EUVC | E385 | Inovia's Michael McGraw European LPs and why a higher risk appetite could pay for itself

In this episode of the EUVC podcast, Dan Taylor, former journalist and Director of Content at CEW Communications is joined byItxaso del Palacio, General Partner at Notion CapitalNico Goulet, Founding Partner at Adara VenturesStefan Mores, Managing Partner at Indico Capital Partners.Together, they explore the dynamics of the Iberian startup and VC ecosystem, highlighting the region's strengths, challenges, and future potential.The conversation dives into what makes Iberia an attractive hub for tech talent and investment, the unique advantages of Portugal and Spain, and the critical role of local and global markets in shaping the success of startups.Go to eu.vc to read the core take-aways.

Welcome to a new episode of the EUVC podcast, where we’ll cover recent news and movements in the European tech landscape with Dan Bowyer and Mads Jensen from SuperSeed.Go to eu.vc to read the core take-aways.

In today’s episode, Andreas talks with Nico Schoenenberger, part of the Investment Team at 10x Founders, a Munich-based fund with €160M AUM in Fund I. 10x Founders focuses on early-stage investments (Pre-Seed/Seed) across Europe and the US, with a portfolio spanning sectors like B2B SaaS and Fintech. Notable investments include Ixana, magic, Ivy, Fernride, and cylib.Nico dives into the dynamics of entrepreneurial communities that form funds, sharing insights on decision-making for entrepreneurs, the strategic use of follow-on reserves, and the advantages of round pre-emption. Drawing from his experience, Nico provides actionable advice for founders navigating early-stage funding and growth.Together, we explore:The story behind 10x Founders and its entrepreneurial community-driven approach.Entrepreneurial decision-making and what it takes to succeed at the early stage.How to structure follow-on reserves and why round pre-emption matters.Lessons from Nico’s journey and the success stories from 10x Founders’ portfolio.

In today’s episode, Andreas talks with Christian Meermann, Founding Partner at Cherry Ventures and a Forbes Midas Lister. ith a €320M fund size and €1B in AUM, Cherry Ventures has made its mark across Europe by backing companies like Flixbus, Auto1, Flaschenpost, Finimize, and Ninetailed. Headquartered in Germany, the fund focuses on early-stage investments (Pre/Seed/Seed+) across both B2B software and consumer verticals.Christian shares the secrets behind Cherry’s culture of excellence, navigating competition in venture capital, and how to underwrite new managers in today’s market. He also dives into the art of decision-making for follow-on rounds, discussing what to look for and how to support portfolio companies effectively.With deep entrepreneurial roots, including his role as CMO of Zalando—scaling it from small revenues to over €2 billion at IPO—Christian brings a wealth of operational experience, strategic insight, and passion for founders with global ambitions.Together, we explore:Cherry's founding journey and Christian’s entrepreneurial background.Building a culture of excellence while competing in a dynamic venture market.Underwriting new managers: What investors should look for in emerging talent.The decision-making process for follow-on investments and how Cherry approaches it.Lessons from Christian’s career and success stories, including one of Germany’s largest exits with Flaschenpost.

In today’s episode, Andreas talks with with Kaari Kink, Investment Manager at Superangel and Chair of EstVCA, and Margus Uudam, Partner at Karma Ventures and a long-time pioneer in venture capital, to uncover the secrets behind Estonia’s rise as one of Europe’s most dynamic startup ecosystems.Estonia, known for producing global champions like Skype, Bolt, and Wise, has become a model for entrepreneurial success thanks to forward-thinking policies, minimal bureaucracy, and a bold mindset. Kaari and Margus share their experiences, reflect on Estonia’s journey, and highlight the policies and initiatives that other European ecosystems can learn from.Together, we explore:The key policies, like Estonia’s progressive stock option framework, that attract and retain tech talent.The “Skype Effect” and how it transformed Estonia’s ecosystem.Europe’s challenges in harmonizing policies to compete globally with the U.S. and China.The role of cross-border collaboration and fund-of-funds in building a resilient VC landscape.Go to eu.vc to read the full show notes.

