Slush meeting preparation

NatWest's first external venture-fund commitment makes Jenny worth asking about Fund IV as well as banking.¹ Ask whether the Phoenix Court investment will be followed by commitments to other managers, and what BACKED would need to demonstrate to enter that process.

Attendees

Jenny Edwards, Head of NatWest Venture Banking; Andre and Alex.¹

Provisional: November 17, 2026, 09:00–09:30 EET, Cafe Strindberg. Awaiting confirmation.

Overview

In September 2026, NatWest announced its first direct LP commitment to an independently managed VC fund, investing across Phoenix Court's LocalGlobe, Latitude and Solar funds. Jenny said: “Our ambition is to be more than a banking provider.”¹

That commitment gives the conversation a specific starting point: what made Phoenix Court investable for NatWest, and would it consider a focused seed manager alongside that relationship? BACKED's UK and European frontier-technology remit is relevant to NatWest's stated support for the UK innovation ecosystem.¹² With Fund IV diligence beginning in January 2027, it would be useful to establish who evaluates further fund commitments and what they would need to review before then.³

Jenny brings company-finance experience as well as her current institutional role. She spent more than a decade at J.P. Morgan, building and leading its healthcare and life-sciences business across the Western United States and supporting companies from startup to IPO with financing and cash management.⁴

NatWest's GP services include fund banking and capital-call facilities. Its company services include growth finance, treasury, FX and international support.⁵ If Fund IV needs a facility, or a portfolio company has a specific banking problem, Jenny can also help identify the right banking team.

Prior Interactions

BACKED has an existing Jenny/NatWest relationship owned by Clare Hunter.⁶

ISTCAPITAL invests in venture funds while also choosing companies directly.¹ Furkan is a credible Fund IV prospect. Ask what he wants from a seed fund alongside his direct investments, with BACKED's second investment in James Dacombe as a starting point.

Attendees

Furkan Serbetci, Managing Partner, ISTCAPITAL; Andre and Alex.²

Confirmed: November 17, 2026, 09:30–10:00 EET, Cafe Strindberg.

Overview

ISTCAPITAL is a single-family office founded in 2017, with retail and distribution roots in Turkey and Europe. It invests through external venture, private-equity and real-estate managers, as well as directly and through co-investments.¹³ Furkan leads early-stage technology, private-equity and co-investment strategies across Europe and the United States.²

The firm's stated fund-manager criteria are “clear thesis differentiation and disciplined portfolio construction.”¹ Its own 2025 review reported commitments to seven new VC funds and four co-investments, primarily at growth stage.⁴ The useful question is what another seed fund should contribute: access to founders, the judgment to lead their first rounds, or the capacity to keep backing selected companies.

BACKED's deck pairs James Dacombe with CoMind and Olix under “BACKED TWICE.” It records a led seed investment in CoMind through Fund II in 2020 and a seed investment in Olix through Fund III in 2025. CoMind develops non-invasive brain monitoring; Olix develops photonics-based AI accelerators.⁵ BACKED backed the same founder in a different business through a later fund. Furkan can assess why BACKED backed Dacombe again, what it learned from the first investment and whether that kind of founder access is something ISTCAPITAL wants from a manager.

BACKED's September Fund III snapshot reports that it led or co-led 31 of 39 companies and held average core-deal ownership of 9.1%, up from 8.4% at entry. The deck describes the next fund's purpose as greater capacity to lead larger inception rounds and make follow-on investments.⁵ Furkan has faced that choice in his own investments: in April 2026, he announced ISTCAPITAL's participation in a PhiTech Bioinformatics follow-on.⁶ That makes the choice between new investments and further capital for existing companies a practical discussion. What initial ownership and continued support does he expect a seed manager to deliver, and what investment-level evidence would he want to see before reviewing Fund IV for January diligence?⁷

ISTCAPITAL also has a practical UK connection. Endeavor Türkiye named it as a Touchdown UK VC partner for Turkish scale-ups entering the UK, in an announcement Furkan shared. The program targets Series A-equivalent companies with at least $1 million in annual recurring revenue.⁸

Cendana backs seed managers. For Fund IV, Kelli's focus on founder networks and partner time is the useful starting point: how does BACKED keep both strong as its existing portfolio grows?¹² BACKED's renewed backing of James Dacombe gives the conversation a concrete starting point, alongside evidence of how the partners are meeting new founders today.

Attendees

Kelli Fontaine, Partner, Cendana Capital, San Francisco.³ BACKED attendee to be confirmed.

Confirmed: November 17, 2026, 10:00–11:00 EET, Strindberg.

Overview

Cendana invests globally in seed and pre-seed managers and seeks lead-LP relationships. Its published Core commitment range is $10–20 million; smaller Discovery investments can develop into Core positions. Founder, co-investor and later-stage investor references form part of its manager assessment.¹

In her August 2026 interview, Kelli said, “Networks have a shelf life.” She described the fresh operating networks of first and second funds, and how supporting an established portfolio changes the time partners have for sourcing. She also acknowledged that later funds can continue to outperform.² Cendana's own approach asks whether a manager's network expands through reputation and founder awareness as successive funds are raised.¹

BACKED's deck identifies James Dacombe as a founder it has backed twice: CoMind's led seed investment in Fund II in 2020, followed by Olix's seed investment in Fund III in 2025.⁴ That relationship allows the partners to explain why they backed Dacombe again, what they learned through CoMind and how they evaluated his next business. For access beyond existing founders, the deck describes university collaborations, industry scouts, young-founder dinners and the Hacker House.⁴ Current examples and founder references would let Kelli assess whether those routes continue to bring the partners into new networks.

Fund III's September snapshot reports 31 of 39 companies led or co-led and average core-deal ownership of 9.1%, up from 8.4% at entry. The deck describes greater capacity for larger inception rounds and follow-ons as the reason for the next fund's size.⁴ Alongside sourcing, Cendana can examine how that capital base affects the number of relationships the partners support and their involvement in each company.

Kelli has also described building Cendana's underlying company-data systems and looking past valuation marks to customer and operating evidence.² A useful January diligence package would pair original underwriting with current customer and operating evidence and founder references.⁵

Prior Interactions

BACKED has an existing Andre-led Cendana relationship. Its prospective-LP record names Kelli as the primary contact.⁶

Inference's manager-evaluation and allocation work makes Erasmus a useful Fund IV conversation.¹ Establish which European-seed mandates he can act on, then use CoMind to discuss how BACKED evaluates an uncertain technical investment as evidence develops.

Attendees

Erasmus Elsner, Co-founder and President, Inference Capital; Andre and Alex.²

Confirmed: November 17, 2026, 10:30–11:00 EET, St. George Bakery.

Overview

Inference represents permanent capital and allocators through advisory and direct allocation, evaluating managers, GPs and investment opportunities.¹ Erasmus worked in venture capital and growth equity at UBS from May 2020 to June 2026.²³

In March 2026, Erasmus wrote: “The purpose of venture classic is to let founders run experiments against hypotheses that are knowable and testable, but uncertain.”⁴

CoMind provides a specific investment to discuss in those terms. BACKED's deck records a led seed investment through Fund II in 2020 in its non-invasive brain-monitoring technology. The September update reports a GE Healthcare financing commitment and commercial-distribution relationship.⁵ The partners can explain what the initial investment was intended to establish, which technical and customer evidence changed their assessment and what justified further capital.

That account would let Erasmus assess the manager's judgment through the life of an investment, rather than through the later company milestone alone. The useful next step is to identify the Inference mandate for which that underwriting and milestone record would support a Fund IV review, and what additional evidence it requires ahead of January diligence.⁶

Francisco combines direct investing through INNOVI with hands-on experience implementing software inside a manufacturing group.¹ His ERP rollout at DENAVA makes customer adoption and integration a useful way into the investment discussion. Establishing whether INNOVI also backs external seed funds will determine whether a Fund IV review is relevant.

Attendees

Francisco Görlich, DENAVA advisory-board member and INNOVI founder and CEO; Andre and Alex.¹

Confirmed: November 17, 2026, 11:00–11:30 EET, Hotel St. George Helsinki.

