Welcome to a new episode of the EUVC podcast, where our good friends Dan Bowyer and Mads Jensen from SuperSeed talk with Lomax Ward, General Partner at Outsized Ventures, to 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 are available on the Spotify/Apple episode.
Escape for an extended weekend of adventure
Join us for a partners’ retreat packed with awe-inspiring treks, thrilling canyoning and river rafting, and inspiring sessions balanced with moments of reflection and exceptional dining. Be inspired by world record-breaking polar explorer Ben Saunders, challenged by our ex-SAS commander, and discover how to connect in an introductory deep work session with GOAT-investor Fred Destin.
✍️ Show notes
UK DOGE: AI, Austerity, and Public Sector Pressures
The UK faces an unprecedented rise in public spending and a growing tax burden—the highest since the 1950s—with the civil service swelling by 34% since 2016, and key sectors like the NHS and local government under strain. Brexit, combined with declining productivity (e.g. a 20% drop in the NHS over five years), has pushed the government to consider tougher fiscal measures: the Tories are leaning towards tax hikes while Labour eyes reforms in public services.
Meanwhile, there is strong debate over using AI to drive efficiency and reduce costs. Proposals include automating tasks at DVLA, HMRC, and in healthcare, with potential savings of £45 billion identified. However, while AI might cut operating expenses, it risks triggering short-term political pain from job cuts and increased benefits spending. A recent Telegraph article adds to the discussion by weighing these trade-offs and questioning whether deep digital transformation can offset the structural challenges in UK public finance.
Project Europe: A New Era in European Venture
Venture capital began in New England with Georges Doriot’s ARD, which achieved a 5,000x return on Digital Equipment Corporation. Silicon Valley soon followed, with key players like Fairchild Semiconductor, Intel, Kleiner Perkins, and Sequoia backing giants such as Google, Amazon, and Apple. Europe, despite having institutions like INSEAD, was late to the game—only catching up in 1996 with Index and Skype—and has seen its global tech enterprise value grow from 5% in the 90s to 17% over the past decade.
Project Europe - an initiative by Harry Stebbings aims to counter brain drain by launching an incubator for under-25 founders with €200k to solve tough technical challenges. While the program promises boosted innovation and improved deal flow, doubts remain whether it can secure the scale-up capital needed to build unicorns or enhance early-stage funding.
AI Corner: Rapid Growth and Platform Shifts
Anthropic’s revenue leaped from $1bn to $1.4bn in just three months, bolstered by the strong launch of Claude 3.7. New platforms like Manus from China are enabling fast, in-depth analyses. At the same time, Larry Page’s Dynatomics and Microsoft’s experiments with DeepSeek in Copilot illustrate that even the frontier labs are grappling with AI’s challenges.
Meanwhile, Mistral is shifting focus towards applications such as OCR and finance, diverging from Anthropic’s coding expertise. Despite market gyrations—Nvidia’s value falling significantly—the sector remains in its early days, with continual innovations from key players hinting at transformative changes ahead.
AI: Market Freefall & Tariff Turbulence
US markets are in freefall amid massive losses on major stocks like Nvidia and Tesla, with trillions wiped off the MAG7 since January. Amid expectations of a long-overdue correction—possibly a mild recession—Trump’s tariff policies are intensifying uncertainty and setting the stage for drastic economic shifts.
In contrast, European stocks remain up modestly in 2025, though the threat of rising tariffs and inflation looms. Investors worry that increasing trade barriers will stifle growth and consumer spending as political and economic uncertainties continue to shake market confidence.
IPOs Up? Mixed Signals Amid Market Hype & Political Uncertainty
US IPO activity is surging—63 filings this year, up 90% from last year—with high-growth companies like CoreWeave and Hinge Health leading the way. CoreWeave, a young data centre provider, has skyrocketed its revenue from $16m in 2022 to $2bn in 2024 and is aiming to raise $4bn at a $35bn valuation. Hinge Health, growing at 30% with a current valuation of $6bn, adds further momentum, while more crypto businesses are also looking to list under a more favorable administration.
However, uncertainty remains high as the Trump administration’s confusing tariff policies and regulatory moves (such as stopping Adobe’s Figma deal) dampen business confidence. LPs are beginning to rotate out of the US, signaling that while IPO numbers are climbing, the overall market environment might not deliver the IPO bonanza hoped for in 2025.
