Welcome back to another episode of the EUVC Podcast, your trusted inside track on the people, deals, and dynamics shaping European venture.
This week, Dan Bowyer and Mads Jensen of SuperSeed and Lomax from Outsized Ventures, gather to unpack the macro forces and micro signals shaping European tech and venture.
They sit down to break down the two sides of the IPO market: the soaring optimism behind Figma’s public debut — and the deep freeze that’s hit London listings harder than at any time since before the dot-com crash.
They also unpack what Figma’s $730M paper loss means, how vertical AI is the next generation of SaaS, and what the UK must fix to stand a chance in the global listings race.
If you’re investing, building, or just trying to make sense of the markets this summer — this one’s for you.
Here’s what’s covered

• 02:30 | AI infra’s moment & CoreWeave hype
  Why infra plays like CoreWeave and Circle have the market buzzing — but vertical AI is where the next SaaS returns lie.
• 04:50 | Figma’s $730M paper loss explained
  Mad breaks down the headline figure, the failed Adobe deal, the FTC veto, and why this IPO is about fundamentals — not hype.
• 08:20 | Tender offer drama & employee morale
  How Figma’s $20B exit fizzled — and the May 2024 tender to keep teams motivated ahead of listing.
• 12:00 | Figma as a bellwether for design & vertical AI
  Why product-led SaaS is shifting toward deep vertical AI workflows — and what that means for investors.
• 15:45 | London: the slowest IPO H1 in nearly 30 years
  Counter to the US’s $9B+ haul in 12 deals, London managed just $160M across five listings. A brutal gap.
• 18:10 | Worse than dot-com. Worse than ‘08.
  Dan & Mad put the numbers in perspective: this is the weakest stretch since before many listeners were born.
• 26:15 | Dual-class shares & free float: too little too late?
  Why tweaking share classes & float minimums is more copy-paste than innovation — and not the real fix.
• 35:20 | The ESG paradox & listing tension
  Where does London’s ESG edge help — and where does it push big companies abroad?
• 40:15 | US vs UK capital markets: talent, trust & scale
  Why founders and funds still flock to New York — and the structural advantages London must address.
• 44:30 | Can London fight back?
  What would it actually take to make London relevant again for growth listings? Dan’s realist take.
• 50:00 | Lessons from Figma for founders
  Why strong fundamentals still matter — and how the tender saga shows the cost of employee trust.
• 55:00 | The vertical AI playbook: Europe’s edge?
  Where Europe’s sector expertise might win if it can get capital markets working again.