Overview

Francisco founded SME software agency creaded, which was acquired by DENAVA. During his organizational-development work at DENAVA from 2020 to 2023, he worked on product-development, production and delivery lead times, established a project-management office and managed an ERP implementation across three companies with the head of IT.¹

DENAVA is the family-owned supplements group behind Goerlich Pharma, a contract developer, manufacturer and packager, and GoCaps, a hard-capsule supplier. Francisco serves on the advisory board; Boris Jenniches leads the operating group.²³

His separate INNOVI activity began in September 2024 and covers direct venture and private-equity investing, with interests including supply chain, industrials, AI, HealthTech and BioTech.¹ INNOVI is an own-asset holding company under his management.⁴

BACKED's deck identifies Flow Engineering as agentic engineering tools for manufacturing design, with a co-led seed investment through Fund I in 2017.⁵ In its February 2026 customer account, Flow says Rivian selected it as the shared record of engineering requirements for the R1 and R2 vehicles. The account describes connecting requirements, evidence that they have been met and changes across teams, with a staged rollout.⁶ Francisco's ERP project involved a different workflow, but he can compare how teams came to rely on one record and what convinced him the system had been adopted across the three companies.

Francisco's experience can inform what operating evidence INNOVI wants before investing in such a company. The conversation should also settle whether he uses external managers to obtain earlier company exposure, and the decision process and scale for those commitments.

Ben is an existing Andre relationship and a useful person to ask about new venture-fund commitments at Moore.¹ The meeting should identify who would assess BACKED, including whether Jessie Wong Harlin's fund-selection experience makes her the right person to involve.

Attendees

Ben (Benjamin) Daly, Investor, Moore Capital Management; Andre and Alex.²

Confirmed: November 17, 2026, 11:30–12:00 EET. St. George Hotel indicated in the retained correspondence; exact meeting point to be confirmed.

Overview

Moore's institutional fund investments include GHO Capital III, a 2021 vintage, and Oakley Capital Private Equity, a 2007 vintage.³ Those external-fund relationships give the partners a starting point for asking which vehicle now makes venture-fund commitments and which recent manager selections best represent its interests.

In his February 2026 announcement of Xflow's Series A, founder Anand Balaji named Moore Capital Management as an existing investor participating again and thanked Ben in the acknowledgments.⁴

Jessie Wong Harlin is Managing Director, Special Investments, at Moore Strategic Ventures.² She brings fund-investment-committee experience and LPAC roles for several venture funds.⁵ Ben can clarify whether she participates in Moore's current external-manager process and whether she should join the BACKED discussion.

The immediate objective is a named review owner and a current mandate: whether UK and European seed is in scope, the commitment range and the evidence needed to assess a manager of BACKED's size. Those answers would determine the next step ahead of January 2027 diligence.⁶ A recent venture-manager selection would be more informative than the older institutional holdings alone.

Prior Interactions

Andre owns the existing Ben/Moore relationship. Ben is the primary contact on BACKED's prospective-LP record.¹

ZEISS's recorded investment in Matterwave provides a concrete starting point for discussing another external manager.¹ Mike's semiconductor-equipment work makes earlier access to technical founders the useful topic: what has ZEISS gained through Matterwave, and which founders or technologies would it want another manager to add?

Attendees

Mike Gänßler, Investment Manager, ZEISS Ventures, External Venturing; Andre and Alex.²³

Supplied arrangement: November 17, 2026, 15:00–15:30 EET, Finlandia Hall.

Overview

ZEISS Ventures invests directly in strategic deep tech across industrial technology, medtech and life sciences. Its stated entry stages are pre-Series A and Series A, with initial investments of €0.5–5 million. External Venturing also helps portfolio companies connect with the wider ZEISS organization.²

ZEISS has backed Matterwave Industrial Technologies Fund II, a 2023 vintage fund with a €130 million fund size.¹

Mike has expressed a specific interest in semiconductor equipment. In LIDROTEC's June 2025 financing announcement, he said: “We see LIDROTEC as a key player in the next wave of semiconductor equipment innovation.” ZEISS joined the financing of the laser chip-cutting company.³

BACKED's deck records a seed investment in AI-accelerator company OLIX through Fund III in 2025.⁴ It also describes meeting founders early through university relationships, events, scouts and a Hacker House.⁵ OLIX gives the partners an actual hardware investment with which to explain how they evaluate technical founders at seed. Their wider sourcing approach raises a practical question about access before a company is ready for ZEISS's direct-investment stages. In its August 3, 2026 announcement, OLIX targeted first customer deliveries for the second half of 2027.⁶

The discussion can establish whether that earlier access would add something to ZEISS's existing manager relationships, and who would assess it for a Fund IV follow-up. On the company side, Mike can explain what he would need to see from a hardware prototype before bringing in industrial colleagues, using OLIX's delivery target to ground the discussion.

Uplift's new fund expressly includes selected deep-tech venture funds alongside company investments.¹ Christian's first Uplift investment, PreScalar, gives the conversation an industrial-software starting point: which founder networks or technical areas would he want another manager to add?

Attendees

Christian Noske, General Partner, Uplift Ventures; Andre and Alex.¹

Supplied arrangement: November 18, 2026, 09:00–09:30 EET, Radisson Blu Aleksanteri Hotel.

Overview

Jungheinrich announced Uplift's €100 million inaugural fund in September 2026, appointing Christian after his time at NGP Capital. The fund's priorities include Physical AI, Energy, Enterprise AI and Logistics, with investments in technology companies and selected deep-tech VC funds.¹

In October, Christian called PreScalar Uplift's first investment and placed it within his Physical AI thesis and transatlantic portfolio.² The San Francisco company raised a $7 million seed round with Uplift, Dynamo Ventures and BMW i Ventures. Its test stations connect firmware updates, testing and production records, addressing the need to reprogram components after they have entered production or inventory.³

Christian's earlier NGP investment essay on Daedalus explains the industrial logic behind that interest. In February 2024, he emphasized companies embedded in industrial workflows, with proprietary data that AI could use to improve those workflows.⁴

BACKED's deck records CloudNC, CNC manufacturing automation, as a Fund I pre-seed investment in 2016.⁵ That investment gives the partners a specific case through which to explain how they recognized an early software opportunity inside manufacturing. CloudNC’s current software plans machining operations inside a shop’s existing manufacturing software, which generates cutting paths for the programmer to check.⁶ PreScalar addresses a different factory problem: firmware changes and testing. The partners can compare how they recognized those early opportunities and the founder networks behind them. BACKED’s university relationships, scouts, events and Hacker House give that discussion specific starting points.⁷

Fund I is raising toward a €100 million target, with planned company investments of €1–5 million and up to 20 companies.⁸ Uplift Ventures also had a commitment to University2Ventures Fund I, a 2025 vintage, before the September launch.⁹

Uplift already invests at seed. The question is which distinct founder relationships or technical coverage BACKED could bring to Christian's existing company-investing network. CloudNC and PreScalar make it possible to discuss that contribution through actual industrial products before considering BACKED's wider seed portfolio. A fund review would need a defined gap that Uplift wants an external manager to fill.

ETCO's investment in RobCo gives Bruno a useful perspective on growing European industrial technology beyond its home market.¹ BACKED's early investment in CloudNC gives the partners a manufacturing-software example to discuss: what commercial proof makes a technical company ready for ETCO's capital and operating help?

Attendees

Bruno Vanhoorickx, Co-founder and Managing Partner, European Tech Collective; Andre.² Alex's RSVP is pending.

Supplied arrangement: November 18, 2026, 10:00 EET. Exact meeting spot to be confirmed.

Overview

ETCO backs European technology scale-ups. Bruno previously worked at BCG in Brussels and New York, Bain Capital Europe in London and Zalando in Berlin, where his commercial and strategy responsibilities covered 25 European markets.²

In October 2026, ETCO joined a RobCo transaction that added company capital while giving long-standing employees some liquidity. RobCo builds autonomous industrial robotics and describes the United States as its fastest-growing market, with manufacturing and assembly in Austin and a lab in San Francisco.¹ That combination of industrial deployment, international expansion and financing choices gives the meeting a specific operating subject.

BACKED's deck records CloudNC, which automates CNC manufacturing, as a Fund I pre-seed investment from 2016.³ CloudNC and RobCo address different parts of manufacturing, but both put technology into an industrial customer's workflow. Ask which customer results and deployment evidence show that a company is ready to expand, what a European team needs before building a US operation, and where ETCO can help.

ETCO's disclosed investments also include Basecamp Research's September 2026 Series C for AI-designed therapeutics and ICEYE's December 2025 Series E in satellite intelligence.⁴⁵

Giorgia combines family-office work with European industrial-tech sourcing for Blue Vision.¹ Ask whether Fintex reviews external venture managers and what would make BACKED worth a closer look. Use CloudNC separately to discuss company opportunities for Blue Vision.

