E633 | EUCVC Summit 2025: Anne C. Fleischer (Novo Nordisk) & Henrijette Richter (Sofinnova Partners): Innovation in Health

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Christian Tang, Partner at San Francisco–based Acme, and Claus Gregersen, CEO of the 275-year-old evergreen investor Augustinus Fabrikker, explore what global ambition really means in today’s venture landscape.From recalibrating US expansion strategies to navigating sovereignty, trade tensions, and structural resets, they unpack how investors and founders must adapt to thrive in a more complex—but still interconnected—world.🎧 Here’s what’s covered:00:00 Setting the stage: Cycles, crises, and why this downturn feels different.02:00 Structural reset, not just another downturn—why waiting for “normal” is not an option.03:30 Investors as navigators, not moral arbiters—what it means in practice.04:15 Why the US remains critical: learning, scaling, and surviving tough competition.06:00 Page nine of every pitch deck: the inevitable US expansion slide.07:20 Trade tensions vs. venture building—why early-stage models aren’t derailed by politics.08:30 The importance of value-adding capital—choose partners for impact, not geography.09:15 Lessons from COVID and defense: building lean, fast, and resilient.10:00 Closing thoughts: capital may be scarcer, but ambition must remain global.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this episode, Anne C. Fleischer, Global VP of Consumer Engagement and New Business Models at Novo Nordisk, joins Henrijette Richter, Managing Partner at Sofinnova Partners, for a conversation on the future of health innovation.Together they explore how corporates and VCs are driving the next wave of digital health, the role of AI in transforming patient care, and what it takes to turn breakthrough science into scalable business models.🎧 Here’s what’s covered:00:00 Pharma’s digital leap — why Novo Nordisk is going “beyond the pill” with AI and personalized engagement.01:30 The investor’s lens — what makes AI-driven health fundable versus “still a science project”.03:00 AI at the patient interface — where machine learning is closest to real-world integration.04:30 Corporate + VC collaboration — how pharma and venture can align (and where they clash).06:00 Scaling deeptech in health — what it takes for startups to go global from day one.07:30 Consumerization of health — balancing trust, privacy, and the impatience economy.08:45 Europe’s edge — strengths in science and regulation, risks of falling behind the U.S..09:30 Lightning round — the next big thing in health innovation: specificity for patients.

Corporate venture capital has become a $100B+ force in tech. Charlie Hayward from Global Corporate Venturing unpacks what’s really driving the trend: which sectors are heating up, where CVCs make a difference, and how Europe stacks up under capital constraints and geopolitical pressure.Here’s what’s covered:00:00 – Setting the stage: CVC as a $100B+ global force01:00 – Why corporate venture matters: from Microsoft’s outlier story to the role of corporate backers03:00 – Active CVC units: stock performance and why entrepreneurs should care04:00 – Lower bankruptcy risk & higher exit multiples for CVC-backed startups05:00 – State of play: fundraising headwinds, but CVCs take the long-term view05:30 – Early-stage shift: corporates getting active in seed & pre-seed rounds06:00 – Global hotspots: Latin America and APAC showing strong momentum07:00 – What CVCs bring: board seats, portfolio support, but still lighter on financial-return expectations08:00 – Who plays the game: large corporates with $1B+ revenues dominate, but LP stakes open doors for smaller players09:00 – New frontiers: universities, accelerators, and venture clienting as the next CVC battlegrounds

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Marcus Behrendt, Managing Director at BMW i Ventures, and Nicole LeBlanc, Partner at Woven Capital (Toyota’s global growth fund), join Andreas Munk Holm to explore the shifting landscape of mobility and corporate venture.From navigating capital-intensive hardware bets to finding the balance between strategic alignment and financial discipline, Marcus and Nicole share what they’ve learned running two of the world’s most active mobility CVCs. They open up on exits, collaboration with startups, and how CVCs must evolve to remain relevant in an era of autonomous, connected, and electrified vehicles.🎧 Here’s what’s covered:00:00 BMW i Ventures’ journey from corporate “experiment” to one of Europe’s most established mobility CVCs.01:00 Woven Capital’s global mandate — $800M to invest in growth-stage companies shaping the future of mobility.02:00 Strategic vs. financial returns: how to keep credibility with founders while serving corporate parents.04:00 The hard part of hardware — why scaling in mobility takes patient capital and operational backing.06:00 Startups + corporates = frictions and opportunities — lessons from portfolio collaborations.08:00 Exit realities: IPO droughts, M&A dynamics, and how mobility startups find liquidity.10:00 The next decade of CVC in mobility: sustainability, AI, and cross-border collaboration.

