Here we go, with a new packed newsletter for you. Let’s get into it.
We’ve also got more standout submissions on the community insights platform to share:
📝 How Retail Investors Can Research Early-Stage Companies in 15 Minutes
💌 Blockchain Meets The Energy Grid: Exploring Energy DePIN's Potential
To get featured, go here.
The EU is officially working on a pan-European legal entity set to launch in early 2025.
But instead of sitting back and hoping for the best, EU-Inc have roll up their sleeves and released an open-source version first-draft of how the EU-Inc could look, together with a few legal experts in the European ecosystem.
What we can do? Share our contribution here as soon as possible. We’ve got until January 15th to finalize the draft.
Also, a quick reminder - we have a London-based amazing marketing, community, and events lead with a proven track record of supporting startups and VCs that is seeking permanent and/or contract opportunities. If you have any open opportunities or know the right place DM us at a@eu.vc to connect.
Leadwind's Miguel Arias & Acrobator's Joachim Laqueur in conversation with MiLaboratories's founder on the investor/founder dynamics behind building and scaling a company
Welcome to a special episode of the EUVC podcast! This time, we’re experimenting with a new format where we bring together a founder and two of their key investors to uncover the dynamics behind building and scaling a venture-backed company.
In this episode, we’re joined by Stanislav Poslavsky, CEO and Co-Founder of MiLaboratories, a US-based biotech company founded in 2021. Focused on providing innovative solutions for genomic research, MiLaboratories operates on a B2B revenue model, catering to bioinformaticians and biologists in academic and pharmaceutical settings across the US, EU, and UK.
Joachim Laqueur, Founding Partner at Acrobator Ventures, a seed-stage investment firm with €28M in assets under management. Based in the Netherlands, Joachim specializes in backing global startups with a focus on Europe and the US, targeting B2B software and software-enabled hardware.
Miguel Arias, General Partner at KFund, €225M early growth fund, with €650M in assets under management. Based in Spain, Miguel focuses on Series A and B investments across Southern Europe and Latin America, targeting enabling technologies such as AI, IoT, and digital infrastructure.
Together, we explore how MiLaboratories secured its place in their portfolios, the process of building conviction across investment stages, and the unique challenges and opportunities of funding a biotech company in today’s landscape. Expect deep dives into deal-making dynamics, the art of company building, and even a few lighthearted moments that reveal the human side of venture capital.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
Investors Summit Bilbao 2025: Exclusive Networking for Industry Leaders
Join Startup Wise Guys in Bilbao this February for the SWG Investors Summit 2025 – where global investors meet game-changing startups. Connect, collaborate, and shape the future of innovation in Europe.
✍️ Show notes
Part 1: The Inception Story
Seed investor notes
Via an associate at Mubadala who knows Alexey while we were in DD with them.
We initially lost the lead to Speedinvest as they offered a more complete story as a health tech/bio tech investor
Asked Stan if he would be willing to extend the size of the round to accommodate us.
3 RU visionary scientists, mission to keep the product free for academia, instrumental in the search for covid vaccine leads.
Founder notes
We were in an active fundraising process for our seed round; did around ~70 investor meetings within 2 month
The best talks with investors we got throughout our personal connections: both Speedinvest & Acrobator were intros from our friends. Cold outreach does not work!
We liked Acrobator very much, specifically for their speed in the decision making process and transparency. Also just personal feeling those are good people, who are investing in the team, not just in numbers
Series A investor notes
Connection via Speedinvest - Nadhila joined K Fund and knew the team through Andrea Zitna
Cross-pollination and access through colleagues
Starting operations in Spain - 15 Russians in Bilbao?
Founder notes
Active fundraising process, lots of meetings during 3 month; quite several very advanced convos with investors
This time the best intros we had were through SI & Acrobator
We really liked Kfund because of their business background: it was clear that they have something to bring apart from the financing
Initial impression (Founder’s view)
Founder notes
Given our profile and backgrounds, we always end up underselling what we build, unlike YC startups that have a talent to oversell
In general during the fundraising, on the first 10 meetings with various investors I was nervous, on the next 50 I was confident, and on the rest I was tired
Both at the seed and series a, Acrobator and Kfund entered when I was already quite confident and knew what to answer on VC questions
I always tried to feature the importance of the product that we are developing, and the fact the people use it for really cool and breakthrough stuff in the health industry; our customers and what they do with our software helps a lot to demonstrate this
But at the same time, it is challenging to explain in simple words (and within the limited time) what actually our users do with our software and what are their challenges. Simply because modern drug discovery combined with genomics is a so complex thing. I don’t like to oversimplify. Then it was not obvious for investors to see the financial potential of the company.
