In this episode, Andreas Munk Holm sits down with Kamel Zeroual, GP of Varsity, one of Europe’s boldest new funds out of Paris. Varsity is making waves—not just for their ambition to build a pan-European fund with global aspirations, but for already closing €120M+ toward a first-time fund targeting €150M.
Kam breaks down what makes Varsity different: a team with deep operator and investor experience, a track record spanning over 100 startups, and an agnostic but conviction-led strategy focused on next-gen SaaS, fintech, healthtech, and climate.
🎧 Here’s what’s covered:
00:00 – Introduction to Varsity and team background
03:34 – Track record and investment thesis
05:57 – Varsity’s investment strategy
07:08 – Paris roots, pan-European vision
09:57 – Sector focus and founder-first logic
13:53 – Why generalist funds still matter
18:00 – The case for a €150M seed fund
22:23 – What convinced LPs to back Varsity
25:53 – Final reflections and EUVC Awards recognition
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
✍️ Show Notes
Varsity’s Ambition: A Generational Seed Fund for Generational Companies
Kam and the Varsity team are on a mission to be the go-to seed partner for Europe’s most ambitious tech founders. Backed by over €120M already, they’re making a bold bet: that a generalist, pan-European seed fund—if done right—can rival the best in the world.
“To compete with the top U.S. firms, you need more than expertise—you need capital, conviction, and the courage to think big.”
— Kamel, Varsity
Why Sector-Agnostic, Stage-Specific Works
Rather than specialize in a vertical, Varsity specializes in a moment: the zero-to-one journey. With deep operator roots and an eye for product-market fit, they help founders accelerate from seed to Series A—across any industry.
Notable themes in the portfolio include:
AI-first SaaS
Energy optimization & climate
Fintech infrastructure
B2B enterprise software
The €150M Question
Why such a large fund for seed? Kam lays it out clearly:
To lead rounds with conviction-sized checks (€2–3M)
To follow on the strength in Series A
To be a long-term partner, not just a cap-table name
“With micro-funds and scout checks everywhere, we’re here to offer something more: long-term, institutional support from day one.”
— Kam
From LP Buy-In to Ecosystem Endorsement
Varsity’s early LPs include institutions and strategic family offices—backing that helped them reach €120M+ quickly. Their recognition as a finalist in the EUVC Newcomer of the Year Award underscores their traction in the ecosystem.
Finalist selection panel:
HSBC, LGT Capital Partners, Safina Group, Jonathan Goodwin (Bullhound), Julia van Bynen Bock (Safina), and more.
Want to learn how a top LP navigates the industry? Join us on June 12th at 12 PM WEST for an exclusive AMA session with Daniel Keiper-Knorr.
Daniel is a founding partner at Speedinvest, where he leads limited partner relations and fundraising at both the fund and portfolio levels. With a career spanning investment banking, entrepreneurship, and venture capital, he started as a stockbroker and private banker at Erste Bank in Vienna and Credit Suisse in Zurich before transitioning into the startup world.
As a co-founder of 3united, he played a key role in its growth and eventual acquisition by VeriSign.
Since 2007, Daniel has been an active angel investor, bringing hands-on expertise in sales and business development to early-stage ventures. In 2011, he co-founded Speedinvest, leveraging his extensive experience to support founders and drive investment success.
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