In this episode, Andreas Munk Holm is joined by Joe Seager-Dupuy and Mike Martin, General Partners at True, a £ 600 M+ consumer and retail-focused investment and innovation firm, to explore what it means to be a sector specialist in venture—and why that matters more than ever in today’s market.
They unpack how True brings together deep operational experience, a robust corporate network, and full life-cycle investment—from pre-seed to public markets. This episode offers a masterclass in building durable advantage in venture through network effects, strategic LP engagement, and sector expertise.
Here’s what’s covered:
03:14 Founders' Backgrounds and Experiences
05:50 Overview of True's Investment Strategy
09:02 Sector Specialization in Consumer and Retail
12:00 Leveraging Network and Expertise
15:09 Investment Decision-Making Process
17:59 Ecosystem and Corporate Partnerships
21:10 Consumer Market Opportunities
24:07 Investment Strategy and Focus Areas
27:00 Closing Thoughts and Future Directions
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation on the Spotify/Apple episode🎧
✍️ Show Notes
Why Consumer + Retail + Tech Is the Most Underrated VC Vertical
True's partners make the case for going deep, not broad. Consumer accounts for ~60% of GDP in developed economies, yet many VCs avoid the space. For Mike & Joe, this is a long-term play rooted in expertise, not hype cycles.
True’s Model: Specialist, Multi-Stage, & Fully Connected
Unlike traditional VCs, True combines early-stage venture, growth equity, public investing, and a corporate innovation advisory arm under one roof. The result? Startups can tap a massive network of LPs, retailers, operators, and growth capital—all built to compound founder support.
The Network Edge: 5,000+ Tech Cos. Tracked Annually
True’s flywheel is powered by more than just VC scouts. Their corporate innovation arm surveys thousands of startups per year, generating proprietary deal flow and deep market understanding—particularly in tech-enabled consumer experiences, retail operations, and B2B SaaS.
Backing Breakout Companies from Flushable Pads to Fashion AI
With investments ranging from femtech disruptor Fluus to retail theft AI startup SeeChange, True is doubling down on category-defining plays. Each company aligns with the firm’s conviction-led model, clear “why now” moments, and network-driven acceleration.
🤗 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.
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Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
Adventures and Deep Connection Await 💞
Step beyond the ordinary into a retreat that challenges and transforms you, as a partner and as an individual. Ten couples will embark on an adventure of reflection, connection, and shared resilience, guided by nature and a like-minded community. Traverse mountains, navigate the sea, and embrace stillness under the Corsican sky. This is not an escape—it’s a chance to be fully present, together, in adventure & in life.
💬 Community event | LP AMA with James Heath | ⏰ May 19, 1:00 PM - 2:00 PM GMT+2 | 💻 Online
Ever wonder how LPs actually think about fund strategies, especially in a world leaning toward specialisation? Join our next members-only LP AMA with James Heath, Investment Principal at dara5 and author of Why Specialists Will Win the Next Decade of Venture.
This is a small-group, interactive session where you’ll get the chance to ask candid questions and hear James’s unfiltered take on where LPs are placing their bets—and why.
Why attend?
Hear directly from a leading LP who’s investing in both specialist and generalist VC funds across Europe
Learn how LPs evaluate fund strategies—and why some are doubling down on focused, high-conviction theses
Get a behind-the-scenes look at what’s working in European VC, what’s not, and what LPs are watching next
Available for Members Only, become a member by upgrading to a paid subscription below
🗓️ 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!
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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