Newsletter 03.11.25 | Building Blocks of Europe’s Next Tech Era
From fund modelling truths to Europe’s industrial tech revival, this week’s stories trace how venture discipline, AI, and real-economy innovation are reshaping Europe’s foundations.
This week is all about getting real on the building blocks of venture — from how we model funds to how we rebuild Europe’s industrial backbone.
We’re opening the vault on our Essential Building Blocks deck, the one that kicked off our Fund Modelling series — a rare peek behind the curtain at the truth filters great fund models share (available for a limited time 👀).
On the pod, Lucanus Polagnoli and Stephanie Urbanski of Calm/Storm unpack what “digital health” really means when the hype fades; Sebastian Peck of Kompas VC makes the case for Europe’s industrial tech moment — where decarbonization meets AI; and Dan, Mads, Lomax, and Andrew Beebe break down the week’s biggest stories on AI, automation, and the policies racing to catch up.
Plus — we’ve just opened registration for the SME Tech Leaders Summit 2025, bringing together the builders and backers driving AI adoption across Europe’s real economy.
It’s a packed issue — from fund models to factory floors — showing how Europe’s next wave of innovation is being modelled, built, and led.
Hope you enjoy.
With 💖 David & Andreas
We’re opening up the Essential Building Blocks deck - the one that started our Fund Modelling series. You can peek at it for a limited time only 👀
Learn the truth filters behind great fund models.
Table of Contents
🎧 Podcasts of The Week
✍️ Insights of The Week
🎧 Podcasts of The Week
Lucanus Polagnoli & Stephanie Urbanski, Calm/ Storm: Digital Health, Not Hype - Building, Backing & Staying Calm Through the Cycle
On this episode, Andreas talks with Anders Kjær, General Partner at PSV Hafnium - Denmark’s first dedicated deep tech fund built to turn science into sovereignty.
From energy and bio solutions to compute infrastructure, Anders unpacks how the Nordics are turning research excellence into real industrial advantage. Together with Andreas, he dives into what makes Nordic deep tech tick, a blend of academic rigor, entrepreneurial grit, and a legacy of manufacturing know-how.
They explore how PSV Hafnium partners with DTU and leading scientists to back founders ready to cross the chasm from lab to market and why Europe’s deep tech resilience isn’t about defense, but about autonomy, capability, and conviction.
🎧 Listen on Apple or Spotify — or queue it for later with chapters ready to go.
Sebastian Peck, Kompas VC: Europe’s Industrial Tech Moment: Decarbonization, AI & the Risk Appetite Gap
On this episode, Andreas Munk Holm sits down with Sebastian Peck, Partner at KOMPAS VC — Europe’s leading specialist in industrial tech and the decarbonization of manufacturing and the built world.
KOMPAS VC is an early- and growth-stage venture firm backed by leading corporates, focused on transforming how the world builds, moves, and powers itself. With offices in London, Amsterdam and Copenhagen, KOMPAS partners with startups and industrial leaders driving efficiency, automation and decarbonization across manufacturing, construction, energy and mobility.
With the firm gearing up for major announcements, Sebastian unpacks why industrial tech is finally having its moment in European VC — and why resilience, regulation and risk appetite will determine whether Europe leads or lags.
🎧 Listen on Apple or Spotify — or queue it for later with chapters ready to go.
This Week in European Tech with Dan, Mads, Lomax & Andrew – AI, Robots & Regulation
Welcome to a new episode of the EUVC Podcast, where our good friends Dan Bowyer, Mads Jensen, Lomax Ward, and Andrew Beebe (Managing Director at Obvious Ventures) dig into the headlines shaping Europe’s venture, policy, and tech future.
This week, the crew dives deep into automation and AI’s real-world impact:
Amazon’s plan to replace half a million jobs with robots, whether AI can truly spark a new industrial revolution in Europe, the UK’s new AI sandbox experiment, and the long-awaited 28th Regime — the EU’s bid for a unified startup entity.
They also unpack China’s automation surge, Europe’s productivity crisis, and whether policy and politics are keeping pace with the technology curve.
🎧 Listen on Apple or Spotify — or queue it for later with chapters ready to go.
