Episodios

  • Angel investing insights with Sarah Harvey, Advisor at Tunic Pay | E333

    Angel investing insights with Sarah Harvey, Advisor at Tunic Pay | E333
    Jul 10 2024
    Join us as Tom Wilson from Seedcamp and Anthony Danon from Cocoa talk to Sarah Harvey, Advisor at Tunic Pay.

    In this episode of the Super Angel podcast, Sarah Harvey discusses her career transition from strategy roles in both corporate and non-profit sectors to operating roles in startups, eventually starting her journey into angel investing.

    Sarah shares insights from her experiences with different startups, including Tough Mudder, Square, and Prodigy Finance, and highlights the importance of networking, the impact of her work in health tech during COVID-19, and her approach to angel investing. She also emphasizes the significance of diversity on cap tables and how her unique background adds value to the companies she invests in.

    Go to eu.vc for our core learnings and the full video interview 👀

    Chapters:

    02:30 Discovering Angel Investing
    03:03 First Steps in Angel Investing
    03:18 Bringing Experience to Angel Investing
    03:58 Memorable Deals and Investments
    04:37 The Value of Angel Investing
    05:25 Personal and Professional Growth
    05:48 Encouraging Female Angel Investors
    07:22 Transitioning to Investment Strategies
    07:44 Investment Focus and Portfolio
    09:04 Evaluating Founders
    10:04 Value Proposition to Founders
    11:07 Future Portfolio Development
    14:59 Collaboration and Networking
    16:48 Core Learnings from Angel Investing
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    29 m
  • Carlos Espinal, Seedcamp on "Fundraising field guide" his latest startup founder's guide to all things fundraising | E332

    Carlos Espinal, Seedcamp on "Fundraising field guide" his latest startup founder's guide to all things fundraising | E332
    Jul 9 2024
    n this episode of the EUVC podcast, Andreas discusses with Carlos Eduardo Espinal , Managing Partner at Seedcamp.

    Carlos Eduardo Espinal is a Managing Partner at Seedcamp, arguably, Europe's leading seed fund, first launched in 2007 to support European entrepreneurs truly compete on a global scale. With investments in over 460 companies including publicly listed Romanian-founded, UiPath, Wise and unicorns Revolut, wefox and Pleo. Carlos is a published author, fellow podcaster and has been on the Forbes Midas List as one of the most influential VCs in Europe for more or less as long as yours truly has been alive.

    In today’s discussion, we're talking about the third edition of the "Fundraising field guide" the latest startup founder's guide to all things fundraising launched by Carlos. This third edition captured a very interesting period in VC, marking the completion of VC market’s full fundraising cycle.

    The first edition of the book was written during the linear growth curve of the post-2008 era. The second during the “bubble” in valuations formed post-COVID where we saw large injections of capital into private markets leading to an exponential growth period for startups. This third edition covers the collapse of that “bubble”, and highlights common pitfalls you should avoid as an early-stage founder (such as taking too much money).

    Go to eu.vc for our core learnings and the full video interview 👀

    Chapters:

    06:23 The Challenges of Access to Knowledge and Best Practices
    09:12 The Three Cycles of Carlos' Book
    13:09 The Success of VC as an Asset Class
    16:24 The Emergence of Many Unicorns
    26:18 Added Pressure on Founders to Tell Compelling Stories
    28:41 The Focus on Sustainable Business Models
    33:45 The Balancing Act: High-Growth Potential vs. Stable Business Models
    38:32 The Cyclical Nature of Venture Capital
    43:09 Creating Liquidity and Attractiveness for Companies
    46:20 Supporting Struggling Companies and Making Difficult Decisions
    49:47 The Challenges and Benefits of the Large Portfolio Model
    56:20 The Impact of Financing Terms and Structures
    01:13:39 Changing Attitudes to Tech Entrepreneurship and the Role of VCs
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    1 h y 27 m
  • Sion Evans, VenCap on big vs. small funds, manager selection, performance & portfolio concentration | E331

    Sion Evans, VenCap on big vs. small funds, manager selection, performance & portfolio concentration | E331
    Jul 4 2024
    In this episode of the EUVC podcast, Andreas discusses with Sion Evans, Senior Investment Manager at VenCap, currently investing out of a $340M fund with $2.0bn in total AUM.

