Claire Houry emphasizes the importance of building close, long-term partnerships with startups, noting that Ventech aims to support companies from early stages all the way to exit. "We invest early and want to be partners from day one," she says, highlighting Ventech's pan-European reach, with teams stationed in major tech hubs across Europe. This regional presence enables Ventech to work closely with founders, fostering trust and collaboration over time.

According to Claire, preparing for an exit starts from day one. In her view, startups should understand that "there will be an exit scenario at some point," and it's critical to prepare well in advance. By building relationships within the ecosystem and positioning themselves as acquisition-ready, startups increase their chances of successful exits. "You are being acquired, not for sale," Claire says, explaining the philosophy of strategically aligning with potential acquirers instead of openly looking for a buyer.

Claire shares that Ventech’s approach allows for financing losses in the early stages, but with a clear path to profitability. In her words, “We look at unit economics – customer acquisition costs, net retention rates – rather than pure profit in the early days.” This focus ensures that Ventech invests in companies that, although they may be unprofitable at the start, are set up for sustainable growth and profitability in the long term. For her, companies generating 30-40 million euros annual recurring revenue (ARR) should be nearing profitability, which she sees as a natural milestone for growth-focused ventures.

European tech investment has distinct characteristics, from regulatory landscapes to market size. Claire explains that European funds tend to be smaller and that “risk is linked to reward,” with exits often smaller in value compared to the U.S. However, she is optimistic about Europe, especially with the rise of new technology and regulatory-driven opportunities. "We have a responsibility to build global leaders," Claire asserts, emphasizing Ventech’s commitment to identifying and supporting ambitious founders who want to expand internationally.

Regulation in Europe, according to Claire, drives innovation in certain sectors, especially B2B SaaS. She gives the example of Prewave, an Austrian company focused on supply chain risk intelligence, which addresses growing compliance demands in the European market. "In sectors like supply chain and ESG, regulation creates new business opportunities," Claire notes. For her, regulatory demands in Europe offer a competitive edge by pushing companies to innovate in ways that U.S. firms often follow.

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Find Claire on:

LinkedIn: Claire Houry

Ventech's Newsletter: typeform.com/to/LQk75Mmz

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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One of the highlights from Tim Schumacher's conversation is his strong belief in "founder-market fit." Unlike product-market fit, which focuses on the product's place in the market, founder-market fit is about the founder’s connection and passion for the problem they're solving. Tim says, “I’ve always been better at scaling things rather than building from scratch." This mindset guided him in creating saas.group, where he buys established companies and scales them. Founder-market fit, he believes, is crucial for founders to thrive and stay motivated.

Tim’s approach with saas.group is different from the typical venture capital model. Instead of funding high-growth startups, saas.group acquires small, profitable SaaS companies and scales them. “We’re not a VC; we acquire 100 percent of the company,” Tim explains. This model allows founders to cash out and move on to new projects, while saas.group focuses on improving and scaling the acquired companies. His strategy highlights an alternative path for bootstrapped SaaS companies to achieve long-term growth without the traditional pressures of venture capital.

Apart from SaaS, Tim is also a founder of World Fund, a European climate-focused VC that invests in early to mid-stage startups with high decarbonization potential. “If it decarbonizes and does so heavily, that’s a topic we like to look at,” he shares, explaining World Fund’s criteria. This venture reflects Tim’s passion for applying his software expertise to the climate crisis, investing in innovations that reduce emissions and promote sustainability. His insights here show the potential for tech to drive impactful climate solutions.

Tim emphasized the importance of environmental, social, and governance (ESG) practices in any business. While ESG compliance is increasingly required, especially in VC-backed companies, Tim believes it’s just as important to look at the impact of the business model itself. “A company can have high ESG ratings and still be detrimental to the planet,” he points out. For Tim, it’s essential that businesses not only comply with ESG but also genuinely align with sustainable and ethical practices to build a lasting positive impact.

Tim has a deep respect for indie makers and bootstrapped founders, often those who build solid products on limited resources. “There are tens of thousands of great founders out there who just need an exit path,” he notes. saas.group’s model offers this by acquiring these companies and scaling them further. This approach resonates with Tim’s experience as a founder who values sustainable growth over flashy, high-risk ventures. Through saas.group, he’s creating a supportive ecosystem for bootstrapped SaaS startups to thrive long-term.