Attendees

Giorgia Giacometti, Investment Manager, Fintex & Partners Italia Spa, and Advisor, Primary Investing, Blue Vision.¹²³ Andre accepted; Alex awaits RSVP. Giorgia's external RSVP remains unconfirmed.

Invited arrangement: November 18, 2026, 10:30–11:00 EET, Messukeskus Helsinki. Exact meeting point to follow.

Overview

Giorgia sees early-stage venture as a way for families to diversify beyond an existing business, industry or country. Her emphasis on liquidity and long holding periods makes manager choice, timing and commitment size central to that decision.⁴

BACKED's deck describes Fund IV as remaining seed focused while adding capacity for larger initial rounds and follow-ons.⁵ Andre can ask how she would assess a seed manager's deployment plans against a family's existing concentrations and liquidity needs, and how that would affect the size and timing of a commitment. The meeting can establish whether Fintex reviews external venture managers and what would merit further consideration.

Giorgia also brings an industrial background to her European technology sourcing and primary-investment advisory work for Blue Vision.¹³ Blue Vision focuses on seed companies applying deeply embedded AI to industrial, energy and urban infrastructure.⁶

BACKED's deck records CloudNC, CNC manufacturing automation, as a Fund I pre-seed investment in 2016.⁷ For her Blue Vision work, the partners can compare the early evidence they considered in manufacturing software with what she now looks for in European industrial opportunities: integration into a customer's production process, reliable work and a measurable benefit. This gives her requested conversation with Andre a practical company-sourcing topic alongside the discussion of family portfolios.

Prior Interactions

Giorgia's November 5 reply expressly requested a one-to-one with Andre.²

Ruka gives Lena and BACKED a concrete shared-company reference.¹² Henkel's Emerald commitments also show why it has used external managers: access to specialist technologies and startups.³ The useful discussion is what those relationships have provided and which areas Henkel still wants another seed manager to cover.

Attendees

Lena Ambrozy, Investment Manager, Henkel Ventures; Alex is the retained BACKED attendee.⁴

Booking needs recheck: November 18, 2026, 11:00–11:30 EET, Cafe Strindberg. Retained invitation; not shown on the latest supplied partner calendars.

Overview

Ruka makes hair extensions and care products using next-generation protein-based fibers.¹ BACKED's deck includes Ruka in Fund II.² The shared company provides a practical starting point for discussing what Henkel wants to learn about a team and its technology before engaging, and what it can contribute after investment.

Henkel Ventures spans Consumer Brands and Adhesive Technologies, investing globally from early stage through Series B, with stated company tickets of €0.5–5 million and €300 million in assets under management.⁵ Its industrial interests include emerging electronic materials, thermal management, manufacturing and maintenance, and tools for chemical R&D.⁶ Copprint, Eeden and Software Defined Automation are among its disclosed company investments.¹

Henkel Adhesive Technologies became an LP in Emerald's Sustainable Packaging Innovation Fund in 2022, seeking access to several hundred startups annually. It had already backed Emerald's Industrial Innovation Fund in 2016.³ That gives the partners an actual manager-selection rationale to discuss alongside Ruka: which kinds of specialist access have led to useful company relationships?

Henkel has also made parent-company commitments to Giant Ventures Early Growth II and Firstminute Capital III (both 2023 vintages), Neoteq Ventures I (2022) and Partech Entrepreneur III (2019).⁷

BACKED's deck describes meeting founders through university relationships, scouts, events and the Hacker House.⁸ The question for Lena is whether those networks reach technologies or founders Henkel is not already seeing through its direct portfolio and existing managers. A specific uncovered area would give a Fund IV review a purpose and identify the relevant Henkel team for follow-up.

Robin led Lloyds' anchor investment in Lansdowne's UK Scale-Up fund.¹ Thought Machine gives BACKED and Lloyds a shared company through which to discuss a different part of the investment cycle: whether an earlier seed-manager relationship would advance the bank's stated interest in reaching founders before a prototype exists.

Attendees

Robin Scher, Head of Fintech Investment, Lloyds Banking Group; Andre attending, Alex awaiting RSVP.²

Supplied arrangement: November 18, 2026, 11:00–11:30 EET, Messukeskus Helsinki. Andre is also accepted on Henri's 11:00 meeting; partner allocation remains unresolved.

Overview

In May 2026, Robin wrote of the Lansdowne investment: “Very proud to have led this transaction for the bank.” He described helping UK technology businesses bridge early innovation and global commercial success.¹ Lloyds and Aviva were cornerstone investors in a £111 million first close focused on UK R&D-intensive scale-ups.³

Lloyds has separately described what it wants from early-stage funds. In December 2025, Kirsty Rutter wrote that they can give the bank access to founders and ideas “sometimes before they even have a prototype.”⁴ That objective provides a specific reason to discuss a seed manager alongside the Lansdowne growth relationship.

Thought Machine appears in Lloyds' direct-company portfolio. BACKED's deck records its Fund I seed investment in the core-banking technology company in 2016.²⁵ The partners can explain what led to their seed investment and how the company's commercial evidence developed afterward. BACKED's wider sourcing approach includes university relationships, scouts, events and the Hacker House.⁶

Robin's own direct team already invests from Seed to Series B and helps companies develop commercial relationships within Lloyds.² The useful question is what an external seed manager would add to that access and underwriting. Thought Machine makes the discussion concrete; the next step would be to identify a defined founder-access need, how Lloyds would assess BACKED against it, and whether its wider UK and European strategy fits that purpose.

eBay's Decart investment and Henri's questions about AI's control of customer interfaces make model infrastructure a specific conversation for this meeting.¹² BACKED's Medal/General Intuition relationship gives the partners a different data and model approach to discuss, before establishing what eBay wants an outside manager to add.

Attendees

Henri Jaanimägi, Global Head of eBay Ventures; Andre attending, Alex awaiting RSVP.³

Supplied arrangement: November 18, 2026, 11:00–11:25 EET, Messukeskus Helsinki. Andre is also accepted on Robin's 11:00 meeting; partner allocation remains unresolved.

Overview

Henri established eBay Ventures in 2022 after leading eBay's European Strategy and global Inorganic Strategy. Before eBay, he worked in Bain & Company's private-equity practice.³

Decart develops real-time AI world-model infrastructure.⁴ In May 2026, Henri described seeing its Lucy demonstration and confirmed eBay's investment.¹ In a separate June post about agentic AI, he raised questions about data concentration and “who wins the customer interface game.”²

General Intuition offers a concrete comparison. BACKED's deck presents its Medal/General Intuition relationship under “BACKED 1 – MEDAL.”⁵ GI trains models to choose actions using gameplay data labeled with players' actions; world models predict what happens next. It reports a limited commercial API rollout across games, simulation and robotics.⁶

Those mechanisms give the partners a basis for discussing which data and interactive-model capabilities will matter to commerce, and where control of the customer interface might sit. The conversation can distinguish capabilities eBay wants to develop through direct company investments from those it wants managers to surface across a wider founder network.

Its existing outside relationships include FJ Labs, Commerce Ventures and TCG Crypto, as well as accelerator Techstars and venture studio AI Fund.⁴ Its direct mandate is global and multi-stage, with an early-stage preference; companies need not be US-based or directly affect eBay's marketplace.⁷ A useful Fund IV follow-up would identify a specific capability or founder-access gap beyond those existing relationships.

Christopher led Schaeffler's work on the NEURA Robotics financing after an existing technology partnership.¹ Ask what the partnership proved before Schaeffler invested. Its GET Fund commitment opens a separate discussion about the technical coverage it wants from external managers.²

Attendees

Christopher Kuhn, Corporate Investment Management / Schaeffler Invest; Andre accepted, Alex awaiting RSVP.¹

Supplied arrangement: November 18, 2026, 11:30–12:00 EET, LP Lounge, Messukeskus. Andre is also accepted on Benedikt's 11:30 meeting; partner allocation remains unresolved.

Overview

Christopher was Schaeffler's project lead on the June 2026 NEURA Robotics Series C investment. NEURA was already a technology partner.¹ The partners can ask what Schaeffler learned through that relationship before investing, and which technical and commercial milestones mattered to the decision.

Schaeffler's corporate-venturing model includes six-to-nine-month proofs of concept, new-business collaboration and targeted minority investments.³ Its October announcement of a technology partnership with Wandelbots around the open NOVA platform is another example of working with an external technology team.⁴

BACKED's deck records CloudNC, CNC manufacturing automation, as a Fund I pre-seed investment in 2016.⁵ CloudNC says CAM Assist assesses the supplied part and setup and can stop without returning a plan when it finds severe machinability problems. For supported work, it proposes machining operations; the shop's existing computer-aided manufacturing software generates toolpaths for a programmer to review, adjust and simulate.⁶ In a manufacturing trial, who verifies those operations on representative parts, and how does the shop handle exceptions? That gives Christopher a specific way to explain which production evidence matters to an operating team and which would affect Schaeffler's investment decision.

