Today, we have a newsletter edition that we’re pretty excited about. Let’s get into it.
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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.
Mike Reiner, Fred Destin and Rupda on founder-VC dynamics and how deep personal work is reshaping our relationships
In this episode of the EUVC podcast, Andreas is joined by Mike Reiner, General Partner at 432 Legacy, Fred Destin from Stride, and Rupda, a coach specializing in deep work retreats. The conversation explores the role of inner work in venture capital, highlighting its potential to improve founder-investor relationships, reduce burnout, and foster personal growth.
Mike shares how 432 Legacy integrates coaching and self-development into its seed-stage investment strategy. Fred discusses his focus on enhancing trust and presence in boardrooms, and Rupda explains the transformative power of group retreats for addressing stress and building resilience.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
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✍️ Show notes
Create a Safe Space for Founders’ Holistic Growth
Founders often face burnout or interpersonal conflicts that lead to startup failures. Providing opportunities for deep personal work helps founders become more resilient, grounded, and self-aware. This ultimately improves their ability to lead, make decisions, and navigate challenges in their businesses.
Around 20% of startups fail due to team and founder conflicts, highlighting the need for personal development alongside business growth.
Addressing personal struggles, such as divorce or family issues, has a direct positive impact on a founder’s business performance.
Helping founders navigate their own journeys, including dealing with unresolved trauma, reduces anxiety and increases their sense of purpose and happiness
Prioritize Presence and Emotional Intelligence in Leadership
Effective leadership depends on the ability to build trust, navigate complex human dynamics, and stay emotionally present. By focusing on these skills, leaders can foster stronger relationships with their teams and improve the quality of their decision-making, particularly in high-stakes, fast-moving environments.
Leadership effectiveness is tied to emotional presence and the ability to manage complexity in relationships and organizations.
Presence allows leaders to listen deeply, understand emotional states, and focus without being overwhelmed by fear, anger, or guilt.
Developing these skills helps investors and board members create better founder relationships, improving trust and collaboration.
Harness the Unique Power of Group Retreats
Retreats offer a fully immersive environment, often disconnected from daily distractions, where participants can engage in somatic and emotional work. The collective energy of a group amplifies the experience, enabling individuals to process emotions more deeply and achieve personal breakthroughs faster than through traditional one-on-one therapy.
Group retreats create an environment of trust, enabling participants to share deeply personal experiences and explore their emotions.
Somatic work, such as addressing stored anger or tension, leads to profound physical and emotional releases, fostering personal transformation.
Participants often experience breakthroughs, such as new perceptions of self or a sense of empowerment, within just a few days.
Foster Deeper Collaboration in the Tech Ecosystem
Participating in personal development alongside peers in the tech and VC community strengthens professional bonds. Founders and investors gain a new level of trust and empathy, creating a foundation for more authentic and impactful collaboration within the ecosystem.
Shared personal growth within the tech and VC ecosystem enhances collaboration and trust among participants.
The vulnerability shared during retreats breaks down professional barriers and builds genuine empathy between founders and VCs.
Participants leave with a deeper understanding of their peers, improving long-term relationships within the ecosystem.
Build Lifelong Connections Through Shared Vulnerability
Retreat participants often form lasting connections, rooted in shared vulnerability and deep personal revelations. These relationships create a powerful network of support, where members feel seen and valued beyond their professional roles, fostering a sense of community that transcends business interests.
Retreat attendees often report feeling closer to group members after a few days than to some long-term friends.
The trust built in the group setting leads to lifelong relationships, where members actively support one another personally and professionally.
These bonds create a unique network of allies who prioritize shared growth and mutual respect over transactional interactions.
DN Capital and 2hearts’ Gülsah Wilke on being the person she needed when she was younger
Guest post by Robin Haak, Founder and Managing Partner at Robin Capital | Originally published on Robin Capital.
Robin Haak: Hello! It’s really great to have you with us today. I wanted to start by jumping into a statistic you posted on LinkedIn—only about 15% of partners in Venture Capital are women, right? Could you tell me what it’s been like for you as one of those 15%?
Gülsah Wilke: I joined DN Capital at the beginning of this year, so it has only been a little more than eight months. I’m not only the first partner in Germany that DN has ever hired but also the first female partner in a partnership of six. So far, I’ve experienced a very supportive environment where my male partner colleagues were excited to have a woman on board to bring a diversity of perspectives. I’m not just the only woman, I also bring diversity in terms of my professional background.