Welcome back to another episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.Today, we’re joined by Alexey Plesakov and Alexander Lis from Social Discovery Ventures (SDV) — a quietly influential, globally active investment firm deploying capital across the US and Europe. Born out of the bootstrapped success of Social Discovery Group (the company behind Dating.com), SDV invests in both funds and directs, with a venture allocation far above the family office norm.We dive into their origin story, why they’re leaning into Europe now, their approach to fund vs. direct investments, and how they think about the future of VC in a more uncertain macro climate.🎯 This Episode’s Themes:From bootstrapped dating giant to global LP & VC playerWhy diversification isn’t just about having “more investments”How they balance US vs. European VC allocationsThe case for emerging managers — and the collaboration edge they offerWhere they see the biggest bets in European tech over the next decadeWhy they’re playing more conservatively in 2025 — without stopping deal flowLessons from building lean — and the “Five Whys” test for cutting through hype🎧 Here’s what’s covered:00:24 | Welcome & Origin Story: From Dating.com to a global investment portfolio01:24 | Bootstrapping a Unicorn: How Social Discovery Group scaled without outside capital04:38 | The Myth of Diversification: Quality over quantity in portfolio construction06:19 | Why 30%+ of Their Assets Are in Venture Capital08:44 | Leveraging Network Effects: How their IT roots give them an edge in sourcing deals09:31 | VC Fund Portfolio: From NEA & Khosla to emerging managers like Davydov & Black River14:26 | US vs. Europe: Why their overall portfolio skews 70% US but VC is more balanced15:55 | Emerging Managers vs. Big Names: Risk, return, and picking the right early funds19:41 | Big Picture Bets: Tariffs, decoupling, and a possible US–Europe tech split22:31 | Direct Investment Focus: Fintech, PSD3, and voice-first neobanking25:07 | Macro vs. Micro: Combining top-down analysis with bottom-up deal work27:05 | Playing Defense in 2025: Why they’re slowing deployment without stopping pipeline building30:23 | European VC Arbitrage: Lower valuations — until growth takes off34:23 | Bootstrapping Lessons: Discipline, burn control, and ROI-driven decisions35:25 | The “Five Whys” Test: Cutting through hype to find fundamentally sound investments