Schaeffler also became an LP in GET Fund, whose July 2024 first-close announcement describes a Series A/B green-technology strategy combining hardware and software. In that announcement, Niels Fehre emphasized the manager's clear investment focus and sustainability assessment.²

The fund discussion can therefore address what access to earlier teams and seed underwriting would add to Schaeffler's existing relationships, and who would assess BACKED on that basis. If the useful next step concerns an industrial problem instead, the conversation should identify the responsible operating team and the evidence it would need.

Emergence's published scope is venture funds under €100 million; BACKED's €125–150 million target is above it.¹² The useful discussion is whether the proposed fund can preserve the early-stage economics Emergence seeks, and whether a current Emergence vehicle can consider that size.

Attendees

Benedikt Franke, General Partner, Emergence Ventures; Andre accepted, Alex awaiting RSVP.¹

Supplied arrangement: November 18, 2026, 11:30–12:00 EET, Messukeskus. Andre is also accepted on Christopher's 11:30 meeting; partner allocation remains unresolved.

Overview

Emergence backs entrepreneurial early-stage managers in Europe and the United States, with underlying investments at inception, pre-seed and seed. It also makes direct co-investments. Its sub-€100 million figure describes the funds it targets.¹

Benedikt brings company-building experience to manager selection. He joined Rocket Internet in 2009, built Helpling and Planetly, and later served as OneTrust's US General Manager.¹ OneTrust acquired Planetly in 2021, when Benedikt was its founder and CEO.³

BACKED's deck describes the larger next fund as keeping its seed focus while adding capacity to lead larger inception rounds and make follow-on investments. Its September Fund III snapshot reports 31 of 39 companies led or co-led, with average core-deal ownership of 9.1%, up from 8.4% at entry.⁴

Those historical figures give Benedikt a concrete starting point for examining the proposed capital budget. What does Emergence's size preference protect: the stage of entry, ownership economics, portfolio concentration or something else? The partners can then explain how Fund IV would allocate capital between initial investments and follow-ons, using current construction assumptions to assess the difference in size.

Emergence reviews fund mechanics, investor rights and legal and commercial terms against positions it has previously accepted.⁵ If the vehicle can consider BACKED's target, the follow-up can address those specific documents and construction assumptions ahead of January diligence.²

EIFO has already asked BACKED for historical Nordic and Danish deal flow and its investment-sector mix.¹ Carl's meeting should carry that request forward: what evidence will let the fund-investment team assess the Danish benefit and commercial case for Fund IV?

Attendees

Carl-Gustav Homann, Associate, Fund Investments, EIFO; Alex organizing and attending. Andre and Carl await calendar RSVP; email agreement is retained.²³

Supplied arrangement: November 18, 2026, 12:00–12:30 EET, Messukeskus.

Overview

Carl works in EIFO's Fund Investments department, headed by Christoph Junge.² EIFO invests on commercial terms alongside other investors, assessing a manager's team, strategy, track record, procedures and structure. For international managers, the connection to Denmark's investment ecosystem matters.⁴

Its November 2025 commitment to Sofinnova Capital XI shows what that connection can look like. EIFO invested €20 million in the €650 million early-stage life-sciences fund, citing a Denmark-based partner and prior Danish investments, including Muna and Freya.⁵

EIFO also committed $5 million to D3 in July 2025. That fund backs pre-seed and seed defense companies in Ukraine and allied countries; EIFO described Danish benefits through access to technology, knowledge and partnerships.⁶ Together, the decisions show different ways an international strategy can bring capital and expertise into Denmark.

For BACKED, the immediate task is the evidence Alexander requested: Danish activity within the wider Nordic record, the relevant sectors and how that history supports the proposed strategy. Establishing where that information stands and which investment-team follow-up it supports will make the January diligence discussion specific.⁷

Prior Interactions

On September 21, 2026, Alexander Knudsen asked Andre, Jodi and Adena: “would you be able to share anything on your historic deal flow from the Nordics/Denmark and historic split between investment domains/verticals?”¹ That is the substantive request to pick up with Carl.

Johannes is focused on how Europe's deep-tech companies attract capital through to global scale.¹ Use CoMind to discuss the financing and commercial support needed after seed, then settle how EIF's geography test would apply to BACKED.

Attendees

Johannes Virkkunen, Head of Technology Investments Division, Equity Investments, EIF; Andre and Alex.²

Supplied arrangement: November 18, 2026, 12:30–13:00 EET, Messukeskus.

Overview

Johannes joined EIF as a legal adviser in 2007 and moved into venture-fund investing in 2012. His current remit covers venture funds from pre-seed through growth across deep tech and other innovation-driven sectors.²

In his March 2026 European Deep Tech Report interview, he pointed to Europe's research and engineering base, experienced founders and industrial demand. He argued that public capital alone is insufficient: a broader pension and insurance LP base is needed to finance companies capable of global scale.¹

BACKED's deck records a led seed investment in CoMind's non-invasive brain-monitoring technology through Fund II in 2020. Its September update reports a later GE Healthcare financing commitment and distribution/sales relationship.³ That gives the partners a specific case for explaining what early technical conviction must achieve before later finance and a commercial channel become available.

The same deck describes greater capacity for larger inception rounds and follow-ons as the next fund's purpose.³ The discussion can connect those capital choices to the company-development evidence Johannes wants to see, rather than relying on the later milestone alone.

Geography reminder: Jodi flagged on November 8 a two-thirds-Europe requirement in the BACKED/EIF discussion.⁴ Clarify the applicable mandate's calculation, including how it treats BACKED's UK exposure. EIF has distinct mandates and application routes, so the answer needs to relate to this review.⁵

Prior Interactions

BACKED has an existing Andre-led EIF relationship, with Johannes identified as a primary contact on the prospective-LP record.⁶

This is an open personal LP discussion with Frederico, following Jodi's explanation of the BACKED IV vehicle and individual minimum.¹ The meeting should establish his remaining investment questions and what he needs to evaluate a personal commitment.

Attendees

Frederico Hohagen, co-founder and CEO, Maplink Cloud; Andre and Alex.²³

Supplied arrangement: November 18, 2026, 13:00–13:30 EET, Messukeskus.

Overview

Frederico has experienced outside capital from the founder's side, including buying out Maplink's investors. In a 2023 SaaStock interview excerpt, he discussed the importance of contracts accounting for what can go wrong.³ That gives the partners a concrete capital and governance background for the conversation.

He remains CEO. Martin Kirsch became COO in June 2026, taking company-wide operational leadership and reporting to him as Maplink expanded its cloud and AI activity.²

Maplink combines proprietary logistics and location APIs with Google Maps Platform, Google Cloud and managed integration and support across Latin America.⁴ Its published customer cases include iVoy's Mexican last-mile operations and Pickit's use of address-validation and geocoding tools in Argentina.⁵

BACKED's approach to initial conviction, sustained founder relationships and further capital provides substance for the personal investment discussion. The deck describes repeated backing of founders across distinct businesses and more capacity for larger inception rounds and follow-ons.⁶ The partners can explain how those decisions are made and address the evidence, terms and capital-duration questions Frederico considers important.

Prior Interactions

Jodi's November 5 sent reply specified BACKED IV and a €1 million minimum for individual LPs, with exceptions considered case by case.¹

Bart's Eyeo and VitalFluid experience makes customer adoption the useful topic for this meeting: what proves a technology is ready to use?¹² CloudNC offers BACKED a concrete case for comparing technical validation, integration and the milestones that justify further capital.

Attendees

Bart van Campenhout, Alder Tree; Andre and Alex.³⁴

Supplied arrangement: November 18, 2026, 13:30–14:00 EET, Messukeskus.

Overview

At Invest-NL, Bart worked on Eyeo's May 2025 seed financing. Invest-NL committed €5 million within a €15 million round, with the next phase covering an evaluation kit, manufacturing processes and commercial partnerships.¹ That is a specific example of financing the work between technical development and a product that customers can evaluate.

