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Investing and scaling in Portugal, fund modeling, maternity in venture, and more

Learn directly from Notion Capital, Adara Ventures, Indico Capital Partners, Speedinvest and other leading European companies and VCs.

Dec 26, 2024

Transcript

Here we go, with the last newsletter of 2024, and let’s get right into it.

🎧 New podcast episode on investing and scaling in Portugal and beyond

Looking for more insights? Here are some great articles that were featured recently on our community platform.

📝 Smart Solutions in Healthcare: How AI is Shaping the Future of Medicine

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.

Show your interest

Panel discussion on investing and scaling in Portugal and beyond

In this episode of the EUVC podcast, Dan Taylor, former journalist and Director of Content at CEW Communications is joined by

Itxaso del Palacio, General Partner at Notion Capital
Nico Goulet, Founding Partner at Adara Ventures
Stefan Mores, Managing Partner at Indico Capital Partners.

Together, they explore the dynamics of the Iberian startup and VC ecosystem, highlighting the region's strengths, challenges, and future potential.

The conversation dives into what makes Iberia an attractive hub for tech talent and investment, the unique advantages of Portugal and Spain, and the critical role of local and global markets in shaping the success of startups.

Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.

What makes Portugal and Iberia an attractive tech hub within Europe?

Itxaso del Palacio:

Critical mass of technical talent at affordable prices.
Smart money with empathetic investors.
Growth mindset fostered by alumni of successful businesses.

Nico Goulet:

High-quality, affordable talent with global ambitions.
Increasing global footprint from companies born in Iberia.
Cultural and lifestyle benefits attracting international talent.

Stefan Mores:

Diverse, hardworking, and loyal local talent.
Improved expertise in sales and marketing over the years.
Lack of a local market drives companies to go global from day one.

What strengths does the Portuguese ecosystem have that are not found in Spain, Germany, or France?

Stefan Mores:

Strong work ethic and hunger due to historical economic challenges.
Creative, problem-solving mentality suited to startups.
Lower turnover rates for employees, fostering stability.
Lisbon attracts diverse global talent due to lifestyle and culture.

Why should top talent relocate to Spain over Portugal?

Nico Goulet:

Strong global buyers (e.g., Santander, Telefónica) create global exposure.
Established industries like banking and telecom boost the ecosystem.
Spain offers more mature funds and local exit opportunities.
Diverse regional options beyond Barcelona, such as Madrid.

Stefan Mores:

Spain has a more developed VC ecosystem, leading to easier local exits.

How does Iberia compare to the other markets that you engage with? Strengths? Weaknesses?

Itxaso del Palacio:

Strong multinational buyers help startups scale globally.
Access to Latin America markets provides an advantage.
Need for larger funds to support follow-on rounds locally.

What are some of the challenges facing startups in Iberia, and how do they compare to other markets?

Itxaso del Palacio:

Difficulty scaling internationally due to a local focus in some companies.
Misalignment between investors' goals and entrepreneurs' ambitions.
High quality of life may discourage larger, riskier ambitions.

Stefan Mores:

Lack of local role models and major exits reduces ambition.
Limited access to capital compared to Northern Europe or the US.
Competition in deep tech innovation is increasingly difficult.

Can Europe compete with the Americas and China in tech? What needs to happen?

Nico Goulet:

Access to global educational content can help bridge gaps.
Current limitations in funding and density of talent compared to the US.
Startups must adapt to shifts in technology (e.g., edge computing in AI).

What does the Iberian startup and VC system look like five years from now?

Itxaso del Palacio:

Three to five global category leaders will emerge.
Larger funds to support growing ecosystems.

Stefan Mores:

Significant IPOs and exits, such as Anchorage Digital and Babel.

Nico Goulet:

Market recovery will drive exits.
Consolidation of experienced, multi-generation funds.

Why VCs need to master fund modeling

by David Cruz e Silva, an operator turned angel LP and founder of eu.vc

Let's be real! Venture capital can feel like a mystery even when you're in the thick of it.

Fund modeling? Well, it's one of those things that people love to nod along to but don't always fully grasp. And here's the kicker: it's essential to get it right. Whether running a $30M fund or eyeing that $250M raise, your venture capital financial model is the foundation of everything.

The decisions you make, the investments you chase, and even the exits you hope for are all tied back to the venture capital fund model Excel sheet you built on day one.

Read the full story here

Maternity in Venture Capital: 7 in 10 Women Concerned About the Return to Work

Guest post by Sophie Winwood, co-founder & CEO of WVC:E.

The venture capital industry remains male-dominated despite relatively rapid progress in recent decades. Women comprise 16 per cent of European General Partners, and women comprise only a third of investing teams. In the UK, there has been no change in the gender composition of teams since 2019, with female representation flat at 30 per cent.

Data from 120 respondents from 20 European countries and various fund sizes has revealed the following.

Over two-thirds (71 per cent) of women planning on having children or more children were concerned about returning to work in venture capital, and one in five respondents (20 per cent) were very concerned.
Almost 80 per cent of respondents felt there was room for improvement in their return to work process, and just over one in three (38 per cent) said there was considerable room for improvement.
The top three concerns shared by respondents were career progression/promotion opportunities (32 per cent), the long-term sustainability of working in VC and parenting (25 per cent), and establishing boundaries, e.g., evening events (23 per cent).
84 per cent of respondents were concerned about parental leave (the amount of time off or the pay level).

Read the full story here

Smart Solutions in Healthcare: How AI is Shaping the Future of Medicine

Guest post by Speedinvest. | Originally published on Speedinvest blog.

In recent years, artificial intelligence (AI) and data-driven tools have made waves in the healthcare sector, driving innovation and transforming patient care. As one of the least digitized industries, healthcare is finally beginning to catch up, and the impact is profound.

Speedinvest joined forces with Dealroom and took a detailed dive into the current landscape of trends, emerging technologies, and young companies on the breach to disrupt old systems.

Read the full story here

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.

Learn more

Get in touch with Mara

🤗 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.

Join the EUVC community

EUVC Masterclass: VC Fund Performance Benchmarking

Benchmarking is more than just numbers - it’s a critical tool for GPs and LPs to measure performance, position funds effectively, and align with market expectations. Join us for this 2-hour masterclass designed to demystify VC benchmarking and provide actionable insights to navigate key metrics like IRR, TVPI, DPI and PME.

Led by Joe Schorge, Managing Partner of Isomer Capital, this session will help you understand how LPs think, how benchmarks are created and - most importantly - how to use them to evaluate performance, communicate results, and position your fund confidently in the market.

Join the masterclass here

💬 EUVC Community | LP AMA with AQVC’s Marius Weber

Join us for an exclusive AMA session with Marius Weber, Founding Partner at AQVC.

After a history as a co-founder of startups and a manager of several VC funds over the last 15 years, in 2021 Marius Weber partnered with his long time friends Marcus and Oliver and co-founded AQVC, a tech enabled asset manager for Venture Capital which is divided in two departments.

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. Reserve your spot now to ensure you don’t miss this opportunity.

Become EUVC Community member

✍🏻 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.

Show your interest