With: Nicholas Nelson (Archangel) • Dan • Lomax • MadsTL;DW• Defence-first wins on capability and returns; primes are partners and channels.• Helsing: buys platforms/revenue for access; layers AI—different from Anduril’s buy-TRL-tech + scale model.• Beyond drones: biggest gap/opportunity is tactical EW.• Procurement: more fast lanes (SOF, pilots); primes getting easier to work with.• AI: real profits exist (esp. NVIDIA), but value chain is fragile; expect a correction, not a collapse. Picking winners more important than timing.Content with Time Codes02:40 — Why defence-firstBeats dual-use on outcomes and returns; lifelong focus.04:32 — DefinitionsCustomer = MoDs + primes; aim: lethality/readiness and societal resilience. Beware “defence-washing”.06:37 — What’s hotAvoid herd to drones only; counter-UAS, EW, human performance, deception, survivability.08:23 — Helsing buys GrobNeo-prime play: new co buys legacy manufacturing for platform access.10:42 — The two Defence M&A playbooksAnduril: buys mid-TRL tech (Area-I, Dive LD/Ghost Shark, Adranos) → scales via brand/distribution.Helsing: buys finished products/revenue (Mittelstand) → immediate customers; then add AI.14:25 — Prime status & capitalDistribution + capital to AI-enable platforms.17:47 — Roll-up vs buildNarrative “build”; execution “roll-up + build”.19:47 — Drones & ‘drone wall’Layered answer: blunt with drones, hold with conventional forces.21:49 — The big one: Electronic Warfare (EW)NATO underinvested; tactical EW is the unmet need; legacy kit is ’80s/’90s.24:54 — Startup wedgePut EW at the edge (drones/aircraft/fixed) → near-term wins.26:33 — Baltic realismHistory, 2007–09 Estonia cyber, current incursions; likely Kaliningrad corridor.28:19 — Founder mistakesTech ≠ win by itself; experience + gov engagement matters; US analogue: top funds have IC/SOF DNA.30:43 —  Are there really only a “Few buyers?”Many real buyers inside a MoD/DoD (services, sub-units, innovation orgs).36:23 — Sovereignty & US primesUS strategics will buy abroad; Europe balancing autonomy with jobs/exits.41:07 — Starlink vs IRIS²Starlink’s lead + cadence; IRIS² slower—watch timelines vs evolving threats.47:18 — AI bubble?Warnings vs fundamentals; self-funded capex; real profits.49:37 — NVIDIA ramp$4.4B (2023) → $73B this year; growth tempers multiples.51:48 — AI Circular money & marginsCursor → Anthropic → hyperscalers → NVIDIA; only NVIDIA mints big margins; margin pressure coming (new semis, China, SLMs).53:12 — Picking beats timingDot-com lesson: Cisco losses vs Amazon wins.54:19 — Capacity vs efficiencyCapex likely useful long-run, but open source squeezes costs.55:52 — Platform riskFrontier labs moving up-stack; vertical AI + trust + data = moat.58:58 — Base caseLikely correction (30–50%) at some point; timing is unknowable (not investment advice).

