A weekly podcast discussing the latest happenings in startup and investing land, focusing on the European startup ecosystem. The hosts, Dan Bowyer and Mads Jensen from SuperSeed, share their thoughts on VC, investing, startups, and founder psychology. The show aims to get underneath VC and explore how to better support European startups.
Episodes
Sequoia Leaves London - Voters Leave Data Centres - Notaries Leave Umm, Nothing
Upside is a weekly look behind the headlines, where we connect the dots affecting European venture startups and investing. I took one week off and they handed Lomax the keys. Mads, Pri and Andrew keep him company. Mads opens by confessing to two crimes, one against economics and one against Canada. Then the Nasdaq has its worst day in years.01:41 Sequoia quits London. Andrew: "nothing to see
The Budget - Are Founders' Relieved? Living In A Trustless World, and Are VCs Dangerous?
Upside is a weekly show that connects the dots behind the headlines affecting European venture, startups and investing. The Big Boring Budget, Anthropic Goes Public & Are VCs Dangerous? Mads is back from Milan. Dan last went 30 years ago and mostly saw the industrial estate.01:20 The BudgetExpectations were set so low that "not terrible" got a standing ovation. Founders' Relief
AI Cyber Shocks - The "Boring" Budget - How Britain Gets Its Mojo Back
Every week on Upside we look behind the headlines and connect the dots that will shape European venture.This week Dan and Mads are joined by Karim Palant, Director of External Affairs at UK Private Capital (formerly the BVCA). He ran policy at LinkedIn, Facebook and in the Shadow Chancellor's office.01:40 - Tesla Q3: when the numbers run out, sell the narrative03:24 - Jackdaw approved: energy
AI capex falters, AI goes vertical, AI's new moat
Every week, we look behind the headlines and connect the dots across European venture, investing and startups. Record quarters everywhere, share prices down anyway. Dan, Mads and Priyanka on what the AI wobble means for European founders, why EU Inc is being quietly filleted, and who really owns the data for physical AI.00:41 — The week in numbers: Anthropic's $16.8bn quarter, ASML, TSMC&apos
AI - Who's Paying Now? - Le Chonk - Any Good? - The UK EU Situationship
The latest news behind the European venture headlines - let's connect the dots.Dan, Mads and Pri follow the AI money and find it in your pension, your next laptop and a $40bn SpaceX bond. Plus: Mistral's trillion-parameter cat, DeepSeek discovers that "cheap" costs $12bn, and Britain and Europe make eyes at each other across a crowded room.02:12 Firmus pulls its $5.5bn Sydney I
Who Should Police AI - Inside Anthropic's S1 - UK Venture Shines
Every week, we look behind the headlines affecting European venture. Oura had a book covered four times over and still walked. Micron is printing money. Bailey says everyone's priced to be a winner. Burnham wants to take us back to the 1970s, but with free VAT on your electricity bill. Dan, Mads and Pri unpack the week. 01:15 Oura pulls its IPO: $3bn, then $2.2bn, then nothing 04:43 Micron&ap
Trump & Xi summit means what for Europe? - The AI Price War & Agents Are Everywhere
Dan, Mads and a lurgy-stricken Andrew dig behind the week's headlines that will affect European venture. Andrew sounds like Barry White. Mads has somehow become the pessimist. Nobody knows who's playing whom anymore.02:23 Europe has minted 43 unicorns this year, more than '24 and '25 combined. NatWest backs its first-ever VC fund (Phoenix Court). Andrew is "not knocking it
Unpacking AI Doomerism - What Rate Hikes Mean For CAPEX? - Humanoids Land!
Upside is a weekly podcast that looks behind the headlines to unpack what will affect European venture, startups and investing. Dan and Mads flew to LA to sit in row four while Donald Trump dialled into Jensen Huang's keynote. Pri went to Cambridge Tech Week. Let's unpack the week's shenanigans... 00:30 — All-In Summit: capitalism or cosplay?Elon, Jensen, Satya, Trump on speakerphon
Our Future According To Anthropic - UK Is Innovating? - An AI Doomer Says What?
