Welcome to a new episode of the EUVC podcast, where our good friends Dan Bowyer and Mads Jensen from SuperSeed in a discussion with Andrew J. Scott, Founding Partner at 7percent Ventures and Lomax Ward, General Partner at Outsized Ventures, cover recent news and movements in the European tech landscape 💬
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
Czech Central Bank Head Proposes €7B Bitcoin Reserve
The head of the Czech central bank has proposed a bold move—allocating 5% of the country's reserves into Bitcoin, amounting to €7 billion. This decision comes at a time of shifting global financial policies and renewed interest in digital assets.
Key Points:
Bitcoin as a Reserve Asset: The proposal suggests diversifying the Czech central bank’s holdings by investing in Bitcoin, marking a significant step towards integrating digital currencies into national reserves.
5% Allocation = €7 Billion: If approved, the Czech central bank would allocate 5% of its €140 billion reserve into Bitcoin, positioning itself among the first central banks to make a substantial crypto investment.
Political & Economic Context: With Trump’s influence on global financial policies, Bitcoin-friendly regulation could make this move more viable. The initiative reflects growing concerns over traditional currency stability and potential hedges against inflation.
Would this make the Czech Republic a pioneer in national Bitcoin adoption? The proposal remains under discussion, but its implications could reshape central banking strategies worldwide.
Andreessen Horowitz Shuts London Office, Returns to the US
Andreessen Horowitz (A16z) has decided to close its London office, reversing its European expansion plans. The move comes amid shifting regulatory landscapes and a renewed focus on the US market, particularly in crypto.
Key Points:
Exit from the UK: Just months after setting up in London, A16z is shutting its UK office, signaling a shift away from European venture activity.
Crypto & Regulation Shift: The firm initially expanded to the UK due to promises of a more favorable regulatory environment for crypto. However, with Trump’s return to the political stage and a potential loosening of US crypto regulations, the tide is turning back.
Focus on the US Market: A16z’s crypto fund is moving operations back to the US, where it sees more opportunity under an increasingly deregulated environment. This move underscores the challenges of building a competitive crypto ecosystem in Europe.
With A16z retreating, what does this mean for European crypto startups? Will the UK adjust its stance to retain investor interest?
NATO’s 5% Defence Spending Push: What It Means
NATO countries are considering a sharp increase in defense spending, with Donald Trump pushing for a 5% GDP target. If met, this would bring an additional $1.2 trillion into the sector, doubling current budgets. But is this the right approach to security, or could the money be better spent elsewhere?
Key Points:
A $51 Trillion Economy, But Underfunded Defense? NATO’s collective GDP represents half of the global economy, yet current defense spending sits at 2.7% of GDP ($1.38 trillion). Raising it to 5% means nearly doubling budgets.
Who’s Committed? Lithuania and Estonia have pledged to hit the 5% target, while the UK currently spends 2.25%, and Spain lags at 1.25%. The further from Ukraine, the lower the spending commitment.
US Dependence & Trump’s Pressure: Many NATO members rely heavily on US defense systems, software, and intelligence. With Trump questioning America’s role, could this trigger a push for European defense sovereignty?
The Opportunity for Startups: A rise in defense budgets could fuel dual-use tech and military innovation. But is this a long-term market shift or a short-term reaction? Timing will be key.
Alternative Investments for Security? Critics argue that rather than just buying more tanks and weapons, NATO should also invest in cybersecurity, AI, healthcare, and education to strengthen resilience in other ways.
With Russia now spending over 6% of GDP on defense ($145 billion) and China at $540 billion, does NATO have a choice but to increase budgets? Or should a different strategy take priority?
UK’s Growth Plan: Can Reeves Turbocharge Investment?
Chancellor Rachel Reeves has unveiled a plan to boost investment and economic growth in the UK. With GDP growth stagnating at 0.5% (compared to 2.3% in the US and 0.7% in the Eurozone), drastic action is needed. But will this initiative deliver real impact?