Alder Tree subsequently participated in VitalFluid's August 2026 €17.2 million financing package, which included €2.7 million of innovation credit. The announcement described progress from pilots to multiyear contracts with British strawberry growers, using spraying equipment the growers already owned.² Bart's own post confirmed his participation and emphasized its potential effect on the food supply chain.³

BACKED's deck records CloudNC, CNC manufacturing automation, as a Fund I pre-seed investment in 2016.⁵ CloudNC's CAM Assist proposes machining operations; the shop's existing computer-aided manufacturing software turns them into toolpaths, which the programmer reviews, adjusts, simulates and verifies.⁶ Like VitalFluid's use of existing sprayers, this gives the customer a way to try the technology within an existing workflow. VitalFluid's multiyear contracts after pilots give Bart a further commercial milestone to discuss: what persuaded him growers would keep using it, and what equivalent evidence would he want before financing a manufacturing-software company's expansion?

Alder Tree's broader family-office activity includes private and public equity, indirect property and corporate lending.⁷ The meeting can also establish whether external-manager commitments belong within Bart's current remit, and whether a fund discussion would add something to the direct-investor exchange.

Prior Interactions

Bart already knows Alex. In November correspondence he referred to having just missed him in London and wanting to meet the team again.⁴

Connor has worked closely with Tom Critchley-Smith on much of OUEM's venture portfolio.¹ With the deck already delivered, the meeting can examine the manager case: how BACKED's founder knowledge and investment judgment carry into the larger fourth fund.

Attendees

Connor Wright, Investment Analyst, Oxford University Endowment Management; Andre and Alex. Connor is the sole OUEM attendee.²³

Supplied arrangement: November 18, 2026, 14:00–14:30 EET, Messukeskus.

Overview

OUEM selects third-party managers for the Oxford Endowment Fund. Its venture exposure focuses on seed and early stage. As of 2025, it had backed 24 first-time funds across its manager activity. Its diligence examines process, strategy, people and incentives, with investment, operational, legal and ESG work. Ongoing review includes changes in a manager's team and business model.⁴

James Dacombe gives the partners a specific investment history to discuss against those principles. BACKED's deck identifies him as backed twice: CoMind's led seed investment through Fund II in 2020, followed by Olix's seed investment through Fund III in 2025.⁵ The partners can explain what they learned through the first relationship, what carried into the second decision and what required fresh underwriting.

The deck describes the next fund as retaining its seed focus while adding capacity for larger inception rounds and follow-ons.⁵ At the current €125–150 million target, the useful question is how capital allocation and partner attention will preserve the access and judgment Connor and Tom are evaluating.⁶ Decision records, ownership evolution and reserve choices would give a follow-up review something concrete to assess before January diligence.

Prior Interactions

Connor requested materials on November 5; BACKED sent the deck link on November 9 at 15:01 GMT.³⁷ Tom's November 9 reply said Connor had “worked hand-in-glove with me on a lot of our venture portfolio over the past few years.” Tom is away in Asia; Connor later confirmed he would attend alone.¹³

Troismer's VC-manager model makes this a primary-fund conversation.¹ BACKED's partial realization in Flow Engineering provides a concrete subject for Yannick's assessment: how the manager decides to take cash out while retaining exposure to a company. Invited Thibaut Busschaert brings a separate secondary-investment perspective if he joins.

Attendees

Yannick Gobien, Family Office Manager, Troismer. Thibaut Busschaert, Managing Partner, 3MER Partners, is invited; attendance remains unconfirmed.²

Confirmed arrangement: November 18, 2026, 14:30–15:00 EET, Messukeskus.

Overview

Troismer backs VC managers and selectively co-invests alongside trusted partners, emphasizing durable businesses and disciplined portfolio construction.¹ Its Q3 2026 plan was to make primary and secondary fund commitments in Europe and Asia, mainly with new managers.³

BACKED's deck records Flow Engineering as a Fund I co-led seed investment in 2017.⁴ In his October 23 update, Andre reported $12.6 million of proceeds generated that week from selling a small portion of the position, returning another 22% of BACKED I.⁵ The dated realization gives Yannick a specific decision to examine: why sell that portion then, how much exposure remained, and how the manager balanced cash returns against future company upside?

That is relevant to selecting a primary manager because ownership and realization decisions continue long after the initial investment. It gives the partners a basis for discussing which decision records and portfolio evidence Yannick wants to review for Fund IV.

3MER describes itself as emerging from the Troismer family office. Its secondary fund buys venture-fund and company interests in late- and growth-stage technology across Europe, Southeast Asia and India.² In a 2026 roundtable post, Thibaut argued that European VC managers have had limited exposure to secondaries and that growing liquidity needs will make them more useful.⁶ If he attends, Flow offers an actual partial-sale example to discuss against that view, while Yannick's primary-manager assessment remains the main purpose of the meeting.

Conficap's CapMan Growth II commitment and Tommi's emphasis on allocation and diversification make the role of earlier-stage venture a useful discussion.¹² Flow Engineering gives BACKED a concrete history through which to examine capital duration, partial cash realization and the exposure a seed manager adds to the family portfolio.

Attendees

Tommi Sikanen, Junior Investment Manager, Conficap Oy; Andre and Alex.²

Confirmed: November 18, 2026, 15:00–15:30 EET, Messukeskus.

Overview

Conficap invests family-company capital across operating businesses, property and a diversified investment portfolio. Its strategy expressly diversifies by liquidity and risk, seeking appreciation and cash returns.³ Its 2025 review identified demographic change and emerging technologies as long-term opportunities and reported increased private-equity fund investing during the year.⁴

Conficap committed €5 million to CapMan Growth Equity Fund II, a 2020 vintage with a €97 million underlying fund size.¹ Conficap's Q3 2026 plan targeted at least one primary commitment globally, listing venture and growth among its preferences.⁵

Tommi's November 2025 promotion announcement placed him in David Miller's investment team and quoted his emphasis on “careful capital allocation, diversification, and active ownership.”² The relevant question is what seed exposure should contribute alongside the growth, public-market and operating assets, and what duration the overall portfolio can accommodate.

BACKED's deck records a Fund I co-led seed investment in Flow Engineering in 2017.⁶ Andre's October 23, 2026 update reported $12.6 million of proceeds that week from selling a small portion of the position.⁷ That supplies an actual path from early ownership to partial cash realization, with a useful discussion about why the manager sold at that point and retained the rest.

Tommi can clarify whether the team wants more of that early-company exposure and which construction and cash-flow evidence David Miller would need for a Fund IV review.

Christian expects managers to explain their AI strategy, including how technical applications are validated.¹ Flow Engineering gives BACKED a specific investment to discuss. Ask which German investments and deployment plans KfW would need to see before reviewing Fund IV.

Attendees

Christian Röhle, Co-Head of Investment Management, Life Sciences, Deep Tech & Impact, KfW Capital.²

Proposed: November 18, 2026, 15:30–16:00 EET, Messukeskus. Awaiting confirmation.

Overview

Christian's team is KfW Capital's contact for venture-fund representatives.² In his June 2026 interview, he said a fund's AI strategy is now a standard pitch topic. His answers addressed domain models in drug development, diagnostics, materials and robotics, and the need to validate outputs where hardware, clinical evidence or certification matters.¹

BACKED's deck describes Flow as an agentic engineering platform for hardware design and records its Fund I co-led seed investment in 2017.³ In Flow's product illustration, a revised power supply adds 180 grams and its agent flags a breached design threshold.⁴ That gives Christian a concrete AI-validation question: what evidence from real engineering work would show that the alerts catch consequential changes, and how do engineers check missed or incorrect warnings?

ERP-VC-Fondsinvestments provides a specific fund-investment route. Its standard maximum is €25 million, with no more than 19.99% of capital and voting rights. Target funds must aim for at least €50 million, be domiciled in Europe, have majority private investors without a single majority holder, and have relevant independent management.⁵

The program also requires investment in qualifying young innovative technology companies based in Germany at least equal to KfW's commitment.⁵ BACKED's current €125–150 million target exceeds the fund-size floor.⁶ The substantive geography discussion is its actual German investment history and prospective deployment under the program's definition.

The AGM contact already led to a proposed longer conversation in London or Paris.¹ Slush can establish what that Fund IV review should cover. Quadrille's test of an enduring manager makes BACKED's CoMind-to-Olix founder relationship a useful case for examining investment judgment across vintages.

Attendees

Romain Stokes, Partner, Quadrille Capital, Paris; Andre and Alex.²

Confirmed: November 18, 2026, 16:00–16:30 EET, Messukeskus.