Mistral's €3bn, Europe finally reaches orbit, and Anthropic says no to the UK. Mads is off. Pri and Andrew Scott step in. 00:45 – Elizabeth Holmes gets a documentary. Sam Altman gets a Christmas Day movie. Nobody asked for either.03:00 – Personal AI agents want your credit card. Dan downloaded one and got the fear. Trust is the whole game now.04:36 – Markets: ECB to 2.5%, 10-year kissing 5%,
AI Free Lunch Is Over - Bonds Burning Will Bite - NVIDIA Circular $ Update
Upside is a weekly podcast that unpacks the real stories behind the headlines that will affect European venture capital, startups, and investing. This week, Bonds, Bubbles and a £500 Toothbrush. Priyanka Savjani joins Mads, Andrew and I on the pod - she's the ex-founder of PriBakes, ran actual factories, and is now judging everyone else's.02:43 - Broadcom "misses" by a rounding
Nvidia Backstops Wall Street - Open Source is Back Baby! - More AI Agents Go Rogue
Mads is back in London, it's mid-August, and the AI train has once again failed to read the "quiet news week" memo. Dan and Mads go solo on money-go-rounds, half-trillion-dollar backstops, and a robot IPO that's 5,526x oversubscribed.00:00 – Intro: just the two of us, we can make it if we try, just the two of us, building castles in the sky01:20 – Markets: FTSE flatlining, S&am
Markets Too Hot? - The DeepMind Shake Up - The UKs £1bn Fund
Upside #103 - Power Laws, Poached Engineers & The Chuck Norris of CodingUnpacking the week's news that will affect European venture capital, startups and investing. Mads and Dan from SuperSeed host. This week: special guest Sion Evans, MD at VenCap International, the Oxford fund-of-funds that's put $3bn into 500 funds and politely passed on Palantir. He's fine about it.02:27 Pal
Markets: Why Winning Is Losing - Big Tech Is Out Of Cash - Cracks in Claude’s Cryptography.
Upside looks behind the headlines to uncover the real stories affecting European venture. Hosted by Europe's leading emerging managers investing early in innovation; space, resilience, deep tech, and physical AI. Recorded 31 July. Dan, Mads, Lomax and Andrew on the FTSE having a record week precisely because it owns no technology, a Chinese memory maker worth more than Intel on the strength o
US Bans Chinese AI? - Hugging Face Hack PR? - What Will Burnham Do Next?
Every week we dig behind the headlines shaping European venture. This week Dan, Mads and Lomax - all early stage European VCs investing in space, resilience, physical AI and deep tech look at a market that's suddenly charging Big Tech for its AI spend, an agentic breach we called back in April, and the one question that decides Britain's future: is there any growth without a return to ri
100th Episode Special: What will our world look like in 2028?
Upside #100 - Two Years, Two Wars, One Existential Crisis, Zero Trophies.Upside is a weekly podcast that looks behind headlines affecting European venture. Hosted by European emerging managers who all invest early into deep tech, space, physical AI, health, defence and resilience.[02:34] Football grief counselling. Lomax recounts dragging a foldable chair home through the streets in an England shi
China Blocks AI - Are UK Pensions Now In Venture!? - Is it 1999?
Live from a Lisbon beach studio, Dan, Mads and Lomax dig behind the headlines shaping European venture. This week: China's AI power play, is UK pension money finally trickling into venture, and a full 10-vs-10 slugfest on whether we're partying like it's 1999.01:10 — Quick news roundup. Grok 4.5 with Cursor, all three flavours of GPT-5.6, Nvidia shedding $1tn (still up 1,500% since
Burnham’s Britain - AI Creates A New World Order - How Trade Becomes War
Every week, Upside digs behind the headlines shaping European venture. This week Dan, Mads and Lomax get into Burnham's Britain and what a Manchester PM means for tech and capital; how AI is being pulled into a new world order as Washington moves from regulating the frontier to gating it, and possibly owning a slice of it; why June's "AI meltdown" was really a rotation, not a c
Why Does Micron Matter? Will UK Capital Flow? The AI Bill Is Due - Who’s Paying?
Upside is a weekly podcast looking behind the headlines to see what's going to affect European venture, start-ups and investing. Hosted by Dan and Mads from Superseed, and this week our special guest is Neil Shah from the London Stock Exchange. A man, his pants, and an ice cube. Dan melts on air. Neil gets called an "artificial Indian" for failing British weather. The London Stock E
Anthropic’s Fable - Technical or Political - The G7 AI Backroom Chat - Europe's $Trillion Company
Upside is a weekly show that looks behind the headlines affecting European venture. This week Dan and Mads are joined by Joe Schorge of Isomer Capital — one of the people who literally decides which European VC funds get to exist. England beat Croatia 4:2, a new PM may have appeared overnight, and somehow we tied none of it back to venture. Onwards.02:25 Economic vibe check — S&P on a record t
Has AI Hit Its Glass Ceiling? Quantum IPOs at 500x Rev?! & Siri Goes Google!
Upside is a weekly show that looks behind the headlines that will affect European venture, start-ups and investing. On the show this week: 3:03 — SpaceX IPO day: pop, flop or nothing-burger?7:16 — OpenAI files for IPO — own OpenAI at $1tn or Anthropic at $965bn?9:50 — Bending Spoons files for Nasdaq: Europe's app-Berkshire14:01 — ECB's first hike since 2023, and Iran14:35 — European Quan
Time To Rip Out Palantir? - Where Is The AI ROI? - And Florida Sues OpenAI?!
