EUVC | E432 | Multiple Capital's Ertan Can on Investing in Micro Funds For Outlier Returns

In today’s episode of our CVC series, Andreas Munk Holm and our CVC in-house expert, Jeppe Høier, talk with Ida Christine Brun, Venture Investments and Partnership Director at Maersk Growth. With over 13 years at Maersk under her belt, Ida brings experience from commercial business development and supply chain management to her current role in corporate venturing. She explains how Maersk Growth invests in early-stage startups focused on decarbonizing and digitizing supply chains, using a well-rounded approach that blends equity investments with strategic partnerships.During the conversation, Ida shares how her team leverages Maersk’s deep logistics expertise to test and validate innovative solutions in real-world settings. She discusses the value of engaging with both internal teams and external VC partners to drive impactful change, emphasizing the importance of addressing current business challenges and paving the way for future growth. By integrating strategic insights with practical pilot projects, Maersk Growth is working to bridge the gap between groundbreaking technology and sustainable, long-term industry transformation.Go to eu.vc for our core learnings and the full video interview 👀Chapters:03:08 Ida's Journey at Maersk03:38 Transition to Corporate Venturing04:02 Maersk Growth's Mission and Team04:26 Corporate Venturing at Maersk Growth04:54 Investment Focus: Climate Tech and Supply Chain05:52 Portfolio and Investment Strategy06:39 Strategic Partnerships and Internal Collaboration07:05 Challenges in Corporate Venturing07:30 Engaging with Internal Teams 09:24 Value Creation for Portfolio Companies13:56 Decarbonizing Supply Chains14:14 Investment Strategy and Exciting Startups17:35 Global Collaboration for Innovation22:21 Navigating Regulatory Challenges32:49 Corporate Venturing vs. Corporate Venture Capital36:59 Collaborating with VCs and Investors 

We are excited to introduce you to Seedcamp’s new podcast series, “Path to Market,” where Director Natasha Lytton and co-host Micah Smurthwaite, Partner at Pipeline Ventures, dissect the art and science behind effective go-to-market (GTM) strategies for startups and scale-ups.Whether you’re a budding entrepreneur grappling with your first sales hires or a seasoned founder looking to refine your GTM approach, this podcast aims to bring you valuable insights from industry experts.In today’s fast-moving entrepreneurial landscape, mastering the art and science of go-to-market strategies is vital for startups and scale-ups. While companies must drive customers, revenue, and monetization sooner than ever before, founders struggle to find a consolidated resource that distinguishes between various GTM motions. Our podcast aims to fill this gap by providing diverse insights through the lenses of both sales and marketing.The introductory episode explores essential elements of go-to-market planning, real-world examples of startups overcoming market-entry challenges, and practical advice on avoiding common pitfalls.

In today’s episode, David Cruz e Silva talks with Justinas Milasauskas, an investment manager at Willgrow, a single-family office based in Lithuania. Justinas explains how Willgrow approaches venture investments worldwide, focusing on US and European early-stage managers. He shares the family office’s history, reasons for getting into venture, and how they think about manager selection, covering everything from ticket sizes to fund-of-funds benefits. It’s a great look at how an LP outside the traditional financial hubs can still build a global venture portfolio.In this conversation, Justinas also reveals the importance of balancing conviction with consistent due diligence, highlighting why his team benchmarks managers against top peers worldwide. He talks about how they stay disciplined by maintaining a structured watchlist, stacking GPs based on strategy fit, and investing across multiple vintages. It’s an honest, behind-the-scenes view of how a first-generation family office grows its exposure to private markets while keeping that entrepreneurial spirit front and center.Chapters: 03:02 WillGrow's Investment Strategy and Focus04:31 The Background and Experience of Justinas08:39 Building a Convincing Strategy for Sourcing09:45 The Role of Senior Advisors and Fund of Funds12:09 The Importance of Diversification and Long-Term Commitment13:56 Understanding WillGrow's Investment Approach14:28 Investment Strategy and Risk Profiles18:10 Active vs Passive Investment Approach20:54 Biggest Learnings in Venture Investing22:43 The Importance of Proper Benchmarking23:53 Diversification Across Funds and Vintages28:03 The Role of Stack Ranking in Investment Decisions34:47 Overcoming Barriers to Access in Venture Investing42:45 The Value of Fund of Funds43:48 Book Recommendation: Leading by Alex Ferguson 