Welcome back to the EUCVC Summit Talks, where we bring you the voices shaping Europe’s venture and corporate collaboration landscape.In this episode, Andreas Munk Holm speaks with Tanja Lind Melskens, Head of Corporate Strategy and M&A at Terma, Denmark’s tier-one defense technology group. As Europe re-arms and defense spending surges, Tanja shares how startups, corporates, and investors must rethink dual-use technology, navigate inflated wartime valuations, and prepare for the post-conflict market.From frontline innovation in Ukraine to the challenges of ESG in defense tech, this conversation sheds light on one of the most important—and controversial—frontiers for venture collaboration.00:00 Europe’s re-armament: rising budgets, real opportunities—and inflated valuations.01:30 Ukraine as the “Silicon Valley of defense tech”: 4 million drones a year and frontline R&D.03:00 Why startups must prepare for the post-conflict market, not just donation-driven sales.04:30 Terma’s Kyiv subsidiary and partnerships with Ukrainian startups.06:00 Drone wars and critical infrastructure: protecting energy, transport, and hospitals.07:00 ESG in defense: compliance vs. survival in frontline innovation.08:00 Risks no VC faces: working with founders whose survival is uncertain.💡 One-liner takeaway: Europe’s defense tech boom is real but risky—success depends on bridging frontline innovation with post-conflict markets, and balancing ESG ideals with the brutal realities of war.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Andreas Munk Holm is joined by Crispin Leick, Managing Director of EnBW New Ventures, Georg Reifferscheid, Head of Sustainability Ventures at REWE Group, and Jeppe Høier. Together, they explore how corporates are deploying capital, rethinking supply chains, and integrating AI to tackle Europe’s most urgent challenge: the energy transition.From evergreen venture models to decarbonizing retail operations, the discussion dives deep into how industrial and consumer giants are investing, where capital is moving fastest, and why success still depends on aligning financial and strategic incentives.🎧 Here’s what’s covered00:00 The energy transition is here — Europe’s corporates on the frontlines.01:00 Evergreen VC at EnBW New Ventures — why Crispin calls it the “best decision ever.”03:00 REWE Group’s sustainability mandate — tackling scope 1, 2, and 3 emissions.05:00 Where venture capital meets infrastructure — smarter, more capital-efficient deployment.06:00 AI in energy — real-world use cases from batteries to trading algorithms.07:00 Cooling, HVAC, and sustainable construction — REWE’s innovation priorities.08:00 Financial return first — why strategic impact only follows startup success.09:00 Incentives matter — why carry and financial alignment are make-or-break in CVC.✍️ Show NotesEvergreen Model at EnBW New VenturesUnlike closed-end CVC funds, EnBW’s evergreen structure reinvests all exit proceeds into new startups.This creates stronger alignment with founders and sharper accountability for the investment team.Crispin: “It’s the best decision we made in nine years — we’re entrepreneurs ourselves.”Decarbonizing Retail at REWE GroupSustainability ventures are embedded directly in operations.Current focus: scope 1 & 2 emissions (energy, mobility, buildings).Scope 3 (supply chain) remains the hardest challenge due to missing data and supplier dependency.AI in EnergyNot chasing LLMs or infrastructure — instead focusing on applied AI.Examples: battery analytics for health monitoring; algorithmic trading in intraday power markets.Innovation Priorities at REWECooling and HVAC with natural refrigerants.Alternative building materials (wood, green concrete).Greener retail store construction.Financial First, Strategic SecondFor both corporates, financial returns are non-negotiable.Strategic impact only comes if startups succeed.Incentives (including carry) are key for aligning CVC teams with true financial discipline.💡 One-liner takeaway: The energy transition needs corporates that invest like VCs — financially disciplined, strategically relevant, and willing to back startups tackling Europe’s toughest infrastructure and sustainability challenges.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Sead Bajrovic of Water Impact Partners and Gijs de Bruin of PureTerra Ventures take the stage to unpack one of the most overlooked challenges in climate investing: water. From scarcity and pollution to corporate resilience and trillion-dollar opportunities, they explain why water technology must become a central pillar of Europe’s impact and climate strategy.🎧 Here’s what’s covered00:00 Why water is the “oil that runs everything” — and why it’s undervalued.01:00 The hard facts: only 0.3% of Earth’s water is accessible, and demand will outstrip supply by 40% by 2030.02:30 Legacy systems can’t cope — why centralized water treatment is failing.04:00 Corporate risk: data centers, manufacturing, and the Amazon Arizona case.05:00 Who’s leading: Apple, BASF, and L’Oréal’s water stewardship programs.06:00 Investment shift — from niche impact to mainstream VCs entering water.07:00 UN data: every $1 invested in water resilience returns $7.08:00 Innovation spotlight: AI, software, and applied technologies for efficiency.09:00 The most disruptive thing? Corporates putting real money into water.

Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.In this session, Andreas Munk Holm speaks with Bodil Sidén, Founding Partner at Kost Capital, and Marika King, Head of PINC, the venture arm of Paulig. Together, they explore how Europe can reinvent food systems to feed 10 billion people by 2050—without destroying the planet.From test kitchens and Michelin chefs in VC funds, to evergreen corporate models and the hunt for plastic-free packaging, Bodil and Marika share their unique approaches to food and agri-tech investing, the biggest opportunities ahead, and what they look for in founders building the future of food.🎧 Here’s what’s covered00:00 Feeding 10 billion people by 2050 — why food is “different” and needs a new venture model.01:00 Inside Kost Capital’s test kitchen — from Michelin chefs to food historians in due diligence.02:00 PINC’s evergreen model — why speed and long-term capital matter for food innovation.03:00 Execution over ideas — why market obsession beats product obsession.04:00 The secret sauce: validating food science claims in real time.05:00 When corporates add value without killing agility — the good and bad of CVC in food tech.06:00 The holy grail: plastic-free packaging that behaves like plastic.07:00 Big bets today: green fertilizers, bio-controls, smart water, and sustainable agriculture.08:00 AI as an enabler — cutting costs and accelerating product development.09:00 Food, health & nutrition — the rise of sustainable fatty acids, vitamins, and bio-based aromas.