Sparkmind Capital

Everybody knows the can. Few people know the business, and almost no one knows the real Red Bull story.This is a story of category creation, courage, caffeine and capability. And it doesn’t start in Austria. It starts in a small medicinal bottle in Thailand, as a sweet, non-carbonated tonic for truck drivers and labourers. That drink was itself a fast follower, launched ten years after a Japanese pharmaceutical company created the modern energy tonic.In 2025, Red Bull sold almost 14 billion cans in 178 countries, with group turnover of €12.2bn. It spent €3.2bn on marketing, €1.5bn of it on sponsorship, and still made €1.9bn in profit.In this episode of Category Leaders, Colin Brown and Martti Wallin tell the story in five acts:- Chaleo Yoovidhya, the pharmacy sales rep who built TC Pharmaceutical and Krating Daeng- Why the energy drink is one of the oldest categories there is, from cocaine wine to the first Coca-Cola- Dietrich Mateschitz, the toothpaste salesman who read that a Japanese tonic maker was the country’s largest taxpayer- A $1M bet, a 49/49/2 split, and an ownership structure that hasn’t changed since 1984- Free cans for taxi drivers, empty cans in bins, and homemade flying machines- The Monster rival, and why competition grew the category- From buying Jaguar Racing for $1 to six Constructors’ Championships- Red Bull Media House, and jumping from the edge of space- Life after the founders, and where Red Bull goes nextChapters00:00 Intro09:23 Act 1: Born in Thailand12:39 Chaleo Yoovidhya and TC Pharmaceutical23:12 Taisho, taurine and Lipovitan D27:47 Detour: cocaine wine and the first Coca-Cola40:38 Krating Daeng is born49:12 Act 2: East meets West50:10 Dietrich Mateschitz, toothpaste salesman54:51 The Newsweek moment1:16:12 Rauch and the slim silver can1:21:08 Act 3: Building the category1:36:11 Gerhard Berger, Red Bull’s first athlete1:43:03 Red Bull gives you wings1:50:05 Germany: a million cans a day#RedBull #CategoryLeaders #Branding #Marketing #Austria #EuropeanBusiness #Podcast

Second part of this Category Leaders episode on Red Bull.Everybody knows the can. Few people know the business, and almost no one knows the real Red Bull story.Act 4: A monster rival emergesBuying Jaguar Racing for $1Red Bull Media HouseFormula One championsFelix Baumgartner’s jump from the edge of spaceAct 5: Beyond the foundersAnalysisSeven PowersWhere will Red Bull be in 2036?QuintessenceNext episode: LEGO#RedBull #CategoryLeaders #Branding #Marketing #Austria #EuropeanBusiness #Podcast

Around 80% of global trade travels by sea. Underneath it run the cables that carry our power, our energy and our internet, and we can barely see what’s happening around them.Optics11 listens to the ocean with light. Its hydrophones are nothing more than a winding of optical fibre, with no power and no moving parts. When a sound wave touches the fibre, it disturbs the light, and that signal travels back to shore at the speed of light to be turned back into sound. That works 100km offshore, where electrical sensors manage just a few kilometres. It’s precise enough to pick out a submarine’s propeller hiding under a tanker, and fully passive, so it can’t be detected.CEO Paul Heiden served as a reserve officer in the Dutch Marines and founded a role-based access control company in 1998 that he later sold to Microsoft. He joined Optics11 after a conversation with the Admiral of the Netherlands Navy, who told him every navy in the world knew this was the next generation of underwater sensing.In this episode, Colin Brown and Paul cover:- What most people miss when they look at the North Sea- Why deep tech is only worth it when the challenge is serious- Lessons from the Marines: planning backwards and thinking in scenarios- Refocusing Optics11 from 14 markets to two- Listening with light, explained- How many hydrophones you need to cover the English Channel- Why governments responding to alerts unlocked the market for protecting undersea infrastructure- The “garden hose”: towed arrays for drones, ships and submarines- Containerised anti-submarine warfare, and why navies want local supply chainsChapters00:00 Intro01:14 What most people miss in the North Sea04:22 From the Marines to deep tech06:38 Selling role-based access control to Microsoft08:24 Only take on serious challenges12:24 Marines, rowing and planning backwards16:22 A dinner with the Admiral23:15 Listening with light, explained28:29 How many hydrophones to cover the Channel?30:48 Who pays for underwater sensing?34:40 The cost curve and sensing as a service36:28 The garden hose: towed arrays38:55 Containerised anti-submarine warfare43:40 Partners, primes and local supply chains46:37 Wrap-up🔗 Optics11: https://optics11.com/🔗 Optics11 on LinkedIn: https://www.linkedin.com/company/optics11bv/🔗 Paul Heiden: https://www.linkedin.com/in/paulheiden/#Optics11 #UnderseaInfrastructure #AntiSubmarineWarfare #DeepTech #Maritime #Netherlands #ProtectEurope #Podcast

