Tobias P. Schirmer

"ETH takes an equity stake in spin-offs, usually two percent." 👍 ETH Zürich now offers some of the best terms for spinoffs in Europe thanks to their new Equity and Licensing Policy. Very happy to have played a small part in this thanks to Vanessa Wood and Frank Floessel. 🇨🇭 Other European universities should take note. European deeptech would be much better off with universities creating less friction for spinoff founders, and a big way for them to create less friction is via offering healthier terms. https://lnkd.in/emdx87jp

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⚡ From energy vision to profitable reality. In just 8 months, Cloover (Jodok Betschart) scaled from €1M → €5M ARR (5x) — all while reaching profitability. With €1.2B in funding lines secured and hundreds of installers onboarded across 4 markets, they’re building the “Shopify of Energy.” But what’s just as striking? 🌍 Europe is fast becoming the epicenter of climate-tech. From Berlin outward, a new wave of startups is scaling faster than ever — and Cloover is one of the clearest signals. Profitable growth + massive market tailwinds = a European powerhouse in the making. 💡 For more real-time revenue updates like this, check out Specter.

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The VC secondary market is on fire. But many LPs are rushing in without fully appreciating the risks. VenCap International plc has been active in VC secondaries (LP positions only) since 1987 — and this is one of the hottest markets we’ve seen. In the first half of 2025 we reviewed $6.5bn of secondary VC deals — a 41% jump from the $4.6bn we saw in the same period last year. This includes both GP-led and LP-led deals. Here are 4 lessons we've learned from nearly 40 years of buying secondaries: 1️⃣ Power law still rules – a few companies will drive most returns. 2️⃣ Quality over discount – our best deal was bought at a premium to NAV. 3️⃣ Know the valuation policy – different VCs can value the same company very differently. 4️⃣ Factor in manager behavior – holding winners vs. selling early can make or break returns. VC secondaries ≠ PE secondaries. The risks are different — but for LPs who can access the right deal, at the right price, the rewards can be exceptional.

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It’s no longer enough to just buy well and hope for multiple expansion. Time to roll up your sleeves. GPs have been hearing this from LPs for years — especially during fundraising. #Operational value creation has become the main act in private equity, not the footnote. Why? - Because with rising competition, more dry powder, and tighter exit markets, helping your portfolio companies actually improve is the only real edge left. I’ve kicked off a short YouTube series on how experienced funds approach value creation — where it starts, what works, and what LPs are now asking about in diligence. We started with a fireside chat featuring Anne Arlinghaus from KKR Capstone (link below in comments). In Part 1, I cover: • Why the real work begins long before the ink is dry • The go-to value levers (and why overhead reduction is just the start) • How firms are building internal ops teams — and tracking impact If you’re curious what “hands-on” really means — or what it takes to become an Operating Partner — this one’s for you. 🎥 Watch the full video here: https://lnkd.in/drfgcsMV Next up: Buy & Build — and yes, it’s as messy as it sounds. #PrivateEquity #ValueCreation #OperationalExcellence #PortfolioCompanies #GPstrategy #LPperspective #INSEAD Arnaud Bonzom Bowen White Michael Prahl Harsh Temurnikar @

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🔥 Europe’s startup scene just got a big reality check — and the results are impossible to ignore. At Nordic Tech Week, Norrsken VC dropped the largest impact pulse report to date, built on insights from 660 founders & investors. The verdict? ➡️ Impact-optimism is on the rise. Highlights that stood out: 🚀 60% of founders + investors say the future looks bright 📈 this optimism has increased in 2025. 💶 3 out of 4 investors are doubling down on impact bets ⚡️ Energy. Industrials. Healthcare. → The sectors to watch But let’s be real: Europe’s still holding itself back. The potential is massive — if we dare to unlock it. Reach out to us at Norrsken Evolve if you are a pre-seed founder building in resilience and sustainability. 👉 Full report in comments. Props to the team for putting this together: Per Frykebrant, David Frykman, Tove Larsson, Beata Enwall, Agate S. Freimane, Ludvig Bergstrom

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 A bifurcation in the venture capital market: AI investments are up 📈 while Non-AI investments are down 📉 From DealRoom: ➤ 43% of global venture capital in 2025 has been raised by AI startups. ➤ In the US the share is even higher, at 56% of all VC in 2025.    ➤ There have been 142 rounds of over $100M for AI startups so far in 2025. ➤ AI investment this year has already surpassed the 2024 full year total.   "In short, AI is eating tech, and venture capital." I think we're at the stage were AI *is* tech. All new startups are AI startups. All companies will be AI companies, eventually.

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NLC Health Ventures is a masterclass in building a studio without raising capital upfront. Here’s what they did: 1. Licensed dormant IP from EU universities as the foundation for new companies. 2. Secured MOUs to access that IP, turning untapped potential into opportunity. 3. Approached trusted angel investors with compelling pitches: - The IP. - The market opportunity. - Their track record of successful company building. Investors said yes. That funding didn’t just launch portfolio companies—it also covered the studio's operating costs. For 3+ years, they built 3+ companies annually with this model. But their genius didn’t stop there. NLC Health excelled in disciplined evaluation: - Only pursuing IP worth their time, resources, and vision. This is a repeatable playbook. Consider the untapped IP in many ecosystems: - Universities. - Corporates. - State governments. It’s just sitting on the shelf. The Venture Studio model can transform dormant IP into real-world value. NLC Health proves it. Special thanks to Bert-Arjan Millenaar (Founder and CEO of NLC Health) for building a leading example within this space. 

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