    VenCap was founded in 1987 and is one of the longest-established FoFs around. They are headquartered in the UK and are backing the leading Tier 1 firms from globally — with just 12 core relationships! They count 47 underlying unicorns with notable mentions being the likes of Google, Facebook, Airbnb, Coinbase, ByteDance, and Stripe.

    In today’s discussion, we're talking about manager selection and big versus small funds, a topic we're constantly debating on LinkedIn, as well as how Sion and Andreas thinks about fund sizing in Europe.

    Sion emphasizes that good funds outperform, regardless of their size, and whatever the strategy, manager selection is the most important factor in venture.

    Go to eu.vc for our core learnings and the full video interview 👀

    Chapters

    00:11 Overview of VenCap's Investment Strategy
    03:13 Debating Big vs. Small Funds
    04:50 The Importance of Manager Selection
    05:42 Analyzing Fund Performance Data
    09:39 Fund Sizing in Europe
    14:46 VenCap's Global Investment Approach
    26:40 Fund Size and Investment Strategy
    27:58 Fund Sizes and Portfolio Construction
    28:35 Early Stage vs. Growth Stage Strategies
    29:02 Global Investment Approach
    30:08 Performance Consistency Across Strategies
    31:21 Risk and Return in Venture Capital
    32:31 Building and Maintaining Relationships
    35:14 Performance Dispersion in Venture Capital
    44:11 Secondary Investments and Strategy
    49:17 Reflections and Personal Insights
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    53 m
  • Giulia Van Waeyenberge, Sofina Group on why you need talent, money, and network to build a great ecosystem | E330

    Giulia Van Waeyenberge, Sofina Group on why you need talent, money, and network to build a great ecosystem | E330
    Jul 2 2024
    In this episode, we welcome Giulia Van Waeyenberge to the pod. Giulia is an experienced investor and judge in the European VC Awards and a Managing Director at Sofina Group, an investment holding company with more than 9 billion in AUM.Sofina Group is a global investor investing mainly in the Venture and Growth stages. Its sectors include digital, healthcare and life sciences, consumer, education, and sustainable supply chain sectors. Sofina has a direct investment strategy, investing from a series B/C until IPO and beyond. They also invest in venture and growth capital funds on a global basis. They invest from their balance sheet and take a long-term view. Sofina is also a shareholder in Vinted (a second-hand marketplace), Mistral AI, Cleo (an AI chatbot providing financial advice to young adults), and ByteDance.On the fund side, they have long-standing relationships with US managers where they have invested for several decades in firms like Sequoia, Iconiq, and Lightspeed. In Europe, they invested in several European GPs, some more emerging than others. In the seed stage, they have a partnership with Point Nine, Moonfire, Atlantic Labs, Seedcamp, Visionaries Club, Stride, and Hoxton. On the seed/series A stage they have invested in Blossom Capital, Singular, and Alven. On the platform side, they have in funds like Northzone, Balderton, Atomico, Dawn, and Felix Capital.Go to eu.vc for our core learnings and the full video interview 👀Chapters05:49 Direct Investments and Partnerships06:16 Allocation and Investment Decision-making07:40 Investing from a Balance Sheet08:39 Investment Pace and Diversification09:08 Allocation to Venture and Growth10:44 Investing in Venture for Multiple Decades22:56 Views on the European Venture Ecosystem25:12 Maturity of the European Ecosystem28:37 US Investors' Perspective on Europe32:37 Venture in Eastern Europe33:37 Long-Term Orientation and Dealing with Challenges37:58 Shoutout to Ophelia Brown of Blossom39:25 Learnings from the Last 10 Years41:30 Tips for Emerging VCs in Fundraising42:44 Counterintuitive Lessons in Venture
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    36 m
  • Roundtable discussion on ESG becoming a core part of doing business in Europe | E329

