E701 | Andy Lurling, Lumo Labs: Smart Capital from Eindhoven and Investing in AI for Health

Healthcare startups rarely fail because of bad technology. They fail because the system won’t let them in.In this episode, Andreas speaks with Helen McShane, who leads the Innovation Lab at Young Lives vs Cancer, and Zoe Peden, Partner at impact venture firm Ananda, about a new experiment in healthcare innovation: a charity investing directly in startups.After more than 60 years supporting children and families affected by cancer, Young Lives vs Cancer has deep insight into where the system works — and where it doesn’t. Through its Innovation Lab, the charity is now deploying mission capital to support startups building solutions for young cancer patients.Their first investment: £30,000 into Little Journey, a platform designed to help children prepare for medical procedures.Helen and Zoe explore how charities can combine institutional knowledge with venture discipline to help startups navigate complex healthcare systems and accelerate adoption where it matters most.In this episode:Why healthcare startups struggle with adoptionWhat “mission capital” means in practiceHow charities can support startup innovationWhy credibility and partnerships often matter more than cheque size

Europe’s climate transition is no longer only about emissions.It is increasingly about sovereignty: control over industrial capacity, critical materials, and resilient supply chains.In this episode of Leaders Shaping a Resilient Planet, Carmel Rafaeli⁠, Founding Partner at ⁠The Table⁠ and our very own ⁠Andreas Munk Holm⁠, are joined by ⁠Dr Lilian Schwich⁠, Co-Founder & Co-CEO ⁠cylib⁠, a company building one of Europe’s most advanced lithium-ion battery recycling platforms.Together they unpack one of the least understood gaps in Europe’s battery value chain: refining metallurgy — the step that converts battery scrap into high-purity critical raw materials that gigafactories can actually use.Dr. Schwich explains why Europe still lags Asia in the battery ecosystem, what it takes to scale an industrial climate company, and why recycling is becoming a foundational capability for Europe’s industrial future.In this episode• Why refining metallurgy is Europe’s missing battery capability• How cylib is closing the loop in the battery value chain• Why battery recycling is a sovereignty issue• How to finance industrial climate companies• What makes corporate partnerships actually work

This week on Upside, Dan Bowyer, Mads Jensen (SuperSeed) and Lomax Ward (Outsized Ventures) unpack a moment where energy, AI and geopolitics collide.The ongoing conflict in the Middle East is threatening one of the world’s most important energy routes.AI companies are discovering that governments may ultimately control frontier models. And hyperscalers are committing hundreds of billions to AI infrastructure while venture investors quietly debate whether the cycle is overheating.The conversation explores:• Why energy shocks ripple directly into venture markets• How modern warfare is shifting toward startup-speed innovation• The clash between Anthropic and the Pentagon• Whether AI layoffs reflect real productivity gains or pandemic over-hiring• The massive infrastructure bet powering the AI boom• Germany’s productivity wake-up call for Europe• And why Europe is still capable of deep-tech moonshots like fusionThis isn’t just a news cycle.It’s capital, sovereignty and technology power shifting at the same time.🎧 Listen if you’re building or investing in AI, defence, deep tech or European venture.#euvc #VC #VentureCapital #Investing #TheEuropeanVC #Podcast #Tech #Startup

This special episode is an inside look at AI music from three very different vantage points: the builder, the investor, and the industry insider.Andreas is joined by Sundar Arvind, CEO & Co-Founder at Mozart AI, building a collaborative generative audio workstation; Daniel Waterhouse, General Partner at Balderton Capital; and Ash Pournouri, Co-Founder of Belong, entrepreneur, producer, and former manager of Avicii.Together, they unpack how AI is reshaping music creation, how serious investors underwrite risk in a litigious industry, why “one-click songs” miss the point, and whether AI expands creativity or commoditizes it.If you want a grounded view of where the real fault lines are — rights, training data, authorship, collaboration, and the psychology of creativity — this is it.ShareWhat’s covered:00:40 Mozart AI’s vision: a collaborative generative audio workstation05:10 DAWs, EDM, and why tech has always expanded music creation06:35 Why “one-prompt songs” optimise for quantity, not craft09:20 Underwriting AI music: how VCs think about billion-dollar incumbents13:00 Is this a new instrument or a 100x larger market?18:45 Are professional artists already using AI tools?21:00 Copyright, training data, and legal diligence in AI music25:15 Philosophically: what are “rights” when machines learn from music?33:40 Diffusion models explained simply: how AI generates sound36:30 The return of the band? Multiplayer music creation40:00 Ash Pournouri joins: the industry’s instinct is protection44:10 “You can’t stop development”: why demand always wins48:50 Packaging matters: AI as tool vs AI as replacement51:20 Lowering thresholds and democratization across decades56:30 Five-year predictions? We’re on the vertical part of the curve58:10 The “vibe coding” moment for music

