7 MAY 2024 · Celebrating one of the finalists in the Firm of The Year-category at this year’s European VC Awards, this episodes dives deep with https://www.notion.vc/team/stephen-chandler, Co-founder & Managing Partner of https://www.notion.vc/ With 1.1 bn€ under management and 5 flagship funds under their belt, Notion is one of Europe’s absolute top firms and in this episode, Stephen dives into a level of detail rarely seen discussing everything from the guiding principles building Notion to the process and learnings from raising their latest fund. I highly encourage you to read Stephen’s notes below and tune in for this episode. I truly think this is one of our best to date. Notion at glimpse: - Fund Name: Notion Capital - Fund size: €300m (Fund V) - AUM: €1.1bn - HQ Country: UK - Target Stage: Series A focus, but invest across pre-seed to growth - Target Geography: Pan European - Target Sector/Vertical: Business Software & Fintech - Notable Investments: https://www.currencycloud.com/, https://easol.com/, https://gocardless.com/, https://www.mews.com/en, https://www.paddle.com/, https://upvest.co/, https://yulife.com/ From the principles building Notion to the learnings from raising fund V oversubscribed and the decision to clone his dog, this episode is one of our best to date. Don't miss Stephen's notes on eu.vc - they're legendary. Big shout out to our Firm of The Year Sponsor https://www.haynesboone.com/. And you don't have to take it from themselves, take it from one of their long term clients, Joe Schorge: "Having worked together for many years now, they fully understand the Isomer ethos and process, and we really appreciate the value that this long-term relationship brought to this mandate from start to finish. We look forward to continuing to work with Karma, Ronan, Will and the rest of team.”  Naturally, we’re incredibly excited about having the Haynes Boone team with us as sponsors of the Firm of The Year Awards - yet another testament to their support for the EUVC ecosystem. We strongly encourage you get in touch with Karma and the team for a great experience 🔥

4 MAY 2024 · Join us as https://uk.linkedin.com/in/tomwilsonseedcampfrom http://seedcamp.com/and https://uk.linkedin.com/in/anthony-danon-3409099bfrom http://cocoa.vc/talk to https://www.linkedin.com/in/christophdeckert/, Strategy Expert at Personio. Christoph has a unique mix of operating experience with +7 years of working with Personio, the European HRTech unicorn. Personio now has +2000 employees across 7-8 different European and US offices and a portfolio of more than 12K customers. Christoph joined the company very early on and took on different responsibilities to take Personio’s customer growth to the next level, shape the organizational culture and structures, and hire the right people to support this mission. His passion and journey towards angel investing became very organic after having different conversations with other founders. After one particular talk that he enjoyed, he decided to support that startup without being fully aware of what angel investment is. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 00:36 From Personio to Angel Investing 03:43 Memorable Deals and Investment Philosophy 06:22 The Personal and Professional Growth from Angel Investing 09:18 Chris's Angel Investing Strategy 17:43 Networking and Collaboration With VCs and Other Angels 21:02 Core Learnings from Angel Investing 26:05 Building and Leveraging Networks 31:19 Closing Thoughts and Future Aspirations

2 MAY 2024 · Today, we have with us https://www.linkedin.com/in/sjfheller/, Founding Partner at http://aqvc.com/. AQVC is an innovative, evergreen VC fund of funds focused on small VCs globally and democratizing diversified access to venture capital. Stephan is a seasoned tech entrepreneur and investor passionate about nurturing the next generation of innovative companies, developing robust platforms, and cultivating thriving ecosystems. Over the past 15 years, he has been deeply involved in the entrepreneurial landscape.  Stephan also co-founded five companies, including a leading deep-tech startup accelerator for one of the largest high-tech corporates in the world and establishing a successful and innovative VC fund of funds. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 00:13 Diving Deep into AQVC's Approach 00:35 Stefan's Unique Framework for Evaluating Funds 03:24 The Criteria for Evaluating Emerging Managers 03:38 Alignment and Uniqueness in Funds 04:14 Evaluating First-Time Funds: Challenges and Strategies 05:09 The Hustler Mentality in Venture Capital 05:59 Building a Firm with a Vision 06:37 Technical Aspects of Fund Evaluation 08:26 The Journey from First to Second Time Funds 09:03 The Role of Reference Calls in Due Diligence 10:46 Deep Dive into Track Record Validation 11:27 The Challenge of Investing in First-Time Investors 18:39 Evaluating Fund Performance and Strategy Execution 21:18 Understanding DPI Creation in Third Time Funds 24:04 Closing Thoughts and Future Plans