Europe needs more defence capital. But investing in defence requires more than money: it demands specialist knowledge, patience, strong industry relationships and an understanding of how the sector actually works.In this episode, Colin Brown sits down with Joel-Oskar from DTCP to explore the investment opportunity in European defence, security and resilience, and what it takes to build the next generation of European defence technology companies.DTCP has launched a dedicated defence fund with approximately 500 million in capital, focused on backing European defence and security businesses. With a focus on growth-stage companies, the fund aims to help promising businesses scale their products, manufacturing capabilities and commercial reach.Joel-Oskar shares his journey from Finland to London, his experience investing in technology and cybersecurity, and why he believes now is a pivotal moment for European defence investment.IN THIS EPISODEInside DTCP’s defence fundDiscover the fund’s investment thesis, its growth-stage focus, and the kinds of companies it wants to back.Kraken Technologies and autonomous maritime systemsWhy maritime security, unmanned surface vessels and the protection of critical infrastructure represent important opportunities for European defence.Six Robotics and drone swarmingLearn how autonomy and software can coordinate multiple drones, and why open technology ecosystems could shape the future of defence.What defence founders need from investorsWhy specialist investors matter, how long government procurement cycles differ from traditional software sales, and why the right relationships can be as important as capital.Closing Europe’s defence funding gapWhy Europe needs more dedicated defence investment, greater participation from private capital and pension funds, and more funding to help companies manufacture and scale.KEY TAKEAWAY FOR FOUNDERSNot all venture capital is created equal. When choosing an investor, founders should look beyond the size of the cheque. Does the fund have the right people, experience, relationships and understanding of defence procurement? Can it help the business navigate strategic partnerships and scale across Europe?For companies with proven products, customer traction and a path to growth, finding the right investment partner can make a significant difference.CHAPTERS00:00 Introduction: Finland, London and DTCP 01:01 Meet Joel-Oskar and the story behind DTCP 03:17 From Finland to London 07:00 From investment banking to technology and cybersecurity investing 12:15 Inside DTCP’s dedicated defence fund 17:53 Kraken Technologies and the future of maritime security 24:50 Six Robotics: Autonomy and drone swarming 28:40 How DTCP helps portfolio companies scale 34:23 What founders should look for in a defence investor 36:56 Who is backing DTCP’s defence fund? 40:59 Why Europe needs more defence investment 44:33 What types of companies should approach DTCP? 45:42 Closing thoughts and Slush in Helsinki ABOUT THE GUESTJoel-Oskar is part of DTCP’s Venture and Growth Group and works on its dedicated defence investment strategy. His experience spans technology investing, cybersecurity and dual-use technologies, bringing an investment perspective shaped by both the American and European defence ecosystems.ABOUT THE CONVERSATIONThis episode explores the intersection of venture capital, defence technology, European security and industrial resilience, with practical insights for founders, investors and anyone interested in the future of Europe's defence ecosystem.If you work in defence tech, invest in European technology, or are building a company that could strengthen European security and resilience, this conversation is for you.Subscribe for more conversations with the founders, investors and leaders shaping Europe’s technology and defence landscape.#EuropeanDefence #DefenceTech #VentureCapital #DefenceInvestment #DualUseTechnology #EuropeanSecurity #DTCP

Today, thinning a forest means sending two 20-ton machines in to remove trees that weigh about 80kg on average. The trails they need clear-cut roughly 20% of the forest, just for access.Air Forestry does it from the air instead. A six-metre, six-armed drone selects a tree, grabs it from the top, strips the branches using gravity, cuts the trunk with an electric chainsaw, and lifts the whole tree out to the roadside. It’s the same end product the industry already pays for, without a single track through the forest.Co-founder and CEO Caroline Walerud has spent 15 years in startups and deep tech investing. She sold bread door to door as a teenager, studied natural sciences at Cambridge, and founded Volumental, which has now scanned more than 60 million feet. She then invested in deep tech through her family’s office before jumping back in as an operator.In this episode, Colin Brown and Caroline cover:- What selling bread door to door teaches a founder- Volumental: starting with a technology instead of a problem, and what that cost- Investor vs operator: the filter of “would I work with this team two days a week for 15 years?”- Forestry 101: why commercial thinning matters for forest health, carbon and wildfire risk- The world’s first air harvest- How two operators supervising 6–12 drones could deliver a huge productivity increase- Why forestry is a regulatory sweet spot for autonomy- Building a vertically integrated drone, tool and software stack in UppsalaChapters00:00 Intro00:55 From door-to-door bread to Cambridge02:13 Lessons from selling door to door03:25 Volumental and 60 million feet08:34 From investor to founder12:01 The first meeting: harvesting a tree from above15:03 Forestry 101: why thinning matters19:58 20-ton machines vs 80kg trees22:11 The world’s first air harvest26:32 Huge productivity increase29:04 Inside the drone32:03 The team34:49 Customers and pilots37:16 Funding, grants and the regulatory sweet spot41:24 Who should lead the round42:58 Wrap-up🔗 Air Forestry links:https://airforestry.com/https://www.linkedin.com/in/cwalerud/https://www.linkedin.com/company/airforestry/home/#AirForestry #Forestry #Drones #Autonomy #ClimateTech #DeepTech #Sweden #Podcast