Seed investor notes
A product used all over the world in academic settings (and commercially without paying) - massive user base causing natural transition into business
Pharma giants turning to them for Covid
Visionary (what they can ultimately solve/remove the bottleneck for), passionate, very technical (this is the orange flag) - but love the Dexter’s Lab image
Democratisation of vaccine and other research - faster better personalized
Series A investor notes
More and more familiar with Bio-tech and Health/Pharma related businesses: IMU - Quibim both around precision medicine - We had looked extensively into Seqera in the past
Loved the “closing the gap” between Biologists and Bioinformaticians - Similarities to CARTO (democratize business users access to data and insights)
Loved the Open Source base and community with ties in the Academic world
A bit concerned about the team being too “scientist” and no focus on GTM
The deck picture of the team was funny, lots of work to do ;)
It improved a lot for the media announcement (Dimtry still with airpods😂)
Conviction-building
Seed investor notes
Conversations with expert users
Sarah - partner in 432 Legacy - 20y J&J
Data-moat + user base
Founder notes
Personal conversations with Joachim and the team, just good people, we felt synergy.
The key point was the term sheet.
Although, we decided to proceed with SI as the lead, we worked as much as we could to make a good room for Acrobator.
Series A investor notes
Conversation with experts in the field
Traveling to Bilbao and spending time with the team
Conversation with key customers and understanding their excitement
Key point was when we understood how big the TAM could become and the defensibility of the Block.s over time.
Founder notes
Personal conversations with Nadhi, Miguel and Sergio.
They did a really deep job in understanding our specific industry and our product, it was quite impressive
The key point was the term sheet
We had few good opportunities at the moment when we had to make the decision, so the speed of term sheet and the flexibility in negotiations from the Kfund side at that moment were really important
Behind-the-scenes anecdotes
Seed investor notes
Company visit in Montenegro
hardest to conceptually dumb down - happy to have Ramon by my side
Founder notes
BTW - and thats me working to make that office in Montenegro usable!!!
Series A investor notes
Raphael!!
Conversation with Dimitry C and how his blood is the most sequenced blood for any given person! This is the kind of weird we love
Founder notes
True 😅!! BTW I was on his concert last Sat in Bilbao, and my wife’s reportage even published on the main ru-speaking Raphaels’ fans club
Part 2: The Development Until Today
Biggest milestones
Seed investor notes
GTM development was always hard to convince to team of.
Nevertheless, a bunch of hard-core scientists were able to sell a command-line product to most of the big pharma and biotech players out there, get the FDA to see their solution as the only real baseline
It helps if the company is cash-efficient, though!
Time to really focus on ICP, positioning, marketing
Founder notes
When I first sold the license for ~$30k myself just on a call.
The second one is when we entered really big pharma and were able to sell there for more.
Launch of Platforma, so many efforts, so big product, but finally works and solves problems
Time to focus on GTM precisely
Series A investor notes
Strong tech/scientific arm - very weak GTM arm - How to improve
Define a clear ICP - where to fish and how?
Where are the low hanging fruits to get to the next milestone (current user base)
Define your nemesis & sharpen your market positioning (Dotmatics Geneious)
Founder notes
What Miguel mentioned, is our key focus and day/night job now.
Challenges and obstacles
Seed investor notes
Creating a situation where the company is comfortable sharing struggles and learn how to leverage their investors.
Visited Stan in Bilboa and had a lot of time to share my story over pinchos and wine.
Founder notes
I think relations definitely evolved over time and became more trustful and transparent
Learned that personal meetings are very important
Series A investor notes
Still honeymoon phase :), but lots of joint work in place: Hiring - Positioning - Customers intros - Sales tools -
Weekly meetings
Founder notes
Lots of work and very valuable contribution from the GTM/sales part
Procs/GTM/sales/ are things which are far from our deep-tech background, so we had some initial resistance against changes.
But now we see a great value
Lessons learned
Seed investor notes
More face-to-face time if we sense resistance
Pre-select a few coaches/mentors we believe the founder(s) connect to (neutral party)
Founder notes
Personal meetings are very important
Series A investor notes
VCs should try not to overwhelm the founders - at least do no harm - if you can help even better
Operating systems for startups are very important to ensure quick cadence - how universal is this for all kind of companies?
Founder notes
Identify where VC can help and really do not hesitate to use it and ask for help
Part 3: Looking Forward
Looking ahead
Seed investor notes
The public at large may never come to know the name MiLaboratories or Platforma, but it will benefit greatly.
The new software category they are creating is a game-changer as Miguel stated.
Founder notes
We are defining a new way of how R&D of top-notch therapies is done
The platform we are building is bigger than anything existing in the industry
Series A investor notes
Creating a whole new software category and empowering biologists with a platform to tackle lots of new discoveries: first immunology, but this goes way beyond.
