In today’s episode of the EUVC podcast, Andreas Munk Holm talks with Claude Ritter and Stefan Walter from NAP, formerly known as Cavalry and Rene Andres from the European Investment Fund (EIF).
The conversation centers on Cavalry’s recent rebranding into NAP and evolving investment approach, which now emphasizes backing early-stage startups led by expert founders. The team explains how their shift from a broad, pre-seed focus to a more refined strategy—centered around proprietary data, instant utility, and interoperability—reflects the changing dynamics of the tech landscape in Europe.
Our guests also discuss broader themes shaping the venture ecosystem, such as managing team dynamics and maintaining transparent, candid communication with limited partners. They share insights on the importance of agility in a market influenced by rapid technological change, political shifts, and the AI boom.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
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✍️ Show notes
How Does the European Tech Ecosystem Feel Right Now?
Our guests describe the European tech ecosystem as a mix of defiance and graduation—like a 35-year-old finally stepping out of the parents’ basement. They highlight that while Europe faces its share of challenges, there’s an undercurrent of determination and readiness to tackle big problems head-on.
This environment is portrayed as both dynamic and evolving, where optimism meets the realities of economic and political hurdles. The discussion suggests that while the journey isn’t easy, the drive to innovate and adapt is stronger than ever.
Rebranding story - going from Cavalry to NAP?
Claude and Stefan explain that the shift from Cavalry to NAP—standing for “Nerds and Pioneers”—reflects an evolution in their investment approach. They felt that their previous brand no longer resonated with the new wave of expert founders who value deep industry knowledge and a clear, forward-thinking vision.
The rebranding marks more than just a name change; it symbolizes a strategic realignment to connect better with founders ready to build the future. This fresh identity helps them stand out in a competitive market and signals their commitment to supporting innovative, technically proficient teams.
What is NAP’s Investment Thesis?
NAP’s investment strategy centers on backing expert founders who deeply understand their industry. The firm focuses on teams that can clearly articulate how their experience and vision make them uniquely positioned to drive future innovation.
This “founder future fit” approach means looking beyond fresh ideas; it’s about identifying those with the proven skills and vision to succeed in a complex, evolving market. Their thesis is built on the belief that expert founders are the key to building resilient, future-ready companies.
What Do Changes in VC Teams Teach Us About Growth?
The discussion highlights that change is a natural part of any venture capital firm’s growth. The panelists note that as firms evolve, internal dynamics and strategic priorities inevitably shift, which can lead to significant organizational changes.
These experiences underscore the importance of adaptability and the willingness to reassess long-standing practices. By embracing change and planning proactively, VC teams can continue to grow while maintaining the trust and confidence of their investors.
How Do VC Firms Balance Tradition With the Need for Change?
The conversation delves into the delicate balance between maintaining tried-and-true practices and evolving to meet new challenges. While legacy systems and established strategies provide stability, they can sometimes hinder innovation if left unexamined.
All guests agree that embracing flexibility and being willing to pivot is essential. By blending traditional wisdom with modern approaches, VC firms can continue to build on their strengths while remaining agile in a rapidly changing market.
What Role Can VC Play in Shaping Europe’s Future?
Guests also discuss the broader impact of venture capital on Europe’s economic and political landscape. By investing strategically in innovative companies, VCs have the power to influence the region’s tech and business environment, driving positive change on a large scale.
Their insights suggest that VC isn’t just about financial returns—it’s also about helping to steer Europe towards a more dynamic and resilient future. Through thoughtful investments and active engagement, VCs can contribute significantly to the continent’s growth and development.
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