Steve and Nenad, co-founded DN Capital more than 20 years ago after they met during their MBA studies at Harvard. They decided to leave the U.S. and invest in Europe, seeing great potential here. We were one of the first Venture Capital firms to believe in Germany and Europe at large and started investing very early on alongside firms like Earlybird and Acton.
At the same time, partners like Guy and Thomas have been with the firm since they were juniors—about eight to ten years, at least. The last partner joined around five or six years ago and was previously the Managing Director of HelloFresh UK. In short, all of them have been with the firm for at least five to ten years.
Could you elaborate on how your unique background, as both an operator and a VC, shapes your approach within the firm?
So, almost all of my partner colleagues have a VC background, whereas I have a more diverse professional background. I worked as a consultant for about six years at IBM and McKinsey and then led investment activities at a media company called Axel Springer, focusing on later-stage investments and M&A. I also operated as the COO of a digital health company called ADA Health at the Series B stage. Additionally, I co-founded my own organization, 2hearts which is centered around impact entrepreneurship. So, I’m not just the only woman in the partnership, but I bring different perspectives beyond traditional VC. I believe this diversity is helpful because partnerships need to be complementary in skills and backgrounds, not just in gender.
What was it about this particular job that excited you?
I used to work on the investment side, more in later-stage investments, where I enjoyed exploring different business models and putting myself in a position to quickly understand new markets and get to know teams. I then decided to step into the operational side to practice what I preached and gain hands-on experience as an operator, which was incredible. I was Chief Operating Officer, responsible for legal, regulatory, marketing, strategy & operations, and communications—a wide range of responsibilities.
This operational experience helped me put myself in the shoes of the founders I ultimately invested in and will continue to invest in. After these two phases, I decided to return to investing because I love the intellectual challenge of understanding new business models, getting to know founding teams, and discovering innovations that could ideally have a positive impact on the world. This is something I deeply enjoy, and I believe I can do this effectively in my current role as a partner at DN Capital.
You've been committed—not only with 2hearts but also in your new role— to backing not only the best founders but also leveling the playing field by helping people who might not normally have access to funding. How are you doing that?
First, it’s about having an opportunity to see them. To do this, you need truly diverse and complementary deal-sourcing channels. Here, I’d say that my diverse professional background and founding of 2hearts—which now has over 3,000 members from 150 nationalities across Europe—give me a unique way to connect with underrepresented founders. That’s the first part—being able to identify and see founders who aren’t the “usual” ones coming from certain universities or with certain track records.
The second part is having an open mind and as little bias as possible. It’s about not just looking at a founder on paper and taking a call or meeting out of courtesy, but remaining open to different types of founder profiles and listening to the potential behind the idea. And third, it’s about being a voice, an ambassador, and a multiplier for these founders. In partnerships, particularly in VC, there’s often agreement on the obvious, like “This founder is great!” but it’s less about asking the tough questions.
Could you share an example of how you encourage founders to prioritize diversity in their leadership?
Yes, for example, we recently looked into a company targeting women with its products, and when I saw the leadership slide, there were at least seven, eight, or maybe even ten men. I wasn’t impressed to see that there weren’t any women in leadership. Don't get me wrong. If this were a deep-tech company where you might not have that many women or something that requires niche technical skills, it could be different, but when your main audience is women, it makes plain business sense to have women in leadership - and not just for diversity's sake. So, I spoke up about it. It’s not only about supporting diverse founders, but also about calling out a lack of diversity when we see it—always respectfully, of course, but directly. Because without pointing it out, you can never ignite change.
Talking of founders with migration backgrounds, what do you think it is about the experience of living in a country that isn’t your own—that can make someone well-suited for entrepreneurship?
I mean there are so many parallels between starting a new endeavor and founding your own company with all the unknowns and risks involved and moving to a new country. Both require courage, being comfortable with uncertainty and taking risks, and, at times, being quite alone with your vision. But if you are driven, hungry to make it work, and don’t have a plan B, you can be successful.
Also, many migrant founders have what we at 2hearts call “two hearts”—one connected to their culture of origin and one to their current home. They’ve adapted to new cultures, languages, and even religions often without a Plan B.. They’ve always had to deal with adversity, question marks, and uncertainty, which creates resilience, adaptability, and hunger for success, and this makes you develop a kind of muscle, which is a muscle of resilience. You also get comfortable with standing out and you develop coping mechanisms for this. There’s an intensity in the drive for success because it’s often “all in” for them. And for us as investors, this hunger and determination are exactly what we look for, because building a company is a marathon, not a sprint.
