In this episode, we welcome Giulia Van Waeyenberge to the pod. Giulia is an experienced investor and judge in the European VC Awards and a Managing Director at Sofina Group, an investment holding company with more than 9 billion in AUM.
Sofina Group is a global investor investing mainly in the Venture and Growth stages. Its sectors include digital, healthcare and life sciences, consumer, education, and sustainable supply chain sectors. Sofina has a direct investment strategy, investing from a series B/C until IPO and beyond. They also invest in venture and growth capital funds on a global basis. They invest from their balance sheet and take a long-term view.
Sofina is also a shareholder in Vinted (a second-hand marketplace), Mistral AI, Cleo (an AI chatbot providing financial advice to young adults), and ByteDance.
On the fund side, they have long-standing relationships with US managers where they have invested for several decades in firms like Sequoia, Iconiq, and Lightspeed.
Today, Giulia shares her reasons for joining the awards and her commitment to supporting and contributing to the European venture ecosystem. She discusses her investment strategy, which focuses on backing entrepreneurs with patient capital and supportive advice. Giulia also discusses the importance of ESG and sustainability in her investment approach.
Giulia also shares her views on the maturity of the European venture ecosystem and the strengths of Europe as a market for venture investment. Finally, Giulia provides valuable insights and advice for emerging VCs on fundraising and navigating the industry's challenges.
Takeaways
Investing in venture requires a long-term perspective and patience.
Building strong partnerships with entrepreneurs and other investors is crucial.
Diversification across geographies, sectors, and stages is important for a balanced investment portfolio.
ESG and sustainability are key considerations in investment decisions.
The European venture ecosystem has matured significantly and offers great opportunities for investors.
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33:37 Long-Term Orientation and Dealing with Challenges
37:58 Shoutout to Ophelia Brown of Blossom
39:25 Learnings from the Last 10 Years
41:30 Tips for Emerging VCs in Fundraising
42:44 Counterintuitive Lessons in Venture
✍️ Show notes
Journey in venture
Our mission is to support entrepreneurs who are leading growing companies with patient capital and supportive advice as a minority shareholder.
Hence, venture as an asset class has turned out as the best place for us to find these entrepreneurs.
Deep Dive on Sofina & Views of a global LP
In our funds program we invest mainly in the US but also in Europe and Asia
The European venture ecosystem has significantly gained in maturity over the past decade.
To be able to have a great ecosystem you need Talent, Money and a Network.
Talent: Europe has great universities.
Money:
More US VCs have become active in Europe providing a boost to the ecosystem.
European VCs are maturing and gaining more expertise.
More angel investors/incubators are emerging, often previously a founder/manager in a scale-up
Network:
The European network is scattered but thanks to several initiatives like EUVC and others, the ecosystem comes together
Successful entrepreneurs & managers of scale-ups (sometimes called as Operators) are starting to help the new generation of VC founders.
Last but not least, you learn the most when times are more difficult. The current environment is creating a true learning environment for all the talented professionals at all levels active in our European VC ecosystem.
In just a few years, Ophelia scaled Blossom from a new fund on the block into one of Europe’s leading series A investor in Europe.
She has invested in break-out companies including Checkout, Duffel, Tines, Pigment and Moonpay.
She is extremely hard working, passionate, focused and dedicated to win.
3 biggest learnings from last 10 years in your life
It is in the more difficult times that you learn the most and grow the most.
It is all about the mindset. Build your resilience and nothing can beat a positive and constructive attitude.
Have fun.
Advice for your 10 year younger self
Trust the Process: Life is a journey, and it's okay not to have everything figured out. Trust the process, be patient with yourself, and keep moving forward.
Take Risks: Don't be afraid to step out of your comfort zone. Many opportunities for personal and professional growth arise when you take calculated risks. With our analytical mind, we have a tendency to think a lot. After the thinking it is important to act, to take bolt and sometimes contrarian decision.
Be determined. Have a plan A, B, C. And dont let anyone stand away in your ambitions.
Tips & tricks for emerging VCs fundraising
Build your network
Build your track record
Be determined. Be relentless. It is not going to be easy so don’t give up.
Build your reputation. People need to like you and be keen to work with you.
One counterintuitive thing learned in venture
In the world of venture capital, it might seem counterintuitive that a high valuation doesn't always guarantee success. While a high valuation can be an indicator of potential and market confidence, it doesn't guarantee a profitable exit or sustainable growth.
Some startups with sky-high valuations might face challenges in meeting the expectations associated with such valuations, leading to difficulties in raising follow-up rounds or achieving profitability. We have seen this recently in the seed stage but previously also in later stages as well. On the contrary, some successful companies started with more modest valuations and focused on building a solid foundation, sustainable growth, and a strong user base.
Investors often need to look beyond the initial hype and valuation metrics to assess the long-term viability and potential of a startup. The counterintuitive lesson here is that a more moderate valuation with a clear path to profitability and scalability may sometimes be a more prudent investment than a flashy, high-valuation opportunity that may not live up to expectations.
📅 Upcoming virtual events
From time to time, a podcast is just not enough. Check out our roundtables and live events below.
Gender diversity in VC isn’t just a buzzword—it's a power move that drives innovation and profitability. 🤘 Balancing the scales in the investment world means more creative solutions and stronger economic growth. Ignoring this is so 2010s. 🕰️
AI is flipping industries on their heads, from health to farming. Get the scoop on what’s real and what’s just sci-fi. With a vertically specialized micro VC, a Robotics CVC with major acquisitions behind him and a generalist who just can’t stay away from the space, you’ll be in the know after listening to this conversation 💸
This roundtable is a must for GPs looking to get an edge using AI. By tapping into AI-driven analytics and predictive modeling, VCs can unlock hidden trends and streamline their operations. Plus, tackling early risk assessment can save portfolios from tanking 💥. It's about staying ahead in a cutthroat world.
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list; hit us up if you’re going; we’d love to meet!
On why you need talent, money, and network to build a great ecosystem with Giulia Van Waeyenberge, Sofina Group