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Find Tim on:

LinkedIn: Tim Schumacher

Email: tim@saas.group // tim@worldfund.vc

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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Linn-Cecilie emphasizes that impact investing requires intentionality and measurability. According to her, “You can do a lot of impact investments unintentionally, but if you don’t have the intentionality there, it can be hard to call it real impact.” LUMO Labs, where she currently works, uses intentionality as a core part of their investment thesis. They measure both the financial and social returns, ensuring that each investment stays true to its impact goals over the long term.

This intentional approach is key in climate tech as the sector grows rapidly. As Linn-Cecilie notes, the impact investing market has reached “1.16 billion dollars” and is set to expand 20% yearly, showing how intentional impact is becoming the new normal in the investment world.

With a primary focus on early-stage investments, LUMO Labs actively encourages startups to scale beyond their local markets. Linn-Cecilie points out, “Our whole thesis is to take these companies and make them go out of their own market as soon as possible.” For climate tech and impact-focused startups, scaling is often essential to reach global markets and make a measurable impact.

By leveraging networks in the Nordics, Baltics, and beyond, Linn-Cecilie’s team at LUMO Labs helps startups overcome geographic and cultural barriers, setting them up for global success. This ability to bridge regions is what makes LUMO Labs’ impact investing approach truly valuable.

Linn-Cecilie shares that many Nordic founders tend to prioritize values over profit. She notes, “To build the biggest and the best companies, you need to be driven by something else than profit.” This value-driven approach is increasingly prominent in Norway and the Nordic regions, where impact and sustainability are core parts of the entrepreneurial mindset.

This shift toward values is especially beneficial in the climate tech space, where creating a positive impact is integral to the company’s mission. Startups in this ecosystem aren’t just focused on financial growth; they aim to create real-world change, which aligns with LUMO Labs' focus on investing in sustainable urban solutions.

One unique aspect of Linn-Cecilie’s work at LUMO Labs is collaborating with Tech Transfer Offices (TTOs) at universities to identify and develop early-stage tech innovations. She explains, “We invest very early, so we can do pre-seed and up to late-seed, often with projects coming directly out of TTOs.”

Working closely with TTOs allows her team to invest in cutting-edge technologies that address climate and urban challenges. These partnerships bring academic innovations to market faster, enabling climate tech startups to build solutions that are not only technologically advanced but also deeply impactful.

Linn-Cecilie highlights how LUMO Labs strives to support founders beyond mere financial investment. She states, “It’s not always a pitching competition; there is space for conversations.” Her firm places a strong emphasis on mentorship and availability, with Linn-Cecilie herself often meeting with founders just for a chat, even if no investment is immediately involved.

This approach is especially encouraging for early-stage startups, who may feel intimidated by VCs or overwhelmed by their financial needs. Her advice for founders? Don’t be discouraged by a “no” from VCs—often, it’s about alignment rather than company quality. LUMO Labs aims to foster an ecosystem where startups can thrive with the right support, not just funding.

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Find Linn-Cecilie on:

LinkedIn: Linn-Cecilie Linnemann

Instagram: @linnlinne

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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The Norwegian startup ecosystem has experienced rapid growth in recent years, especially in early-stage investments. Cecilie Skjong, an investment manager at Skyfall Ventures, shared her journey in the Nordic tech scene, highlighting how Norway's market has become a magnet for both local and international investors. “Over the past decade, there’s been a real boom in early-stage investments here in Norway,” she noted, pointing to an increase in funding and support structures for tech startups.

At Skyfall Ventures, the investment focus centers on founders and their teams more than anything else. Cecilie emphasized, “When you’re investing at the pre-seed or seed stage, it’s almost all about the team and their vision.” Early-stage investments come with many unknowns, and for Skyfall Ventures, the founders’ commitment and passion are paramount. This focus on team dynamics reflects Norway’s unique, people-first investment culture.

Skyfall Ventures embraces a generalist investment strategy, supporting companies across various sectors, from e-commerce to climate tech. “Our common denominator is software or software-enabled hardware,” Cecilie explained. This approach allows them to back a diverse range of startups, fueling innovation across different fields within the Norwegian startup ecosystem. By not limiting themselves to one niche, they provide crucial support to companies that might otherwise struggle to gain traction.

Norway’s small population size encourages startups to think internationally from the start. Cecilie highlighted that Skyfall encourages founders to scale globally early on, given the limited local market. “Companies that embrace a global mindset early are seeing the most success,” she shared, underscoring Norway’s competitive advantage. By targeting international markets, Norwegian startups can accelerate growth, making the region a global leader in tech innovation.