Growing up with two cultures must have shaped you profoundly. What was it like for you navigating life with “two hearts”?
To be honest, it’s been a journey. I always say I was a super shy girl. People who know me now laugh at that, but as a child, I was really shy. Growing up in Germany, I looked different from my friends—most were blonde, and I had long dark hair. At home, we spoke Turkish, which none of my friends did, so I learned German properly only in elementary school. Even the celebrations were different, while others had Christmas, we partly celebrated it and had a tree, but we celebrated different holidays.
Early on, I tried to blend in, but I realized that being silent wasn’t the answer. I wouldn’t progress. Over time, I learned to embrace my differences, not hide them. I had to stand up for equal opportunities, and that has shaped me professionally as well. I’ve often been the youngest, the only woman, the only migrant in white, male-dominated spaces. Now, instead of trying to blend in, I stand out and see it as a strength. Wherever I go, I choose to stand out and use it to my advantage, maybe even my superpower.
Back in the day, and sometimes even now, people would underestimate me. They’d think I'm an assistant or the intern whatsoever and then realize, “Hey, she’s the boss, she's super smart, she's calling the shots here.” The surprise factor didn’t demotivate or frustrate me, quite the opposite. It made me want to work harder, open doors, and leave doors open for those who are coming after me with similar backgrounds and ideas.
That’s such a powerful shift! It’s a complex topic, it sounds like you’ve found a way to make both cultures a part of who you are.
Yeah. It's also beautiful. For me, it’s about embracing both. Some might focus more on one culture than the other, but for me, it’s always been a combination of both. Staying connected to my roots is crucial to who I am.
So, what drew you into Venture Capital? What made you decide, “This is where I want to be”?
For me, there are two sides to this. First, on a professional level, I love the intellectual challenge—diving deep into new markets, quickly understanding founding teams, and spotting potential. It plays to my strengths: communication, industry variety, and adaptability. But on the idealistic side, I wanted to make a difference. I co-founded 2hearts and moved from Corporate Venture Capital to hands-on operations in tech because I wanted to drive change and make a statement; not only should there be more women in the industry, but also having more women on the top of these Venture Capital firms has a positive financial impact and can make companies more successful. We’re all familiar with the negative articles about women not staying in Venture Capital because they don't think they are being seen, and they don't get to call the shots. But the thing is, young women read this and they are demotivated. And I don't think that's the solution to the problem. When it comes to narratives, we have to put more positive examples of women in the spotlight; female role models to motivate and inspire more women to dare, to go into Venture Capital. We need to break down these walls - so other women can follow.
Speaking of positive narratives and role models, would you say there were any role models for you?
In Venture Capital specifically, not many. It’s still a young industry, so most of the women I admire, like those leading their funds, are at the same seniority as I am. Early in my career, though, I looked up to Sheryl Sandberg. Her “Lean In” message—don’t hide the fact that you are a woman, ask for that raise, take a seat at the table—really inspired me.
Another woman who inspires me is Melinda French Gates. She launched Pivotal Ventures, her personal investment and incubation company, which focuses on supporting diverse founding teams, including women and migrants, and invests in companies that make a positive impact on society in areas like health and education. That approach resonates with me deeply—it’s about combining the power of capital with a commitment to creating real social impact. She’s truly a role model for me in that regard.
And now you’re a Goalkeeper for the Bill and Melinda Gates Foundation. What does that role entail?
First of all, what I appreciate about that role—and something I believe we as venture capitalists should be much better at—is being intersectionally connected. For instance, you, Robin, do this very well, but too few investors focus on it. It means staying connected with leaders across fields: politics, engineering, civil society, economics, and tech. It’s so important to create a real impact within the companies we invest in, especially since so many of them operate at intersections of these sectors.
For me, the Goalkeeper community is all about that. It’s a network of global leaders who use their voices and organizations to advance one of the 17 Sustainable Development Goals (SDGs) of the United Nations through their work in NGOs, governments, civil society, and the economy. And I think that, for me, this is a very fruitful and inspiring ground to thrive and become better in what I’m doing—not only at 2hearts but also at DN Capital. The role involves connecting with other global Goalkeepers, exchanging thoughts, and creating a positive impact on these SDG goals, not only within Germany but beyond. At the same time, it’s about positively influencing our governments to work on these issues. Germany is one of the biggest donors to the United Nations and foreign aid globally, so it’s crucial that we don’t reduce or cut these expenses. As Goalkeepers, we advocate for these efforts alongside our specific SDG goals. In my case, that means work and a positive work environment, as well as access to education, diversity, women’s rights, and equal opportunities.