30 APR 2024 · Today, we have https://www.linkedin.com/in/carinamn/ and https://www.linkedin.com/in/stentamkivi/ with us. Carina and Sten are Partners at https://pluralplatform.com/, a 400M EUR early-stage venture fund to back ambitious European founders on massive missions with hands-on help from experienced operators. Plural launched in June 2022 with the aim to give serious founders in Europe investors with company-building experience to match their ambition. Plural’s mission is to have a GDP-level impact on Europe, address systemic risks, and reduce the opportunity gap worldwide through the companies it backs. Plural has just announced its second fund with a total of 650M AUM and an established portfolio of 25 companies and notable investments, including Ready Player Me, Robin AI, and Unitary. Plural’s team is split between Tallinn, Estonia (where Sten is from) and London (where Carina is from). Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 01:37 Karina's Journey from Biotech Founder to Venture Capitalist 03:14 Stan's Path: From Entrepreneur to Plural Partner 04:57 Raising a Fund in a Challenging Market 07:02 Plural's Investment Strategy and Focus 15:52 Plural's Unique Approach to Adding Value for Founders 23:03 Scaling the Impact: Plural's Vision for Europe's Tech Ecosystem 25:21 Addressing the Critiques: A Candid Look at the VC Landscape 29:25 Challenging the Status Quo in VC Practices 30:20 The Philosophy Behind Investment Decisions 30:47 Strategic Follow-On Investment Approach 31:55 Innovative Decision-Making in Investment Committees 34:02 The Unique Approach to Follow-On Investments 42:14 Building the Plural Platform: Insights and Strategies 58:13 Uncommon Beliefs and the Future of European Tech

27 APR 2024 · Today, we are joined by https://www.linkedin.com/in/mikkosilventola/ for a new episode of the SuperAngel podcast. Mikko is an angel investor, and Venture Partner at http://superangel.io. 😉Mikko invests his own capital, but also via https://www.mgntc.com/ (Index Ventures Angel Fund), and he likes to provide capital for the underdogs in the ecosystem. He was the first investor in companies like: - Bolt (previously Taxify, first investor & hands-on advisor, raised >$2B from Sequoia) - Hugo (raised >$100M from TMT Investments, DST Global etc. Acquired by Delivery Hero) - PayMongo (raised >$45M from Stripe, Founders Fund, Thiel) Mikko also has a solid track record in the internationalization of companies in Asia, Europe, and the Middle East. He spent the past 10 years in Asia and the Middle East operating in the private equity sector, focusing on advising early-stage companies, angel investing, M&A advisory, and fundraising. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 02:30 Miko's Angel Investing Journey 03:32 Transition to Venture Business and Global Investments 07:23 Defining the Superpower of an Angel Investor 09:15 Strategic Angel Investing and Portfolio Management 10:20 The Art of Following On in Investments 12:44 Navigating Challenges and Opportunities in Venture Capital 22:05 Investment Philosophy and Identifying Potential Unicorns 26:12 Selecting the Right VCs and Avoiding Pitfalls 33:34 Personal Reflections and Life Lessons 35:13 The Concept of Life Design and Work-Life Balance 40:07 Investing Without Borders: A Global Perspective 40:28 Analyzing the Strengths of the Nordic and Baltic Startup Ecosystem

26 APR 2024 · The landscape of venture capital is evolving, and Isomer Capital is at the forefront with its new fund designed to meet the dynamic needs of the European venture capital market.We sat down with Joe Schorge and Omolade Adebisi from Isomer to talk through the market, the strategy and the future. Well-worth a watch as we open up the deck that raised the fund and tap the brains that incept and run it. But let’s get the headline numbers in place: - 100 M€ Fund dedicated to secondaries exclusively. - 65-75% of dedicated to acquiring Limited Partner (LP) interests in existing VC funds. - An additional 15-25% is earmarked for direct secondaries in companies, providing crucial liquidity to stakeholders. - The remaining funds, up to 15%, are reserved for discretionary investments, which may include buying stakes or carry from general partners. This strategic distribution of funds is a response to the current market conditions where many European VCs have yet to realize significant returns from their investments. These circumstances often necessitate liquidity solutions for personal reasons—such as purchasing homes or funding private education—or professional requirements like meeting General Partner (GP) commitments for raising new funds. - Typical ticket sizes range from €1 million to €10 million injecting much-needed flexibility and liquidity across Europe's venture capital ecosystem and broadening Isomer’s impact beyond the traditional fund of funds model to include any Europe-based fund or startup 💖 Hope you’ll enjoy the read and watch on eu.vc and the listen here on your pod player 🙏

