Brigit van Dijk - van de Reijt

When Fabrizio Del Maffeo co-founded Axelera AI, he wasn’t chasing buzzwords. He was solving a real problem: making cutting-edge AI actually usable at the edge. From launching the company with backing from Bitfury and IMEC, to assembling a world-class team in just weeks, Fabrizio’s journey is pure execution. The result? A purpose-built chip that combines performance, efficiency, and simplicity — built not in Silicon Valley, but in Europe. In a world obsessed with cloud AI, Axelera AI is quietly reshaping the edge. And they’re doing it fast. 🧠⚡️ Read the full interview here 👉 https://lnkd.in/dWcY4ePg #EdgeAI #StartupStory #AIHardware #TechLeadership #VerveVC #AxeleraAI #DeepTech

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The VC secondary market is on fire. But many LPs are rushing in without fully appreciating the risks. VenCap International plc has been active in VC secondaries (LP positions only) since 1987 — and this is one of the hottest markets we’ve seen. In the first half of 2025 we reviewed $6.5bn of secondary VC deals — a 41% jump from the $4.6bn we saw in the same period last year. This includes both GP-led and LP-led deals. Here are 4 lessons we've learned from nearly 40 years of buying secondaries: 1️⃣ Power law still rules – a few companies will drive most returns. 2️⃣ Quality over discount – our best deal was bought at a premium to NAV. 3️⃣ Know the valuation policy – different VCs can value the same company very differently. 4️⃣ Factor in manager behavior – holding winners vs. selling early can make or break returns. VC secondaries ≠ PE secondaries. The risks are different — but for LPs who can access the right deal, at the right price, the rewards can be exceptional.

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It’s no longer enough to just buy well and hope for multiple expansion. Time to roll up your sleeves. GPs have been hearing this from LPs for years — especially during fundraising. #Operational value creation has become the main act in private equity, not the footnote. Why? - Because with rising competition, more dry powder, and tighter exit markets, helping your portfolio companies actually improve is the only real edge left. I’ve kicked off a short YouTube series on how experienced funds approach value creation — where it starts, what works, and what LPs are now asking about in diligence. We started with a fireside chat featuring Anne Arlinghaus from KKR Capstone (link below in comments). In Part 1, I cover: • Why the real work begins long before the ink is dry • The go-to value levers (and why overhead reduction is just the start) • How firms are building internal ops teams — and tracking impact If you’re curious what “hands-on” really means — or what it takes to become an Operating Partner — this one’s for you. 🎥 Watch the full video here: https://lnkd.in/drfgcsMV Next up: Buy & Build — and yes, it’s as messy as it sounds. #PrivateEquity #ValueCreation #OperationalExcellence #PortfolioCompanies #GPstrategy #LPperspective #INSEAD Arnaud Bonzom Bowen White Michael Prahl Harsh Temurnikar @

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BREAKING: Serena launches €200M fund (Serena IV) to back Europe’s next leaders in AI & Energy Transition! ⚡️ Paris-based Serena Capital just closed its fourth-generation fund, Serena IV, to invest from the very first steps of founders tackling the world’s biggest challenges. Here are the details: 🔥 Fund size: €200M | Final target: €250M 🔥 AI and Energy Transition, solving real problems at scale 🔥 Track record: Backed 100+ startups, including Electra, Underdog, Lifen, Dataiku, Accenta.ai, and others! Congrats Paul, Sébastien, Olivier, and Constance👏 Let’s go 🇪🇺 --- 📍 For more climate-tech insights, follow me @Hugo

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𝗪𝗵𝗲𝗿𝗲 𝘁𝗼 𝗯𝗲𝗴𝗶𝗻 ... For some time now, I’ve wanted to share what I’ve learned (continue to learn) about Innovation, both from my time in venture and engaging with a wide variety of companies around the globe. If I’m being honest here, my colleagues at INNOVERA (https://www.innovera.ai/), a company I’ve started with Kamran Elahian to help companies, governments, and investor groups drive to more effective management of innovation, finally forced my hand to the keyboard. So, where, where, where to begin? Let’s start with how I think about what innovation is. Traditional innovation, think pre-2023, was R&D-driven, product-focused, and efficiency-oriented, centered on breakthrough technologies, patents, and competitive advantage with long development cycles. It was bound mainly by classical definitions of “adjacent”, “sustaining”, and “disruptive”. My argument is that for innovation to succeed, how we look at it must change. Innovation is the continuous transformation of ideas, technologies, and business models to create value while proactively mitigating risks in a dynamic, unpredictable world. Innovation is a strategic risk management tool, and when done right, results in: 𝗙𝘂𝘁𝘂𝗿𝗲-𝗣𝗿𝗼𝗼𝗳𝗶𝗻𝗴 – Anticipation of market shifts, regulatory changes, and technological disruptions before they become threats. 𝗚𝗿𝗼𝘄𝘁𝗵 + 𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼n – Expanded revenue streams and business models while reducing dependency on a single product, service, or market. 𝗔𝗴𝗶𝗹𝗶𝘁𝘆 + 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲 – Ability to iterate and pivot in response to crises, competition, and unforeseen changes. Now, what becomes interesting is that managing innovation overlaps with decision-making in the business context. Critical business decisions, such as those related to innovation, ultimately have massive exposure. As I unpack my thoughts on innovation, if you choose to join the journey here, I’ll bring our conversation back to the unifying construct of what I call “decision making under uncertainty”. Before I let you go, let’s do an honesty check. How capable is your organization in managing AI, innovation, and critical business decisions? 𝗔 – Everything is under control 𝗕 – We have a reasonable idea of what to do 𝗖 – We mean well – but can’t execute I’ll share with you what I’ve heard from the audiences to whom I’ve asked this question in my next post. Until then, [p]

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NEW: Open Equity episode is now live! This week we’re doing something different. Because I invited Jasper Crocker-Kilic, the founder of nalu, our podcast production partner, on the show. Together, we walk through how to 5x his podcast agency (…the summary of a plan we sketched on a napkin the night before). No fluff. No theory. The exact step-by-step to hit his $100k / month revenue goals - and beyond. The principles apply for early-stage as well as larger companies. Perhaps yours? Here’s some of what we cover: 1. How repositioning for enterprise customers can unlock bigger margins with less day to day pains. 2. The hidden barrier almost every agency and services business struggles with - and how to solve it (experience from scaling to $250M+) 3. How to free yourself from operations in 3 simple steps (I learnt this scaling a 0-175+ team in under 24 months) 4. The overlooked strategy for finding acquirers and strategic partners for your company (hint: you probably know them already) And much more… Great fun, thanks to Jasper for being a good sport. After our napkin planning chat I put him on the spot to join me in the studio, he kindly agreed. Is this format valuable? Let me know. Any other words of wisdom to support Jasper's success? Do share. → Watch the full episode now by searching 'Open Equity With Thomas Cornwall' on YouTube, Spotify - or click the links in the comments below.

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