    Roundtable discussion on ESG becoming a core part of doing business in Europe | E329
    Jun 27 2024
    In today’s episode, Andreas discusses the importance of ESG in the venture capital industry with our four guests:
    • Henry Philipson, Director of Marketing and Communications at Beringea
    • Ashley Brown, Sustainability Manager at Atomico
    • Antonia Whitecourt, Director at Seedcamp
    • Grace Savage, ESG Lead at Molten Ventures
    We are talking about ESG in VC because ESG_VC recently published an analysis of ESG data collected from 587 startups backed by leading VC firms, including Atomico, Molten Ventures, Bringea, and Seedcamp. ESG_VC is a global network of more than 300 VC firms enabling start-ups to tackle ESG.

    Join us while diving into the value of ESG for startups, how VCs are working with founders to drive forward the sustainability agenda, and what the future of European ESG looks like. We also address the buzz surrounding ESG, emphasizing the need to focus on building well-governed and responsible businesses.

    Go to eu.vc for our core learnings and the full video interview 👀

    Chapters:

    00:34 Deep Dive into the ESG Report
    07:11 Importance of ESG in Startups
    07:36 Historical Context of ESG
    09:15 Operational vs. Strategic ESG
    10:19 Challenges and Opportunities in ESG
    11:14 Backlash and Misunderstandings of ESG
    12:32 Divergence in ESG Practices
    16:32 Future of ESG in European VC
    19:38 Materiality and Practical Implementation
    25:25 Carbon Footprint and Environmental Impact
    35:17 Diversity and Talent in Startups
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    52 m
  • Angel investing insights with Cyril Chemla, co-founder at ProcessOut (acquired by Checkout.com) | E328

    Angel investing insights with Cyril Chemla, co-founder at ProcessOut (acquired by Checkout.com) | E328
    Jun 26 2024
    Join us as Tom Wilson from Seedcamp and Anthony Danon from Cocoa talk to Cyril Chemla, co-founder at ProcessOut (acquired by checkout.com)

    In this episode of the Super Angel podcast, Cyril shares his inspiring journey from a school project in computer science to building a successful payment business that was acquired by Checkout.com.

    Cyril discusses the importance of resilience, the dynamics of starting a business while still a student, and the impact of support from VCs and angel investors. He emphasizes the value of networking, iterating on business ideas, and the role of imposter syndrome in continuous learning.

    Cyril also shares memorable experiences from his angel investing career and offers insights into his investment strategy, including the importance of evaluating founders and market potential beyond just revenue figures. The discussion also touches on the significance of collaboration and network-building in angel investing, particularly for international investments.

    Go to eu.vc for our core learnings and the full video interview 👀

    Chapters:
    • 01:04 Cyril's Early Days in Computer Science
    • 01:43 The Birth of ProcessArt
    • 02:15 Acquisition by Checkout.com
    • 02:37 Support from Mentors and Angel Investors
    • 03:19 Giving Back to the Ecosystem
    • 03:46 Encouraging Young Entrepreneurs
    • 04:15 The Best Times to Start a Business
    • 06:39 Memorable Angel Investments
    • 07:50 Investing in Family Connections
    • 09:20 Traveling and Bonding with Founders
    • 11:55 Lessons from Angel Investing
    • 16:19 The Importance of Grit and Determination
    • 16:48 Cyril's Investment Strategy
    • 17:56 Focus on FinTech
    • 26:03 Challenges in the FinTech Market
    • 27:36 Collaboration with Angels and VCs
    • 31:24 Key Learnings and Advice
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    37 m
  • Evan Finkel, Integra Global Advisors on global LP's perspectives, allocation strategy and learnings | E327