Industrial systems are responsible for 75% of global emissions, yet only a quarter of climate-focused VC money flows into them. Not because investors don’t care — but because these systems are hard. They’re interconnected. Capital-intensive. Slow-moving. Technically dense. And deeply under-innovated.Almanac Ventures is built to change that.In this episode of the EUVC Podcast, Andreas Munk Holm sits down with Jo Slota-Newson and Marc Sabas, co-founders of Almanac Ventures — a new European seed and pre-seed deep tech fund laser-focused on unlocking decarbonisation in industrial systems through scientific breakthroughs and commercial discipline.This is a pitch episode — a chance for the EUVC LP & GP community to hear directly what Almanac stands for, how they invest, and why the next decade of industrial innovation will be shaped by specialist deep tech funds with true scientific and financial edge.Here’s what’s covered:00:49 | What Almanac Ventures is — a European seed/pre-seed deep-tech fund backing scientific breakthroughs applied to industrial systems01:31 | The founding team — Jo’s nanoscience PhD + 18 years commercialising deep tech, Marc’s finance → CVC → impact VC journey (and Jo’s 37km Channel swim)03:52 | The complementary edge — technical rigor meets financial/commercial structuring, evidenced through 45 investments and a 2.3× MOIC track record05:22 | The industrial innovation gap — 75% of emissions come from industry, yet only ~25% of climate VC targets it (because the systems are hard, complex, and interconnected)06:11 | Why industry is ripe for deep-tech disruption — 20th-century inefficiencies, high value pools, and the need for performance + cost + decarb together10:17 | “Deep tech works for venture—if you know where to look” — how to identify capex-efficient, scalable industrial technologies vs. science projects that need different capital12:25 | Case study: Hot Green — a new compressor architecture enabling industrial heat pumps for 200–400°C processes (F&B, manufacturing) with electrification upside13:49 | Case study: ReClinker — Cambridge spinout recycling cement inside steel arc furnaces, piggybacking heat, removing the CO₂-heavy chemistry step15:19 | Do you need to be an operator to invest in deep tech? — why complementary experience (science + venture + corporate + some ops) beats any single “must-have”18:35 | Investment strategy — first-check investor at TRL 4–7, pan-Europe, €300k–€1M tickets, aiming for a 25–30 company portfolio with follow-on capacity

Europe does not have a deep tech problem. It has a commercialisation problem.The last European companies to reach €100B+ market caps were SAP and ASML, both founded 40–50 years ago. If Europe wants a new generation of deep tech champions, venture capital alone won’t get us there. Customers have to step in.In this episode, Andreas Munk Holm is joined by Martin Schilling, former operator, investor, and founder of Deep Tech Momentum, to unpack why Europe excels at funding breakthroughs, but consistently fails to industrialise them.This is a conversation about:why enterprise buyers are the missing link in European deep techwhat corporates are doing wrong (and how they can fix it)how founders actually win large customers in complex, regulated marketsand why courage — not grants — is Europe’s real constraintShare🎧 Here’s what’s covered:01:15 Martin’s background: from N26 operator to deep tech ecosystem builder01:52 What is Deep Tech Momentum (DTM)?03:00 Why commercialisation — not capital — is the real bottleneck04:19 The age gap: Europe’s top companies vs the US06:26 Why US corporates acquire twice as many startups as Europe06:54 The uncomfortable truth: Europe funds innovation others industrialise08:54 Why corporates (not just VCs) must change behaviour10:49 Neo-primes: the new system integrators Europe desperately needs12:50 The four things corporates must fix to work with startups15:06 Why startup collaboration must be CEO-owned17:14 Buyers first: why conferences get this wrong19:03 Money + customers: the only two things founders really need21:27Trust, speed, and why procurement kills startups23:25 Why trust starts inside the corporate, not with founders27:03 Selling deep tech to enterprises & governments: what actually works32:03 When CVCs help — and when they hurt33:08 Enterprise sales mistakes founders keep making38:28 Deep tech sales reality: defense, policy, and long cycles44:57 Why DTM is not EU-funded — by design49:07 The state’s real role: customer, not grant machine49:23 Final takeaway: Europe needs courage, not more programs

Welcome back to another episode of Upside where Dan Bowyer, Mads Jensen of SuperSeed, and Lomax Ward of Outsized Ventures go behind the headlines shaping European tech, capital, and power.This week felt less like a market update and more like a structural reset.Nvidia posts another blowout quarter — and the market barely reacts.Ukraine, four years into war, is quietly becoming Europe’s most important defence innovation engine.Anthropic adjusts its safety posture as AI labs collide with geopolitics and procurement reality.And beneath it all, questions around margins, sovereignty, and capital allocation are getting sharper.This isn’t just a tech cycle.It feels like a systems cycle.This is Upside, where optimism is earned, not assumed.What’s covered:03:30 Nvidia earnings: perfection priced in?09:40 Ukraine four years on: from aid recipient to defence capability supplier17:30 Europe’s defence spend: real budgets or slow procurement?23:30 AI safety becomes conditional: competitive pressure meets ethics31:00 Distillation at scale: China, IP leakage, and national security35:00 SaaSpocalypse vs SaaS redemption: systems of record vs systems of action40:30 OpenAI & Anthropic margins: the hidden constraint under the hype46:00 Chips & quantum: Europe’s deep tech wedge — if scale capital shows up54:30 Abundant intelligence: what breaks if intelligence gets cheap?#euvc #VC #VentureCapital #Investing #TheEuropeanVC #Podcast #Tech #Startup