Some things are made for platforms - music, cabs & pizzas. But fund solutions aren’t one of them. Their individual client focus and regulation-first approach is your guarantee for flexible solutions accommodative to a broad range of deal and client specifics. The kicker? Prices that match any of the shelf-products in the market.
🤗 Join the EUVC Community
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Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
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💬 Community event | GP AMA with Carlos Eduardo Espinal
Get ready for our first-ever exclusive GP AMA with Carlos Eduardo Espinal, Managing Partner at Seedcamp—the powerhouse behind over 300 startups, including Transferwise, UiPath, and Revolut.
Carlos is a leading voice in Europe’s early-stage scene, the author of The Fundraising Field Guide, and a Forbes Midas List honoree.
Why attend?
Perfect for VCs on the fundraising trail
Ask all the questions you’ve been afraid to ask
Build connections you can use in your continued fundraising efforts
⏰ March 25 | Tuesday | 💻 Online | Available for Members Only
✍🏻 EUVC Masterclass | The Secondaries Market: Key Insights, Strategies, and Applications
Get access to the full potential of the secondary market. Join our exclusive 2-hour online masterclass and get expert insights on liquidity strategies, valuation techniques, and successful selling tactics.
Why attend?
Demystify the fundamentals of the secondary market
Understand the differences between direct and fund secondaries
Gain actionable insights on valuation, pricing, and sale preparation
⏰ April 8 | Tuesday | 💻 Online
💬 Community event | LP AMA with Herve Cuviliez
Ready to gain insider insights from a seasoned VC leader?
Join our exclusive AMA with Hervé Cuviliez, co-founder of ID4 Ventures, in a small-group, interactive setting where you can ask real questions and get real answers.
Why attend?
Get direct insights from a seasoned investor with 20 years of experience
Learn practical tips and strategies to elevate your fundraising game
Build connections with fellow VCs and LPs in an intimate setting
⏰ April 23 | Tuesday | 💻 Online | Available for Members Only
✍🏻 EUVC Masterclass | Setting up and Structuring a VC Fund
Are you looking to launch your VC fund but unsure where to start?
Join our exclusive 3-hour masterclass on June 2 in Berlin (side-event at SuperVenture & SuperReturn) and get the expert guidance you need. We’ll walk you through the legal frameworks, show you how to pick the right service providers, and help you build a rock-solid foundation for growth.
Why attend?
Demystify the complexities of setting up a VC fund
Avoid common pitfalls with step-by-step guidance
Gain strategies and tools for long-term success
⏰ June 02 | Monday | 🇩🇪 Berlin
🗓️ Upcoming EUVC events
A solid fund admin partner isn’t just a back-office thing; it’s a compliance shield and time-saver if done right. This roundtable brings together Rebecca Roberts (7percent), Raoul Lehtonen (OpenOcean), Camille Hamon (Elaia), and Edwin Chan (Carta) to discuss key selection criteria, regulatory navigation, and tech innovations in fund admin.
Whether you’re launching Fund I or scaling Fund IV, outsourcing or keeping it in-house, this session will help you avoid admin nightmares and focus on investing. Don’t DIY your fund admin; learn from the pros.
⏰ March 26 | Wednesday | 💻 Online
Embark on a Journey of Deep Inner Work
Join us for a transformative experience of self-discovery and vulnerability guided by Rupda and supported by a trusted group of peers. Through embodied practices and self-inquiry, we will build resilience, presence, and a supportive network of fellow investors and founders for meaningful growth. Let’s walk each other home.
Early bird tickets for EUVC Summit & Awards Show
Spend a day with the best VCs and LPs of European venture at a summit with just one purpose: Chart the path to European progress & crown the winners of this year's EUVC Awards 🏆.
Escape for an extended weekend of adventure
Join us for a partners retreat packed with awe-inspiring treks, thrilling canyoning and river rafting, and inspiring sessions balanced with moments of reflection and exceptional dining. Be inspired by world record-holding polar explorer Ben Saunders, challenged by our ex-commander, and discover how to deepen focus in an introductory deep work session with Fred Destin.
🗓️ 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!
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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