Looking forward to see the academic community develop blocks and put them out there through Platforma. The possibilities are endless why beyond immunology, very exciting
Founder notes
I believe that in a couple years no new drugs will be discovered without our platform.
Eight Roads and āltitude release results of the first EU SME Vertical SaaS 50 Competition
Guest post by āltitude.
Venture capital investors Eight Roads and āltitude have teamed up to launch the first-ever competition that spotlights Europe’s top 50 SME Vertical SaaS companies. The final selection recognises the best European entrepreneurs that are redefining how business is done in a variety of industries.
„At Eight Roads, we’re passionate about the transformative power of Vertical SaaS and the massive potential it holds to reshape industries. From construction to beauty, hotels, restaurants, and beyond, SMEs are being revolutionized by modern, intuitive cloud and mobile solutions,” said Lucile Cornet, Partner at Eight Roads Ventures. „That’s why, in partnership with our friends at āltitude, we’re excited to launch the SME Vertical SaaS 50 — spotlighting the trailblazers driving innovation in these verticals“.
“At āltitude, we’re delighted to have partnered with Eight Roads to launch the inaugural 'EU SME Vertical SaaS 50' competition. Vertical SaaS is reshaping the SME landscape across Europe, offering tailored solutions that address industry-specific challenges with precision and scalability. Our joint initiative highlights the incredible talent and innovation in this space, and we’re proud to acknowledge these firms as they redefine the future of SMEs – which are the backbone of the European economy" said Videesha Böckle, General Partner at āltitude.
Why SME Vertical SaaS?
SME vertical SaaS (VSaaS) refers to companies developing specialised software tailored to specific industries, ranging from construction, manufacturing, to restaurants or fitness studios. Both investors foresee a marked acceleration in both innovation and investment into SME vertical Saas in the coming years, driven by 3 main trends:
Generational change: Younger generations of business owners have taken up the reins, leading industries that were once considered traditional or "old-school" towards a more digital future. One in three businesses is expected to transfer ownership in the next decade. Additionally, staff shortage exacerbates the pressure on these businesses to adopt technology, not only to stay competitive but also to compensate for a shrinking workforce.
The emergence of embedded finance: Technological and regulatory progress has made it much easier to embed financial services into vertical SaaS, covering payments, lending, account management, and more.
To stay competitive, small businesses have no choice but to modernise: SMEs seek more comprehensive and user-friendly tools to compete in a landscape often dominated by large multinational giants with advanced pricing strategies, sophisticated demand forecasting, and exceptional customer experiences.
Competition Highlights:
The EU SME Vertical SaaS 50 aims to spotlight entrepreneurs building software for SMEs that is specifically enhancing daily operations and processes for the 26 million SMEs across Europe.
SMEs act as the backbone of our economy, employing 100 million people and acting as a force for economic growth and job creation.
Within the top 50 selected scale-ups, the most represented verticals are the hospitality industry (24%) and the healthcare industry (22%).
What makes the Top 50 startups particularly noteworthy is their economic impact besides serving the backbone business of the economy:
In total, €2.5bn in funding has been raised between them all since inception.
Europe’s leading SME Vertical SaaS startups employ over 12,000 people, with an average team growth rate in year 2 of their existence of 153% (according to their LinkedIn data).
Smaller countries like the Benelux states are playing a vital role in SME Vertical SaaS in Europe, underscoring that many other tech ecosystems besides London, Berlin, and Paris are growing in importance.
What makes the Top 50 startups particularly noteworthy is their economic impact besides serving the backbone business of the economy:
In total, €2.5bn in funding has been raised between them all since inception.
Europe’s leading SME Vertical SaaS startups employ over 12,000 people, with an average team growth rate in year 2 of their existence of 153% (according to their LinkedIn data).
Smaller countries like the Benelux states are playing a vital role in SME Vertical SaaS in Europe, underscoring that many other tech ecosystems besides London, Berlin, and Paris are growing in importance.
The Results: EU SME Vertical SaaS 50
Europe’s top 50 companies that are building vertical SaaS solutions for SMEs.
The analysis conducted by āltitude and Eight Roads unveiled the following insights about this specialised software segment:
30% of the Top 50 SME Vertical SaaS startups are based in the German-speaking (DACH) markets, with Benelux and Southern Europe (Spain, Italy, Portugal) coming in second with 16% each – but other markets like France are not far behind and are home to some category leaders like Doctolib.
German speaking startups that were selected show an inclination towards delivering solutions for manufacturing SMEs, even though the industrial sector in Europe is somewhat underserved with only 8% of all startups that were chosen for the Top 50 being active in this field.
