Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.
This week, Andreas Munk Holm sits down with Nicholas Nelson, founding GP of Archangel, the new defense-first fund going all in on the blunt reality of European strategic autonomy.
Nicholas is no newcomer to this. From advising governments to serving in Afghanistan, launching syndicates, or building dual-use bridges when few wanted to touch defense, he’s stayed on the same mission while the market shifted all around him.
In this episode, Nicholas breaks down why Europe needs unapologetic defense-first investing, why dual-use alone won’t cut it, and what founders, LPs, and co-investors must face up to if they’re serious about Europe’s sovereignty.
Here’s what’s covered:
00:00 | Nicholas Nelson’s journey: from service to syndicates to Archangel
02:00 | Two decades of doing defense before it was cool
04:00 | Why now? Why real defense? Why not just dual-use?
07:00 | The war tech shift: tanks out, rapid iteration in
10:00 | Ukraine’s ‘hourly sprints’—why on-the-ground matters
13:00 | Deterrence, lethality & Europe’s strategic gap
16:00 | When dual-use brands muddy the water (and why that’s risky)
19:00 | The bullets & bombs dilemma: investing when LPs say no
22:00 | Primes, vendor lock & the truth about the military industrial complex
26:00 | ESG tensions: Europe’s extra layer of complexity
30:00 | The pan-European Anduril myth—why it doesn’t map
34:00 | Local vs. pan-European scaling: what’s realistic
37:00 | Exit routes & why the big growth rounds go abroad
40:00 | The flywheel we didn’t get to—coming in part two
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation 🎧
✍️ Show Notes
Defense > Dual-Use
Nick explains the difference in one line: real defense means your warfighter is your main customer. Dual-use isn’t bad—but selling a widget once to the MoD doesn’t make you a defense company.
Ukraine as a Test Lab
Nick breaks down how Ukraine turned theoretical defense tech into a live iteration loop. From drones to data, success means deploying, failing, and fixing—daily, not yearly.
Primes Are Partners (and Gatekeepers)
Don’t dismiss the old guard. For any startup wanting to get from pilot to program, the primes are still the bridge. Just know who to work with—and when to go direct.
The Anduril Mirage
Why the EU’s patchwork of landed requirements, defense offsets, and ESG barriers means a single pan-European mega-scale prime is unlikely. But regional champions? That’s the play.
Strategic Autonomy Means Local Exits
Europe risks building winners—just to lose them in foreign acquisitions. For Nick, building defense-first means building independence, not dependencies.
💡 Founder Takeaway
Defense isn’t about hype—it’s about deterrence. Dual-use isn’t wrong—just say what you really do. If you want to build in this space, own it, be clear, and know that real impact—and real returns—require real defense-first courage.
Connect with Europe’s leading LPs, Family Offices & Fund of Funds this September at Château de Beloeil.
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Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.
Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.
Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.
Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.
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