Upside #41 - Publics Meets Privates – What It Means for Venture

Upside: Public Meets Private – What It Means for Venture

In 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 markets.
• [02:00] Ørsted’s Offshore Wind Cancellation:
  • Mads unpacks the Hornsea phase four cancellation.
  • Energy security, interest rates, and the geopolitical chessboard.
• [07:20] The UK’s Future of Compute:
  • Lomax highlights Albion VC’s report on UK deep tech and compute.
  • What went wrong with Graphcore and what’s next for quantum players like Riverlane and Quantum Motion.
• [10:45] Healthcare IT & NHS Modernisation:
  • Andrew revisits the NHS’s tech failures and weighs the new £21B upgrade plan.
  • The case for agile, smaller tech firms in public procurement.
• [16:30] DoorDash-Deliveroo Deal & EIF Market Pulse:
  • Dan covers DoorDash’s acquisition of Deliveroo and what it says about European tech exits.
  • EIF’s barometer survey: what’s top of mind for VCs and PE in Europe right now.
• [18:38] UK-EU Youth Mobility & Trade Talks:
  • Mads outlines the potential for a youth mobility deal post-Brexit.
  • Lomax emphasizes the enduring importance of EU-UK trade vs. US-UK hype.
• [20:55] Public Markets’ Role in VC:
  • Dan kicks off a new segment: why public markets matter even if you're a private investor.
  • Surprising stats on IPO sizes, US investor involvement, and cross-border exits.
• [29:17] Lightspeed’s RIA Move Explained:
  • Lomax explains why Lightspeed and other big VCs are becoming RIAs.
  • What it means for fund structures, founders, and the evolving investment landscape.
• [50:20] Secondaries Deep Dive:
  • The group discusses the booming role of secondaries in venture.
  • Liquidity, DPI, and how VCs are adapting to a world of longer-hold private assets.
• [59:37] AI Corner:
  • Mads updates on Google’s new AI milestone overtaking Anthropic’s Claude 3.7.
  • OpenAI’s nonprofit drama and its funding round headaches.
• [1:01:30] Deal of the Week:
  • Spotlight on two European drone unicorns: TechEver (Portugal) and Quantum Systems (Germany).
  • The rise of defence-tech in Europe and implications for global security.
• [1:06:10] Marrakesh & EU VC Meetups:
  • Dragon Chasers VC retreat in Marrakesh—paragliding and power networking.
  • EU VC crew gathering in London to strengthen European venture ties.

If you're a founder, investor, or just passionate about startups and venture capital, Upside is your go-to source for deep dives into the trends shaping Europe’s tech scene.