25 APR 2024 · https://www.linkedin.com/in/rainer-m%C3%A4rkle-150b64 is the General Partner of https://www.hvcapital.com/, €380m Venture and €400m Growth fund, with almost €3BN AUM. Rainer joined HV 15 years ago. In his third week at the firm, HV invested in Zalando. Accompanying the founders of Zalando from seed to IPO and beyond has been the most rewarding chapter in his VC career. It taught him that anything is possible, boundaries are imaginary, and amazing things can happen by working in the right set-up. Aside from this, he has been involved in big exit stories with HelloFresh, Quandoo, and Stylight. Some of his other highlights include working with Scalable Capital, Alasco and finn.auto. In his spare time, Rainer is a family guy. He also likes to push boundaries in sports, participating in the Ironman World Championships Hawaii and many other endurance events. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 03:16 Rainer’s Journey: From Engineer to VC 04:04 Diving Deep into HV Capital 07:21 Transitioning from Corporate VC to Independent Fundraising 10:56 Raising Funds in a Challenging Market 13:26 Maintaining Trust with Existing LPs 16:03 Keep Your Principles Against Market Hype 30:57 Strategies for Achieving Fundraising Goals 32:39 The Importance of DPI in Fundraising 34:33 Balancing Act: Liquidity vs. Value Potential 37:34 Decision-Making Dynamics Within the Firm 39:29 Adjusting Strategies and Narratives in Changing Markets 42:05 Insights for Emerging VCs and Fundraising Challenges 44:30 Shout Outs to Emerging Managers and Partners 48:26 Key Learnings from the Latest Fundraise 51:43 Advice for Younger Selves and Emerging VCs

23 APR 2024 · We continue our discussion on Fundraising during and after the tech reset, as part of our little hype parade ahead of the launch of the http://floww.io/raise. Today, we have with us two close friends of the pod: https://www.eu.vc/p/158-carlos-eduardo-espinal-seedcamp from https://www.linkedin.com/company/seedcamp_2/ and https://www.eu.vc/p/128-bogdan-iordache-underline from https://underline.vc/. https://www.linkedin.com/in/carloseduardoespinal/ is a Managing Partner at https://www.linkedin.com/company/seedcamp_2/, 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, https://www.linkedin.com/company/uipath/, https://www.linkedin.com/company/wiseaccount/ and unicorns https://www.linkedin.com/company/revolut/, https://www.linkedin.com/company/wefox/ and https://www.linkedin.com/company/pleo-company/. Carlos is a published author, fellow podcaster and has been on the https://www.linkedin.com/company/forbes-magazine/ Midas List as one of the most influential VCs in Europe for more or less as long as yours truly has been alive. https://www.linkedin.com/in/bogdaniordache/ is the Founding GP of https://underline.vc/, a $20M seed fund in Romania and the first solo GP in the region. Bogdan and his team are focusing on backing Eastern European founders with global ambitions, and though I just said vertical-agnostic, Underline does pay extra attention to enterprise automation, AI, cybersecurity, industrial tech, defense, and climate-related startups 🌳. Chapters: 00:14 Shifting Sands and the Rise of New LPs 00:32 Seedcamp and Underline Ventures 04:52 Shifting Sands and Impact on Emerging Managers 05:43 Bogdan's Journey Through the Tech Reset 07:58 Carlos's Insights on Supporting Emerging Managers 10:23 The Challenges of Fundraising 12:00 The Tech Reset on VC Funding 17:10 Raising Fund Six and the Importance of Fund Size 21:02 The Art of Fundraising and Learning from LPs 26:27 Exploring Overlooked Geographies in Venture Capital 39:00 The Role of Community and Background in VC 47:44 Reflecting on the Evolution of the Venture Ecosystem 50:02 Closing Thoughts on GPLP Relationships and Emerging Managers

