Welcome to a new episode of the EUVC podcast, where our good friends Dan Bowyer and Mads Jensen from SuperSeed discuss with Alex Macdonald, Co-Founder & CEO of sequel, and 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 available on the Spotify/Apple episode.
✍️ Show notes
SAP overtakes Novo – shift in Europe's corporate crown
SAP has dethroned Novo Nordisk as Europe's most valuable public company, signaling a shift from pharma to software. This milestone has sparked debate: is it the last hurrah for legacy SaaS or a new AI-driven chapter? SAP’s forward P/E of 40 hints at investor belief that its massive enterprise data troves could unlock new AI revenue streams.
Novo, once hailed for its insulin innovations and global dominance with Ozempic and Wegovy, has faced challenges—competitors, trial disappointments, and the fragile nature of pharma IP—causing its valuation to slip. As Dan put it, “pharma is the ultimate commodity,” while software, with its stickiness and installed base, promises longer-term defensibility
23andMe files for bankruptcy – a cautionary tale
Anne Wojcicki’s 23andMe, once heralded for unlocking genetic insights, has filed for Chapter 11. Despite amassing DNA data on over 15 million users, the company never found a viable business model. A data breach and limited recurring revenue further accelerated its downfall. As the pod noted, many health startups assume data is inherently monetizable—23andMe proves otherwise.
The saga is particularly poignant in light of the loss of Anne’s sister, Susan Wojcicki, a tech titan in her own right. Together, their stories reflect both the promise and harsh reality of innovation—how even the most brilliant ideas can falter without clear commercial paths.
Project Europe – a new bet on Europe’s youngest founders
Project Europe is a focused push to back Europe’s next generation of founders—under 25, often first-timers, and intentionally outside the traditional credential bubble. It challenges Europe’s obsession with degrees and corporate paths by offering equity funding and mentorship from experienced founders. Modeled loosely on the spirit of the Thiel Fellowship, the initiative aims to stop the talent drain to the US, where programs like Thiel and ecosystems like Silicon Valley have historically welcomed young, unproven talent. Europe, despite producing giants like DeepMind and Revolut, still lags in supporting breakout founders early. Project Europe fills that gap with a specific product designed to say: you don’t need to leave to build something iconic here.
Some argue that Europe doesn’t need more early-stage capital—that the real problem lies at the growth stage, where there's a $75B funding gap and too few $20–100M rounds. But Project Europe sees things differently: if you want future unicorns, you have to start earlier. Backing young, brilliant minds before they’re credentialed, before they’re boxed in, is how the likes of Google, Apple, and Facebook were born. And while the US dominates with operator VCs and youth-focused programs, Europe lacks both. Project Europe isn’t trying to solve everything—it’s solving for one thing: giving young European founders a reason—and a real shot—to stay and build at home.
Spring Statement – a missed chance to back the UK’s growth engines
The Spring Statement was a holding pattern at best—and a missed opportunity at worst. For startups, which rely on access to talent, customers, and funding, it offered no meaningful boost. While reforms targeted benefit claimants, there was little for innovation-driven businesses. Growth forecasts were downgraded to 1%, far behind China’s 5% target and even trailing the US. Despite talk of AI-powered efficiency gains (£40bn, per Peter Kyle), there was no bold action—no stimulus, no major investment plans. At a time when UK businesses are struggling under a tax burden approaching 37%, the lack of pro-growth policy feels like a slow bleed rather than a strategic pivot.
With only £10bn of fiscal headroom and a goal to balance the budget by 2030, the UK risks “death by a thousand cuts”—incremental reductions without the ambition to invest and grow. Startups know this feeling: a relentless focus on breakeven at the cost of growth can hollow out a company. The same risk applies to the UK economy. Meanwhile, other nations are acting—Germany just launched a major fiscal stimulus. The UK should be doing the same, especially if it wants to lead in sectors like AI. As it stands, the biggest contradiction is clear: we claim to lead in AI while burdening innovation with policies that undermine risk-taking and investment. Autumn can’t come soon enough.
OpenAI raises billions—but is it racing to keep up?
OpenAI is close to raising a $40B round led by SoftBank, and it’s not just for show—they’re running out of compute. Despite releasing powerful tools in image generation and deep research, they reportedly have a half-dozen more products stuck in the lab due to hardware constraints.
Meanwhile, challengers are gaining ground. DeepSeek’s V3 model is setting new standards: it matches top-tier performance and can run locally on a $10k Mac Studio. That’s not just a technical feat—it’s a decentralization moment. The AI race is no longer just about big models; it’s about who can run them, where, and for how much. No wonder Sam Altman is raising—he’s playing defense as much as offense.
The week saw Google’s Gemini 2.5 hit the market with impressive reasoning abilities, and Meta AI launched its assistant across Europe. But the deeper shift might be philosophical. With models like DeepSeek’s open-sourcing high-performance tech and tools like Reve challenging Midjourney, we’re seeing a democratization push. On the flip side, OpenAI and Perplexity (now valued at $18B on ~$100M revenue) are doubling down on tightly controlled platforms. This tension—between open innovation and closed ecosystems—now intersects with the growing legal fight over copyright. The outcome could shape not just how AI is built, but who gets to build it.
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🗓️ The VC Conferences You Can’t Miss
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0100 Europe 2025 | 📆 02 - 04 April 2025 | 🇳🇱 Amsterdam, The Netherlands
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