads & Lomax
This week, Dan Bowyer and Mads Jensen of SuperSeed and Lomax from Outsized Ventures, gather to unpack the macro forces and micro signals shaping European tech and venture.
They unpack the defense boom powering Europe’s deep tech surge — and ask whether startups should rush in or sit this wave out. They break down OpenAI’s next big product moves, the battle for browser dominance, and whether we’re already at peak LLM. They ask if working from home quietly kills startup culture (and what actually keeps it alive). And they check in on Trump’s tariffs, Europe’s big tech fines, and the resilience playbook that’s pulling startups deeper into geopolitics.
If you’re investing, building, or just trying to make sense of where Europe’s venture scene goes next — this one’s for you.
Here’s what’s covered
02:00 | The defense boom: Europe’s rearmament moment
04:50 | Moral lines: should you build in defense?
08:40 | Peak LLM? OpenAI launches a browser
12:00 | The new search wars & what founders should do
15:30 | Grok 4, Elon & the next frontier
18:50 | Does working from home kill culture?
25:00 | Trump’s tariffs: a real threat or priced in?
29:00 | UK startup stats: steady but small
33:15 | Big Tech vs Europe: do the fines matter?
38:10 | Deal of the Week: Eutelsat’s €1.35B resilience play
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
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