SV | E504 | Jan Miczaika, Partner at HV Capital — ESG, Defense, and Deep Tech from a Pan-European Heavyweight

At the EUVC Summit, Bernard Dalle (formerly of Index Ventures) and Thomas Kristensen (LGT Capital Partners) shared candid reflections on how to build a venture firm from the inside out. Instead of fixating on star hires and grand strategies, their talk emphasized the compounding power of cultural alignment, junior talent development, and early operational investment.Drawing on first-hand experience, they unpack what it takes to build enduring institutions—where team, trust, and time matter more than titles.Whether you're raising your first fund or scaling your platform team, this conversation offers timeless lessons from one of Europe’s most respected firms.Here’s what’s covered:00:45 Betting on People: Why hiring for cultural fit beats chasing CVs02:20 Long-Term Talent Playbooks: Junior hires, long runway, big impact03:50 Under-hiring on Purpose: Why Index rarely hired GPs straight out05:10 The Operations Edge: Building support teams early pays dividends07:00 The Index Blueprint: Early days with David, Pascal, and a deep ops bench08:30 Institutional Memory: Capturing partner insights across the portfolio

Welcome to the Impact Highlight series, powered by EUVC, where we bring you the people and perspectives shaping European venture.This week, August is joined by Emma Steele (Partner at Ascension) and Emily Trant (Head of Impact at Wagestream), two of the most vocal champions for mission-aligned tech in Europe.In this episode, we explore the nuances of building and backing commercial businesses that generate genuine social value. Emma and Emily reflect on where the commercial model does work for impact, where it doesn’t, and why intent matters as much as outcomes.From designing products that serve vulnerable users to structuring impact advisory boards that challenge you, this is a real look into how impact venture plays out at the fund and founder level.🎯 This Episode’s Themes:What “tech for good” actually looks like in ventureBuilding scalable impact and sustainable returnsHow to think about charity vs commercial modelsWhy intent and design matter more than labelsHow impact boards can go wrong—and how to make them workHere’s what’s covered:00:00 | Meet Emma & Emily: Impact VC meets operating at scale02:30 | What Is “Impact” Anyway? And why Ascension never used the label06:15 | Wagestream’s Model: Serving those who can’t pay—at scale10:00 | Market Failures & Margin Models: Why commercial still wins13:00 | Data That Matters: From savings behavior to sleep quality17:00 | Charity vs Commercial: The tension no one likes to talk about20:15 | Impact Boards: How to make them useful (hint: be honest)24:30 | The Venture Fit: Why scale and impact aren’t opposites28:00 | Calling Future Founders: Be intentional from day one

Welcome to a new episode of the EUVC podcast, where Dan Bowyer and Mads Jensen of SuperSeed and Lomax from Outsized Ventures, gather to unpack the macro forces and micro signals shaping European tech and venture.This week, the trio tackles one of the most geopolitically charged, capital-heavy, and morally complex episodes yet:🎯 This Week’s Themes:The global reshuffling of power: Israel, Iran, Russia, UkraineWhy defense is back—and what it means for VCsEurope’s space ambitions and what the ESA’s new satellite project signalsChina’s trade plays and Europe’s rare earths vulnerabilityAI, IPOs, and why founders might want to stay private longerSurgical robots, ambient AI, and who’s building the future of healthcarePlus: Daniel Ek gets flak, SPACs sneak back, and why VCs are speed-running $15B deals in one weekHere’s what’s covered:02:00 | War & Markets: Iran, Israel, oil prices & the Bank of England holds steady06:00 | Defense Budgets: Why Europe is (finally) spending10:00 | VC Taboo: Why investing in weapons gets complicated fast15:00 | EIF Restrictions: Sex, gambling, and no defense20:00 | The Rise of Helsing: Europe’s $12B defense unicorn24:00 | Strategic Autonomy: Europe’s new military satellite constellation30:00 | ESA vs Starlink: Earth observation gets serious34:00 | China, Trade Wars & Rare Earths: Why Europe’s exposed40:00 | EU-US Tariffs & Trump’s Pharma Threat42:00 | IPO Boom: Chime, Circle, and the SPAC comeback47:00 | CMR Surgical: UK’s $4B robot exit—is that enough?53:00 | Lessons from Intuitive Surgical & deeptech M&A56:00 | Deal of the Week: Nabla’s AI for clinicians, Helsing’s big swing, and Scale AI’s lightning-fast cash1:02:00 | Founders in Government: Alex DePledge & Matt Clifford’s impact1:05:00 | Meta’s AI Transfers: Zuck goes full football transfer window

Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.This week, Andreas Munk Holm sits down with Paolo Pio, co-founder and Managing Partner at Exceptional Ventures — a mission-driven early-stage fund investing in the future of human health, fitness, nutrition, and longevity.Paolo shares how a personal obsession with sleep, metabolism, and fitness evolved into a structured thesis for investing in businesses and technologies that help us live better, longer — and how Exceptional Ventures plans to back over 200 founders across three funds to deliver returns that match the mission.🎯 This Episode’s Themes:Why health, fitness, and prevention are ripe for VC investmentHow personalized, continuous monitoring unlocks true wellnessThe 4-pillared thesis: prevention, early detection, smarter care & deliveryLessons from Fund I: 3,600 companies reviewed → 37 investmentsThe case for “high-volume VC” in Europe: why more bets matterFrom sleep hygiene to nanobots: the future of health innovationCommunity, LPs, and morning workouts at SuperVentureHere’s what’s covered:01:00 | The Mission: Improving the human joy path through health & longevity03:00 | Why Now: Obesity, metabolic health & the need for smarter prevention05:00 | The Four Pillars: Sleep, exercise, early detection & delivery innovation08:00 | Exceptional’s Model: Fund I learnings, Fund II targets, Fund III ambitions10:00 | The Volume Bet: Why Europe needs funds backing 50+ startups per cycle12:00 | Sourcing & Screening: From 3,600 companies to 37 portfolio bets15:00 | Backing Founders on the Edge: From glucose monitoring to rural US clinics18:00 | The Big Vision: 200+ founders backed, 30,000+ community members21:00 | Big LP Names & Co-Investors: How the wider venture stack leans in24:00 | Why Community Matters: The morning workouts, the events, the energy27:00 | Longevity & Fund IV: Why the best is still ahead

In this episode, Andreas Munk Holm sits down with Björn Tremmerie, Head of Technology Fund Investments at the European Investment Fund (EIF), live from the EUVC studio at SuperVenture 2025.They delve deeply into the true state of European venture capital, examining long-term performance trends, the role of EIF as Europe's policy-aligned capital allocator, and how sovereignty, resilience, and maturity are reshaping the ecosystem.Here’s what’s covered:00:00 SuperVenture Loyalty & Ecosystem Energy01:02 The Mood in Market: Storms, Maturity & Resilience03:04 What Makes This Moment in Venture a Real Opportunity03:31 Recap of Björn’s Panel with Joe from Isomer05:15 DPI Truths: The Top 50 Funds & A Look Back to 201706:04 Defense Tech & Dual-Use: What EIF Will (and Won’t) Fund09:34 Sovereignty ≠ Isolation: The Real Role of the EIF11:00 Later-Stage Funding Gaps & Europe’s Infrastructure Problem12:36 Satellites, SpaceX & European Strategic Dependencies14:14 Learnings From 25+ Years in the Game15:01 Philosophical, But Practical: What VC Responsibility Means16:17 A Clear Statement on Openness, Not Isolation

In this episode, David Cruz e Silva sits down with Andre de Haes, founder of Backed VC, live from SuperVenture 2025 in Berlin.Backed is one of Europe’s boldest early-stage funds, known not just for investing in frontier tech but for pioneering a new model of VC community. In this conversation, Andre unpacks the philosophical and practical foundations of their work—from turning a value-add into a moat to why “edge” in venture is mostly a myth—unless you build your own rules.Who should listen:Emerging managers figuring out how to build true differentiationLPs trying to evaluate durable edge in a saturated VC marketFounders deciding what kind of capital partner they want long-termHere what’s covered:00:00 Who is Andre de Haes & What is Backed VC?00:32 Frontier Tech Focus: Fintech, Bio, and Manufacturing Software01:30 Why Community is a Core Offering—Not a Side Show02:15 Behind the Scenes: The SuperVenture Speaker Dinner & Rooftop Surprise04:00 Playing the Long Game: Trust Built Over 20-Year Cycles05:08 Stage Preview: What it Means to Build VC Edge07:50 Advice for LPs on Identifying Real Differentiation10:50 Biggest Learnings: Humility, Leverage & Contrarian Courage15:00 Investing at the Frontier: Computational Bio, Optics & Non-Invasive Brain Tech16:00 What Munger & Buffett Teach Us About Capital Efficiency in VC

