In this episode, Andreas Munk Holm sits down with Nebular GP Finn Murphy. From launching Nebular after FTX’s collapse to backing AI, data centers in space, and fossil startups, Finn shares the unpredictable and highly personal journey of building a fund from scratch. A manifesto for curiosity-led investing emerges, as does a bold vision for reshaping European venture and policy.
Here’s what’s covered:
01:25 Leaving Frontline, Launching Nebular, and Solo GP Life
03:45 Fund One in the Nuclear Winter of VC Fundraising
06:30 A Thesis of Curiosity: No Theme, Just Timing, Talent & Tails
09:50 From Healthcare Ops to AI Teddy Bears to Fossil Markets
16:10 Strategy Drift, Authenticity, and Embracing the Unknown
18:30 Being a Solo GP Without Being Alone
21:00 How Long Can You Be Great? A Venture Career as Athletic Peak
27:30 Europe vs. US: Talent, Incentives, and Risk Appetite
35:40 Project Europe, EU Inc & Why Attitude Is the Real Bottleneck
44:00 Yes, Tech Should Get Political
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation 🎧
✍️ Show Notes
From Frontline to Fund One: The Nebula Origin Story
Finn left Frontline VC with no grand plan other than “go build something new.” Enter Nebular: a solo GP fund built in the toughest market in a decade, backed by belief, scrappiness, and a 16-month grind. The result? A $30M+ debut fund deployed into 19 core positions and 5 strategic ones—spanning the US and Europe, with bets that most GPs wouldn’t dare make.
AI Teddy Bears & Dinosaur Fossils: Risk Lives at the Edge
Nebular’s portfolio is as wild as it is intentional. Whether it’s a speech-development teddy bear powered by LLMs, a company building data centers in space, or a play to turn dinosaur fossils into a new alternative asset class, Finn’s investing approach is unapologetically curiosity-first. The golden rule: the founder is the wedge—category comes after.
Fundraising in Public, Investing in Private
Fundraising Fund I during a downturn taught Finn to treat capital raising as another product-market fit exercise. His initial pitch was met with rejection after rejection—until the portfolio started speaking for itself. As one LP later put it: “Dinosaurs and data centers in space? Why didn’t you just say that?”
The Truth About Solo GPs: Strength or Strain?
Finn shares a candid view on the trade-offs of solo GP life—yes, the autonomy and freedom to follow your nose is a superpower, but building a long-term, sustainable firm still requires collaboration, community, and eventually, partnership. “Being solo is great. But the great firms are built with others.”
Europe’s Problem Isn’t Talent—It’s Attitude
Finn’s diagnosis is clear: Europe isn’t lacking ambition or brilliance—it’s lacking incentives and a collective sense of mission. “In the US, the floor is lower, but the ceiling is higher. In Europe, we’ve made starting companies too hard and winning with them even harder. That’s not a talent problem—it’s a design flaw.”
Getting Political: Founders, VCs, and Civic Duty
Andreas and Finn close out on a critical point: European founders and VCs need to stop sitting on the sidelines of politics. Whether it's over-regulation, tax on success, or anti-business narratives, tech must become more vocal, visible, and involved. “If you don’t have an enemy,” Finn says, “you make yourself the enemy.”
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