Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.
This week, 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.
They unpack the defense boom powering Europe’s deep tech surge — and ask whether startups should rush in or sit this wave out. They break down OpenAI’s next big product moves, the battle for browser dominance, and whether we’re already at peak LLM. They ask if working from home quietly kills startup culture (and what actually keeps it alive). And they check in on Trump’s tariffs, Europe’s big tech fines, and the resilience playbook that’s pulling startups deeper into geopolitics.
If you’re investing, building, or just trying to make sense of where Europe’s venture scene goes next — this one’s for you.
Here’s what’s covered
02:00 | The defense boom: Europe’s rearmament moment
How Germany has overtaken the UK in startup funding for the first time — and why defense, dual-use, and resilience are fueling the deep tech wave.04:50 | Moral lines: should you build in defense?
Mads, Lomax and Andrew debate whether there’s an ethical red line — and if Europe’s founders should follow the money or sit this one out.08:40 | Peak LLM? OpenAI launches a browser
Is OpenAI eating Google’s lunch? Mads explains why a new browser isn’t just a gimmick — it’s a data moat and a massive ad market play.12:00 | The new search wars & what founders should do
Lomax breaks down how SEO is dead — GEO (generative engine optimization) is in. Why this shift is reshaping startup distribution playbooks.15:30 | Grok 4, Elon & the next frontier
Mads explains how Musk’s Grok leapfrogged benchmarks — and why the next LLM battle is all about compute, data quality, and Nvidia’s $4T edge.18:50 | Does working from home kill culture?
Are great companies built on Slack or in person? The crew unpacks why strong culture is more than values on a wall — and why the best teams come together.25:00 | Trump’s tariffs: a real threat or priced in?
Why markets barely shrug at Trump’s latest trade threats — and what selective escalation could mean for European startups this autumn.29:00 | UK startup stats: steady but small
Eight billion raised, a handful of unicorns minted — but the US is still 20x bigger. Why the same structural issues keep the UK from scaling like Silicon Valley.33:15 | Big Tech vs Europe: do the fines matter?
From DMA penalties to encrypted chat backdoors, the team debates whether Brussels’ big fines work — and who really pays the price.38:10 | Deal of the Week: Eutelsat’s €1.35B resilience play
Why Europe’s sovereign satellite champion matters — and why Lomax wants them to rebrand fast.
🎧 Watch it here or add it to your queue on Apple or Spotify — chapters for easy navigation are ready to roll.
✍️ Show Notes
Defense is the new deep tech
Europe’s rearmament boom has turned defense into the hottest pitch deck angle — but founders should weigh the moral and practical realities before jumping in.
OpenAI vs Google: the real search wars begin
OpenAI’s new browser is a clear shot at Google’s ad cash machine. This is the early innings of a platform shift — and the old SEO playbook is toast.
Work from home: rare exceptions, tough reality
Yes, a few remote-first companies work. But culture is built in person — and most breakout startups still rely on close quarters, trust and creative collisions.
Tariffs, fines & the madman theory
Trump’s tariff threats follow Nixon’s ‘madman’ playbook: keep everyone guessing. Meanwhile, the EU’s fines remind Big Tech that nobody is above the law — but fines alone won’t make Europe a global tech powerhouse.
Deal of the Week: Europe’s satellite resilience
Eutelsat’s fresh €1.35B raise shows Europe is serious about sovereign space infrastructure — a quiet but crucial piece of the resilience puzzle.
💡 Takeaway for founders & investors
From rearmament to search wars, Europe’s venture scene is being reshaped by geopolitics and AI. Winners will bet smart — not just follow the hype — and stay rooted in real culture, strong execution and clear moral lines.
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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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