Plus it's EU Sovereignty Week, more on the EU's Palantir Problem & who's now in the the $80bn club?This week Dan and Mads are joined by Matt Russell, Head of Secondaries at VenCap, the 40-year-old firm with a look-through portfolio of ~500 funds and ~17,000 companies, and seemingly exposure to every name that's ever mattered. We get into why secondaries aren't the barg
AI Winners Beyond NVIDIA - Anthropic’s Opus 4.8 Is Out! - A Zero Employee Startup Raises $30m!
This week, Dan and Mads dig into the AI infrastructure boom spreading beyond GPUs, Europe's sovereignty contradictions, the era of the zero-employee unicorn, and a Pope weighing in on AI.00:00 — The week's headlines and some chit chat.01:15 — Ferrari's Luce, SpaceX Starship postponement, Gary Lineker's VC firm, Kirkland & Ellis builds its own AI stack. 07:00 — The new Dealr
IPOs Unfreeze - 3 Sovereign Euro Deals Land - Do You Hate AI?
This week on Upside: Nvidia is so rich it's literally throwing money at shareholders, three megacaps queue up to IPO, and Americans discover they hate AI almost as much as politicians.(00:47) Mads at the BBCA / UKPC. Same name, same problem, same answers nobody's implementing. Plus a quick spin through Ben Evans' latest, ASML's revenue upgrade, and Meta canning 8,000 engineers.
Upside Special - What Would European Investors Back With Their Last Euro?
Upside Live from Montenegro: Five GPs, Five BetsRecorded live from a Montenegrin port at a European LP/GP gathering of 80 investors, Dan asked 5 European investors the same question: If you had to put every penny of your fund and personal capital into one bet in Europe, where would it go?(01:21) Jens Lapinski — German super angel Jens would back the full AI stack, money transfer infrastructure, tr
Anthropic Builds - ASML defends - Meta Cracks
Hosts: Mads Jensen (moderator), Lomax Ward (Lisbon beach bum), Dr. Andrew Scott (serial mute-button offender) Missing: Dan Bowyer — scaling actual mountains. We told him to come back alive. Mostly because nobody else wants to moderate.[02:30] — ARM vs Spotify: One the Market Loves, One It Doesn't Both posted good numbers. ARM got rewarded, Spotify got a -13% haircut and a 25% YTD drawdown des
Musk v. Altman - UK Eats EU AI Act - SMRs Solve UK’s Energy Crisis?!
Every week on Upside, we look behind the headlines to expose the real news affecting European venture, startups and investing. Charles hands Trump a bell, Musk says he's not building AGI (this week), and Brussels manages 12 hours of trilogue with absolutely nothing to show for it. Meanwhile Big Tech spent the GDP of a small country on GPUs, and Europe, yes, Europe, quietly dropped two near-bi
EU Eats Its Own - Europe Gives Up On Space - Is SpaceX Really Buying Cursor?
Upside is a weekly podcast that unpacks the real news behind the headlines affecting European venture startups and investing. Hosted by Mads and Dan from SuperSeed. This week: the EU admits it wrote a bad AI Act (shocking), Sergey Brin is wheeled out of retirement again, SpaceX buys a coding company because of course, and Wall Street invents a new way to short private credit. Dan and Mads untangle
EU Hungry for Hungary - Solo Founder Unicorns - & Let’s Ship Something Great!
Upside is a weekly podcast that unpacks the news and headlines that will affect European venture startups and investing. This week Dan and Mads go deep on what Hungary's political earthquake means for European capital flows, why Anthropic is speedrunning a monopoly, and whether one bloke with a laptop can really build a unicorn (spoiler: it's complicated).[03:28] Orbán Out, Money In Hung
Menacing Mythos, Mega IPOs & Dimon’s Doomerism
Upside is a weekly podcast that looks behind the headlines affecting European venture, startups and investing. On this week's show...Anthropic is having the week of its life, Jamie Dimon wants you to know the sky is falling (again), and Germany spent €2 billion learning that shipbuilding is hard. Dan and Lomax fly as a duo this week.00:00 – Intro & News Radar – Iran ceasefire (maybe), glo
Why $800m Mistral? - Who’s Boycotting Palantir? - When CoreWeave Crushed Poolside
Every week we look behind the headlines affecting European venture, startups and investing. This week it's with Lomax from Outsized Ventures, Andrew from 7 Percent, and myself, your host Dan Bowyer from Superseed. 00:00 – Dan declares himself sexy for the first time ever. The physical AI / reshoring zeitgeist has finally caught up with what SuperSeed's been doing for a decade. Lomax gent
The AI Token Economy - Europe Finally Writes a Big Cheque - Cursor Caught Out
Every week, we look behind the headlines to explore what's coming down the track that will affect European venture, start-ups and investing. 00:00 — Meet Harry Destecroix Dan butchers the fund status (already closed, Dan), Harry sets out the SCVC thesis: generalist deep tech, breakthrough technologies from UK universities, everything from quantum to advanced therapeutics.01:40 — EIF's €1
Jensen Drops a Trillion - Hyperscalers Go Broke - & Some Guy Cures Cancer with ChatGPT
Every week on Upside, we try to unpack the news that's going to affect European venture, start-ups and investing. If you're a founder, GP, or LP, this is the show for you to catch up on the week's shenanigans.Hosted by Dan Bowyer, Mads Jensen, and Lomax Ward, all European venture capitalists. 00:00 — Nvidia's GTC: Jensen Drops a Trillion-Dollar Bomb Three new chips announced, e
It's a Recession. Europe Smashes. London Maxes.
