In this episode, Andreas Munk Holm talks with Gloria Baeuerlein, founding partner of Puzzle Ventures, about building a solo GP model rooted in high-conviction, ultra-early B2B investing. From AI-native SaaS pricing to capital-efficient pre-seed strategies, Gloria breaks down how she’s crafting a differentiated firm in one of Europe’s most competitive venture environments.
They unpack why capital is commoditized, how solo GPs can outperform larger seed funds, and what it takes to design a fund around personal strength, not industry templates. If you’re building a fund, raising one, or just want an inside look into how modern venture firms are architected, this one’s for you.
Here’s what’s covered:

• 03:20 How AI Is Reshaping SaaS: Delivery, Pricing, and UX
• 07:30 Pricing Models in Construction Tech and Outcome-Based Sales
• 09:45 The Shifting VC Landscape: Seed, Multi-Stage, and Angels
• 12:30 Differentiation in VC: Finding Your True Value-Add
• 14:40 Building a Fund Around Strengths, Not LP Preferences
• 22:50 The Competitive Landscape: Seed Funds vs. Solo GPs
• 24:15 Operational Differences: Solo GPs vs. Multi-Stage Funds
• 30:00 Fund Model, Ownership, and Return Expectations
• 38:20 Firm Building as a Solo GP: Who to Lean On
• 42:26 Will Puzzle Always Be a Solo GP Fund?