Marcin Hejka grew up in Gdańsk’s old town and went to a high school across the street from the shipyard where Solidarity was born. During strikes, his school sat inside the police cordon. At 20 he was helping write Poland’s foreign investment strategy. At 24 he sat on the board of a listed Polish bank.He then spent 18 years at Intel Capital. He joined in 1999 to open Central and Eastern Europe, when Polish internet penetration was around 1-2% and all dial-up, and finished as global IC member responsible for every international market except China. He personally led 36 investments, five of which became unicorns. Central and Eastern Europe turned out to be Intel Capital’s best-performing region in the world.Then he took UiPath to the investment committee twice, at seed and at Series A, and was turned down both times. That was his signal to leave.In 2017 he co-founded OTB Ventures as a deep tech fund when everyone else in the region was backing SaaS and marketplaces. OTB focuses on space, physical AI, and AI and novel computing, and ICEYE was its fourth investment.In this episode, Colin Brown and Marcin Hejka cover:- Growing up at the epicentre of Poland’s fight against communism- Intel Capital in its founder-led prime under Andy Grove- Why corporate VC drifts from strategy to tactics- The UiPath miss, and what it taught him- Why OTB picked three deep tech verticals instead of one- How sovereignty turned deep tech from a niche into the mainstream- OTB’s model: €1–10M first tickets, 8–15% stakes, a board seat and 50% reservesChapters00:00 Intro01:19 Growing up in Gdańsk next to the shipyard04:55 The last student strike and a government job at 2008:57 A priest, a confessional and Poland’s first passports11:46 Investment banking, Soros and a bank board at 2414:31 Joining Intel Capital in 199917:19 Intel in its founder-led prime20:46 CEE becomes Intel Capital’s best region22:33 36 investments, five unicorns25:22 Why leave Intel?33:25 Saying no to UiPath, twice36:16 Founding OTB in 201741:22 Sovereignty makes deep tech mainstream48:06 OTB today: stage, tickets and ownership54:42 What Marcin is most proud of56:55 Wrap-up🔗 OTB Ventures: https://otb.vc/#DeepTech #VentureCapital #Poland #SpaceTech #Europe #Sovereignty #Podcast

There are around 4,600 drone companies in Western Europe. Polarion Capital doesn’t plan to back any of them.Instead, Polarion is building a specialist growth fund for the High North. It invests in Nordic defence and dual-use companies that have already won their first contract, and helps them win contracts two, three, four and five across NATO.GP Thomas Falck started his career on a Norwegian submarine. He was a founding partner at Verdane, CFO of Cognite, and chair of Norway’s state-owned VC. Now he’s raising a $120–150M first fund for 15 companies, backed by an advisory board of people who have worked inside the classified rooms of the Alliance.In this episode, Colin Brown and Thomas cover:- Why venture capital fits what armed forces need right now- Why the Arctic is becoming a global security hotspot, and why kit that works there tends to work everywhere- The coming drone consolidation, and why drone countermeasures are the bigger opportunity- Investing after the first contract: no moonshots, but not a buyout either- Fund size, ticket sizes and a focus on Norway, Sweden, Denmark and Finland- Deep tech meets deep trust: why this sector needs specialists, not tourists- Building an ecosystem through an invitation-only dual-use conferenceChapters00:00 Intro00:47 Why venture capital fits defence05:48 Are procurement cycles really changing?07:09 Why the Nordics and the Arctic are underserved09:51 4,600 drone companies and the coming consolidation12:27 Investing after the first contract14:51 Moonshots vs safe bets18:51 The Arctic thesis24:40 Fund size, tickets and geography28:45 The team33:21 The advisory board and classified innovation36:23 Deep tech meets deep trust38:10 Why specialists win in defence46:23 Sourcing: top-down and bottom-up51:25 The dual-use conference55:18 Wrap-up🔗 Polarion Capital: https://polarion.capital/#DefenceTech #VentureCapital #Arctic #Nordics #NATO #DualUse #Podcast