Every week we dig into the news affecting European venture, startups and investing. This week, Trump may have speed-run a global recession. Europe is having a moment. Cursor might be toast. And Jensen Huang promises a chip that will "surprise the world."00:00 — The Oil Shock: Iran blocks the Strait of Hormuz, 20M barrels/day offline, IEA buffer lasts ~20 days. Dan calls it: we're in
AI Safety Theatre & War - What Is It Good For?
Every week we unpack the real stories behind the headlines affecting European venture. Hosts: Dan, Lomax and Mads - All European early stage VCs.02:00 — Why Hormuz matters more than you think. 04:08 — Europe: affected, not influential. Europe keeps ending up front row for crises it cannot shape.10:38 — The startup angles: energy, drones, sovereignty13:29 — “Fast fashion” warfare. Ukraine-style low
Intelligence Crisis, Europe’s Rearmament Boom & The End Of AI Safety
Upside is a weekly review of all of the news affecting European venture, startups and investing. VC Hosts: Dan, Mads, Lomax[03:05] Nvidia Earnings — 14th consecutive beat. Data centre rev up 75% to $62B. Stock basically flat. The market has priced in perfection. Bull case: 16x 2028 earnings, Rubin shipping, China at zero = pure upside. Bear case: custom ASICs climbing, 75% margins under siege. &qu
Clone Wars, Euro-Meme Stocks & Magic Mushrooms
For the week's latest news behind the headlines affecting European Venture, startups and investing. Hosts: Dan Bowyer, Lomax Ward Guest: Eyal Malinger — Co-founder, Resurge Growth Partners (venture equity — the gap between VC and PE)[02:18] Humanoid Robots at China's Spring Festival Gala Four Chinese firms showed off cable-free dancing robots. Eyal's reaction progression: "gam
Is AI Simply Making Work More Fun?
01:52 - Anthropic's Insane $30B Round Started as $10B rumour, became $20B in January, closed at $30B. 03:21 - The Great Model Migration Sam finally kicked OpenAI off his iPhone homepage. Claude's in. 08:23 - Claude Code: Mads' Love Letter Mads hasn't looked back since discovering Claude Code's skills and agentic workflows. It's not just better writing anymore—it'
AI Wars, SaaSpocalypse & Muskonomics
Upside captures all of the week's news affecting European Venture.01:22 — AI models: two flagships drop 20 minutes apartAnthropic ships Opus 4.6; OpenAI replies with GPT 5.3.Key tension: best model vs stickiest workflow (tooling + habits = raw benchmarks).China keeps coming: Kimi K2.5, Qwen3 Max — strong performance at lower cost, plus “swarm”/multi-agent vibes.07:02 — Recursive AI + security
Your AI Intern With Root Access - Masa Goes Massive - Europe's Midlife Crisis
00:59 — Saudi surprises, NEOM shrinks, Vision 2030 = Europe takes notes.02:58 — Europe: zero vibes, zero mission.03:55 — War bonds?! Saudi winter games postponed. Reality intrudes.🤖 AI Corner07:32 — Clawdbot → Moltbot now OpenClaw?! AI intern… with admin rights.09:19 — Early wins: negotiates car deals, plans diets, orders Tesco shops.10:38 — Early fear: unconstrained agents + inbox access = mild t
Doh Davos, Data Centre Downsides, No To Delaware, Dead SaaS & Defence IPOs
01:35–10:24 — UK data centres: blocked… but a way throughA £1bn London-area data-centre project gets halted after a planning/EIA mess-up → delays of 9–12+ months, potentially worse.The twist: data centres are being upgraded to “nationally significant infrastructure,” enabling central-government fast-track (DCO route) instead of local NIMBY planning.Still: EIAs + judicial reviews can keep slowing e
Can EU Starlink? - The EU’s 25yr Mega Trade Deal - Anthropic's CoWork Kills It!