Welcome to a new episode of the EUVC podcast, where our good friends Dan Bowyer and Mads Jensen from SuperSeed discuss with Alex Macdonald, Co-Founder & CEO of sequel, and Lomax Ward, General Partner at Outsized Ventures, to cover recent news and movements in the European tech landscape 💬Chapters: 03:54 The Fall of 23andMe05:37 Challenges in Commercializing Healthcare Data08:11 Project Europe: A New Venture Initiative14:51 Addressing Criticisms and Diversity18:11 The Need for Growth Capital in Europe28:03 Rachel Reeves' Spring Statement and Economic Outlook34:17 Navigating Economic Challenges35:23 Spring Statement and Policy Implications36:08 AI Corner: OpenAI's New Developments36:54 Deep Seek's V3 Model and AI Competition37:53 Google's Gemini and AI Wars39:00 AI and Copyright Issues43:08 Scandals in the Tech World50:08 Brand Power and Soft Power51:58 US-EU Relations and Defense Implications

In today’s episode of the EUVC podcast, Andreas Munk Holm is joined by Victoria Palatnik, Managing Partner at Raw Ventures, Peter Effenberg, Founder & CEO of Jay, and Severin Zugmayer, Founder of New Renaissance Ventures.The discussion starts by exploring why consumers are returning to trusted, branded media for quality journalism, even as the digital world bombards us with endless information streams. It also tackles the challenges posed by regulatory frameworks like GDPR, the rapid pace of technological change, and emerging opportunities in areas such as shoppable content and digital twin technology—painting an engaging picture of the media tech future.Chapters:01:07 The Rise of Legacy Media02:41 Victoria's Perspective on Media Tech03:47 Peter's Journey in Media Tech05:43 Severin's Focus on Creative Industries07:32 Mapping Media Tech Hubs in Europe12:02 The Shift in Media Branding17:31 Challenges in Monetizing Media Content19:13 Debate on Legacy Media's Future28:44 Media Bias in the US vs Europe29:43 The Role of Journalists in Europe 31:06 The Impact of Technology on Journalism31:50 The Rise of Independent News Platforms32:15 Challenges in Modern Journalism33:15 The Flourishing Creator Economy35:27 AI's Role in Media Tech39:36 Generative AI and Media Production46:59 Ethical and Legal Considerations in AI52:24 Future of Media Tech and AI

In today’s episode, Andreas Munk Holm talks with Jonatan Luther-Bergquist from Inflection.xyz, who shares his journey in framing crypto fundamentally as a compute technology and formulating their thesis on sovereign compute back in 2023. Jonatan explains that while the early work in crypto helped lay the groundwork for disruptive technology, he saw a bigger picture emerging - a need for Europe and other regions to improve their digital independence.In this conversation, Jonatan dives into the three pillars of his sovereign compute thesis: scaling compute capabilities, building resilient systems, and ensuring access to data flows. He illustrates his points with real-world examples, from photonics and semiconductor technologies to communications that can make all the difference in modern defense scenarios. By drawing parallels between evolving technology and the pressing geopolitical challenges, like those seen in Ukraine, Jonatan makes a compelling case for why investing in robust, forward-thinking compute solutions is essential for a secure and prosperous future.Chapters: 00:23 The Importance of Compute for Sovereignty00:38 Key Areas for Improvement in Compute01:27 Integrating Compute into Daily Life02:54 The Story of Inflection04:03 Inflection's Early Focus on Crypto 05:18 Transition to Sovereign Compute11:22 Challenges in the Crypto Space17:22 Understanding Sovereign Compute21:24 Equipping Compute Resources with Quality Data22:04 Understanding the Concept of Flow in Compute22:15 Evaluating Vertical Focus in VC Firms24:14 The Importance of Quality in Investment Decisions28:52 Exploring Technologies in Sovereign Compute29:40 Innovative Compute Solutions: From Semiconductors to Brain Tissue31:47 The Role of Communication in Modern Warfare33:48 The Geopolitical Importance of Sovereignty34:27 Personal and Professional Journey in Defense Tech41:26 Transitioning from Crypto to Sovereign Compute