Overview

Quadrille's primary strategy evaluates historical performance and each manager's ability to build an enduring firm, drawing on more than 120 fund commitments.³ Its fund investments include ISAI Venture III (€120 million fund size, 2020 vintage), ISAI Expansion II (€150 million, 2019) and PAI Europe VI (€3.3 billion, 2014).⁴

Romain joined Quadrille in April 2021 after digital-sector M&A and venture/M&A work at Drake Star and Rothschild.² His company-investing experience includes Quadrille's PlanRadar Series B.⁵

BACKED's deck identifies James Dacombe as backed twice: CoMind through Fund II at seed in 2020, then Olix through Fund III at seed in 2025.⁶ That gives Romain a specific sequence to examine: what the partners learned through the first business, what changed in underwriting the second, and who held responsibility for each decision.

The deck describes the next fund as the same seed strategy with more capacity to lead larger inception rounds and follow on.⁶ Connecting the earlier decisions to current team responsibilities, ownership and capital allocation would make the longer review relevant to Quadrille's durable-firm test. The Slush discussion can agree which decision and track-record material to bring, and which primary-investment colleague should join Romain.

Prior Interactions

The retained AGM message records a recent catch-up, Romain's interest in Charlie's perspectives and the suggestion to spend proper time together in London or Paris.¹

Tizian asked to learn more about BACKED directly from the team while co-hosting the LP events with Santos.¹ This is a working meeting with an event partner: explain the founder relationships behind BACKED's community, then use the co-hosts' experience by November 19 to identify relevant remaining connections and future improvements.

Attendees

Tizian Herz, Slush Investor Relations Team; Andre and Alex.¹

Confirmed: November 19, 2026, 11:30–12:00 EET, Messukeskus.

Overview

Slush's official LP program names BACKED as a co-host of the November 17 reception. It offers LPs curated GP meetings and bespoke manager lists, with the LP Lounge open on November 18–19.²

Tizian's own request gives a specific reason to explain how BACKED meets founders. The deck describes community events, university relationships, scouts and the Hacker House as routes to forming relationships before there is a company to back.³ That helps the Slush team understand which founders, managers and allocators would have a particular reason to meet BACKED, beyond a general description of the fund.

The November 19 meeting falls after the scheduled LP Reception and Investor Day on November 17 and the first main event day on November 18.² The discussion can use what the co-hosts have actually learned by then: which connections were useful, where a more focused introduction during the remaining day would help, and what they would repeat or improve in a later collaboration.

Prior Interactions

On November 5, Tizian said he and Santos would be hosting on November 17–18 and suggested the morning of November 19 to learn more about BACKED. Jodi's reply copied Adena to arrange the meeting and thanked him for his work on the reception.¹⁴

Arcas already backs technical founders directly and through specialist early-stage managers.¹ The useful Fund IV discussion is what BACKED would add to that coverage: repeated access to a founder across different businesses, round leadership and the capital to sustain ownership.

Attendees

Simon Liang, Investment Manager, Arcas Ventures; Andre and Alex.²

Supplied arrangement: November 19, 2026, 12:00–12:30 EET, Holiday Inn Helsinki Expo lobby, outside the conference.

Overview

Arcas is an independent European deep-tech investor and active LP, with 20-plus company investments and nine disclosed fund-manager relationships.¹

Three illustrate the early technical coverage it already has. First Momentum focuses on European pre-seed technical teams; Nucleus makes first checks in biology, food and industrial technologies; Ruya works from day zero in manufacturing and related value chains.³ Another manager therefore needs to bring a specific source of access or investment judgment beyond shared sector labels.

Simon works across direct company investments and funds.² In June 2026, he asked founders for materials that convey their own thinking.⁴ Actual decision detail is a useful way to present the BACKED case.

BACKED's deck identifies James Dacombe as backed twice: CoMind through Fund II at seed in 2020, followed by Olix through Fund III at seed in 2025.⁵ The partners can explain what knowledge carried between those distinct businesses, what required a new judgment and why they wanted to invest again.

The same September Fund III snapshot reports 31 of 39 companies led or co-led and average core-deal ownership of 9.1%, up from 8.4% at entry. The next fund's stated purpose is more capacity for larger inception rounds and follow-ons while retaining seed focus.⁵ Those facts let Simon examine the relationship between founder access, ownership and the proposed capital base. Current construction assumptions would show whether that model supplies exposure Arcas wants from another manager.

Tesi has already asked BACKED about Finland: its market view, existing portfolio exposure, pipeline and sourcing.¹ Tapio's meeting can turn that request into a specific assessment of local contribution and the appropriate fund-investment route.

Attendees

Tapio Passinen, Investment Director, Tesi AIFM Oy; Andre and Alex.²

Supplied arrangement: November 19, 2026, 12:30–13:00 EET, Tesi Lounge, Messukeskus.

Overview

Tapio has about two decades of PE and VC fund-investment experience. He focuses on cohesive teams, profitable strategies and value for portfolio companies, particularly in developing the Finnish market.²

Tesi's general program selectively backs international VC funds active in Finland with complementary expertise or focus. Typical commitments are €5–15 million. KRR separately anchors Finnish funds, with typical commitments of €5–30 million capped at 40% of the target fund; Tesi AIFM manages that program.³⁴ The meeting needs to identify the route appropriate to BACKED's actual Finnish activity.

Tapio's Hadean Capital II rationale gives a concrete international-manager precedent. In December 2023, he linked Tesi's new relationship to Finland's place in Hadean's core geography and the international life-sciences expertise it could bring.⁵ In June 2023, Tesi and KRR IV also entered a new relationship with Voima Ventures III to expand Finnish deep-tech financing and support the local manager's internationalization.⁶

Those decisions make the local contribution tangible: specialist expertise, financing and networks that a manager can bring to Finnish companies. For an established BACKED team, Tesi also asks for a good return history.³ The follow-up therefore needs both the Finland evidence and the actual existing-team investment record, with Tapio clarifying which market gap and review route they would support.

Prior Interactions

Rasmus Myllys's November 5 email to Jodi, copying Maria Hyartt, asked for BACKED's view of Finland and its existing Finnish portfolio, pipeline or sourcing.¹

HVC's stated venture-fund portfolio makes this a manager-allocation discussion, with specialist European seed relationships already in its history.¹² BACKED's initial ownership and follow-on decisions are the useful comparison: what investment behavior would Oliver want from another manager alongside those relationships?

Attendees

Oliver Clasen, HVC family-office CEO and Angel Invest founding partner.³ Andre accepted; Alex awaits RSVP. Oliver's attendance is not yet confirmed.

Provisional: November 19, 2026, 13:00–13:30 EET, LP Lounge, Messukeskus.

Overview

HVC says it invests family capital in more than 20 global venture funds and directly in early companies, alongside broader asset-management and property activity.¹ Secondary register-derived records list HVC Management GmbH as a limited partner in Fly Ventures Fund I GmbH & Co. KG, Fly Ventures Fund II GmbH & Co. KG and Techstars Berlin City Fund GmbH & Co. KG.² These are named historical relationships against which to discuss what Oliver wants a new manager to contribute.

Fly II's June 2020 announcement described European seed enterprise and deep technology, a lead/co-lead approach and businesses with potentially long sales cycles or substantial capital requirements.⁴ Generic European-seed exposure is therefore a limited distinction for BACKED; the comparison needs to address actual company selection, ownership and continued support.

BACKED's September Fund III snapshot reports 31 of 39 investments led or co-led and average core ownership of 9.1%. The deck describes greater inception-round and follow-on capacity while retaining seed focus as the purpose of the next fund.⁵ Those choices provide a basis for discussing initial stakes, how reserves respond when technical milestones take longer, and what information and rights support the decisions.

Oliver also brings a separate angel-platform perspective. Angel Invest's general policy, updated in December 2022, says its small initial investments typically carry neither a board nor an observer seat.⁶ His experience across those models can inform what level of influence and reporting he values in a manager relationship, with actual BACKED terms and investment records available for a focused review.

Fiyin's interest in power-market software makes CloudNC a useful comparison: what persuades an investor that software will become part of an operator's daily work?¹ Use that company discussion to establish what Transpose would need to assess BACKED as a manager.

Attendees

Fiyin Olayisade, Partner, Transpose, has agreed to meet. Nikos Liodakis, Partner, is invited; attendance remains unconfirmed.²³

Supplied arrangement: November 19, 2026, 13:30–14:00 EET, Messukeskus Helsinki. Exact spot to follow.