Key Points:
National Wealth Fund (NWF) & Office for Investment (OfI): Reeves is pushing these institutions to work together with local leaders to attract capital and stimulate regional development.
The UK’s Growth Problem: GDP growth remains anemic at 0.5%, worsened by stagnating population growth, a key driver of economic expansion. Without intervention, the UK risks long-term decline.
How Much Real Money? The plan talks about “turbocharging investment,” but it’s unclear how much new capital will actually be deployed or if it’s just political positioning.
Comparing to the US & Europe: While the UK struggles, the US is growing at 2.3% and even the Eurozone, despite its challenges, is doing better at 0.7%.
Infrastructure & Policy Uncertainty: While investment in transport, housing, and innovation is mentioned, previous UK policy reversals have discouraged long-term private investment. Will this time be different?
The UK desperately needs growth—but is this a real plan or just rhetoric? The answer will depend on execution, regulatory reform, and whether businesses see it as a credible opportunity.
UK Revives the Cambridge-Oxford Arc – But Will It Work?
The UK government is reviving plans to turn the Cambridge-Oxford arc into a global innovation hub. But while infrastructure and government-backed schemes are important, the real challenge is recreating the spirit of Silicon Valley—not just laying down roads and buildings.
Key Points:
Infrastructure Alone Won’t Cut It: Silicon Valley wasn’t built on government plans—it thrived on risk-taking, talent, and capital. The UK’s challenge is fostering a culture of bold entrepreneurship.
Lessons from History: The UK has a track record of executing large-scale, transformative projects when the ambition is there:
Marshall Plan (1948-1952): War-torn Europe to booming industry in four years.
British Nuclear Program (1952-1958): From first nuclear test to the world’s first commercial nuclear plant.
North Sea Oil (1960s-70s): Zero offshore industry to a major oil producer in a decade.
Biggest Barriers Today:
Brexit & Labour Shortages – The UK must attract world-class talent to fuel innovation.
Risk-Averse Culture – The hardest shift isn’t physical infrastructure, but a culture that embraces risk and backs founders aggressively.
VC Investment & Deregulation – Without strong venture capital and less bureaucracy, startups won’t scale like their US counterparts.
Does the UK Have the Right Ingredients?
More success stories to inspire future founders.
A large, risk-tolerant VC industry ready to bet big.
A government that enables, not restricts, innovation.
With US growth outpacing the UK and talent increasingly mobile, can Britain make this work, or is this another stalled infrastructure plan?
Heathrow Expansion: A £60B Bet on UK Growth?
The UK government has endorsed the long-debated Heathrow expansion, aiming to ease severe capacity constraints. But with ballooning costs, infrastructure hurdles, and a tight labour market, will this actually happen?
Key Points:
Full Capacity, Full Opportunity: Heathrow operates at 99% capacity, handling 85 million passengers a year. Expansion is critical for economic growth—but also a massive financial and logistical challenge.
Cost Explosion: Initial estimates put the project at £14-20 billion, but latest figures suggest £40-60 billion—potentially tripling. Heathrow has £19B in debt already, raising questions about private investor appetite.
Investor Appetite? With equity value at £8B and enterprise value at £25B, expansion will require substantial private investment. Are shareholders willing to foot the bill?
The UK needs major infrastructure investments, but will this actually get built—or is it just PR?
Reeves Wants UK Pensions to Unlock Billions—Will It Work?
Chancellor Rachel Reeves is looking to unlock £100 billion from surplus UK pension funds to drive investment and economic growth. But questions remain about execution, regulation, and what really counts as ‘surplus’ cash.
Key Points:
The UK Pension Pot:
£3 trillion total in UK pensions
£1.5 trillion in Defined Benefit (DB) schemes
£1 trillion in Defined Contribution (DC) schemes, but only half is in collective investments
Where’s the Surplus?
