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In the latest Seedcamp Deep Dive, our Managing Partner, Carlos Eduardo Espinal, discusses the complexities of investing in deeptech, dual-use and the defence sector. He's joined by two distinguished guests from defence and investment backgrounds: Nicola Sinclair, General Partner at Twin Track Ventures, and Samuel Burrell, Partner at Expeditions Fund. Nicola begins the conversation by explaining her motivation for founding Twin Track, highlighting the need to connect startups with the defence and security sectors and detailing her approach to evaluating deep tech investments. Sam then discusses his transition from military service to venture capital and emphasizes the importance of understanding end-user needs in defense tech investments. This insightful conversation covers a wide range of topics, including: - The challenges of dual-use technologies - The role of prime contractors - The evolving geopolitical landscape - Investment opportunities in space technology - The future of defence tech investments Show Notes: Nicola Sinclair - linkedin.com/in/nicola-sinclair- Samuel Burrell - linkedin.com/in/samuelrburrell Carlos Eduardo Espinal - linkedin.com/in/carloseduardoespinal Twin Track Ventures - twintrack.vc Expeditions Fund - expeditionsfund.com Seedcamp - seedcamp.com Sam’s weekly newsletter This Week in Dual-Use [www.samuelburrell.com] “Working with Defence & Security” Survey. The results will be released on 14 November 2025 

In the latest episode of This Much I Know, our Managing Partner, Carlos Espinal and Nandan Nayampally, Chief Commercial Officer of Baya Systems (previously at ARM, Amazon and AMD), delve into the geopolitics and innovations within the semiconductor industry. Nandan shares his extensive career journey from AMD to ARM and Amazon, providing valuable insights into the evolution of the semiconductor industry. He also emphasizes the shift towards specialized IP designs and the global distribution of manufacturing. The conversation explores the impact of geopolitical factors on the chip industry, the rise of localized manufacturing, supply chain resilience and the future implications of AI and edge technology. Tune in! Show Notes: Nandan Nayampally - linkedin.com/in/nandannayampally Carlos Espinal - linkedin.com/in/carloseduardoespinal Baya Systems - bayasystems.com Seedcamp - seedcamp.com

In an in-depth conversation with our Managing Partner, Carlos Eduardo Espinal, Miro’s co-founder and CEO, Andrey Khusid shares his incredible founder journey, from starting Realtime Board, his simple idea of bringing whiteboards into browsers, to Miro, now a global organization valued at nearly $20 billion. He reflects on the company’s explosive growth from 200 to 1800 people in just 18 months during 2020-21, the importance of hiring for mindset over experience, and the transition from a product-led growth model to incorporating sales-led strategies.  Andrey highlights key moments, cultural shifts, and the impact of leadership on the company’s trajectory. Additionally, he offers insights into maintaining team cohesion, learning from failures, and adapting to the ever-changing business landscape, especially with the advent of AI.  Tune into this insightful episode providing an in-depth look at scaling a tech startup globally and the lessons learned along the way. Show Notes: Andrey Khusid - linkedin.com/in/khusid Carlos Eduardo Espinal - linkedin.com/in/carloseduardoespinal Miro - miro.com Seedcamp - seedcamp.com Overview: 00:00 Explosive Growth and Leadership Challenges 00:35 Welcome to the Seed Camp Podcast 01:18 The Origin Story of Realtime Board 03:06 Rebranding to Miro 05:49 Balancing Customer Feedback and Product Vision 12:20 The Power of Product-Led Growth 17:26 Transitioning to a Sales-Led Growth Model 22:29 Navigating Enterprise Expansion Challenges 22:45 Shifting to an Innovation Workspace 23:17 Adapting to Market Changes and Bundling 26:03 Embracing AI and Future Prospects 27:22 Building a Strong Company Culture 30:09 Scaling Challenges and Leadership Insights 32:28 Reflecting on Leadership and Growth 42:15 The Importance of Founder-Led Companies 43:16 Conclusion and Final Thoughts