In today’s episode, Andreas Munk Holm talks with Ertan Can, the Founding General Partner of Multiple Capital, a venture capital fund based in Luxembourg. Together, they delve into how micro funds work and why they’re becoming an attractive investment option for limited partners.Ertan discusses the role of manager selection and the benefits of a diversified micro-fund portfolio. He outlines LPs' challenges in sifting through hundreds of emerging funds each year, noting that a disciplined approach is needed to identify the best opportunities. The discussion also touches on the influence of local networks and market niches in sourcing high-quality deals and future trends in venture capital, highlighting how a strategic focus on micro funds may offer more sustainable and robust returns for LPs.Chapters: 02:15 Importance of Fund Size03:34 Emerging Managers and Small Funds04:56 Performance of Small Funds11:08 Management Fees and Small Funds12:41 Exit Valuations and Small Funds13:31 Summary of the Presentation14:49 Post-Presentation Discussion16:39 Challenges for LPs in Selecting Funds17:43 Optimal Number of Fund Managers19:13 Debate on Micro Funds21:27 Risk Perception in Venture Capital22:34 Alternative Investment Strategies26:37 Geographical and Vertical Specialization27:29 Future of the Venture Market

In today’s episode, Andreas Munk Holm talks with Enis Hulli, General Partner at e2vc, and Akin Babayigit, Co-founder of Tripledot Studios. Akin brings a wealth of experience from his journey across Turkey, the U.S., and the U.K., while Enis provides insights into the evolving ecosystems of Turkey and Eastern Europe. Together, they discuss how mobile gaming has emerged as a massive industry driven by a unique blend of creativity and data analytics and how the sector’s scale and business models differ significantly from traditional console and PC gaming.In this conversation, Akin and Enis delve into the latest trends reshaping mobile gaming, including the rapid adoption of AI to enhance gameplay and optimize monetization strategies. They also discuss the launch of Arcadia Gaming Advisors, a new $100 million fund designed to drive the next wave of innovation in gaming. Chapters: 02:58 How We Met: A Humorous Backstory04:56 Akin's Life Story: From Turkey to the UK06:01 Career Path: From Engineering to Gaming07:46 Tripledot and Gaming Success09:10 Investing in Gaming: Challenges and Opportunities12:08 The Misunderstood World of Gaming17:08 Mobile Gaming: A Unique Business Model23:08 Gaming Talent in Turkey and Eastern Europe25:11 Turkey's Unique Conditions for Success26:11 Gaming vs. E-commerce in Turkey27:03 Rise of Successful Turkish Gaming Companies27:35 Shifting Career Aspirations in Turkey28:18 The Importance of Iteration in Gaming28:47 Investment Strategies in Gaming30:50 Europe vs. US: A Venture Capital Perspective32:16 The Talent and Diversity in Europe40:14 The Future of Gaming with AI43:51 Launching a Mobile Gaming Fund

In today’s episode of the EUVC podcast, Andreas Munk Holm talks with Claude Ritter and Stefan Walter from NAP, formerly known as Cavalry and Rene Andres from the European Investment Fund (EIF).In today’s episode of the EUVC podcast, Andreas Munk Holm talks with Claude Ritter and Stefan Walter from NAP, formerly known as Cavalry and Rene Andres from the European Investment Fund (EIF).The conversation centers on Cavalry’s recent rebranding into NAP and evolving investment approach, which now emphasizes backing early-stage startups led by expert founders. The team explains how their shift from a broad, pre-seed focus to a more refined strategy—centered around proprietary data, instant utility, and interoperability—reflects the changing dynamics of the tech landscape in Europe.Our guests also discuss broader themes shaping the venture ecosystem, such as managing team dynamics and maintaining transparent, candid communication with limited partners. They share insights on the importance of agility in a market influenced by rapid technological change, political shifts, and the AI boom.Go to eu.vc for our core learnings and the full video interview 👀Chapters:02:35 Claude and Stefan's Background and Firm Overview03:52 Rene's Background and EIF's Role06:13 Current State of the European Venture Ecosystem 09:55 The Role of Tech in Politics17:47 Rebranding from Cavalry to NAP20:55 The Meaning Behind Nerds and Pioneers22:10 Managing Partnership Changes24:05 Navigating Team Changes in VC Firms24:39 The Importance of Adaptability26:00 Challenges and Strategies in Team Dynamics29:44 Honesty and Transparency with Investors32:08 Reflecting on Core Learnings36:55 The Evolution of Investment Theses38:41 Focusing on Proprietary Data and Instant Utility39:48 Interoperability: The Future of Business Models44:09 Expert Founders and Founder Future Fit48:28 Final Thoughts and Key Takeaways

Welcome to a new episode of the EUVC podcast, where our good friends Dan Bowyer and Mads Jensen from SuperSeed in a discussion with Andrew J. Scott, Founding Partner at 7percent Ventures and Lomax Ward, General Partner at Outsized Ventures, cover recent news and movements in the European tech landscape 💬