BBC yeets kids shows onto YouTube, EU does a mega trade deal, Open Cosmos tries to be European-ish Starlink, Meta buys nuclear vibes, UK bins digital IDs (again), Anthropic’s “CoWork”, Grok vs governments, plus Deals of the Week. Basically: geopolitics, space, energy, AI, and British admin disintegration.(00:34) BBC on YouTube: “iPlayer walked so Netflix could run”Dan: YouTube is enormous; BBC is
The Biggest Tech Co. You’ve Never Heard Of - FTSE Beats S&P, Psychedelics Are Back & CES AI Corner
Hosts: Dan Bowyer, Lomax Ward, Mads JensenEpisode summaryThis week we cover Trump’s Greenland rhetoric and the broader implications for NATO, European defence spending, and sovereignty. Then we dive into the tech and markets that (quietly) moved: Meta’s acquisition of Manus, Octopus/“Kraken” spinning out as a major energy-software player, Discord’s IPO momentum, Revolut’s Turkey expansion via lice
10 Venture Predictions - The Picks & Nix For '26!
Guests: Dan Bowyer, Mads Jensen, Lomax Ward and Dan GrayPart 1 — 2025 predictions: what hit, what missed?02:59 — OpenAI “dethroned”: debate, but mostly “yes”04:47 — China/Taiwan “decisive year”: mostly no05:46 — Defence tech surge: yes06:46 — Europe/UK tech sovereignty: yes-ish but hard to measure07:25 — Space enabling tech keeps attracting capital: yes07:30 — US recession H2 2025: nope09:07 — Sto
2025 Christmas Special - It’s a Wrap!
With European VCs Lomax, Mads, Andrew and Dan2025 year-in-review for European tech: capital, unicorns, geopolitics, AI, health, defence, and space space spaaaace.01:25 – European tech in numbers$45bn into European startups (flat vs 2023–24, still ~½ of 2021 peak).28 new unicorns in 2025 (up from 14 in 2024).US dominates: ~$250bn private tech funding.VC fundraising still tight (~$10bn into European
Why Company Sovereignty Matters - China's $1trn Surplus Flood Zone - European Punching
Upside is a weekly pod that looks at the global news headlines and works out what really matters for European tech, venture, startups and investing.With European VCs - Lomax Ward, Dan Bowyer and Mads JensenWhat’s on the docket this week:•SpaceX mega-raise / IPO noise: “what are you really buying?”•“Europe’s euro success”: North–South polarity flipping•China’s $1T+ goods trade surplus + what it mea
Europe’s Comeback - Brexit 2.0 - Another ‘Code Red’ & Roll Up Roll Ups
Upside #69 - For the real news behind the headlines affecting European venture, startups and investing. Every week Mads, Lomax, Andrew and myself (Dan) get together and chat.Bending Spoons01:27 Berkshire-like roll-up; mostly debt-funded; big integration/tech-debt execution risk.3:30 “US→Italy arbitrage”—cut expensive US costs, rebuild with top Italian talent + high-efficiency culture; cash-cow ops
God AI - A German Ecosystem Deepdive - Part Time VCs - Google Hot Or Not?
Upside #68 w/ Robin Haak (Robin Capital), Lomax (Outsized), Mads and Dan (SuperSeed).Topics: Germany’s slowdown • Social media bans • UK budget • Solo GPs • N26 • Europe vs Big Tech • AI Corner01:21 – Robin’s Background100+ investments, 8 unicorns. Co-founded SmartRecruiters → sold to SAP ($100M ARR). Former GP at Revaya (€600M AUM). Now building a 50-year solo GP franchise.03:58 – Social Media Ba
We Get Slush’d - Germany Gets Space’d - As TPU’s Crush
This week in Upside #67 Mads returns from Slush with 24 one-to-ones under his belt and a head full of insights. Dan and Lomax dig into Germany’s €35B space strategy, the surprising data behind immigrant-founded unicorns, and Europe’s defence-IPO boom. They break down Vinted’s huge secondary, the EU’s attempt to kill cookie banners, and the UK’s sudden wave of AI investment initiatives.In AI Corner
Tech Sovereignty And Becoming Full Stack Nations
Each week a small bunch of us try and makes sense of the latest news affecting European venture. Upside #66 - The theme this week is back to tech sovereignty, what that really means, what’s trade, what’s security - and ultimately will we all become full stack nations?01:04 – UK exit tax: what it was and why it was dropped The mooted UK “exit tax” (tax on unrealised gains when leaving the country),
A Baltic Boom, Matt Clifford Rouses, A Tale Of Two Quants
Upside Ep #65 - A Baltic Boom, Matt Clifford Rouses, A Tale Of Two Quants A weekly show that unpacks the shenanigans affecting European venture.Dan (host), Mads, Lomax, Special Guest: Jone (Yo neh) — Managing Partner, First Pick (Lithuania)3:26 — Pre-seed vs Seed in the Baltics•Why pre-seed fits: seed still feels early; when companies inflect, foreign funds out-gun local check sizes. Funds in regi
Should You Raise Right Now? Should Govts Buy Stocks? Should NVIDIA Have Bought Nokia?