In this episode of the EUVC podcast, Andreas talks with Avid Larizadeh Duggan, Senior Managing Director (EMEA) at Teachers' Venture Growth (TVG), the venture arm of Ontario Teachers' Pension Plan (OTPP), headquartered in Toronto.TVG has €5.4B in assets under management, backing innovative companies like Canva, Databricks, DeepL, and SpaceX. Avid brings experience from her work leading investments for TVG, with a strong focus on scaling Series B+ technology companies globally.Together, we will explore the unique perspective OTPP brings as one of the world’s largest pension funds; we’ll. We will also dive into the challenges and opportunities of scaling global technology companies and the role of late-stage growth investing in driving the next wave of innovation.Go to eu.vc to read the core take-aways.Chapters:00:03 Meet Avid from Ontario Teachers Pension Plan 02:57 Ontario Teachers Pension Plan's Global Investment Strategy 07:55 Avid's Journey to Ontario Teachers' Pension Plan 12:20 The Role of Teachers in the Investment Ecosystem12:58 Advantages of Being Part of a Pension Plan15:58 Leveraging Ontario Teachers' Pension Plan Network19:30 Focus on Growth Stage Investing21:57 Challenges and Opportunities in the European Growth Stage 28:32 Challenges of Scaling in Europe29:53 Talent Development Over Time31:58 Ecosystem Strength and Growth Stage Investment35:05 Manufacturing and Industry 4.036:00 Investing in Hardware and Software36:50 Thematic Investing and Industry 4.041:01 Navigating Hardware and Deep Tech Investments46:58 Advice for Founders and Investor Relationships52:36 Equity vs. Debt Financing at Growth Stage

In this episode of the EUVC podcast, Andreas is joined by Mike Reiner, General Partner at 432 Legacy, Fred Destin from Stride, and Rupda, a coach specializing in deep work retreats. The conversation explores the role of inner work in venture capital, highlighting its potential to improve founder-investor relationships, reduce burnout, and foster personal growth.Mike shares how 432 Legacy integrates coaching and self-development into its seed-stage investment strategy. Fred discusses his focus on enhancing trust and presence in boardrooms, and Rupda explains the transformative power of group retreats for addressing stress and building resilience.Go to eu.vc to read the core take-aways.Chapters:02:53 Meet the Guests: Mike, Fred, and Rupda03:58 Mike Reiner on 432 Legacy and Deep Work04:36 Fred Destin on VC-Founder Relationships07:46 Rupda's Unique Journey and Spiritual Background12:06 The Importance of Inner Work for Founders15:37 Balancing High Achievement and Personal Growth16:43 The Role of Trauma and Obsession in Success24:24 The Benefits of Deep Work for Leaders34:29 Fred's Personal Journey and Reflections40:56 Finding Inner Motivation41:30 Questioning Life's Path 43:17 The Power of Connection44:41 Men and Vulnerability46:20 The Collective Experience49:40 Coaching vs. Mentoring56:03 The Essence of Presence57:46 The Importance of the Body01:07:07 The Power of Retreats01:18:41 Upcoming Retreat Details