18 APR 2024 · We sat down with https://at.linkedin.com/in/danielkeiperknorr, founding partner of https://www.speedinvest.com/ for a discussion on what he thinks allowed them to raise 500 million during and after the tech reset. What ensued was a conversation revealing how Speedinvest decided to diverge from traditional VC practices by dedicating substantial resources including the full time attention Daniel, one of the founding partners, to fundraising and investor relations. This conversation ONLY focuses on the raise process, dynamics and learnings, to understand the thesis behind the fund, go read the https://www.speedinvest.com/blog/speedinvest-raises-500-million-for-european-tech-startups of Speedinvest IV by Oliver Holle. Chapters: 03:34 Daniel's Journey into Venture Capital 04:02 The Evolution of Speedinvest 05:15 The Unique Approach to Fundraising 06:28 Navigating Fund Generations 07:21 Experiencing Market Cycles and Pivots 08:28 The Strategy Behind Speedinvest's Latest Raise 11:22 Adapting to Changing Market Conditions 12:26 The Impact of Macroeconomic Changes on Fundraising 16:19 Pivoting the Narrative Around the Fund 21:11 Differentiating Between Seed and Growth Stage Investing 24:56 Advice for Fund Managers Raising in Europe 26:03 Understanding LP Preferences and Building Relationships 27:41 Creating Urgency Among LPs 28:53 Thoughts and Advice for Future Fundraisers Key learnings from the episode - Economic sensitivity and its implications for venture capital One of the most striking revelations from Daniel’s experience is the profound impact of global economic conditions on venture capital dynamics. He delves into how the sudden shift in LP inquiries from portfolio-centric to macroeconomic concerns mirrored the broader economic uncertainties, highlighting the necessity for VCs to be economically astute. This sensitivity to macroeconomic shifts is not just about staying informed but about integrating this understanding into the strategic narrative of the fund. Daniel’s recount of adapting Speedinvest’s narrative in response to changing economic sentiments underscores the importance of this adaptability not as a reactionary measure but as a strategic imperative. It serves as a compelling reminder that venture capital, while focused on the future, must navigate the present’s economic realities. - The art and science of LP communication Daniel’s emphasis on transparent and ongoing communication with LPs underscores a fundamental pillar of successful venture capital operations. The strategic approach to communication — viewed through the lens of building trust and managing expectations — is both an art and a science. Daniel illustrates how Speedinvest’s preemptive communication strategy, especially in times of strategic pivots or market volatilities, has been instrumental in reinforcing trust with LPs. This proactive engagement goes beyond regular updates, encompassing a nuanced understanding of LP preferences, concerns, and the strategic dissemination of information to mitigate surprises and align expectations. It’s a testament to the view that in the realm of venture capital, effective communication is as crucial as financial acumen. - Navigating shifts with agility and insight The conversation further illuminates the critical importance of agility in the face of market shifts. Daniel’s narrative brings to life the concept of strategic adaptability — not just as a response to changing market conditions but as a proactive stance in anticipation of these changes. This agility, underpinned by a thorough understanding of both the venture ecosystem and broader economic indicators, is pivotal for the relevance and efficacy of venture funds in fluctuating times. It’s about the capacity to pivot not just in strategy but in the narrative, ensuring that the fund remains aligned with the evolving priorities and concerns of investors. - Leverage of experience in winning confidence Speedinvest’s journey through various economic cycles, as narrated by Daniel, accentuates the invaluable role of experience in the venture capital landscape. This seasoned expertise, characterized by a history of navigating booms and busts, is a cornerstone in building and sustaining LP confidence, particularly during turbulent market conditions. Daniel’s reflection on Speedinvest’s strategic decisions, underpinned by decades of collective experience, underscores the trust that experience engenders in investors. It’s a poignant reminder of the weight that history and track record carry in the venture capital arena. - The strategic importance of local markets Finally, Daniel’s insights on the significance of local markets in Speedinvest’s fundraising success story offer a compelling perspective on the value of nurturing local investor relationships. Despite the allure of global expansion, the substantial support from within Austria highlights the untapped potential and strategic importance of home markets. This aspect of Speedinvest’s strategy underlines a broader lesson for the venture capital community: the power of local ecosystems as a bedrock for support and growth. It challenges the venture capital ethos to look beyond the global horizon and recognise the value lying within their immediate geographical and economic contexts.

