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:
The global reshuffling of power: Israel, Iran, Russia, and 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 vulnerability in rare earths
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 now speed-running $15B deals in one week.
Here’s what’s covered:
02:00 War & Markets: Iran, Israel, oil prices & Bank of England holds
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, and Scale AI’s lightning-fast cash
01:02:00 Founders in Government: Alex DePledge & Matt Clifford’s impact
01:05:00 Meta’s AI Transfers: Zuck goes full football transfer window
Watch it here or add it to your episodes on Apple or Spotify 🎧. Chapters for easy navigation are available on the Spotify/Apple episode.
✍️ Show Notes
Geopolitics & Defense Tech: The Investment Ripple Effects
The hosts unpack how war in the Middle East and Russia’s decline are triggering a new wave of defense spending—and whether VCs should rush in or stay cautious.
Defense Taboo: The EIF, Dual-Use Workarounds & Daniel Ek’s Bet
Government-backed LPs often bar investments in defense, but Helsing’s rise and Ek’s public support show how the line between ethics and innovation is shifting.
ESA’s Earth Eyes: Strategic Autonomy in Orbit
Europe is betting billions on military-grade Earth observation satellites. The crew debates the opportunity for startups—and whether Europe can catch up with SpaceX.
China, Rare Earths & Supply Chain Vulnerability
From batteries to semiconductors, Europe’s dependence on China is more dangerous than ever. Could reshoring actually work?
IPO Mania & SPAC Resurrection
US public markets are heating up with Chime, Circle, and CoreWeave. But is the window already closing again—and are SPACs really back?
Healthtech’s Highs & Lows: CMR Surgical’s UK Journey
With $1B raised and $100M revenue, is CMR selling too early? Lomax questions the ambition of Europe’s deeptech exits.
AI & Speed: Scale AI’s $15B Deal in 7 Days
Zuck isn’t waiting around. The crew marvels at the pace of recent mega-deals—and whether Europe’s lawyers are holding us back.
Startup Opportunity in the Shadows
From ambient AI in healthcare (Nabla) to robotaxis and autonomy, the real opportunity might lie in building resilient, regulated tech—and moving fast when the tide turns.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
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 ↓
Share this post