In the latest episode of “Path to Market,” Natasha and Micah are joined by Fanny Talagrand, Head of EMEA sales for startups and SMBs at Stripe to discuss key sales strategies from startups to enterprises. Drawing from her extensive experience in global tech companies like Google Cloud and Stripe, Fanny emphasizes the importance of understanding user needs and journeys, leveraging user feedback, and the different dynamics between selling to startups versus enterprises.  She also provides advice for hiring the first sales reps, highlighting the need for candidates to be smart, driven, and coachable. She stresses the significance of onboarding processes and embedding new hires with users early on. Additionally, she explores how to balance product-led growth with enterprise sales and shares metrics to optimize sales performance. Tune in to learn about: - how to align sales strategies with the needs and journeys of different types of users; - how PLG and enterprise motions can coexist with careful planning and differentiation in user journeys; - why as companies grow, including a sales team becomes vital to extend market reach and support users who require more comprehensive solutions; - and more practical strategies for founders looking to enhance their sales operations and build successful teams. Show Notes: Fanny Talagrand - linkedin.com/in/fanny-talagrand-a51a81b Natasha Lytton – linkedin.com/in/natasha-lytton Micah Smurthwaite – linkedin.com/in/micah-smurthwaite-2283b49 Overview: 00:00 Introduction to Path to Market 01:17 Meet Fannie Talegrand, Head of EMEA Sales for Startups and SMBs at Stripe 02:13 Fannie's Career Journey 04:29 Comparing Sales at Google Cloud and Stripe 06:58 The Importance of Product and User Feedback 13:31 Sales Metrics and Funnel Optimization 16:32 Differences in Selling to SMBs vs. Enterprises 24:07 Hiring the Right Sales Leader 34:29 Onboarding New Sales Hires 40:09 Conclusion and Final Thoughts

In a new episode of This Much I Know, Carlos’s guest is Dr Melanie Garson, an associate professor at UCL and expert in cyber policy and geopolitics. Together they discuss critical issues in the current geopolitical and defence systems, including the evisceration of the US civil service, reactive politics, and the role of technology companies as geopolitical actors. Dr Garson emphasizes the importance of interdisciplinary approaches, stress-tested technology rollouts, and the holistic view of future defence strategies. She highlights the information domain as another critical area, where misinformation and disinformation can proliferate and destabilize, underpinning the need for robust measures to counteract these threats. The conversation explores the strategic role of tech in geopolitics, the evolving nature of warfare, and the potential for innovation and international cooperation within the defence industry. Dr Garson also shares her views on the importance of building secure digital economies and engaging meaningfully with emerging technologies for long-term future defence capabilities. Looking to the future, Dr Garson predicts the emergence of new industry players and the potential for existing companies to re-engage with defence manufacturing. She remains optimistic that the industry will recognize the value of entrepreneurs and facilitate environments where innovation can thrive alongside traditional primes. Show Notes: Dr Melanie Garson linkedin.com/in/melaniegarson/ Carlos Espinal linkedin.com/in/carloseduardoespinal/ Dr Melanie Garson - profiles.ucl.ac.uk/25481-melanie-garson institute.global/experts/melanie-garson Seedcamp - seedcamp.com