Live from SuperVenture 2025 in Berlin, Andreas Munk Holm sits down with Jan Miczaika, Partner at HV Capital, one of Europe’s largest and longest-standing venture capital firms.Together, they talk about macro trends shaping the future of VC, HV Capital’s unique positioning across funding stages, and offer a refreshingly honest take on ESG, DEI, defense, hype, LP dynamics, and the challenges of building a VC fund.This episode is a must-listen for:LPs trying to understand how established firms see the worldEmerging managers finding their product-market fitFounders building across deep tech, defense, and climate💡 What you'll learn:Why SuperVenture is a cultural paradox in Berlin—and why Jan loves itHow HV Capital operates with flexibility across €500K to €50M investmentsThe future of ESG & DEI in a depoliticized, impact-first worldDefense investing: HV’s bets on Quantum Systems & Rocket StartupsWhat the G in ESG means—and why it's more relevant than everAdvice for emerging managers: Fund I is hard, Fund II and III are harderA reflection on being humbled by VC, even after successful exitsHere what’s covered:00:00 SuperVenture, Berlin, and Capitalism in the Radical Left’s Hometown01:00 The HV Capital Model: From €500K to €50M in One Platform02:00 ESG, DEI & Fiduciary Duty: Past the Pendulum, Toward Balance04:05 Why Impact Companies Still Win: A Case Study from Copenhagen05:05 Defense Tech & ESG: Not Contradictory, But Complementary06:54 Advice for Emerging Managers: Fund Fit, Hustle & Dual Product-Market Fit10:02 Words for LPs: Don’t Dismiss Venture as “Too Risky”11:45 Lessons in Humility: From Founding Two Companies to Becoming a VC13:00 Betting Big: Why NeuroRobotics Said No to Focus & Yes to Full Stack

Welcome to a special emergency episode of the EUVC podcast, where Andreas Munk Holm sits down with Cathy White founder of CEW Communications and her star colleague and former tech.eu managing editor Dan Taylor —two of the most plugged-in voices in European tech media —to dissect the shocking news of TechCrunch Europe’s closure and what’s ahead.In this raw and real conversation, they unpack:Why TechCrunch’s downfall signals something bigger in mediaWhat the rise of AI means for journalists, PR pros, and founders alikeAnd how Europe’s startup ecosystem can—and must—take charge of its narrativeFrom the role of creators and newsletters to the shift from SEO to “LEO,” this one’s for anyone building in, writing about, or pitching European tech.Here’s what’s covered:00:10 The Impact of TechCrunch's Closure on European Media06:33 The Future of Media in Europe10:30 The Rise of Entrepreneurial Journalism15:46 Navigating the New Media Landscape for Startups18:06 The Shift from SEO to LEO in Media Strategy23:13 Making Complex Ideas Accessible27:18 The Role of PR in the Age of AI29:31 The Importance of Human Touch in AI33:12 AI's Impact on Content Creation and Journalism39:37 The Future of Journalism and New Publications

In this episode, David Cruz e Silva sits down with Joe Schorge, founder of Isomer Capital, one of Europe’s most thoughtful and active LPs—backing funds, co-investing with top GPs, and increasingly leaning into secondaries.From deep dives into the maturing European tech ecosystem, to the reality of what “liquidity” means today, Joe shares what it takes to build long-term portfolios and navigate cycles with wisdom (and a little humor).Who should listen:LPs thinking through secondary exposure and portfolio liquidityGPs raising new funds with legacy tailwinds (or baggage)Founders and angels curious about how liquidity really works behind the scenesHere’s what’s covered:00:00 Meet Joe Schorge & Isomer Capital’s model00:31 Why SuperVenture is ground zero for LP/GP dealflow01:30 A New Era of Secondaries: From passive to proactive02:55 "It's not a return until you can buy a beer with it." 🍻03:30 DPI, exits & reflections from the stage with Björn Tremmerie05:00 What macro uncertainty (and Trump tariffs) are doing to exit timelines06:00 Under the hood: Growth is happening — but the windows haven’t reopened yet07:30 Who’s actually buying today? Founders, growth funds, and LP-focused secondaries09:28 Joe’s key learnings: time, uncertainty & the illusion of predictive power12:23 Advice to aspiring LPs & emerging allocators15:00 Diversification in venture is not optional — it’s existential

In this episode, David Cruz e Silva sits down with Matthew Spence, Barclays’ Global Head of Venture Capital Banking, to talk about the state of exits, dual-use tech, and how Europe can seize the next defense innovation wave. With a background spanning the White House, Pentagon, and a16z, Matt shares a unique view from the intersection of global power, technology, and venture.Who should listen:GPs working with later-stage companies or exit-readinessLPs and allocators curious about dual-use and defense opportunitiesPolicymakers and ecosystem builders across EuropeAnyone wondering how venture intersects with geopoliticsHere’s what’s covered:00:00 Meet Matt Spence & why Barclays is doubling down on venture01:00 SuperVenture 2025: Why Berlin matters to a Silicon Valley banker01:39 “Sneaky good”: The IPO market is back—but not how you expect03:00 How GPs can prep for exits—before they’re even on the table04:00 Barclays as an LP: What their private bank is looking for05:10 Defense tech: From bombs to AI & cloud for the battlefield07:00 “The government is a terrible customer”—but that’s changing08:30 Dual-use: Why it’s not code for defense and shouldn’t be10:00 The real opportunity for Europe: leapfrog, don’t lag12:30 A wake-up call for Brussels and national leaders15:00 The return to deep tech: hardware + software, redux16:45 Why this isn't just a new trend—it's a venture returning to its roots