The pod that unpacks the real news behind the clickbait affecting European venture.Hosts: Dan, Mads, Lomax, Andrew02:41 — Bending Spoons deep dive Debt-fuelled roll-up, “Berkshire of consumer apps” analogy; Ukrainian peer Gentek noted; why more post-COVID roll-ups didn’t materialise.04:34 — US debt vs Europe risk Market’s view on capital allocation/dynamism; Decacorns vs unicorns; power-law return
The Robots Are Here Already?! - UK Govt Wasting Time In AI Sandboxes - 28th Update.
Upside - the weekly pod exploring the real news behind the clickrage affecting European venture, startups and investing.Hosts: Dan, Mads, Lomax, Andrew04:56 - Amazon, Robots & Europe’s Automation• Amazon aims for 75% robotised operations by 2033 in the US.• Automation = productivity growth, not mass layoffs.• Europe: >80% of warehouses still manual; Germany highly automated.• Debate: displa
VC's Fun'raising - Has China won AI already? & The WHY behind bubble-talk AI
Upside #62 w/ Dan and Mads from SuperSeed plus Ben from Bullhound CapitalKey Topics• Fundraising climate in European for VC - friend or foe?• Goldman Sachs’ Industry Ventures acquisition - getting into alternatives?!• Nobel Prize in Economics: Why does this matter to VC and Europe?• What's fuelling the AI bubble headlines? Hype vs fundamentals• China’s physical AI advantage - have they won AI
Upside #61 - Defence Special PLUS what IS the AI bubble really?
Voices: Nicholas Nelson (Archangel) • Dan • Lomax • Mads TL;DRDefence-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 exi
Upside Ep #60 — Germany's White Gold, The UK's Red Ink, and Reinventing VC
🎧 Upside Ep #60 — “White Gold, Red Ink, and Reinventing VC”Hosts: Dan · Lomax · Andrew Recorded: Oct 2, 202501:00 – Quick News Highlights🇺🇸 US Shutdown — $15B GDP loss per week; political theatre more than fiscal risk.🇬🇧 Labour Party Conference — Starmer’s 13% approval, OBR to cut productivity; £10B headroom could flip to £20B deficit.💰 UK recovers $5B from Bitcoin fraud (FT)🔐 UK demands Apple bac
Upside Ep #59 — UK at a Crossroads, AI Surge, Defence Tensions, H1B Shock
Yes we're European VCs so YES we're talking AI and defence! But there's still more of the pie to eat, so dig in.02:00 🇬🇧 UK in the doldrums* Little to no growth (1.5% vs US 3.8%).* Inflation stubborn at 3.8%.* 130k jobs lost since last budget.* Housing, Heathrow, HS2 — stalled megaprojects.06:30 📉 Structural weaknesses* UK pensions: only 4.4% in UK equities (vs 50% in past).* FTSE =
Upside #57 - What's Hot & Not in European Tech w/ Mike Butcher from TechCrunch
This week we chat with Mike the ex editor of TechCrunch, getting his take on the past, present and future of all things Euro-startup. Mads shares his thoughts on the All In Summit. We chat about defence strategies, pension funds and Euro cash injections, Germany moving and shaking their startup scene, Draghi's anniversary, the EU Inc guys / 28th regime - and what this all means for us in vent
Upside #56 - Most Euro Pension Cash Ever, The Power of Xi, & Let Chaos Reign
Let markets drive early-stage VC; fix EU growth/IPO capital via pension reform. Win AI as power users, not model builders. Geopolitics demands EU/ally coordination. Quantum’s having a moment.This week it's Mads, Lomax and Dan. All European early stage VCs looking behind the headlines to explore what's affecting venture, founders and investors.00:00–03:07 — “28th regime” for EU VC?Dan pro
Upside #55 - Digital Sovereignty vs Autarky
This week on Upside – It's a digital sovereignty deeper dive - what does it really mean, Nvidia is up but kinda not, Apple vs CMA - stormy teacup, and Governments Buying AI - which is a a great thing! Yes it is.With Mads, Lomax, Andreas and Dan.00:52 – Why Nvidia is “the poster child”Picks & shovels of AI; outsized share of data-centre capex; sheer scale of valuation and index weight.01:4
Upside #53 - EU vs US Wealth Creation, Energy Breakthroughs, M&A Boom Means?
For the real news behind the headlines affecting European venture.Hosts: Dan Bowyer & Mads Jensen, with Joe Knowles from Smedvig Ventures(01:15) US vs. Europe in Wealth CreationUS dominates wealth & compounders due to internet hyperscalers.Europe: strong talent, growing startups, but weaker late-stage funding & exits.Pension fund restrictions and lack of capital allocation are core str
Upside #52 - More Chips Please - Be More German - No Easy A?