Our “Path to Market” series continues with a new episode in which our Director Natasha Lytton and her co-host Micah Smurthwaite, Partner at Pipeline Ventures, delve into the intricacies of go-to-market strategies with seasoned CRO, Tim Bertrand. Tim shares his extensive experience scaling organisations like Acquia, Project 44, and HAProxy, offering actionable insights for founders and sales leaders on building sales teams, effective onboarding practices, the fundamentals of discovery and qualification in sales, and the nuances of pricing strategies for early-stage companies. Tim also discusses the significance of deal reviews and the evolving landscape of sales tactics, emphasizing the value of compelling events and robust qualification processes. The discussion also covers: - the dynamics of building sales teams; - identifying customer pain points; - the significance of practical sales methodologies like MEDDICC and BANT; - fostering cross-functional collaboration; - the role of open-source communities; - and more. Key takeaways: - Understand product intricacies; - Leverage economic buyers in sales cycles; - Align organizational culture with company values for success; - Make the right hire according to the company’s growth stage. Show notes: Tim Bertrand – linkedin.com/in/timbertrand Natasha Lytton – linkedin.com/in/natasha-lytton Micah Smurthwaite – linkedin.com/in/micah-smurthwaite-2283b49 Overview: 00:00 Understanding Customer Pain Points 00:22 Introduction to Path to Market Podcast 01:00 Interview with Tim Bertrand: Scaling Startups 01:39 Tim Bertrand's Journey: Acquia to HAProxy 05:07 Advice for Founders on Sales Playbooks 08:11 Hiring the Right Sales Team 16:29 Onboarding Sales Reps: Best Practices 18:31 Effective Sales Execution and Discovery 23:29 Creating Urgency in Sales 23:34 The Role of Compelling Events 25:18 Evolving Sales Tactics 28:53 Effective Deal Reviews 31:03 Pricing Strategies for Startups 32:59 Building a Strong Sales Culture 35:58 Cross-Functional Collaboration 39:17 Open Source Business Models 43:05 Sales Methodologies for Founders 44:30 Hiring the Right CRO 45:47 Conclusion and Key Takeaways

In the latest episode of our “Path to Market” series, our Director Natasha Lytton and her co-host Micah Smurthwaite, Partner at Pipeline Ventures, speak with Gia Scinto, a partner at Cole Group, specializing in go-to-market executive hires for renowned startups like Airbnb and Stripe. Gia shares her extensive experience in building go-to-market teams for top startups across her different roles, including as the first talent leader at Y Combinator and as an executive talent partner at Andreessen Horowitz. She emphasizes the importance of metrics in recruitment, the founder's role in hiring, and key considerations for early-stage companies hiring their first sales leaders. Gia also provides actionable advice on running an effective recruiting process, including aligning on job requirements, conducting thorough interviews, and ensuring a successful onboarding process. Key takeaways: - Set a minimum experience threshold for the role - In the first interviewing rounds, assess the candidate against the main goals of their roles - Set clear expectations and establish attainable goals in the initial months to facilitate a seamless onboarding into the company. Show notes: Gia Scinto – linkedin.com/in/giascinto Natasha Lytton – linkedin.com/in/natasha-lytton Micah Smurthwaite – linkedin.com/in/micah-smurthwaite-2283b49 Overview: 00:00 Introduction to Gia and Her Extensive Experience 00:54 Working with founders at Andreessen Horowitz and Y Combinator 08:13 Advice for Early-Stage Sales Hiring 12:25 Running a Successful Recruiting Process 20:35 Interview Questions for Sales Leaders 24:35 Assessing Culture Fit in Early-Stage Companies 26:31 Hiring Challenges and Lessons Learned 28:17 Pitching to Senior Candidates in Startups 29:09 Importance of Product Differentiation 30:03 Segmentation and Market Strategy 34:09 Onboarding and Setting Expectations 38:03 Back-channeling and Reference Checks 41:16 Onboarding Best Practices for Success 43:17 Common Pitfalls in Hiring 46:40 Building Go-to-Market Systems 50:41 Advice for Go-to-Market Candidates