What exactly are LPs buying when they allocate to venture today and do they still believe in it?In this episode, Andreas sits down with Max Bray and Juliet Bailin, both Venture Partners at Kindred Capital VC to unpack what’s really happening beneath the fundraising headlines.Max brings the raw perspective of trying to raise a first-time fund in 2025 with unicorn-founder GPs, strong angel track records, and still struggling to secure second meetings.Juliet brings the sharper counterpoint: LP frustration isn’t always ignorance. Sometimes it’s a rational response to how venture has been practiced, especially around transparency, liquidity discipline, and the unrealistic expectation that a GP should be world-class at everything.This is a conversation about:LP behavior in uncertain cyclesThe myth of the “full-stack investor”Why solo GP economics are brutalWhether software still needs ventureAnd why the fund model is splitting at the extremesNot hot takes. Not doom.Just honest mechanics.ShareWhat’s Covered:01:04 Max’s 2025 fundraising reality: even strong “on-paper” stories struggle to get second calls03:46 LP rotation: capital moving toward liquidity, security, and shorter-duration bets05:08 LP frustration: transparency gaps + liquidity decision-making07:09 LPACs as sparring partners, not governance theatre09:31 Europe’s structural issue: too few LPs and GPs have lived full cycles12:47 The “full-stack investor” myth: investing + fund management + compliance + IR14:46 Solo GP economics: why 2/20 breaks at the small end26:08 The barbell thesis: platforms on one end, specialists on the other27:56 Software defensibility compression in the AI era30:24 Will AI decentralize outcomes — or centralize them further?33:10 The rise of AI roll-ups and alternative capital models35:19 The “middle-market squeeze” — real or overhyped?39:34 What founders actually care about when choosing a fund

Climate isn’t “over.” But building in climate has entered a new chapter, defined by shifting regulation, politicized narratives, buyer confusion, and a market that funded dozens of overlapping platforms.In this episode, Andreas and co-host Carmel Rafaeli, Founding Partner at The Table, sit down with Lubomila Jordanova, Co-founder & CEO of Plan A, just weeks after Plan Ajoined forces with Diginex, the NASDAQ-listed sustainability technology company, at the end of 2025.The conversation is part of Leaders Shaping a Resilient Planet, a series spotlighting exceptional founders in climate tech who happen to be women. The focus is not identity as a theme, but execution as a discipline. These are operators building in some of the most complex and capital-intensive parts of the real economy.This is not an acquisition recap. It is a clear-eyed discussion about what it takes to build and responsibly exit a climate tech company in a market that is maturing quickly.What’s covered:00:52 The Table: co-investing community + the Foundation’s recoverable grants model02:05 Introducing Lubomila Jordanova and Plan A02:45 The acquisition: why Plan A chose to lead consolidation04:35 Fundraising logic → acquisition logic: what changed06:40 Founder outcome vs VC outcome: how alignment works in an exit11:30 “The truth is where the real economy sits”: what carbon software actually sells13:30 The uncomfortable line: “glorified consulting with a digital angle”15:05 What VC portfolios get wrong in climate: return distribution, capital stack, secondaries16:55 Why “climate” can’t be one bucket: hardware vs SaaS vs reporting20:00 Managing investor perception: visibility, bias, and boardroom baggage23:15 The broader financial pyramid: VC vs public markets vs real-economy signals27:35 Post-exit reality: why a public-company KPI lens changes the conversation31:10 Three founder learnings (humility, ecosystem, real-world problems)33:55 A rare founder truth: pregnancy during the exit + building with “more hats than one”

In a market where “AI fund” can mean almost anything, Lumo Labs is unusually specific: digital deep tech, deployed early, and anchored in one of Europe’s densest innovation clusters—Eindhoven, home of Philips’ legacy and the High Tech Campus (“smartest square kilometer” energy).In this EUVC pitch episode, Andreas sits down with Andy Lurling, founder & GP of Lumo Labs, to unpack how an entrepreneur-turned-investor built a fund that’s deliberately more than money: a structured support program, deep technical selection, and a thesis shaped by real-world constraints, health systems under pressure, and cities as the source of most emissions and pollution.ShareWhat’s covered: 00:59 Why “Labs” and why Eindhoven: origin story + Philips legacy02:31 Andy’s founder journey: EyeOpener, ESA as first investor, and the exit06:15 From angel tickets to a fund: two cornerstone LPs pull them into fund building08:26 Fund I recap: €20m, 23 pre-seed/seed investments08:58 Fund II status: just over €40m raised, targeting €100m final size10:34 The actual thesis: AI + digital deep tech (security, IoT, AR)13:12 SDG focus: health, education, sustainable cities + climate action (urban)15:31 Why these sectors: prevention over curing, and cities as the “source problem”19:22 Where they invest: Netherlands/Belgium/Germany core; Spain/Portugal + Nordics via scouts20:30 “Smart capital” in practice: leadership, market fit, storytelling, follow-on readiness23:30 Track record snapshot: 30 companies; 3 dead; 9 (soon 11) moving into scale-up territory