    Evan Finkel, Integra Global Advisors on global LP's perspectives, allocation strategy and learnings | E327
    Jun 25 2024
    In this episode we’re joined by one of the most honest and dynamic LPs we’ve yet met: Evan Finkel, Head of Venture Capital Investments at Integra Global Advisors. Evan’s based in the US with an Early-stage investment focus - first check to Series A in the US, Europe, Israel, and LatAm. This is a long one and covers a lot of ground from an LP’s perspective, so strap in. Big shoutout to Ophelia Cai from Tiny for the introduction 💖

    In this episode, Evan emphasizes the importance of accessing top-tier investment opportunities and the need for a data-informed approach as well as his perspective on the current market conditions, including the deployment slowdown and the potential for a macro TVPI adjustment. The conversation also highlights the importance of having well-defined goals and strategies as a venture capital LP, exploring the principles and considerations important when allocating to venture.

    We also discuss how investing in smaller funds yield a higher probability of outsize returns for LPs as well as the stages of investment that Evan believes offer the best value for money while overcoming the challenges of performance dispersion in VC.

    Finally, we discuss the classification of ecosystems, why Evan considers Europe an established ecosystem and how he thinks about the challenges and opportunities in different VC markets, concluding on the importance of data-informed decision-making and the importance of separating personal relationships from investment decisions.

    Go to eu.vc for our core learnings and the full video interview 👀

    Chapters:

    02:02 Meet Evan Finkel: Background and Journey
    05:37 Building a Global Venture Fund Strategy
    09:25 Market Insights and Current Trends
    13:08 Challenges and Opportunities in Emerging Markets
    17:04 Government Support and Market Distortion in Europe
    21:07 Deployment Slowdowns and Capital Management
    22:34 First Principles of VC Investment Strategy
    30:47 Performance Dispersion in Venture Capital
    38:00 European Venture Challenges
    40:44 The Emotional Side of VC
    41:47 Balancing Emotions and Investments
    44:18 Friends in VC: A Double-Edged Sword
    45:50 The Reality of Fund Management
    55:32 Operational Due Diligence
    01:05:33 Fundraising Strategies for Emerging VCs
    01:08:35 The Commitment of Raising a Fund
    01:12:07 Counterintuitive Learnings for LPs
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    1 h y 15 m
  • Richard Muirhead, Fabric Ventures on decentralizing the future - Web3 x AI and why does it matter | E326

    Richard Muirhead, Fabric Ventures on decentralizing the future - Web3 x AI and why does it matter | E326
    Jun 20 2024
    In this episode of the EUVC podcast, Andreas discusses, with Richard Muirhead, Managing Partner at Fabric Ventures, the transformative potential of Web3 and AI.

    Richard shares insights into how these technologies will reshape the internet, the power dynamics between big tech and decentralized communities, and Fabric Ventures' role in this evolving landscape. They also discuss ethical considerations, the development of decentralized finance, and the challenges and opportunities facing venture capital in Europe.

    Fabric Ventures is a 125M EUR fund, with 250M under management, anchored in Europe around Paris & Zurich, but investing globally. They are actively investing in WEB3, which has become a global phenomenon, and they have incredible investments in their portfolio so far, such as Sorare, Ramp, Near, Immutable, Polkadot, Flashbots, and many more.

    Go to eu.vc for our core learnings and the full video interview 👀

    Chapters:

    02:30 Richard’s Journey into Venture Capital
    07:20 The Evolution of the Internet: Web1 to Web3
    09:20 The Role of Blockchain and DAOs
    14:35 The Intersection of AI and Web3
    22:32 Challenges and Opportunities in Web3 Adoption
    26:59 Disrupting Centralized Powers with Web3
    29:20 The Future of AI and Web3 Integration
    33:43 AI Safety and Ethical Considerations
    35:28 The Case for Open Source AI
    37:19 Challenges of Open AI Systems
    37:59 Business Models in Open AI
    40:48 Token Economics and Incentives
    42:35 Decentralized Systems and Network Effects
    50:35 Operational Challenges in Venture Capital
    53:57 Building a Successful VC Firm
    57:34 Advice for Emerging Managers
    01:05:04 Concluding Thoughts on Venture Capital
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    1 h y 11 m