In a new episode of Path to Market, our Director Natasha Lytton and her co-host Micah Smurthwaite, Partner at Pipeline Ventures are joined by Ryan Lieber, an experienced Go-to-Market Leader and one of Snowflake’s earliest employees and its first SDR. Together they discuss Snowflake's impressive growth trajectory, the challenges and strategies of category creation, key sales methodologies like MEDDPICC, the best approaches for scaling internationally, and cross-functional sales efforts. Ryan shares his experiences from joining Snowflake when it was an unknown startup in 2014 to its current status as a data giant with over 7,000 employees and a market capitalization of over $50 billion. He also delves into when and how founders should hire their first SDRs and sales leaders, the metrics for measuring their success, and the role of marketing alignment in scaling sales. Moreover, he emphasizes the importance of understanding regional cultural and communication nuances, and how to leverage partnerships in new markets. Key takeaways: - taking an iterative approach to the sales process enables you to transition from broad outreach to focusing on sales-qualified opportunities; - hiring SDRs earlier rather than later is not only cost-effective, but it also enables founders to focus on product development; - choose a sales leader who isn't afraid to "get their hands dirty" and is willing to adapt to the dynamic needs of a growing startup. They are in touch with the pulse of the market and the realities faced by their teams; - international expansion is not a uniform process and differs significantly by region. This is why understanding cultural nuances, leveraging regional partners, and ensuring the market is ripe for entry are essential considerations; - taking a partnership approach to scaling accelerates growth and embeds credibility in the customer’s eyes. Show notes: Ryan Lieber – linkedin.com/in/ryan-lieber-8aa59a62 Natasha Lytton – linkedin.com/in/natasha-lytton Micah Smurthwaite – linkedin.com/in/micah-smurthwaite-2283b49 Overview: 00:00 Introduction and Guest Background 01:00 Ryan’s Early Days at Snowflake 03:59 Career Growth and Opportunities 05:01 Building the EMEA Team 07:08 Challenges and Learnings 08:19 Finding the Ideal Customer Profile 13:57 Sales Methodology: MEDDPICC 19:30 Hiring and Building a Sales Team 21:48 The Daily Grind of an SDR 22:01 Key Traits for Sales Success 23:30 Red Flags in Sales Hiring 27:07 Effective SDR Metrics 32:09 Hiring Your First Sales Leader 34:54 The Power of Marketing in Sales 36:49 Scaling Internationally 42:26 Snowflake's Startup Program 45:02 Final Thoughts and Advice

In this insightful episode, our Director Natasha Lytton and co-host Micah Smurthwaite, Partner at Pipeline Ventures are joined by Alicia Carney, a seasoned product marketing expert with extensive experience at high-growth startups like Deliveroo. Together, they dive deep into identifying and validating Ideal Customer Profiles (ICPs) in pre and post product-market fit stages. Alicia shares her insights on navigating early market fit through to scaling operations post-product market fit. Key takeaways: - Define and validate ideal customer profiles (ICP) through market needs and user research - Be intentional and thoughtful about who you are serving and the value you offer - Focus on empirical metrics and continuous customer engagement. Show notes: Alicia Carney - https://www.linkedin.com/in/aliciacarney Natasha Lytton - linkedin.com/in/natasha-lytton Micah Smurthwaite - linkedin.com/in/micah-smurthwaite-2283b49 Interview guide link: http://bit.ly/3tJubmC  ​​Establishing an ideal customer profile (ICP) by Notion VC Market research platforms: userinterviews.com, pollfish.com, gong.io, grain.com

We are excited to announce the launch of our new podcast series, "Path to Market," where our Director Natasha Lytton and co-host Micah Smurthwaite, Partner at Pipeline Ventures dissect the art and science behind effective go-to-market (GTM) strategies for startups and scale-ups. The introductory episode explores essential elements of go-to-market planning, real-world examples of startups overcoming market-entry challenges, and practical advice on avoiding common pitfalls. Highlights include: - understanding the balance between art and science in sales; - the importance of a focused market entry; - the critical nature of making the right hire. What to Expect from “Path to Market” Future episodes will cover an array of topics, from defining your Ideal Customer Profile (ICP) to choosing between sales development representatives and product-led growth motions. Whether you’re embarking on your startup journey or are further along, there’s something beneficial for every stage. The podcast series will feature seasoned marketing, sales, and product experts who have worked for companies such as Stripe, Snowflake, and Deliveroo.

In a new episode of 'This Much I Know,' Carlos hosts Andy Budd, a veteran UX/UI designer and one of our venture partners, to discuss his latest book, 'The Growth Equation: How Early Stage Startups Can Build a Powerful Engine for Growth.' Andy shares his journey from being a tech enthusiast to launching the UK's first UX agency, ClearLeft. The discussion rich with anecdotes and actionable insights explores key themes to help founders navigate the complexities of startup growth. These include: founder-led sales; creating a go-to-market strategy, and the importance of customer retention and onboarding. He emphasizes practical, incremental approaches to building a customer base, crafting effective sales emails, and leveraging community-driven growth. Andy advocates for positioning and language-market fit as critical aspects of early-stage success, suggesting that a focused effort on understanding and connecting with the target audience precedes establishing a strong brand. Show notes: Andy Budd - linkedin.com/in/andybudd Carlos Espinal - linkedin.com/in/carloseduardoespinal Seedcamp - seedcamp.com Andy Budd - andybudd.com/book The Growth Equation: How Early Stage Startups Can Build a Powerful Engine for Growth by Andy Budd is available in bookstores and online.

