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 sit down to break down the two sides of the IPO market: the soaring optimism behind Figma’s public debut — and the deep freeze that’s hit London listings harder than at any time since before the dot-com crash.
They also unpack what Figma’s $730M paper loss means, how vertical AI is the next generation of SaaS, and what the UK must fix to stand a chance in the global listings race.
If you’re investing, building, or just trying to make sense of the markets this summer — this one’s for you.
Here’s what’s covered
02:30 | AI infra’s moment & CoreWeave hype
Why infra plays like CoreWeave and Circle have the market buzzing — but vertical AI is where the next SaaS returns lie.04:50 | Figma’s $730M paper loss explained
Mad breaks down the headline figure, the failed Adobe deal, the FTC veto, and why this IPO is about fundamentals — not hype.08:20 | Tender offer drama & employee morale
How Figma’s $20B exit fizzled — and the May 2024 tender to keep teams motivated ahead of listing.12:00 | Figma as a bellwether for design & vertical AI
Why product-led SaaS is shifting toward deep vertical AI workflows — and what that means for investors.15:45 | London: the slowest IPO H1 in nearly 30 years
Counter to the US’s $9B+ haul in 12 deals, London managed just $160M across five listings. A brutal gap.18:10 | Worse than dot-com. Worse than ‘08.
Dan & Mad put the numbers in perspective: this is the weakest stretch since before many listeners were born.26:15 | Dual-class shares & free float: too little too late?
Why tweaking share classes & float minimums is more copy-paste than innovation — and not the real fix.35:20 | The ESG paradox & listing tension
Where does London’s ESG edge help — and where does it push big companies abroad?40:15 | US vs UK capital markets: talent, trust & scale
Why founders and funds still flock to New York — and the structural advantages London must address.44:30 | Can London fight back?
What would it actually take to make London relevant again for growth listings? Dan’s realist take.50:00 | Lessons from Figma for founders
Why strong fundamentals still matter — and how the tender saga shows the cost of employee trust.55:00 | The vertical AI playbook: Europe’s edge?
Where Europe’s sector expertise might win if it can get capital markets working again.
🎧 Watch it here or add it to your queue on Apple or Spotify — chapters for easy navigation are ready to roll.
✍️ Show Notes
Figma: real fundamentals, not hype
The $20B Adobe deal fell through, but Figma’s user base and design ecosystem make it a category-defining bet and a signal for vertical AI SaaS optimism.
London: a wake-up call
This was the slowest IPO half-year since 1997. Worse than the dot-com crash. Worse than 2008. The structural fixes needed are bigger than dual-class shares and time is running out.
The next wave: vertical AI
Infrastructure is hot, but the real prize for SaaS-style returns is vertical AI, where next-gen workflows and embedded intelligence are rewriting category playbooks.
💡 Takeaway for founders & investors
This summer, the IPO market is a tale of two cities: Silicon Valley’s buoyant AI-fueled surge and London’s frozen pipeline. The next generation of big outcomes will reward those who bet early on category-defining vertical AI and real software fundamentals while Europe figures out if it wants to lead or lag.
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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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