What drives you?
I love doing deals, and I want to make more investments in underrepresented founders who are creating impact. I always say that I’m not interested in certain types of investments—for example, mattresses just aren’t for me. When I see a company, it needs to excite me. I need to see the sense behind it and the potential impact it could have on people’s lives. And don’t get me wrong; it doesn’t always have to be about saving the world, like providing universal health access. It could be something simpler, like creating a new category of sports that helps young people get involved, not miss out and move more. So, it could mean many different things, but I really want to invest in the best founders, regardless of background, who are working on things that, in my view, positively impact our world.
Outside of work, what grounds you? You wear a lot of hats professionally, so how do you find balance?
The biggest source of balance for me—and my reality check—is my kids. I have two sons, aged three and six. When you’re at home, there’s no “German office” or “founder” title—they don’t care about any of that. It’s a great way to stay grounded. I wouldn’t say it’s always relaxing, but it’s grounding, and it helps me switch off from work and focus on them. Even at DN, I really appreciate that my partner colleagues understand and support this balance.
For example, today, I’ll pick up my youngest from school at 4 pm, then we’ll pick up my older son from basketball at 5 pm. I’m also about to close a deal, and someone asked, “Can you do a call earlier?” I said I won’t be taking any calls until 8 pm. The lawyers are on the U.S. West Coast, so I’ll join the call after 8 pm, but not during the hours of 4 pm - 8 pm, because that’s my family time today specifically.
How do you balance family time with work?
Well, it doesn’t impact the lawyers, but it can make a difference for colleagues who don’t have kids. It helps to be a Partner at a firm in situations like this: so I can set time for my family. It’s super important, and I’m grateful to work with people who respect that. Another thing that grounds me is my family and friends—they remind me of who I am, where I come from, and my roots. Sometimes, in the venture capital world, all these professional events and presentations can feel a bit shallow and overwhelming. There’s always positive feedback, and it’s good to be grounded by reconnecting with where you came from, your values, and the people who’ve known you for ages.
The third thing, to be honest, is just doing nothing! I really like watching “trash TV.” After a day of constant intellectual challenges, being “on” all the time, sometimes it just helps to watch something easy-going, to switch off and stop thinking. It’s my guilty pleasure.
Oh, and just one last thing that I try to do every day—it’s kind of a constant for me—is build in a little bit of exercise. I do short Pilates or yoga workouts, just 10-15 minutes a day. I don’t do marathons or intense training. Some people love going all out, but I have two kids, a full-time job, an NGO… I don’t need another thrill in my life! But I do need physical movement to feel good, and for me, it’s those 10-15 minutes daily, unless I’m really sick.
OK, last question, what would you say are your top three achievements? They can be personal or professional.
My kids, definitely. It’s the most intense physical and emotional experience I’ve been through—carrying my kids, being pregnant, having them, and now being a mom for six years. It changes who you are. It prepares you for professional life too, because you learn to take responsibility, deal with stress, and communicate positively. These skills are essential in business, especially in our field.
The second would be starting 2hearts. It’s something that has grown beyond me. I always wanted to be the person I needed when I was younger, but I realized I couldn’t do it alone. I can’t mentor hundreds of young people—there are only so many hours in the day. Now, with 2hearts, we have a mentorship program with hundreds of mentors, and we support more than 200 mentees each year. So, it has allowed me to help more people beyond my own capacity as a mentor.
Supporting people at scale like that is really impactful.
Exactly. It’s about being there for people beyond myself, being the person I needed when I was younger. The third thing that makes me proud is where I am today, given my background. It’s not about financial status—it’s about breaking out of a cycle. I’m the first one in my family to be born in Germany, to speak fluent German, to attend university and to step into rooms that were once closed to people like me. It makes me proud to see myself in these “rooms of power“ and more importantly let others in.
Thank you for your time and honesty—it really means a lot.
Thank you, Robin! One thing about being around long enough is that you learn to be brutally honest, and I don’t care what others think of me anymore. There’s no right or wrong way to be. Early in my career, people told me not to show emotions, not to laugh too much, not to be too open, not to wear so much jewelry, not to talk about my kids or my health. But who made these rules? I do all of that because that’s who I am, and it works. We can rewrite the rules and be role models for others. It’s super important.