16 APR 2024 · Today, we are meeting with https://www.linkedin.com/in/ertancan/, the Founding General Partner of https://www.multiple.capital/, a venture capital fund based in Luxembourg. Ertan has just closed his third fund with a target of $50M after investing already in companies like NP-Hard, Angular, Airstreet (1), Lunar, Fly, Inflection, Foreword by Declan, and Remote First Capital by Andi Klinger, Nomad by Marc McCabe. Go to eu.vc for our core learnings and the full video interview 👀 Chapters: 00:54 Deep Dive into Ertan Can's Third Fund and Investment Strategy 04:07 Ertan's Journey from Family Office to Micro VC 06:04 Challenges and Learnings from Raising Fund III 08:13 Navigating the European Fundraising Landscape 13:47 Strategic Shifts in LP Engagement and Fundraising Realities 21:29 Understanding the Micro VC Ecosystem and Fund Size Dynamics 35:42 Evaluating Emerging Managers and Fund Performance 37:50 The Role of Randomness in Fund Success and Investment Strategy 39:55 Evaluating Investment Consistency and Strategy 40:34 The Importance of Building a Strong Network 41:07 Performance Metrics: Beyond Early Success 43:14 Assessing Portfolio Company Progress and Entry Valuations 53:23 The Rise of Fund of Funds in Europe 54:03 The Role of LPs in the Venture Ecosystem 01:03:02 Advice for Emerging Managers and Fundraising Challenges 01:13:42 Personal Reflections and Future Directions Key Learnings from the episode - Acceptance of Power Law One must acknowledge that not all VC funds, especially first-time funds, will be outperformers. Ertan works from an expectation that a minority, perhaps 10 to 20 percent, will become outlier funds, with the remainder performing average or below average. - Role of Randomness Ertan Can notes the randomness in fund success, citing that outliers in his experience have come from unexpected places, suggesting a belief in the potential rather than the certainty of each fund being a standout.Assessment - Beyond Immediate Performance The transition from a first to a second fund often does not provide sufficient time to demonstrate real performance in terms of markups or DPI. Early successes or markups are seen as unsustainable for predicting future performance. - Consistency and Focus Ertan values the consistency of the emerging manager with their initial strategy and approach. He looks favorably upon GPs who remain focused on their initial thesis and do not chase current market hypes or trends without a well-thought-out reason for any strategic shifts. - Networking and Co-investor Quality The ability of a GP to build a network, attract follow-on investments from reputable names, and be invited to competitive rounds is viewed as more important than early performance metrics. - Entry Valuations as KPIs An important KPI for Ertan is the range of entry valuations a fund manager secures. Investing at lower entry valuations, indicative of conviction and an earlier investment stage, is preferred over higher entry valuations that might follow market signals or competitiveness. - Brand Building and Recognition Building a recognizable brand and becoming the go-to GP in a specific region, vertical, or niche is deemed more crucial than first-fund numbers. Recognition in the ecosystem can be a more significant indicator of future success than immediate performance data. - Advice for Emerging Managers Ertan advises maintaining consistency, having a well-defined market thesis, and resisting the urge to significantly upscale the fund size or pivot strategies to follow current hypes. Managers should focus on being recognized as experts in their specific focus areas, which is seen as vital in a competitive market. Q: Advice for your 10 year younger self. - Take advice more seriously. - Dont underestimate the fundraising part. - 10y ago was my inflection point, so did right, but than after… Q: Advice for fundraising managers - Try to identify the most realistic LPs for you. And that might be the closest, people in your network, like other angel investors, founders who invest in funds, smaller family offices, and also corporates as they might be strategic and strategic partners. So try to think before you're reaching out to everyone in a broad sweeping approach. I think most of that will be noise and will not be helpful. - Try to use intros. If people who are well-considered in the market makes an introduction to a fund that increases the probability that someone looks at your fund from a different view. - Try not to change your strategy every six months. Don’t adapt to a new strategy just because it is easier to raise capital. Just try to be very focused on what you do. And if that focus does not lead to raising a fund. So be it, I think that's better than raising a fund with a different focus just because of raising a fund. Q: The most counterintuitive thing learned in venture. - Invest in people you don’t like.