Welcome to a special episode of the EUVC podcast! This time, we’re experimenting with a new format where we bring together a founder and two of their key investors to uncover the dynamics behind building and scaling a venture-backed company.In this episode, we’re joined by Stanislav Poslavsky, CEO and Co-Founder of MiLaboratories, a US-based biotech company founded in 2021. Focused on providing innovative solutions for genomic research, MiLaboratories operates on a B2B revenue model, catering to bioinformaticians and biologists in academic and pharmaceutical settings across the US, EU, and UK.Joachim Laqueur, Founding Partner at Acrobator Ventures, a seed-stage investment firm with €28M in assets under management. Based in the Netherlands, Joachim specializes in backing global startups with a focus on Europe and the US, targeting B2B software and software-enabled hardware.Miguel Arias, General Partner at KFund, €225M early growth fund, with €650M in assets under management. Based in Spain, Miguel focuses on Series A and B investments across Southern Europe and Latin America, targeting enabling technologies such as AI, IoT, and digital infrastructure.Together, we explore how MiLaboratories secured its place in their portfolios, the process of building conviction across investment stages, and the unique challenges and opportunities of funding a biotech company in today’s landscape. Expect deep dives into deal-making dynamics, the art of company building, and even a few lighthearted moments that reveal the human side of venture capital.Go to eu.vc to read the core take-aways.Chapters:01:50 Journey: Founding MiLaboratories02:47 Joachim's Perspective: Investing in MiLaboratories04:05 The Early Fundraising Challenges05:30 The Role of COVID in Fundraising 07:45 Miguel's Introduction and Perspective10:08 Series A Fundraising Experience15:24 Lessons Learned in Fundraising19:46 Understanding MiLaboratories' Impact33:02 The Duality of Business Strategy33:13 Building a Sustainable Business34:23 The Power of Open Source35:48 Conviction in Venture Capital38:03 Choosing the Right Investors42:04 The Art of Pricing45:57 The CEO's Many Hats49:12 Understanding Platforma and MeXR53:35 Challenges and Lessons Learned57:47 The Future of MiLaboratories

In this episode of the EUVC podcast, Andreas sits down with Michael McGraw, Principal at Inovia Capital, a €415M growth equity fund headquartered in Canada but making waves in Europe.Inovia has €2.3B in assets under management and a track record of backing companies like Cohere, Lightspeed, Neo4j, and Wealthsimple. Mike brings a unique perspective shaped by his journey from LP at CDPQ—one of the world’s largest pension funds—to leading growth-stage investments at Inovia. Together, we’ll dive deep into the evolving role of European LPs, exploring why embracing a higher risk appetite could yield outsized returns and drive systemic innovation.We’ll also discuss Inovia’s strategy for scaling Series B to pre-IPO companies across North America and Europe, shedding light on key challenges and opportunities in the software space. Whether you’re an LP curious about market dynamics or a founder navigating growth-stage fundraising, this episode is packed with insights you won’t want to miss.Go to eu.vc to read the core take-aways.Chapters:01:00 Meet Michael McGraw from Inovia01:59 Inovia's Strategy and Focus02:23 Inovia's European Expansion03:22 Success Stories and Notable Investments04:05 The Role of CDPQ and Mike's Experience04:55 Canadian vs. European VC Ecosystems07:22 CDPQ's Investment Strategy11:42 Challenges for European LPs16:49 Fundraising in Europe: Insights and Observations27:27 Firepower and Fund Allocation28:05 Late Stage Market in Europe28:28 Investment Strategies and Risk Appetite29:49 Challenges in European Venture Growth Capital 31:45 Government's Role in Venture Capital32:27 Canadian Venture Capital Action Plan34:09 Fund of Funds in Europe37:45 Mike McGrath's Background41:41 Lessons Learned in Venture Capital48:06 Fundraising Tips for VCs

Welcome to a new episode of the EUVC podcast, where our good friends Dan Bowyer and Mads Jensen from SuperSeed, discuss with Lomax Ward, General Partner at Outsized Ventures, to cover recent news and movements in the European tech landscape 💬Go to eu.vc to read the core take-aways.Chapters:00:47 Personal Story: Full Body Scan Experience01:58 Health Tech Renaissance02:47 Preventative Health Scanning Debate04:59 Lomax's Health Journey08:47 Investment in Health Tech11:58 ChatGPT's 2nd Birthday16:22 Impact of LLMs on Business18:03 Future of AI and Productivity19:33 Future of Large Language Models19:50 VC Investments and Market Speculations21:40 Northvolt's Downfall23:03 Challenges in the European Market 23:47 Lessons from Tesla's Survival27:31 Recursion and Accenture Merger 31:37 Psychedelics in Mental Health35:47 Impact of Psychedelics on Founders37:35 Cradle Bio's Success38:22 Closing Thoughts and Optimism