With something like this call with the lawyers today, it sets an example. One day, a colleague might find themselves in the same situation, whether they have kids or just need time for themselves. It’s about having the room to reserve time for family or personal matters. It’s all about balance.
Absolutely. It sounds like you’re paving the way for a better future where everyone has that freedom.
I hope so. It could be sports, a family event, or just time to recharge. I’m not a fan of saying, “I’m too busy with other meetings.” No, it’s about being clear on what’s important.
5 things I’ve used ChatGPT for in the last week
Guest post by Estia Ryan, Principal & Head of Research at Eka Ventures. | Originally published on Eka Ventures Newsletter.
We’re bringing you a slightly different newsletter today, which is a reflection on my (increasingly daily) use of ChatGPT. While I still don’t consider myself a super-user, and estimate >70% of my queries on ChatGPT to be work related, I’ve definitely noticed a shift towards non-work queries.
Given our consumer lens at Eka, I thought it was worth sharing how I’m increasingly leveraging GPT for everyday tasks. I remain very excited to see more applications built on top of this because, as we’ll see, there is still a long way to go for many use cases.
Sentiment Shapes Success⎟How Market Optimism Is Driving A New IPO Wave
Guest post by Patric Hellermann, General Partner at Foundamental. | Originally published on Foundamental.
We've spent much of 2023 and early 2024 advising founders to prepare for a market where capital isn't readily available. But the winds are shifting. Recent weeks have shown a decisive turn in market sentiment, particularly following the US election results. This shift isn't just about politics - it's about certainty and confidence returning to the markets.
The impact of sentiment on business decisions can be dramatic. A founder shared a conversation with their customer, a major general contractor, who planned to either cut 10% of staff or hire 25% more based solely on the election outcome. While such reactions might seem extreme, they illustrate how sentiment drives real business decisions.
Some things are made for platforms - music, cabs & pizzas. But fund solutions aren’t one of them. Their individual client focus and regulation-first approach is your guarantee for flexible solutions accommodative to a broad range of deal and client specifics. The kicker? Prices that match any of the shelf-products in the market.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere complete with presentations, templates and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
✍🏻 EUVC Masterclass | Marketing & VC Fund Narrative
Your brand is everything. It’s what sets you apart, helps you win the best deals, attract LPs, and ultimately drive your growth. For emerging fund managers, building a credible brand and establishing the right marketing foundations early on are game-changers. Yet, many don’t know where to begin.
Your fund’s narrative is what makes the difference between an LP glancing at your deck or deciding they’re ready to write a check. It’s your brand that makes LPs feel confident they’re partnering with someone who knows how to make magic happen.
We’re planning a masterclass on building strong marketing foundations with a top industry leader. If enough people show interest, we’ll make it happen.
EUVC Masterclass: Benchmarketing for GPs & LPs
In venture, knowledge is power—and benchmarking is the key to unlocking it. Understanding where you stand against your peers is what makes you set realistic expectations, and drive portfolio performance.
For GPs, benchmarking can reveal the strengths and weaknesses of your portfolio, while for LPs, it provides a clearer picture of where your commitments stand in the broader market. Yet, many don't know how to effectively utilize benchmarking tools or interpret the data.
We’re planning a masterclass on mastering the art of benchmarking, led by a top expert in the industry. If enough people express interest, we’ll make it happen!
💬 EUVC Community | LP AMA with Vinthera’s Rodrigo Ferreira
Join us for an exclusive AMA session with Rodrigo Ferreira Investment Director at Vinthera.
Prior to joining Vinthera, Rodrigo Ferreira gained 5 years of experience backing VC fund managers across the globe as Principal and Investment Team lead at boutique fund of funds firm BFP. There he played a key role in over 20 fund investments and managed a portfolio of more than 50 funds with top decile aggregate returns.
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.
🗓️ 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!
GoWest | 📆 28 - 30 January 2025 | 🇸🇪 Gothenburg, Sweden
Investors Summit Bilbao 2025 | 📆 11 - 12 February 2025 | 🇪🇸 Bilbao, Spain
0100 DACH 2025 | 📆 18 - 20 Feb 2025 | 🇦🇹 Vienna, Austria
0100 Europe 2025 | 📆 02 - 04 April 2025 | 🇳🇱 Amsterdam, The Netherlands
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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