Despite Norway's reputation as a progressive country, female-led startups still receive less funding than their male counterparts. Cecilie discussed how Skyfall is committed to supporting female founders, noting recent investments in companies led by talented female CEOs and engineers. “We’re not investing in them because they’re female founders, but because they’re exceptional,” she emphasized. Skyfall’s commitment to diversity and inclusivity is a vital part of its mission to create a more balanced Norwegian startup ecosystem.

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Find Cecilie on:

LinkedIn: Cecilie Skjong

Skyfall Ventures website: skyfall.vc

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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Björn's journey from Minneapolis to the Nordic tech scene has been anything but ordinary. Moving from the U.S. to Estonia and then Norway, he has worked with Fortune 500 companies and ventured into the tech world. His story highlights the importance of cross-border collaboration in tech ecosystems. “I moved to Estonia to help launch and scale a FinTech platform, and now I'm fully immersed in the tech scene in Oslo,” Björn shared. His experiences emphasize how global exposure can significantly impact startup success and innovation.

One of the strongest themes throughout Björn's career is the role of community in the startup world. From his time leading Startup Extreme, where networking was intertwined with extreme sports, to his current efforts as Marketing Director at Hokkaido Innovation Week in Japan, he believes that community is vital for success. “I like meeting new people. I like hearing what their story is, and I intuitively want to support them,” Björn said. His natural ability to build and nurture relationships has been crucial in every project he's taken on.

Björn’s ventures are a testament to the necessity of pivoting in business. He shared his experience with Databutton, a company that originally wasn’t AI-focused but adapted quickly when OpenAI’s API was released. “We made a pretty heavy pivot into the AI space,” Björn explained, demonstrating how staying agile and ready to adapt to industry changes can keep a startup on the cutting edge.

Björn candidly discussed a gaming startup he worked on that didn’t succeed. Reflecting on why it failed, he pointed to a lack of experience in the gaming sector and an underestimation of product quality expectations. “We underestimated the level of quality you need to produce, even just as a beta product,” he said. His openness about failure is a reminder that every setback provides valuable lessons that contribute to future success.

Currently, Björn serves as the Chief Commercial Officer at Atelie.Art, a platform for professional artists to sell their work. He sees it as a natural blend of his entrepreneurial spirit and passion for art. “We’ve created a marketplace for professional artists, vetted by an evaluation committee,” he noted. By applying tech solutions to the art world, he’s building bridges between artists and buyers, proving that tech can disrupt even the most traditional industries.

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Find Björn on:

Linktree: @Lapakko

IG: @Lapakko

Medium: @Lapakko

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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Håkon Høgetveit believes that referral-based hiring is the most effective recruitment strategy for modern businesses. Traditional methods, relying on cold applications, are becoming obsolete, especially in tight-knit communities like Oslo. “People don’t apply for jobs the way they used to. They hate the forms, they hate the black-box experience,” says Håkon. He emphasizes that recruiting through trusted networks leads to more reliable and successful hires, a lesson he learned firsthand from building companies. Vouch capitalizes on this, creating a platform that systematizes referrals, providing a seamless experience for employers.

AI is increasingly playing a role in recruitment, but Håkon stresses the importance of maintaining a human element. “AI writes job ads, crafts cover letters, even screens candidates,” he notes. However, he sees the risk of losing the human connection, which can negatively impact hiring. At Vouch, they use AI to optimize processes but ensure that trust remains the key factor. “People still hire people they trust,” Håkon adds, emphasizing that Vouch blends technology with personal connections to create an ideal hiring platform.

Håkon explains how the job application process has become tedious for both applicants and companies, especially as the market becomes flooded with unqualified candidates. “We’re seeing companies overwhelmed by hundreds of applications, many of them not qualified,” he explains. AI tools can even spam these systems, creating a backlog of applications that are often ignored. By focusing on referral-based hiring, Vouch eliminates these issues and helps companies hire with confidence. The platform ensures only relevant, pre-vetted candidates are considered.

Håkon’s entrepreneurial journey has always involved community-building. With Vouch’s referral-based hiring model, he’s fostering a network of trusted relationships that fuel recruitment. “We’re building a user base of people referring people they know and trust,” he says. This community focus doesn’t just streamline hiring; it creates a more supportive and dynamic ecosystem. Whether it's supporting fellow founders in Oslo or investing in other startups, Håkon is dedicated to strengthening the entrepreneurial network, which is essential for success in smaller startup hubs like Oslo.

