Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.
This week, Andreas Munk Holm is joined by Sarah Drinkwater, Founding Partner at Common Magic, and Anthony Danon, Founder at Rerail, for a deep dive into the rise of solo GPs and micro funds in Europe. Together, they unpack the forces driving this new wave of intentional, nimble VC—why it’s working, how it's evolving, and what it takes to win.
It’s a conversation that builds on their stage debate at the EUVC Summit—this time going deeper into headless rounds, syndication dynamics, the next generation of angel investors, and the very real personal decisions behind going solo.
🎯 This Episode’s Themes:
Why the solo GP model fits today’s best founders
The rise of “headless rounds” and what makes them work
The art (and risk) of conviction without consensus
The future of angels, from weekend warriors to fund managers
What’s next for micro funds in Europe—and why some won’t make it
Here’s what’s covered:
00:22 | Solo Love: The magic of being founder-picked and founder-aligned
01:30 | Angel Roots: Why Sarah and Anthony bet small before going big
04:00 | Market Dynamics: The squeeze between seed giants and multistage platforms
06:30 | Why Small Wins: Flexibility, focus, and belief in outlier founders
09:00 | Micro Syndication: Why solo GPs are finally co-leading in Europe
13:00 | The Reserve Question: What happens when founders need more capital?
16:00 | Conviction Building: The difference between borrowing belief and earning it
20:00 | Headless Rounds: The founder-led raise and its pros and cons
24:30 | Next Round Realities: Why leads don’t always do the heavy lifting
27:00 | Angel Competition: How to win without bidding wars
31:00 | Angel Education: Power law, concentration risk & the need for fresh blood
38:00 | Going Solo: The case for building your own lemonade stand
44:00 | The Big Firm Tradeoff: Coordination, politics, and the limits of scale
47:00 | Looking Ahead: What’s next for Europe’s micro fund wave
🎧 Watch it or add to your Apple or Spotify queue. Chapters available for easier navigation.
✍️ Show Notes
Small Is a Strategy, Not a Stage
Sarah and Anthony explain why being a solo GP is not a stepping stone, but a high-conviction choice. Nimble fund sizes mean tighter theses, sharper bets, and closer founder relationships.
Headless Rounds, Founder-Led Dynamics
More early rounds in Europe are happening without a lead. Why? Founders are more experienced, smaller firms are more active, and syndication finally works.
Not All Angels Are Equal
We need more angels in Europe—but even more urgently, we need better ones. The group discusses why education, portfolio construction, and power law understanding are the next leap for Europe's angel ecosystem.
The Micro Fund Moment Is Now
Syndication, specialization, and speed: micro funds are not just tagging along—they're leading, catalyzing, and increasingly setting the tone for early-stage investing in Europe.
💡 Investor Takeaway
Small funds, solo GPs, and intentional syndicates are Europe’s response to the capital concentration problem. This is where some of the most founder-aligned, high-conviction bets are happening—and if you’re not paying attention, you’re already behind.
Connect with Europe’s leading LPs, Family Offices & Fund of Funds this September at Château de Beloeil.
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