We’re mapping the biggest challenges in fund modelling. Add your perspective (3 min)
✍️ Insights of The Week
Europe’s Silent Shield – Wojtek Walniczek (OTB Ventures)
Authors: Elena Vrabie and Bogdan Iordache
Europe’s growing space ambitions, from the €10B IRIS² constellation to ESA’s Zero Debris Charter, reflect its intent to strengthen digital sovereignty and security. Wojtek Walniczek, Partner at OTB Ventures, explains that space remains a defense cornerstone rather than a new pivot. OTB, managing nearly €350M, invests in foundational space infrastructure such as satellite constellations, in-orbit servicing, and manufacturing. Walniczek highlights the interplay between government demand, geopolitical shifts, and commercial innovation—especially in lowering access costs and integrating AI—to drive the space economy.
He frames space tech evolution across three layers: Earth-to-Space (launch technologies), Space-to-Earth (satellites and communications), and emerging Space-to-Space (in-orbit services). Each builds upon the last, forming interdependent ecosystems. Successful founders, he notes, must combine deep technical drive with market timing. Government agencies remain vital early customers but move slowly, demanding balance between institutional stability and startup agility. Collaboration requires transparency, aligned interests, and learning across cultures to foster innovation without overburdening entrepreneurs.
On regulation and sustainability, Walniczek argues that timing and intent determine whether rules help or hinder. Properly crafted orbital debris policies can mitigate risks and create markets, but poor regulation stifles innovation. Europe, he says, must lead in space sustainability—through debris removal, RPOD, and in-orbit manufacturing—to align with its values. Looking ahead, OTB tracks Very Low Earth Orbit (VLEO) technologies for their potential in communication and observation, despite technical challenges. As for the “pivot to defense,” he insists it’s a return to space’s origins: a dual-use, security-driven domain now openly embraced by investors and governments alike.
SME Tech Leaders Summit 2025 - Saving Cost & Time While Driving Revenue in an Era of AI Disruption
Europe’s economic backbone is powered by the unsung heroes—its SMEs—building in factories, service firms, and software stacks. And right now, those businesses are staring at the same inflection point: how to harness AI, data, and digital infrastructure not to disrupt but to scale smarter.
That’s the pulse behind the SME Tech Leaders Summit — an invite-only half-day gathering where builders, investors, and operators shaping Europe’s next wave of SME tech come to think, argue, and connect. Together with CMS equIP and āltitude, we’re bringing the ecosystem together to tackle one question: what does AI mean for Europe’s 20–500-employee economy, and who’s ready to lead it?
Registration is now open — and spots are limited, the first 150 are already taken. If you’re building, backing, or scaling technology for the real economy, this is where you’ll want to be.
Contribute to Europe’s knowledge base & help write our narrative
We need state-of-the-art data and research to be able to champion our ecosystem. Help by contributing your insights to Atomico’s State of European Tech 2025 report.
This annual report is the definitive resource for understanding the trends, challenges, and opportunities shaping European venture. Whether you’ve used past editions in your own pitch decks or to stay informed about the latest developments, this is your chance to make the next report even more impactful!
As a thank you, Atomico once again partnered with Slush to give away four tickets to the world’s most founder-focused gathering and the largest VC event globally. Winners are announced weekly - complete the survey early for more chances to win.
GP AMA with Cherry VC’s Christian Meermann
| Online | November 3rd - noon | Limited Seats |
Are you fundraising and wishing you could ask a top GP anything (without risking a faux pas)?
We’re hosting an EUVC GP AMA with Christian Meermann, Founding Partner at Cherry Ventures, run under Chatham House rules so you get candid, no-BS answers to your real questions.
Why join
Hard-to-access insight from a Forbes Midas Lister & ex-Zalando CMO who helped scale to €2B+ at IPO.
Small group, high signal- everyone gets meaningful airtime.
Tactical guidance on engaging Funds of Funds and sharpening your raise.
Who it’s for
VCs on the fundraising trail who want to learn how top LPs think- without learning the hard way.
About Christian
Cherry’s “founders first” partner is behind wins like Flix, Forto, tacto, Qualifyze, buycycle- expect straight talk, zero fluff, and a global perspective.
Free, but limited to 20 seats. Priority access for EUVC Community members. Not a member yet?
Register below to join
Where operational expertise and innovation work for you.
Where Europe’s venture capital LPs & GPs connect — curated, high-impact networking | Buy tickets now!