The agriculture sector is seemingly underserved as only 2% of all selected companies are catering to the needs of farmers and food producers.
“Geographical expansion in Europe for vSaaS players will be significantly easier in the upcoming years: Unified APIs, the strong development of LLMs, and upcoming vertical AI solutions, as well as regulation at the EU level like e-invoicing, will lower the hurdles for conquering multiple countries in Europe.“, said, Michael Kessler founder and CEO of HERO Software, the leading SaaS platform for tradesmen SMEs in the DACH region. „However, we still deal with close to 50 countries, 60 languages, and structural & cultural differences in Europe: In order to compete with the huge US- or the Chinese Market, policymakers need find ways to implement a premium for vSaaS entrepreneurs who are willing to take the risk of expanding from their home market to additional geographies. This will support European entrepreneurs & investors in building relevant tech players with global relevance.“
“Our ambition has always been to be a verticalised operating system - the system the entire business runs on. If this is your mission, it means multi-product needs to be a ‘Day 1’ mindset. This means identifying, validating and then serving multiple functions and user personas from the get go. In Nory's case, we launched our second product within just 9 months of the first, allowing us to deliver the breadth of value necessary to gain the traction required to establish ourselves as the central operating system” said Conor Sheridan, founder and CEO of nory.ai, an AI-native restaurant management platform active in Europe and North America. Going forward, Eight Roads and āltitude are planning to publish an updated snapshot of the current status of SME Vertical SaaS in Europe on an annual basis.
Competition Methodology:
The now published list includes emerging SME Vertical SaaS companies that have been chosen after a thorough analysis by the teams of venture capital firms Eight Roads and āltitude. To be eligible, startups had to meet the following criteria regarding their scale, momentum, and strategic positioning:
Vertical SaaS focus: Companies building software tailored for a specific industry (e.g., construction, hospitality, healthcare, manufacturing). The software should ideally serve as a mission-critical operating system for small- and medium-sized enterprises.
Operating in the SME space: Annual Contract Values (ACV) of less than €60k.
Europe-based: Must be headquartered or primarily operating in Europe & the UK.
The expert jury from both firms have evaluated both operational performance and market positioning of more than 150 European startups that were nominated for the competition, ranging from pre-revenue to growth stage companies.
Additional Quotes from selected SME Vertical SaaS founders and CEO:
„There will be an interesting evolution of SME-focused Vertical SaaS in the next five years. I believe that we can go deeper into the market while moving from capturing the tech stack of our client to transforming the workforce tech solution. There will be strong momentum for European Vertical SaaS players going forward. Even though in Europe, each market has its particularities, I think that strong internal processes with a machine-like mentality in order to manage volume is necessary. SME is a numbers game“, said Zakaria Mansour, Co-founder and CEO of Bsport, a Paris-based comprehensive suite of software tools for boutique fitness studios.
“Our ambition is to be the indispensable operating system for salons across Europe—the first system they turn on and the last they rely on daily. By focusing deeply on the salon industry, we deliver a hyper-verticalized platform that goes beyond bookings to power every aspect of their business. Our mission is clear: to help Europe’s SMEs, the backbone of the economy, embrace digital transformation and thrive. Today, thousands of salons across six countries trust Salonkee to run smarter and grow faster”, said Tom Michels, CEO of Salonkee, a Luxembourg-based digital platform for the management of hair and beauty salons.
"At Arke, we believe technology’s success is defined by its ability to serve those who need it most. This is why we’re dedicated to empowering manufacturing SMEs with the tools to thrive. As the driving force behind global economies, their resilience and innovation are crucial for the world’s growth”, said Michela Andreolli, CEO of Arke, an operating system for manufacturing SMEs in Italy.
How Retail Investors Can Research Early-Stage Companies in 15 Minutes
Guest post by Invest Deeptech. | Originally published on Invest Deeptech.
In a flash: Early-stage companies offer retail investors the chance to access high-growth opportunities before they hit the mainstream. But evaluating these ventures can be tricky without a clear strategy.
In just 15 minutes, you can gather the key insights needed to assess a company’s potential and make smarter investment decisions. Here’s a practical guide tailored to retail investors.
Blockchain Meets The Energy Grid: Exploring Energy DePIN's Potential
Guest post by Hélène van Berchem, General Partner at Reference Capital. | Originally published on 🔥 Reference Newsflash.
Blockchain's potential extends far beyond digital assets or financial transactions—it has the power to revolutionize real-world economies. One of the most exciting examples is DePIN, or "Decentralized Physical Infrastructure Networks."
While we explore many applications, this newsletter focuses on one particularly compelling opportunity: DePIN's potential to transform energy systems. This intersection is both timely and critical as the global energy landscape evolves to address pressing challenges.
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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