Darkstar is named after a 1970s science fiction film in which a crew has to talk a bomb out of exploding. Ragnar and his partners took a different lesson from it: Europe needs many small, smart ships to take out the threats it faces.Legally, Darkstar is a €25M pre-seed and seed defence fund that can invest in lethal technology. In practice it works like an ecosystem and a defence agency. It runs bootcamps in Ukraine, signs cooperation agreements with the Estonian Army’s Transformation Command, and its four GPs act as co-founders to the companies they back. Nine investments in, it’s halfway through its first fund.In this episode, Colin Brown and Ragnar talk about:🔹 Why Darkstar invests in lethal technology, not just dual use🔹 Why every defence product needs testing in Ukraine🔹 Farsight Vision: AI on real combat video and the automated kill chain🔹 A team that spent 16 months rebuilding its product when GPS stopped working🔹 Stratis: an Icelandic data platform born on a 30-hour drive to Kyiv🔹 The test every investment has to pass: “Would I join this company as a co-founder?”🔹 Plans for fund two, and why defence needs more capital at every stage🔹 The free Darkstar bootcamp in Ukraine, and who should apply🔹 Why Eric Schmidt deserves a shout-outChapters00:00 Why Darkstar? The 1970s film behind the name02:05 More than a defence fund04:06 Fund size, stage and investing in lethal05:30 Why you have to test in Ukraine08:15 Farsight Vision14:06 Would I join as a co-founder?16:45 Surviving the loss of GPS19:00 Stratis and the 30-hour drive to Kyiv24:40 What’s next for Darkstar30:26 The Ukraine bootcamp35:05 A shout-out to Eric Schmidt38:00 Wrap-up🔗 Darkstar: https://darkstar.ee/dark

The French army asked the same question three times before they would sit down: “Are you certified EAL7+ by BSI in Germany?”Arbit is one of only two companies in the world holding Common Criteria EAL7+, the highest security certification available. At that level, it isn’t enough to claim your product works. You have to formally prove it, along with your supply chain, your production, your transport and your company culture. The first time took Arbit around 3,000 hours.Arbit builds data diodes and cross-domain solutions for armed forces, police, intelligence services and governments. It turns data into light and sends it in one direction only, and it can prove that nothing comes back.Colin Brown and Rik Ferguson sit down with Kasper Gubi of Arbit to talk about:- What EAL7+ certification actually takes, and why so few companies get there- Why one-way data transfer is different from encryption- How the customer base moved from intelligence services to the NATO battlefield- Insider threats, release portals and getting rid of USB sticks- Armoured vehicles running up to seven networks of different classifications- The F-35 integration question every European customer asked- Twenty years bootstrapped, 10x growth in six years, and a partnership with Leonardo- NATO data-centric security: prepare to share, but control what you shareChapters00:00 Intro01:40 EAL7+: one of two companies in the world04:11 What EAL7+ actually takes07:09 What a data diode does08:35 Why this isn’t encryption11:03 From intelligence services to the NATO battlefield14:50 Civil applications and the cloud15:31 Physical security: inside a client facility18:34 Insider threats and release portals21:18 Perfect vs good enough, and RAM prices24:07 The elevator pitch25:47 FedRAMP and the US question28:05 Arbit’s history: 20 years bootstrapped31:39 Scaling with open APIs34:57 The F-35 integration question38:16 NATO firebreaks: prepare to share, control what you share40:31 Wrap-up#Cybersecurity #Defence #NATO #DataDiode #CrossDomain #Denmark #Podcast

On the morning the full-scale invasion began, Roman Sulzhyk put on his best suit and went to a board meeting. Today he backs Ukraine’s defence tech founders from his office in central Kyiv.Roman spent 20 years as a trader at JP Morgan and Deutsche Bank in New York and London. He served on the supervisory board of PrivatBank and is now co-founder of Resist UA, an early-stage fund investing in Ukrainian defence technology. Its first fund backed seven teams at valuations below $5M, several of which are now raising at hundreds of millions. He is raising a second fund of €50M, registered in Estonia.In this conversation, Colin Brown and Roman cover:- How Ukraine built a defence innovation machine, and why Europe’s money made it possible- The e-points system that gets startup tech from the garage to the front line- Why mandatory disclosure of Russia exposure would cost Europe less than more aid- Backing founders on values, not just spreadsheets- How Western capital is changing the rules of Ukraine’s economy- Roman’s definition of victory: $100bn of private capital in the first five years after the war- Resilience, from the London Blitz to Kyiv todayChapters00:00 The painting behind Roman, and putting on a suit on day one03:09 Starting Resist: early bets on Ukrainian defence tech06:16 Europe’s money and Ukraine’s innovation machine11:58 Russia’s war economy and burn rate13:30 Mandatory disclosure of Russia exposure21:44 Who should invest in the fund27:08 Founders, values and Western capital37:42 Defining victory: $100bn of private capital41:25 Resilience, the Blitz and Ukraine’s war for independence46:09 Wrap-upResist: https://resist.ua