Liquidity is the question in venture right now.
Exits are slow. DPI pressure is real. Fundraising is hard. And GPs everywhere are rethinking how capital actually gets back to LPs.
So when a European startup reaches a reported 9-figure outcome less than three years after founding, people pay attention. Well, we at least pay attention.
Norvestor has agreed to acquire a majority stake in Debtist, in a deal said to value the company at over €100 million. āltitude backed Debtist at pre-seed and, as LPs in the fund ourselves, we couldn't be more thrilled.
Debtist reportedly hit €15 million in annualised revenue without raising beyond pre-seed. A reminder that capital-efficient execution and profitable growth still win.
Huge congratulations to āltitude, the Debtist founders and the team.
Debtist founders (from left): Tony Zabel, Brandon Baumgarten and Matteo Benedetti (Photo source: PR)
It's also a fitting backdrop to our June masterclass: Unlocking Investor Liquidity: Fund-level Secondary Strategies for Venture Capital with Kristaps Ronis, Partner at Ion Pacific.
Covering continuation vehicles, structured secondaries and GP-led liquidity strategies, the session is built for emerging managers, VC firms, family offices, institutional LPs and CVC teams navigating today's market.
Elsewhere in this edition: FOV Ventures' new Female LP Pathways report makes a clear point. The barrier keeping more women out of LP roles isn't confidence or sophistication, it's access. Responses from 21 countries back it up.
We also have a new episode of the EUVC podcast with Julien Fredonie of Honda Xcelerator Ventures on Europe's deep tech momentum. And a fresh episode of This Week in European Tech.
Enjoy this edition.
with 💖
David & Andreas
Insights
Podcasts
Events
Insights
FOV Ventures has released the “first” pan-European dataset on why women remain underrepresented as LPs in venture, based on responses from 21 countries. The report’s conclusion is clear: the barrier is not ambition or sophistication. It is access.
The report is aimed both at women exploring venture capital as an asset class and at the GPs, fund-of-funds, aggregators and policymakers whose decisions shape access to it.
Key findings:
60% cite minimum ticket sizes as the main barrier. 94% would invest at €10K, but only 38% remain at €100K.
81% are interested in LP syndicates. 74% prefer pooled structures such as feeder funds, co-investment clubs and SPVs.
81% prioritise financial returns. Only 4% identify as purely impact-driven.
The confidence gap between women who invest and those who do not is just 0.38%, suggesting access, not psychology, is the real constraint.
Podcasts
Julien Fredonie, Honda Xcelerator Ventures: Europe isn’t fragmented. It’s a deep tech circuit board.
While many still see Europe as fragmented, Julien Fredonie, Program Lead for Europe and Africa at Honda Xcelerator Ventures, sees a connected deep tech ecosystem taking shape. He joins Andreas Munk Holm and Jeppe Høier to discuss Europe’s deep tech momentum, the role of CVCs and why investors still miss breakout companies.
Key highlights
Europe’s deep tech momentum is structural, not hype
Global investors are allocating more capital into Europe
Founder quality is improving through stronger support systems
CVCs are becoming critical to scaling industrial innovation
Many investors still misread deep tech teams
Arm and Spotify earnings, Anthropic’s rise and the EU’s clash with Meta are some of the topics discussed in this episode of This Week in European Tech.
Featuring Mads Jensen of SuperSeed, Lomax Ward of Outsized Ventures and Andrew J Scott of 7percent Ventures, the conversation also covers ASML’s semiconductor moat, UK fusion ambitions, SAP’s €1 billion acquisition of Prior Labs and what all of it means for the future of European tech.