Upside #52 The weekly podcast for all things European venture, startups and investing. Each week we look behind the headlines for the real news affecting our ecosystem.VC Hosts: Mads, Andrew & DanThis week: Seed-to-Series A: harder or hype?Germany’s €100B DeutschlandfondsUK interest rate cutOECD’s corporate investment warningEU Chips Act 2.0 - 1.0 #failAI Corner – GPT-5, Anthropic’s advances,
🎙️ Upside #51 - Project Eurhope - SaaS Is Sexy Again - The EU US Trade Reality
Upside is for anyone interested in the European tech and startup ecosystem. We discuss the real stories that live behind the headlines.Recorded: Friday August 1st 2025Hosts: VCs - Mads, Lomax, and Dan00:50 – Big Tech Earnings BlowoutsMassive Meta and MS uplift. Massive efficiency gains via AI, despite headcount cuts. Microsoft: $13B AI cloud run rate. Growth driven by CoPilot and Azure.11:20 – Fun
Upside #50 - Can Stablecoins Save The Dollar? UK vs US AI Strategies & The Red or Blue Pill?
Upside - for the real stories behind the headlines affecting European Venture.In this week's episode:AI in Public Services - OpenAI and the UK govt sign dealThe US vs UK AI plans - how do they compare?Stablecoins - what are they really and why are they not in the UK?Deepmind wins the IMO maths competition - so what?Deal of the Week01:50 – AI in UK Government and Public ServicesUK government s
Upside #49 - The United States of Europe
UPSIDE - For the week's *real news* behind the headlines affecting European venture.If curious about startups, investing, venture capital, innovation, AI, and all things going on in and around Europe - that's what this weekly roundup is all about.Hosts: Lomax from Outsized Ventures with Mads and myself from SuperSeed VCOn this week's show:04:02 – Shout out for EU Inc and The 28th Re
Upside #48 - Defence The Only Game In Town? Are We Peak LLM? WFH Killing Me Softly...
Upside for the real news behind the headlines affecting European Venture.This week: Is defence the only game in town? Any moral lines? Has Germany nailed its return to growth? OpenAI at peak LLM? Search engine wars are back! Does WFH kill culture, a tariff check in (already out of date!), EU fines and big tech - will we get the good sh*t? 00:00 – Welcome & RundownDan, Mads & Lomax set the
Upside #47 - Will AI Kill The Internet? IPO's Up? Can Doctors Beat AI?
🎙️ Upside #EP— IPOs, AI vs Doctors, London’s Trouble & The Internet’s Future⏱️ 02:30 – Figma’s IPO & European StakesFiling in NYC after failed Adobe acquisition$800M+ revenue, 91% margins, 132% NDR$5B Index Ventures paydayWhy this matters for Euro tech⏱️ 08:50 – London’s IPO DisasterWorst first half in nearly 30 years: only $160M raisedAstraZeneca flirting with a US listingCan London come
Upside #46 - Is Big Tech Britain On Track? Bubble or Boom?
🎙️ Episode Highlights00:00 – Market Pulse: We’re So Back Baby! US IPOs are red-hot (CoreWeave, Circle), S&P nearly at ATH, and Q2 GDP forecasts hit 3.5%. The resurgence in AI and crypto-led optimism despite fiscal clouds.03:00 – Bubble or Boom? Are we heading into bubble territory? US deficits are ballooning, but M&A tailwinds and LP liquidity look promising.05:00 – The Sentiment Effect Ec
Upside #45 - Proxy Wars, Booming IPOs, & Defence Saves Europe
🎙️ Upside 45 Podcast – “Defence, Dirty Deals, and Disruption”This week EU defence spend motors - will it save us?European Space Agency military satellites US-China competition - European opportunity?US IPOs up 30% this year, so far, so whatBritish surgical robotics start-up -> sell-out⏱️ [01:13] – Geopolitical Hotspots and DefenceIran’s global influence and diasporaUkraine’s resistance to Israe
Upside #44 - Cybercrime Up, UK Govt Investments Up, Nuclear Up, War... Down.
Upside - The *real* stories affecting European Venture.This week Mads, Lomax and I discuss: AI cybercrime, UK govt investing in tech/AI, cheap energy (nuclear isn't), Tesla’s RoboFail, 996 and founder work-life balance, AI growth but is the revenue good? and the shock flip between private vs. public markets.01:24 – Cyber-Security: Rising Threats 43 % of UK businesses hit by cyber-crime last y
Upside #43 - EU Rate Advantage, Naughty Lawyers, AI Copy…right? A UK Defence Reviewer Says What?
