Welcome to a new episode of the EUVC podcast, where Dan Bowyer and Mads Jensen of SuperSeed and Lomax from Outsized Ventures, gather to unpack the macro forces and micro signals shaping European tech and venture.
This week, the trio tackles one of the most geopolitically charged, capital-heavy, and morally complex episodes yet:
🎯 This Week’s Themes:
The global reshuffling of power: Israel, Iran, Russia, Ukraine
Why defense is back—and what it means for VCs
Europe’s space ambitions and what the ESA’s new satellite project signals
China’s trade plays and Europe’s rare earths vulnerability
AI, IPOs, and why founders might want to stay private longer
Surgical robots, ambient AI, and who’s building the future of healthcare
Plus: Daniel Ek gets flak, SPACs sneak back, and why VCs are speed-running $15B deals in one week
Here’s what’s covered:
02:00 | War & Markets: Iran, Israel, oil prices & the Bank of England holds steady
06:00 | Defense Budgets: Why Europe is (finally) spending
10:00 | VC Taboo: Why investing in weapons gets complicated fast
15:00 | EIF Restrictions: Sex, gambling, and no defense
20:00 | The Rise of Helsing: Europe’s $12B defense unicorn
24:00 | Strategic Autonomy: Europe’s new military satellite constellation
30:00 | ESA vs Starlink: Earth observation gets serious
34:00 | China, Trade Wars & Rare Earths: Why Europe’s exposed
40:00 | EU-US Tariffs & Trump’s Pharma Threat
42:00 | IPO Boom: Chime, Circle, and the SPAC comeback
47:00 | CMR Surgical: UK’s $4B robot exit—is that enough?
53:00 | Lessons from Intuitive Surgical & deeptech M&A
56:00 | Deal of the Week: Nabla’s AI for clinicians, Helsing’s big swing, and Scale AI’s lightning-fast cash
1:02:00 | Founders in Government: Alex DePledge & Matt Clifford’s impact
1:05:00 | Meta’s AI Transfers: Zuck goes full football transfer window
🎧 Watch it here or add it to your queue on Apple or Spotify — chapters for easy navigation are ready to roll.
✍️ Show Notes
Geopolitics & Defense Tech: The Ripple Effects
The crew unpacks how the Middle East conflict and Russia’s slow decline are sparking a new defense boom in Europe — and whether VCs should rush in or steer clear.
The Defense Taboo: EIF, Dual-Use & Daniel Ek’s Bet
Why government-backed LPs still block weapons investments — and how Helsing’s $12B valuation and Ek’s open support could shift the line between ethics and innovation.
ESA’s Earth Eyes: Europe’s Strategic Autonomy in Orbit
Europe’s new satellite constellation is a clear move to reduce reliance on SpaceX and build sovereign eyes in the sky. The team debates where startups fit in.
China, Rare Earths & Europe’s Supply Chain Weak Spot
From batteries to chips, Europe’s dependence on China is riskier than ever. Could reshoring or resource diversification work?
IPO Mania & SPAC Resurrection
US public markets are wide open for now, with Chime and Circle leading the charge. But will founders stay private longer, and are SPACs back from the dead?
Healthtech Highs & Lows: CMR Surgical’s £4B Exit
With over $1B raised and ~$100M in revenue, is this too early? Lomax asks whether Europe’s deeptech founders are ambitious enough to stick it out.
AI, Mega-Deals & Speed
Scale AI closes $15B in a week. Meta treats top AI talent like football transfers. The pace is breakneck — but is Europe’s legal stack up to speed?
Startup Opportunity in the Shadows
From ambient AI (Nabla) to resilient regulated sectors, the real opportunity might lie in moving fast when the tide turns — if Europe’s mindset lets it.
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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.
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