In this episode, David Cruz e Silva sits down with Matthew Spence, Barclays’ Global Head of Venture Capital Banking, to talk about the state of exits, dual-use tech, and how Europe can seize the next defense innovation wave. With a background spanning the White House, Pentagon, and a16z, Matt shares a unique view from the intersection of global power, technology, and venture.
Who should listen:
GPs working with later-stage companies or exit-readiness
LPs and allocators curious about dual-use and defense opportunities
Policymakers and ecosystem builders across Europe
Anyone wondering how venture intersects with geopolitics
Here’s what’s covered:
00:00 Meet Matt Spence & why Barclays is doubling down on venture
01:00 SuperVenture 2025: Why Berlin matters to a Silicon Valley banker
01:39 “Sneaky good”: The IPO market is back—but not how you expect
03:00 How GPs can prep for exits—before they’re even on the table
04:00 Barclays as an LP: What their private bank is looking for
05:10 Defense tech: From bombs to AI & cloud for the battlefield
07:00 “The government is a terrible customer”—but that’s changing
08:30 Dual-use: Why it’s not code for defense and shouldn’t be
10:00 The real opportunity for Europe: leapfrog, don’t lag
12:30 A wake-up call for Brussels and national leaders
15:00 The return to deep tech: hardware + software, redux
16:45 Why this isn't just a new trend—it's a venture returning to its roots
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
1. Exits Are Quietly Coming Back
Matt describes the IPO window as “sneaky good”:
A growing list of companies are IPO-ready with revenue milestones
The bar is higher, but the pipeline is quietly building
For GPs: the time to prep your portfolio for IPO or M&A is now
“We’re seeing deals. It’s slower than we’d like—but the train is moving.”
2. Defense & Dual-Use Tech Are No Longer Taboo
From Pentagon war rooms to venture pitch decks:
AI, cybersecurity, sensors, and cloud are reshaping defense
The “dual-use” label is often misunderstood—it’s about translating commercial tech into strategic outcomes
NATO, Shield Capital, and a wave of funds are leading this charge
“It’s not bombs—it’s cloud, data, and intelligence. And yes, the DMV still runs on tech from the ‘90s.”
3. Europe Has a Closing Window to Leap Ahead
Matt offers a candid call to European leaders:
Increased defense budgets are a historic opportunity
Use that capital to back the future, not replicate the past
Think like startups—skip landlines, build mobile
“Spend smarter. Skip the ‘90s tech. Leapfrog, like Africa did with mobile.”
4. Venture Is Returning to Its Deep Tech Roots
Matt traces the arc of venture:
From hardware (Digital Equipment Corp) → to SaaS → back to hybrid tech
Software-only won’t cut it for AI, quantum, defense, or space
Efficiency gains are reviving capital-intensive bets
“This feels new, but it’s old school venture—investing in the frontier, where returns are exponential.”
Matt’s Lessons from the Frontlines
DPI is king—but exits take a plan
Founders aren’t the only ones pitching—GPs are too
Great commercial tech belongs in government use cases
Europe can’t afford slow cycles—it must act now
Every great defense investment begins as a great tech investment
Final Thoughts
Matt brings a rare blend of geopolitical insight and Silicon Valley urgency. Whether you’re a GP navigating exit timelines or a policymaker rethinking defense investment, his message is clear:
“There’s risk. But in that risk lies the opportunity to leap ahead—and this time, we can’t be late.” 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↓
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