As a founder in Norway, Håkon has faced challenges related to taxation and regulation, particularly around startup exits. "The Norwegian tax model is challenging for founders, especially when wealth is tied up in startups," Håkon explains. The wealth and exit tax system can make it harder for entrepreneurs to reinvest in their businesses, affecting growth. Despite these obstacles, Håkon remains hopeful, thanks to efforts from local organizations and initiatives that are working to improve conditions for startups in Norway. He believes in the importance of a supportive ecosystem to help founders navigate these difficulties.

Find Håkon on:

LinkedIn: Håkon Høgetveit

Website: vouch.careers

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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Matt started his career as a venture capitalist at Condé Nast’s corporate venture fund, where he gained invaluable experience in high-stakes investments. “I cut my teeth really in the deep end of VC, working with high-growth companies like Farfetch and Vestiaire Collective,” Matt shared. This exposure shaped his understanding of growth and business strategy, setting the stage for his entrepreneurial ventures.

After leaving VC, Matt founded The Lunicorn, a media brand focused on creating engaging content around technology and entrepreneurship. He quickly pivoted from his original vision to meet market demands, eventually building the company into a multi-million dollar business. “We followed the money, and it led us to building white-label content for giants like Microsoft and Danske Bank,” Matt explained. Despite its success, The Lunicorn was sold during the early days of the pandemic, a move that came with both challenges and new opportunities.

In a rare twist, Matt bought back The Lunicorn less than a year after selling it due to shifting business strategies on the buyer's end. He explained, “They offered me a CMO role, but it was completely off-target for what I wanted to do. So, I saw an opportunity to regain control and chart a new course.” This experience highlights Matt’s adaptability and deep understanding of when to pivot for long-term gains.

After selling The Lunicorn, Matt channeled his energy into a new challenge: training to represent South Africa in cross-country skiing at the Winter Olympics. “I Googled, ‘Is it possible to qualify for the Olympics in three years?’ and saw it as a startup-like opportunity,” he recounted. By applying the same discipline and focus that fueled his entrepreneurial success, Matt is now on track to compete in the World Championships.

Throughout the podcast, Matt emphasized the power of storytelling in building a brand and connecting with audiences. “It’s not just storytelling; it’s story selling,” he said. This ability to convey his journey compellingly has been instrumental in his career, making him a sought-after speaker and coach. His advice for founders? “Always be pitching. Always be raising. Every conversation can be an opportunity if you frame it the right way.”

Find Matt on:

LinkedIn: Matt C Smith

Website: mattcsmith.com

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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Playfinity, under the leadership of CEO Pippa Boothman, has taken a unique approach to keeping kids active. The company focuses on blending sports with digital experiences to encourage children to engage in physical activity. This idea was born out of the founders' personal experiences, observing their kids transition from hours of physical play to screen time. Playfinity's solution? Active gaming. By using gamification techniques, they have managed to create an engaging platform that motivates kids to stay active.

Playfinity's product offering includes digitized sporting equipment that connects to a free app full of games. This allows kids to challenge themselves, play with others around the world, and even create leaderboards and avatars. The aim is not to create elite athletes, but to encourage kids to play more and play more often. Pippa explains, "There's a ton of sports tech for the 2 percent of kids that take the elite track. There's nothing for the 98 percent of kids who just want to have fun and who are at the biggest risk of dropping out."

Playfinity's approach leverages the power of gamification to motivate kids to stay active. Pippa notes that the language kids understand today is technology and gamification. By using these tools, Playfinity is helping combat the global challenge of youth inactivity, which has significant physical and mental health implications. The company has successfully gamified physical activity, making it more appealing to the younger generation.

As a small company operating in the massive sectors of gaming, technology, and sports, Playfinity has faced its fair share of challenges. One of the biggest hurdles has been raising funds in a challenging economic climate. However, despite these difficulties, the company has managed to achieve significant milestones, including launching four products and gaining users in over 21 countries.

Looking ahead, Playfinity is excited about the potential of digitization in sports. Despite being early in this journey, the company is optimistic about the role technology will play in promoting physical activity among kids. As Pippa puts it, "In five years, there's going to be so much digitization in sports...soon it's going to be a much bigger category for the consumer." With this vision, Playfinity is set to revolutionize how kids engage in physical activity.

Find Pippa on:

LinkedIn: Pippa Boothman

Find Ben on:

LinkedIn: Ben Costantini

Twitter/X: @bencostantini

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