Live from SuperVenture 2025 in Berlin, Andreas Munk Holm sits down with Jan Miczaika, Partner at HV Capital, one of Europe’s largest and longest-standing venture capital firms.
Together, they talk about macro trends shaping the future of VC, HV Capital’s unique positioning across funding stages, and offer a refreshingly honest take on ESG, DEI, defense, hype, LP dynamics, and the challenges of building a VC fund.
This episode is a must-listen for:
LPs trying to understand how established firms see the world
Emerging managers finding their product-market fit
Founders building across deep tech, defense, and climate
💡 What you'll learn:
Why SuperVenture is a cultural paradox in Berlin—and why Jan loves it
How HV Capital operates with flexibility across €500K to €50M investments
The future of ESG & DEI in a depoliticized, impact-first world
Defense investing: HV’s bets on Quantum Systems & Rocket Startups
What the G in ESG means—and why it's more relevant than ever
Advice for emerging managers: Fund I is hard, Fund II and III are harder
A reflection on being humbled by VC, even after successful exits
Here what’s covered:
00:00 SuperVenture, Berlin, and Capitalism in the Radical Left’s Hometown
01:00 The HV Capital Model: From €500K to €50M in One Platform
02:00 ESG, DEI & Fiduciary Duty: Past the Pendulum, Toward Balance
04:05 Why Impact Companies Still Win: A Case Study from Copenhagen
05:05 Defense Tech & ESG: Not Contradictory, But Complementary
06:54 Advice for Emerging Managers: Fund Fit, Hustle & Dual Product-Market Fit
10:02 Words for LPs: Don’t Dismiss Venture as “Too Risky”
11:45 Lessons in Humility: From Founding Two Companies to Becoming a VC
13:00 Betting Big: Why NeuroRobotics Said No to Focus & Yes to Full Stack
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
Key takeaways
HV Capital’s Unique Thesis
HV Capital’s current fund totals €800M, split across early-stage (€1–10M tickets) and growth (€10–25M). But last year’s investments ranged from €500K to €50M, showcasing unparalleled flexibility.
ESG Isn’t Dead—It’s Maturing
Yes, ESG and DEI are being politicized. But Yan believes the real point is building long-term, multi-stakeholder companies, not virtue signaling. His take: ESG is just a framework—we’ve always done this.
“Some of our most successful companies have been in our portfolio for over a decade. We’re not in the quick flip game.” — Jan Miczaika
On Defense Tech
HV’s early bets on Isar Aerospace and Quantum Systems show that being “contrarian early” pays off. But governance (the “G” in ESG) is crucial here too, especially in sensitive sectors like AI and defense.
Advice to Emerging Managers
Jan breaks it down:
Fund I is hard but doable
Fund II and III are the real test: no DPI, tapped networks, and rising LP expectations
VC is a two-sided product-market fit game: you need to win LPs and founders
Message to LPs
Don’t over-index on "venture is risky" narratives. Yan argues that technology is where long-term societal value accrues, and real estate or public equities aren’t necessarily less volatile.
“If I have pensions to pay in 25 years, venture is where I want some of that money.” — Jan Miczaika
Deep Tech Learnings
His biggest personal takeaway? Bet on teams with massive ambition and industry-changing theses. HV’s bet on NeuroRobotics, despite industry advice to “focus,” is a proof point.
“They said: we’ll go full-stack—hardware, software, supply chain. And now the market is proving them right.”
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.
↓ Register below to attend on July 15th↓
Share this post