In this episode, our Managing Partner Carlos Espinal is joined by our Talent Manager James Wright, and special guest Dominic Jacquesson, a veteran VC operator who recently received an MBE for his contributions to the UK entrepreneurship and technology ecosystem. Dominic shares insights from his varied career, including his extensive experience at Index Ventures working with top-tier tech companies, and from his latest book, 'Scaling through Chaos' written on behalf of Index to offer founders a comprehensive roadmap for scaling teams and leadership. The conversation covers key topics, such as: - Building effective teams; - Leadership, and the role of culture and values in scaling a startup; - Risk management, setting up processes, and the applicability of OKRs/KPIs. Dominic also announces his new venture into studying neuroscience after an accomplished career in the startup ecosystem. Show Notes: Dominic Jacquesson MBE - linkedin.com/in/dominicjacquesson Carlos Espinal MBE - linkedin.com/in/carloseduardoespinal James Wright - linkedin.com/in/jdhwright Scaling Through Chaos and other resources from Index Ventures, including the web app TeamPlan, are available for free on Index Press (https://www.indexventures.com/index-press) 00:00 Introduction and Guest Welcome 01:46 Dominic Jacquesson's Career Journey 07:53 Writing 'Scaling Through Chaos' 15:01 Scaling Startups: Key Insights 17:24 Navigating Leadership and Hiring 37:08 Risk Management in Scaling 45:29 Dominic's New Venture 49:50 Conclusion

In the ever-evolving landscape of business communication, platforms like WhatsApp are no longer just messaging apps but have transformed into powerful platforms enabling businesses to connect with their customers in groundbreaking ways. In the latest episode of Startups in Focus, our Managing Director Carlos Espinal and our Principal Felix Martinez, dive deep into this topic with Tarek Khalil and Mohamed Elbadwihi, co-founders of Rasayel, exploring how they are leveraging WhatsApp to redefine business communication. They also explore: - the evolution of WhatsApp as a platform and its impact on business communication, driven by its mass usage and business demand, highlighting the complexities of compliance and global usage variations; - the strategic choice of focusing on WhatsApp due to its global prevalence and trusted infrastructure; - the potential of building a billion-dollar company on platforms like WhatsApp, drawing parallels with Salesforce and Shopify; - how to navigate platform risks. About Rasayel: Rasayel focuses on enabling businesses to interact with customers via WhatsApp, which they see as the future of business communication, offering a more personal and immediate interaction compared to emails and phone calls. Tarek and Mohammed foresee significant business opportunities as WhatsApp evolves, aiming for Rasael to become a leading player on the platform. Show Notes: Tarek Khalil - linkedin.com/in/tarek-khalil-wa/ Mohamed Elbadwihi - linkedin.com/in/amuno Carlos Espinal - linkedin.com/in/carloseduardoespinal/ Felix Martinez - linkedin.com/in/felixjmartinez/ Rasayel - rasayel.io Seedcamp - seedcamp.com Get in Touch with Rasayel: For businesses, investors, or users eager to explore further into Rasayel, the easiest way to reach them is—fittingly—through WhatsApp via their website. Dive Deeper: Betting on WhatsApp - Tarek Khalil, Co-founder and CEO of Rasayel, wrote a thesis for anyone who wants to understand, build, or invest in the future of the WhatsApp platform. [https://justmessaged.substack.com/p/betting-on-whatsapp] Overview: 00:00 Can WhatsApp Sustain a Billion-Dollar Company? 00:25 Introduction to the Podcast and Guests 01:05 Founders' Backgrounds and Journey 03:16 Lessons Learned from Previous Startups 05:29 The Birth of Octopods and Rassayel 08:10 How Rassayel Helps Businesses 10:36 WhatsApp as a Platform 13:34 Platform Risks and Meta's Strategy 21:24 Global Usage of Messaging Apps 23:53 Global Messaging Trends and WhatsApp's Dominance 24:47 Trust and Confidentiality in Messaging Platforms 25:47 WhatsApp's Strategic Development and Market Penetration 27:45 Navigating Multiple Messaging Channels 32:07 WhatsApp Business Platform: Features and Compliance 37:34 Future of Business on WhatsApp 45:03 Conclusion and Final Thoughts

