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This Week in European Tech with Dan Bowyer, Mads Jensen, and Lomax Ward

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.

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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.

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✍️ 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.

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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.

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✍🏻 EUVC Masterclass | The Secondaries Market: Key Insights, Strategies, and Applications

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💬 Community event | LP AMA with Herve Cuviliez

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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.

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⏰ April 23 | Tuesday | 💻 Online | Available for Members Only

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✍🏻 EUVC Masterclass | Setting up and Structuring a VC Fund

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  • Demystify the complexities of setting up a VC fund

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June 02 | Monday | 🇩🇪 Berlin

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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.

Join the getaway

🗓️ 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