Welcome back to the EUCVC Summit Talks, where we bring you candid conversations with Europe’s leading founders, corporate leaders, and investors shaping the future of venture collaboration.
In this episode, Andreas Munk Holm sits down with Kasper Hulthin, serial founder now at Future Five (and co-founder of Peakon, Podio, and others), and Heini Zachariassen, founder of Vivino, the world’s largest wine app and marketplace. Both have experienced firsthand what it means to be acquired by a corporate—and they don’t hold back on the reality behind the headlines.
From culture shock and governance friction to the trade-offs of autonomy versus scale, Kasper and Heini share the inside story of what happens post-acquisition. They also reflect on when collaboration works, how to preserve founder spirit, and what corporates must do to retain the trust and agility of entrepreneurial teams.
This is essential listening for any corporate venturer, founder, or investor navigating M&A.
🎧 Here’s what’s covered
00:00 Day one after the deal — founders’ first impressions and unexpected shocks.
03:12 Culture clash — how startup speed collides with corporate red tape.
06:18 Strategic alignment — beyond vision decks: the hidden gaps that appear post-acquisition.
09:05 Autonomy vs. scale — the trade-offs founders underestimated.
12:41 Too many cooks — when governance and compliance create friction.
16:02 What works well — corporate behaviors that actually preserve startup speed and energy.
19:27 Advice to corporates — how to earn founders’ trust and avoid killing innovation.
23:15 Founder legacy — how Kasper and Heini preserved their voice and culture inside bigger organizations.
26:40 Looking forward — what both founders wish corporates and founders would do differently in future deals.
You can listen to Kasper Hulthin & Heini Zachariassen’s full session from the EUCVC Summit 2025 on Apple Podcasts and Spotify.
✍️ Show Notes
Post-Acquisition Reality
Day one can feel like a culture shock: slower decisions, legal guardrails, and corporate hierarchy.
Founders often underestimate how mid-level inertia can stall momentum.
Strategic Alignment
Mission alignment is easy to talk about pre-deal; harder to live post-deal.
Success requires shared KPIs, incentives, and operational roadmaps.
Trade-offs & Headwinds
Autonomy vs. scale: corporates bring reach and resources, but can smother identity.
“Too many cooks” in governance—risk, legal, compliance—all with veto power.
When It Works
Acquisitions succeed when corporates protect founder autonomy, incentivize A-teams, and integrate channels thoughtfully.
Some structures enable collaboration without killing speed—flatter integration and transparency matter most.
Advice to Corporates
Earn founders’ trust by giving them space, shared incentives, and transparency.
Don’t treat startups like departments—treat them like growth engines.
Founder Legacy
Beyond product, legacy is about culture and spirit embedded in the larger company.
Success is preserving the startup’s DNA while scaling with corporate resources.
💡 One-liner takeaway:
Acquisitions aren’t just financial outcomes—they’re cultural collisions. The winners are corporates who protect founder autonomy and founders who know which trade-offs to accept.