In this episode, Carlos interviews General Stanley McChrystal, a distinguished military leader with 34 years of experience commanding at a four-star level, including significant roles in Iraq and Afghanistan. They discuss General McChrystal's career, including his extensive awards like the Defense Distinguished Service Medal. General McChrystal shares his post-military endeavors, including founding the McChrystal Group and teaching leadership at Yale. The conversation delves into General McChrystal's books, particularly 'Leaders' and 'Team of Teams', exploring how writing these books shaped his views on leadership. Key themes include: - understanding the complexities of leadership; - the interplay between leaders, followers, and context, - and the role of character and self-discipline in effective leadership. The episode also covers practical insights on managing and transforming organizational cultures. General McChrystal shares personal anecdotes and reflections on leadership mistakes, personal development, and mentoring. 00:00 Introducing General Stan McChrystal 01:26 General McChrystal's Career Evolution and Achievements 01:48 Discussion on Leadership 07:15 The Three Myths of Leadership 09:58 The Role of Followers and Breaking the Cycle 13:15 Leadership Evolution and Organizational Dynamics 16:58 Challenges in Leadership and Adaptability 20:52 Team Dynamics in Startups and Large Organizations 23:40 Adapting Leadership Styles and Overcoming Mistakes 30:09 Commander's Dilemma: Vehicle Maintenance and Leadership Challenges 31:48 Leadership in Counter-Terrorism Operations 32:35 The Importance of Character in Leadership 35:42 Defining and Reflecting on Character 39:43 Personal Development and Daily Routines 45:26 Mentorship and Learning from Mistakes 55:54 Military Traditions and Cultural Questions 57:37 Conclusion and Final Thoughts Show Notes: General Stan McChrystal - linkedin.com/in/stanmcchrystal Carlos Espinal - linkedin.com/in/carloseduardoespinal mcchrystalgroup.com seedcamp.com General McCrysyal's books - mcchrystalgroup.com/about/books

The latest episode of Startups in Focus features Leonid Feinberg, founder of Verax, a Seedcamp-backed company that provides enterprise-grade trust solutions for generative AI. Having a strong background in security and cloud services, including a previous company acquired by Amazon, Leonid shares insights on managing AI-related risks and offers practical advice for future customers regarding AI's potential and trust management. In conversation with our Managing Director Carlos Espinal, he delves into the challenges and solutions associated with deploying generative AI in production. He also explains how Verax's Control Center helps enterprises gain visibility and mitigate risks by analyzing and modifying AI responses in real-time. Furthermore, they discuss the current and future landscape of AI data management, the evolving best practices in AI, and the geopolitical implications of AI. Show Notes: Leonid Feinberg - linkedin.com/in/leonidf Carlos Eduardo Espinal - linkedin.com/in/carloseduardoespinal Verax AI - verax.ai Seedcamp - seedcamp.com Overview: 00:00 Introduction to Today's Guest: Leonid Feinberg, Co-founder and CEO of Verax 00:53 Leonid's Background and Journey to Founding Verax 01:33 Understanding Verax: Enterprise Trust Solution for Generative AI 02:48 Architectural Insights: Rolling Out LLMs in Enterprises 05:02 Challenges and Best Practices in AI Deployment 08:01 Future of AI and Data Management 12:16 Verax's Role in Enterprise AI Trust 18:39 Geopolitics and AI: Global Implications 26:15 Advice for future AI Customers 28:21 Conclusion