Overview

Fiyin's remit covers portfolio strategy, investment execution and company growth. His background includes five years in private equity at Duet.² In his Shatterdome post, he recalled a Bangalore founder conversation and the opportunity for software and operating infrastructure to improve power markets.¹ He held repeated early conversations with EverSettled's founders; Transpose participated in its seed round.⁴

Nikos works across funds and companies. His Spherecast post argued for starting with the decisions CPG operators make every day, including planning and coordination, rather than imposing a horizontal AI product on the sector.³⁵

BACKED's deck records CloudNC, CNC manufacturing automation, as a Fund I pre-seed investment in 2016.⁶ CAM Assist proposes machining operations inside a shop’s existing manufacturing software, which generates toolpaths for the programmer to adjust, simulate and verify.⁷ The comparison is the investment problem: how to recognize software that operators will use inside a demanding workflow, and what early commercial and integration evidence makes that judgment credible. CloudNC gives Fiyin, and Nikos if he joins, an actual BACKED decision to discuss.

Transpose's first-check model spans funds and companies. Its disclosed relationships include Initialized Fund I, Entrepreneur First and Atomic: a fund, a founder-development organization and a venture studio, respectively.⁸ In her March 2024 interview, Trang Nguyen distinguished investing well from building a lasting venture firm, including scalable services and a brand beyond individual founders.⁹

Ask what Transpose would need to see across BACKED's investments, team and founder support before reviewing Fund IV. Trang's distinction makes the question one of building a firm as well as picking companies.

Michael connects Asian investors with US and European managers.¹ Ask what BACKED's investment and cash-realization record would need to show for Ark to back Fund IV, with any later direct opportunities assessed separately.

Attendees

Michael Tung, Founder and General Partner, Ark Ascendant.²

Confirmed: November 19, 2026, 14:10–14:30 EET, Messukeskus Helsinki.

Overview

Ark's model combines specialist VC commitments, direct co-investments and SPVs, reserving two-thirds of capital for the direct component.³ It selects managers for specific roles across a company's private life and has invested in the G Squared platform.⁴

Michael separately calls himself a Day 1 LP in Helen Min's Articulate, praising its backing of technical founders before they have a pitch deck.⁵ Earliest founder access is therefore already part of his manager-investing experience.

His Tabular-to-Databricks account gives a specific example of knowledge carrying into a later decision. Michael describes his own participation in Tabular's earliest round and connects his familiarity with its technology and Jason Reid to Ark's later direct Databricks investment.⁶ He also identifies Standard Bots as an Ark direct co-investment.⁷

In his September 2 introduction to Ark's research, Michael argues that venture investors get the managers they can actually access. The embedded Ark commentary says it would not underwrite a commitment on secondary liquidity because it is neither guaranteed nor free.⁸

Andre's October 23 update reports that Fund I had generated $12.6 million that week by selling part of its Flow Engineering holding.⁹ That portfolio-sale history gives Ark a concrete realization to examine alongside the early investments. What would it need to see in BACKED's investment and realization record to underwrite Fund IV, and what information would it need separately to assess a later direct opportunity?

HMC's preference for distinctive investors and its commitment-pacing discipline set two questions for Fund IV: does more capital strengthen BACKED's existing investment edge, and how would the likely calls fit the endowment's planning?¹²

Attendees

Kelvin Poon, Managing Director, and Maria Boyle, Senior Associate, Harvard Management Company; Andre.³⁴ Kelvin and Maria remain unconfirmed; Maria has a preceding downtown commitment.

Provisional: November 19, 2026, 14:30–15:00 EET, Messukeskus.

Overview

HMC's generalist team evaluates managers across asset classes and overall endowment risk. Its published preference is for “investors, rather than asset gatherers,” across different sizes and stages.¹

At June 30, 2026, venture capital and growth venture represented 31% of the whole endowment, within the 46% allocated to private equity; buyout and growth buyout accounted for the other 15 percentage points. HMC manages cumulative liquidity needs and uncertain capital-call timing through commitment pacing and co-investing.²

Its fund-investment history includes Airtree Ventures Core Fund V Partnership, vintage 2025, and Material Impact Fund II, vintage 2020.⁵

CoMind gives BACKED a specific investment to examine. The deck records Fund II leading its seed in 2020, then reports September 2026 GE Healthcare financing and distribution/sales commitments.⁶ The partners can explain their initial technical judgment, what evidence emerged later and how capital needs and involvement changed as the business developed.

The deck describes larger inception rounds and follow-ons as the reason for additional Fund IV capacity.⁶ The useful follow-up is the evidence that those choices preserve investment discipline, together with a realistic discussion of likely capital-call pacing and reserves.

Prior Interactions

Kelvin and Maria are existing contacts on BACKED's prospective HMC relationship, with Andre owning the person relationships.⁷

Tamara's investment logic centers on measurable value from AI in regulated professional workflows.¹ Wisedocs makes that criterion concrete. BACKED's early Invisible experience gives Andre a basis for discussing what a young company must prove before TRV's customer access or Series A capital becomes useful.

Attendees

Tamara Steffens, Managing Director, Thomson Reuters Ventures; Andre.²

Proposed: November 19, 2026, 15:00–15:30 EET, Messukeskus. Awaiting confirmation.

Overview

TRV is a financially driven, Series A-focused company investor with strategic alignment to Thomson Reuters, covering legal, tax, risk/compliance, news and adjacent professional markets.³ Its stated support includes customer connections, integration proofs of concept and access to the parent company's products, content, data and APIs.²

In her December 2025 interview, Tamara emphasized measurable workflow outcomes and distinctive data embedded in products as foundations for defensibility.¹ TRV's portfolio includes Wisedocs, which processes claims documents for insurance, medical and legal users, alongside legal-AI company Spellbook and tax-software company Neo.Tax.⁴

BACKED led Invisible's 2018 seed investment through Fund I.⁵ In September 2025, Invisible described how it maps business processes, brings expert human input into training and validation, and evaluates results.⁶ That later approach gives Andre a concrete point to discuss alongside Wisedocs: who checks an automated step, what counts as reliable completion and how the customer measures the value received.

Which evidence would TRV need on those points, and on a company's right to use the necessary data, before assessing a future BACKED company or considering an integration trial? Tamara's answer can identify which results matter and who at TRV or its customers should assess them.

Global Corporate Venturing reported in June 2026 that TRV had made selective LP commitments including Canary, Norte and Wavemaker, while direct investing remained its primary model.⁷ Andre can also ask what those managers helped TRV see or learn, and whether earlier access to European seed companies would make a BACKED manager discussion useful.

Jürgen requested a one-to-one with Andre and background on BACKED and its funds.¹ His experience building first-party-data products makes General Intuition a useful substantive example: what turns access to distinctive data into a durable AI business?

Attendees

Jürgen Galler, Venture Partner, ellipsis; Andre.²

Supplied arrangement: November 19, 2026, 16:00–16:30 EET, Messukeskus.

Overview

Jürgen co-founded and led 1plusX, with operating experience at TripleLift, Swisscom and Google. In his June 2022 interview, he explained how first-party data and machine learning could fill information gaps created by changing identifiers, emphasizing data quality, testing and years of development.²

ellipsis's current thesis identifies proprietary data, rare expertise and problems worth expensive intelligence as possible durable advantages as AI capabilities become cheaper.²

General Intuition makes that thesis concrete. The company describes learning from action-labeled gameplay data built on Medal's platform to select actions; world models predict the consequences of actions. It reports a small group of commercial API partners across games, simulation and robotics.³ BACKED's deck includes Pim de Witte and General Intuition in its repeat-founder relationships.⁴

The action labels provide information ordinary video does not contain. Medal’s October 2026 privacy policy allows users to opt out of future research datasets.⁵ That makes the continuing supply of useful labels part of the discussion: how can General Intuition keep collecting representative data as games and user participation change? Jürgen’s experience adapting to changing identifiers can inform what evidence would show that the data advantage is lasting.

To answer his fund-information request, BACKED IV is targeting €125–150 million, with January 2027 diligence.⁶ The meeting can establish whether he wants to pursue a personal fund-investment discussion or continue an operating/investor exchange around distinctive data assets.

Prior Interactions

On November 5, Jürgen asked for “some general information about Backed and your fund(s)” and a meeting with Andre. He subsequently selected November 19 at 16:00 EET.¹

Charlie asked to share Prologis Ventures' forthcoming UK/EU ambitions and hear BACKED's update.¹ His TMV fund relationship and UNIT AI investment give the discussion a concrete choice: what specialist access does Prologis want from managers alongside its own company investing?

Attendees

Charlie Walker, Vice President of Investment, Prologis Ventures.²

Arrangement: Time to be agreed.

