Hi friends,

Infrastructure is the thread this week. From carbon removal to crypto, the focus shifts from ideas to systems that scale, monetise and integrate into the real economy.

Henrietta Moon of Carbo Culture lays out how carbon removal becomes viable through diversified revenue and industrial deployment, while Simone Maini (Elliptic) and Jay Wilson (AlbionVC) unpack crypto’s move towards measurable risk and institutional infrastructure. Alongside that, we look at how AI is reshaping software operations and starting to fix deeply broken construction workflows.

In a new masterclass, Marc Penkala, General Partner at āltitude, breaks down fund modelling, showing how portfolio construction and capital allocation drive outcomes at fund level.

With the EUVC Summit on April 22 coming up, we’re revealing another group of speakers shaping Europe’s next chapter in tech.

Debbie Wosskow OBE, multi-exit entrepreneur and Co-Chair of the UK’s Invest in Women Taskforce, is driving investment into female-led businesses, while Jan Goetz, CEO and Co-Founder of IQM Quantum Computers, is advancing quantum systems for real-world applications.

Krishna Visvanathan, Co-Founder and Partner at Crane, brings two decades of backing founders across the enterprise stack. Also joining, Harrison Rose, Co-Founder of GoodFit and Paddle, is helping companies scale through sharper GTM data and simplified global payments. To hear how Europe’s leading builders and backers think, join us.

We hope you enjoy this edition.

with 💖
David & Andreas

Fund Modelling in VC: Portfolio Construction & Decomposition

In the latest EUVC Academy masterclass with Marc Penkala, General Partner at āltitude, we break down fund modelling in venture capital with a focus on portfolio construction and decomposition. The session shows how outcomes are shaped less by individual picks and more by how capital is deployed, structured and managed across the portfolio.

Using a practical, model-driven approach, it covers how to build across initial and follow-on investments, track portfolio evolution and understand performance through asset growth, write-offs and exits. The focus is on linking investment decisions and trade-offs directly to overall fund performance.

Henrietta Moon, Carbo Culture on Building Multi-Revenue Carbon Removal

In the latest episode of Leaders Shaping a Resilient Planet, hosted by Andreas Munk Holm and Carmel Rafaeli, Founding Partner at The Table, Henrietta Moon, CEO and Co-Founder of Carbo Culture, explains what it takes to scale carbon removal from concept to infrastructure.

With warming targets at risk, emissions cuts alone are no longer enough. In response, Carbo Culture is building industrial-scale biochar systems that convert biomass into stable carbon, locking CO₂ away for centuries.

Topics covered:

Simone Maini (Elliptic) & Jay Wilson (AlbionVC): From Hype to Infrastructure? Crypto’s Second Act

Are digital assets finally moving from hype to real financial infrastructure? In this new episode of the EUVC podcast, Andreas Munk Holm is joined by Simone Maini, CEO of Elliptic, and Jay Wilson, Partner at AlbionVC, to unpack how crypto is becoming a more mature, risk-understood part of the financial system.

At the core is a shift from uncertainty to quantifiable risk. Here, Elliptic helps institutions understand counterparties, trace fund flows and assess exposure. On the investor side, Jay points to the infrastructure layer, where real value is increasingly built.

Discussion topics:

Anthropic Overtakes OpenAI, IPO Wave Looms and Europe’s AI Moment

Anthropic has pulled ahead of OpenAI on revenue, with Europe becoming a key AI battleground. The latest episode of This Week in European Tech examines whether this growth can justify AI investment and how enterprise adoption and new models are shaping competition.

Dan Bowyer (SuperSeed) and Lomax Ward (Outsized Ventures) also cover the impact of mega IPOs on liquidity, Jamie Dimon’s warnings on inflation and private credit, the shift in climate investing towards energy security, and the move to software-led defence systems.

Key highlights

Hyground Raises €3M to Rethink Software Operations with Sovereign AI

Hyground is building a new category in enterprise IT with its Sovereign SRE Agent, automating software operations beyond on-call incident response. In this live interview, Andreas Munk Holm speaks with Dominik Rehbock, Co-Founder and CEO, following a €3 million pre-seed round backed by Partech and others.

Hyground tackles system complexity and downtime by unifying observability, infrastructure and documentation into one actionable, sovereign system.

Why Construction Is Broken — and How AI Might Finally Fix It

In this live interview, Kanav Hasija, co-founder and CEO of MeltPlan, explains why planning is central to construction and what AI finally unlocks, while Jess Clemans, Principal at noa, shares the investor view on the space.

The conversation explores how AI turns documents and drawings into usable insight, how fragmented teams and workflows impact outcomes and what new systems can enable.