75% of DB schemes are now in surplus, creating a potential £100 billion investment pool
But what defines ‘adequate capital’? Pension trustees have strict fiduciary duties, making risky investments complex
Fixing the Rules:
Needs safe harbour provisions to protect trustees from liability
Clear, low thresholds for defining ‘surplus’ to ensure pension security
Without these, trustees are unlikely to deploy capital into high-risk investments
How Does This Connect to the Mansion House Compact (MHC)?
Reeves’ plan doesn’t appear to directly link to MHC—which already aimed to push pension funds into UK investments
Will this be a separate initiative or just repackaged PR?
What Are ‘Riskier’ Assets?
Private equity, infrastructure, and high-growth UK startups could benefit
But pension funds historically prefer low-volatility, long-term bets
Will capital flow into truly innovative sectors or just large, low-risk asset managers?
Unlocking pension wealth is a great idea, but execution needs to be carefully structured. Will trustees actually move into venture and growth investments, or will caution keep the status quo?
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🤗 Join the EUVC Community
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💬 Community event | LP AMA with Christian Hjort Pedersen
Join us for an exclusive AMA session with Christian Hjort Pedersen, formerly VC Fund Investor at IIP Denmark.
Having allocated more than 600 M USD to top decile early-stage VC funds in US and Europe within tech and life sciences, Christian brings an understanding of the global venture markets and what it takes to build a true franchise better than most others.
This AMA is part of our ongoing series of small-group sessions designed to foster deep, meaningful discussions within the VC community. Reserve your spot now to ensure you don’t miss this opportunity.
⏰ Feb. 18 | 💻 Online | THIS EVENT IS FOR EUVC COMMUNITY MEMBERS ONLY.
✍🏻 Masterclass | VC Fund Finance: Essential Tools, Strategies and Applications
Join us for an in-depth session on VC Fund Finance: Essential Tools, Strategies and Applications. Fund finance has become an essential consideration for fund managers navigating the complexities of venture capital. Offering tools such as Subscription Lines (also called Capital Call lines), NAV financing, and GP Support/Co-invest financing, fund finance provides structured solutions to manage liquidity, bridge capital needs, and align investment strategies with long-term goals.
This masterclass provides a comprehensive overview of fund finance, its origins, and its application across the lifecycle of a fund. Designed for fund managers at varying stages, the session balances conceptual frameworks with actionable insights, making it particularly valuable for second-time or larger fund GPs, while also addressing the needs of emerging managers exploring fund finance for the first time.
⏰ Feb. 26 | 💻 Online | Trusted and praised by industry leaders and fund managers. Here’s what some of them had to say about working with James.
✍🏻 EUVC Masterclass | Marketing Foundations for Fund Managers
Join us for an engaging workshop tailored for fund managers looking to institutionalise their marketing approach and craft a category-defining investment brand.
This masterclass is designed to go beyond traditional marketing advice on tactics to help you create lasting brand equity, ensuring your fund stands out in a competitive landscape.
This session will provide actionable insights into fund positioning, LP communications, and crafting compelling narratives - all while maximising time for Q&A to address your specific challenges.
⏰ March 13 | 💻 Online |
✍🏻 EUVC Masterclass | Setting up and Structuring a VC Fund
Emerging fund managers face countless challenges when setting up and structuring their first VC fund. The process is complex, daunting, and full of pitfalls, from navigating legal frameworks to engaging with the right service providers, the foundations you lay now will shape your growth trajectory.
That’s why we’re planning an exclusive 3-hour masterclass designed to equip emerging managers with the insights, strategies, and tools needed to tackle these challenges head-on.
⏰ Jun. 02 | 🇩🇪 Berlin | This masterclass is a side-event taking place during SuperVenture & SuperReturn.
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
GoWest | 📆 28 - 30 January 2025 | 🇸🇪 Gothenburg, Sweden
Investors Summit Bilbao 2025 | 📆 11 - 12 February 2025 | 🇪🇸 Bilbao, Spain
0100 DACH 2025 | 📆 18 - 20 Feb 2025 | 🇦🇹 Vienna, Austria
0100 Europe 2025 | 📆 02 - 04 April 2025 | 🇳🇱 Amsterdam, The Netherlands
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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