Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.
This week, Andreas is joined by Florian Schweitzer, Founding Partner at b2venture, one of Europe’s longest-running VC funds — and one of the only firms to scale a structured angel investing model alongside institutional capital.
They unpack how Florian built an active, deeply interlinked community of 350 angels, the philosophy behind their 90/10 investment model, and why chasing unicorns is the wrong game. The conversation also dives into trust-building with LPs, culture as a strategy, and what it takes to build trillion-euro thinking into Europe’s founder psyche.
Whether you’re an emerging manager trying to scale responsibly, or an LP wondering what durable early-stage outperformance actually looks like — this one’s for you.
Here’s what’s covered:
02:00 Looking Back: Florian on the dot-com bubble, the barren years (2001–2004), and how investor–founder dynamics shifted.
05:00 Angel Networks: How early angel groups formed (e.g. EBAN, German BAN), the “dinner + pitches” model, and today’s need for operator-angels.
08:00 Intergenerational Angels: Why 70-year-old and 30-year-old angels complement each other, and b2venture’s philosophy.
09:00 b2venture Highlights: 160 portfolio companies, five early-stage funds, €100M+ invested annually, and parallel angel/fund strategy.
12:00 Student Roots: Start Global’s beginnings in St. Gallen, recreating entrepreneurship courses, and the transition to an angel platform.
14:00 From Angels to VC: How five angels pushed Florian to start managing syndicates, leading to b2venture’s creation.
18:00 The Angel + Fund Model: Why b2venture kept both tracks, how 8 staff support 350 angels, and the “jazz concert” orchestration.
23:00 Culture & Rules: Motivation letters, veto rights, and the “honourable merchant” ethos shaping long-term trust.
25:00 Unicorn Cases: How angels sourced DeepL, 1.5° Energy, and others; mentoring roles; angel leads in syndicates.
29:00 Beyond Unicorns: Why chasing unicorn labels is wrong, aiming instead for €1T companies, profits, and sustainability.
32:00 Portfolio Design: The 90/10 model — 90% big-outlier bets, 10% safer DPI-returners — and lessons from past vintages.
34:00 Closing: Long-term excellence in venture, European ambition, and thanks between Andreas & Florian.
🎧 Listen on Apple or Spotify — timestamps are live so you can jump right to the good stuff.
✍️ Show Notes
The angel model most firms abandon — and b2venture doubled down on
When institutional LPs pushed for separation between b2venture Fund and its angel activity, Florian refused to give up what he saw as part of their DNA. Instead, they staffed it: eight full-time employees work solely on the angel network, integrated directly with investment and ops teams.
Culture is the differentiator — not capital
Every new angel submits a motivation letter and CV. Each current member has veto rights. And the core value? “The honourable merchant.” Long-term thinking, shared upside, no tricks. It's what gives the model both durability and edge.
Seven unicorns. Zero cold outreach.
Every unicorn Florian seeded came from an angel in the network. Whether it’s DeepL via Jörg Rheinboldt or 1.5° via mentor-turned-lead angel Michael Hinderer, the model is the pipeline.
When angels lead, and the fund co-invests
Florian breaks down their governance model: angels sometimes lead boards, even when the fund follows. Co-leads are common, but the fund always takes its own decision. In Fund 1, they didn’t — and they’ve since course-corrected.
Forget unicorns — aim for a trillion
“If we don’t think about €1T outcomes in Europe, they’ll never happen.” Florian shares why listing isn’t a goal, why EBITDA still matters, and why he backs founders who build like it’s not about valuation headlines.
The 90/10 rule — and the DPI wake-up
90% of b2v’s investments chase large outcomes. 10% are lower-risk bets designed to return capital within the fund’s life. It’s not theoretical: they used this in Funds 1 & 2. They dropped it in Funds 3 & 4. They regret it — and they’ve brought it back.
Connect with Europe’s leading LPs, Family Offices & Fund of Funds this September at Château de Beloeil.
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