Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.
This week, Andreas is joined by Florian Schweitzer, Founding Partner at b2venture, one of Europe’s longest-running VC funds — and one of the only firms to scale a structured angel investing model alongside institutional capital.
They unpack how Florian built an active, deeply interlinked community of 350 angels, the philosophy behind their 90/10 investment model, and why chasing unicorns is the wrong game. The conversation also dives into trust-building with LPs, culture as a strategy, and what it takes to build trillion-euro thinking into Europe’s founder psyche.
Whether you’re an emerging manager trying to scale responsibly, or an LP wondering what durable early-stage outperformance actually looks like — this one’s for you.
Here’s what’s covered:
01:00 | The impossible alignment: angels vs. institutions
02:30 | Treating angels as partners — not a sourcing channel
03:30 | The founder–angel–VC triangle
04:00 | Winning institutional support: data, not just story
05:40 | Why most firms abandon the angel model — and how btov didn’t
06:00 | Culture, rules, and the “honourable merchant”
08:00 | The numbers: 350 angels, 80 core collaborators
09:00 | The unicorns: how every single one came via angels
10:30 | When angels lead and VCs co-lead
12:30 | Why chasing unicorns is “silly” — and what to do instead
14:00 | Building trillion-euro aspirations into early diligence
15:00 | 90/10: The case for a dual investment strategy
17:00 | DPI lessons from Fund 1 & 2 — and what they forgot in 3 & 4
🎧 Listen on Apple or Spotify — timestamps are live so you can jump right to the good stuff.
✍️ Show Notes
The angel model most firms abandon — and btov doubled down on
When institutional LPs pushed for separation between b2v’s fund and its angel activity, Florian refused to give up what he saw as part of their DNA. Instead, they staffed it: eight full-time employees work solely on the angel network, integrated directly with investment and ops teams.
Culture is the differentiator — not capital
Every new angel submits a motivation letter and CV. Each current member has veto rights. And the core value? “The honourable merchant.” Long-term thinking, shared upside, no tricks. It's what gives the model both durability and edge.
Seven unicorns. Zero cold outreach.
Every unicorn Florian seeded came from an angel in the network. Whether it’s DeepL via Jörg Rheinboldt or 1.5° via mentor-turned-lead angel Michael Hinderer, the model is the pipeline.
When angels lead, and the fund co-invests
Florian breaks down their governance model: angels sometimes lead boards, even when the fund follows. Co-leads are common, but the fund always takes its own decision. In Fund 1, they didn’t — and they’ve since course-corrected.
Forget unicorns — aim for a trillion
“If we don’t think about €1T outcomes in Europe, they’ll never happen.” Florian shares why listing isn’t a goal, why EBITDA still matters, and why he backs founders who build like it’s not about valuation headlines.
The 90/10 rule — and the DPI wake-up
90% of btov’s investments chase large outcomes. 10% are lower-risk bets designed to return capital within the fund’s life. It’s not theoretical: they used this in Funds 1 & 2. They dropped it in Funds 3 & 4. They regret it — and they’ve brought it back.
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