Hosts: Dan Bowyer, Lomax Ward, Mads Jensen.The real news behind the headlines affecting European Venture.ECB interest rate cuts, IPO market divergence, AI copyright tension, UK Strategic Defence Review, and the NHS starts liquid biopsies.00:58 – ECB Rate Cuts: So what for Europe and Startups?8 rate cuts in 12 months signals easing. EU’s sub-2% inflation vs. US’s higher inflation + deficit (~7% of
Upside #42 - Worlds Biggest Trade + EU Scale-err-up Strategy + The Jony & Sam Love-in
Trade Wars, Tariffs, and Tech Shifts – The Big Picture Shaping European StartupsWith Dan Bowyer, Mads Jensen & Lomax Ward00:00 – Intro: The Need to Talk TariffsDan kicks off the episode with a reminder: No groans, we need to talk tariffs.Taco tariffs, international trade deals, and looming US-EU trade tensions.00:29 – Federal Judges, EU-US Trade, and Startup ImpactsThe EU-US trade deal cajoled
Upside Special - The Inside Track Of European Venture in 2025
The real stories behind the headlines affecting European Venture.This week Mads, Lomax, Andrew and I are all out and about at various conferences and events speaking with European LPs and GPs about our ecosystem - themes and trends for 2025 and beyond, how we grow, how we go toe-to-toe. The pitfalls, the breaks and beyond.Interviews with:Jone Vaituleviciute from First PickFrancesco Perticarari fro
Upside Special - Poker Power For Founders & Investors
🎙️ Upside: Special Edition with Jo Living — Poker, Pressure & Performance in Business, Startups and InvestingHost: Dan Bowyer Guest: Jo Living, Founder of ACES HighJo Living joins Dan to explore the high-stakes parallels between poker and the business world. From her upbringing around cards to founding a FemTech startup and launching ACES High, Jo unpacks how poker has helped her navigate nego
Upside #41 - Publics Meets Privates – What It Means for Venture
Upside: Public Meets Private – What It Means for VentureIn this episode of Upside, Dan is joined by Lomax from Outsized, Andrew from 7%, and Mads from SuperSeed to explore how public markets intersect with private markets—and why it matters for VCs and founders alike.Key Topics Covered:[00:01] Welcome & Intros:Dan welcomes guests and sets the scene for a deep dive into public vs. private marke
Upside #40 - Pension Cash *Will* Unlock UK VC - But when, how & so what?
🎙️ Upside #40 Podcast — For The Real Stories Behind The European Venture HeadlinesIf you're into startups, VC investing, European Venture, or anything startup-ecosystem and business - this podcast is for you.Host: Dan Bowyer (SuperSeed) Guests: Lomax (Outsized), Mads (SuperSeed), Chris Elphick (BVCA)00:00 — Introduction Dan welcomes listeners to Upside, introducing co-hosts Lomax and Mads. Sp
Upside #39 - Lab Grown Meat Back On? Euro-Funds Swim In Cash & Why Anti-Trust Wins
🎙️ Upside Podcast: The Real Stories Behind The Headlines Affecting European VentureHosts: Dan Bowyer (SuperSeed), Andrew J Scott (7Percent), Mads Jensen (SuperSeed) 🔥 Episode HighlightsThis week, Dan, Andrew, and Mads tackle the latest trends shaping Europe’s startup and tech ecosystem, including:Cash Inflows into Europe: Massive cash movements into European funds – but how meaningful is this tren
Upside #38 - Turkish Tech, Tough Love & Trends for '25
🎙 Upside: The Real Stories Behind European VentureHosts: Dan (SuperSeed), Lomax (Outsized), Andrew (7%), Guest: Dilek Dayinlarli (Scalex Ventures)⏪ In This EpisodeThis week on Upside, the gang is joined by the brilliant Dilek Dayinlarli, founder and managing partner at Scalex Ventures. Together, they unpack the latest headlines, industry trends, and ecosystem insights — with a deep dive into the f
Upside #37 – Q1 2025 in Review + Tariffs & European Venture + Heads Down & Build
🎙️ Featuring: Dan (SuperSeed VC) Lomax (Outsized) Andrew (7%)00:30 – Klarna’s IPO Pulled & BNPL Under Pressure Lomax reflects on Klarna pulling its IPO, amid turbulent markets and declining peers like Affirm. Is the buy-now-pay-later model starting to creak under macro pressure?02:15 – Wave AI x Nissan: A Mega Auto Deal from Cambridge A highlight for the UK: Wave AI’s $1.2B-backed AV tech land
Upside #36 - Tariffs - Liberating Europe - Pension Cha-Ching - “Peace” Tech
The shifting sands of geopolitics, defence tech, and AI — and what it all means for European startups, investors, and the broader ecosystem. From Germany’s defence splurge to Trump’s tariff theatrics and the commoditisation of LLMs, this one spans continents and controversies.🧵 Topics CoveredLiberation Day (US): What does Trump’s tariff agenda mean for European startups? Is it just noise, or shoul
Upside #35 - Spring Non-Statement, Project EurHope, Power of Brand
🎙️ Upside: The Real Stories Behind European Venture🎧 In This EpisodeJoin Dan, Lomax, and Mads, with special guest Alex Macdonald (founder of Sequel and investor), for an opinion-packed episode exploring:🔦 Project Europe: Can It Save European Founders?Alex shares his insider take as an LP in Project Europe — why he committed in 11 minutes, what makes it different, and how it's supporting found