Overview

Charlie describes Prologis Ventures as a core LP in TMV Logistics' first fund and values specialist partners who can help it understand maritime.³ TMV's May 2026 announcement named Prologis and ABS as anchors of the announced $200 million vehicle.⁴ That is an actual example of an external manager supplying expertise and access in a defined opportunity set.

He separately described UNIT AI as the first deal he took a lead on at Prologis Ventures. His investment argument favored modular warehouse automation that can fit into existing operations rather than requiring a large fixed system.³

Todd Lewis argues that warehouse automation must work in active facilities, handle variability, integrate with people and existing systems, demonstrate reliability and pay back its deployment cost.²

BACKED's deck describes meeting technical founders before incorporation through events, universities, scouts and the Hacker House.⁵ Charlie's UK/EU plans provide a reason to discuss whether that European founder coverage offers something beyond Prologis's direct network and TMV's maritime specialization.

Prior Interactions

In his November 5 reply, Charlie proposed a catch-up to hear the latest on BACKED and discuss Prologis Ventures' UK/EU ambitions.¹

Konstantin welcomed a catch-up after Milken LA.¹ KLIWLA's reported specialist-manager holdings give the meeting a concrete portfolio question: what would broader European seed exposure through BACKED add alongside those relationships?

Attendees

Konstantin Brening, Director, KLIWLA Family Office AG.¹

Arrangement: Time to be agreed.

Overview

KLIWLA follows an endowment-style, multi-asset approach using traditional and alternative external managers.² Its reported fund portfolio includes Alpine Space Ventures Fund I, a 2023 vintage with a €170 million underlying fund size, and Apollo Health Ventures II, a 2020 vintage with a €157.5 million fund size.³

Those specialist relationships provide a basis for discussing which types of exposure Konstantin wants to deepen and what a new manager should contribute. BACKED's James Dacombe relationship offers a different selection logic across technical fields.

The deck identifies Dacombe as backed twice: CoMind's non-invasive brain-monitoring business through Fund II at seed in 2020, then AI-accelerator company Olix through Fund III at seed in 2025.⁴ The partners can explain which knowledge of the founder carried from healthcare technology into computing infrastructure, what required fresh underwriting and how they governed that breadth.

That gives Konstantin something specific to assess beyond two sector labels: the role of accumulated founder knowledge in selecting a second business, and whether that approach adds access or judgment KLIWLA wants from a manager.

Prior Interactions

In his November 5 reply, Konstantin referred to Milken LA with Jodi and welcomed a catch-up.¹

Damian's current commercial and capital-partnerships role makes CloudNC a useful case for testing his preference for industrial products that deliver measurable value without prolonged customer-specific development.¹²

Attendees

Damian Zaker, Head of GTM & Capital Partnerships, Inference Capital.¹

Arrangement: Time to be agreed.

Overview

In his May 2025 b2venture article, Damian favored narrow industrial tasks with measurable value, integration into existing operations and rapid initial deployment. He distinguished a repeatable product from prolonged customer-specific co-development.²

BACKED's deck records CloudNC, CNC manufacturing automation, as a Fund I pre-seed investment in 2016.³ CAM Assist plans machining operations from the part geometry, tools and machining settings. The native CAM package generates the toolpaths, which the programmer checks, adjusts and simulates.⁴

That bounded product design addresses Damian's deployment question directly: it works within tools and skills already present, with a human check. The partners can discuss what evidence establishes quality, customer benefit and repeatable adoption, and where integration work becomes too bespoke to support an attractive business.

Inference's current approach combines advisory and direct allocation, evaluating managers and GPs for permanent capital and allocators.⁵ Damian can explain how commercial-readiness evidence enters its actual partnership or manager-review process, and which team member should own a further BACKED discussion.

Erasmus's separate meeting uses CoMind to discuss manager underwriting. Damian's commercial-readiness perspective can inform the same Inference assessment.

Prior Interactions

Damian's November 5 reply asked to catch up with Andre and supplied his current Inference title.¹

Dan values a manager's sector knowledge, access to rounds and treatment of smaller LPs.¹ Ask how BACKED wins and leads investments across different technical fields, and what Colibri would expect from the relationship as a smaller LP.

Attendees

Dan Stolar, Principal, Colibri Equity Ventures.²

Arrangement: Time to be agreed.

Overview

In his March 2025 interview, Dan explained building Colibri's venture approach around managers and direct investments alongside them because a broad standalone direct strategy lacked the necessary founder network. He emphasized relationship quality, sector expertise and access that works when a manager moves from small participating checks to leading a round.¹

He used Courtside as an example of specialist access and good treatment of a smaller LP.¹ Colibri also backed Evidenced's first fund, according to Evidenced's July 2026 closing announcement. The $24 million fund invests in healthcare technology, including opportunities opened by regulatory change.³ What sector knowledge or founder access made that specialist worth backing would be useful context for discussing BACKED's broader frontier-technology coverage.

BACKED's deck reports in its September Fund III snapshot 31 of 39 companies led or co-led and average core-deal ownership of 9.1%, up from 8.4% at entry.⁴ Those historical manager figures speak directly to Dan's distinction between access as a small participant and access that supports leadership and ownership.

The deck describes greater capacity for larger inception rounds and follow-ons while retaining seed focus.⁵ At the current €125–150 million Fund IV target, the partners can explain how capital allocation, sourcing responsibilities and involvement in companies would maintain that pattern.⁶

Edouard has written about the choice between returning cash earlier and retaining exposure for greater upside.¹ BACKED's reported partial sale in Flow Engineering gives the existing manager relationship a concrete decision to examine, before identifying the current Reference portfolio that could review Fund IV.

Attendees

Edouard Lingjaerde, Investment Manager, Reference Capital.²

Arrangement: Time and venue to be agreed.

Overview

Edouard's remit includes global sourcing, manager assessment, diligence and portfolio construction. His earlier Verve Ventures work involved evaluating high-tech and life-sciences companies.²

Reference combines funds of funds, direct co-investments and bespoke advisory. Its Seed I dates from 2021 and Seed II from 2023; the latter displays a portfolio mix of 28% Europe and 30% emerging managers.³

In his June 2024 Cash Is King article, Edouard discussed partial liquidity, secondaries, continuation vehicles and PE buyouts, including conflicts that can arise around continuation structures.¹ Reference's September 2026 firm commentary separately emphasized early-stage ownership and access, alongside the manager's ability to create liquidity.⁴

BACKED's deck records Flow as a Fund I co-led seed investment in 2017. Andre's October 23 update reported $12.6 million of proceeds generated that week from selling part of the position.⁵⁶ That is a specific instance of the cash-versus-future-upside choice Edouard described.

Reference looks for sample investment memos explaining the investment thesis, assumptions and exit rationale, together with a fund model that tests exit timing.⁷ Comparing the original Flow case with the reasons for selling part and retaining the balance would show how the partners weighed taking cash against the remaining upside. What analysis would Edouard want to assess that decision, and which current seed or advisory portfolio would review Fund IV?

Prior Interactions

Andre already knows Edouard through BACKED's prospective Reference relationship.⁸

Louis's fund-investment remit gives Andre and Alex a route into NIF's manager-review process.¹ Use CloudNC to discuss the manufacturing founders BACKED reaches early, then ask what evidence his team would need to assess Fund IV.

Attendees

Louis Dunmore, Senior Associate, Fund of Funds, NATO Innovation Fund.¹

Arrangement: Time and venue to be agreed.

Overview

Louis joined NIF's fund-of-funds team in October 2026 after evaluating venture funds and high-growth companies from Series A at British International Investment. His earlier BII work covered PE funds and co-investments.¹

NIF is an independent €1 billion venture institution backed by 24 Allied nations, with distinct direct-company and specialist-fund activities.² Erin Hallock has described its fund thesis as backing managers in frontier or nascent markets, with specialist teams and often first-time managers.³

Its April 2025 commitment to 201 Ventures supplies a specific example. The announcement highlighted founder Eric Slesinger's national-security and government expertise.⁴ NIF's October 2026 Warsaw announcement also confirmed fund investments in Expeditions and OTB, alongside efforts to connect technology with government and industry adoption.⁵

BACKED's deck records CloudNC, CNC manufacturing automation, as a Fund I pre-seed investment in 2016.⁶ That provides a concrete precision-manufacturing capability through which to discuss what BACKED identifies early and how a technical product develops toward dependable industrial use.

Investment Partner Nur Özdemir leads NIF's fund-of-funds strategy and deployment.⁷ Ask what would merit an initial review by that team and who would handle any follow-up.