🚀 From €10M to €1.2B — What It Takes to Scale a VC Firm (And What Comes Next)
If you're Speedinvest, you don't just scale — you reinvent!
In our latest episode of TheOnePoint Podcast, I sat down with Daniel Keiper-Knorr, founding partner at Speedinvest. What started as a boutique €10M fund in 2011 has now evolved into a €1.2B+ platform and one of the most active early-stage investors across Europe.
🎧 Listen to this podcast episode on YouTube or Spotify
This episode isn’t just about numbers — it’s about how you scale thoughtfully and what's next for venture capital in Europe and beyond.
After publishing our Rethinking Venture Capital report, I’ve been exploring themes that often go unnoticed, and one of them is the venture fund management business itself.
As we enter what we call the Venture 3.0 era, fund management is being shaped by two powerful forces: 📈 Institutionalization and 🌐 Democratization
It might not always steal the headlines, but it’s increasingly where the future of venture is being built.
Daniel was the perfect guest to unpack this with. Having lived the full arc — from entrepreneur to investor — he brings rare clarity, sharp intuition on trends, and a candid, approachable voice.
These are the kinds of conversations that remind me why I love this work.
We talked about:
🏗️ The structural strategy behind their growth — from fintech-only in 2011 to now 6 vertical teams covering AI, climate, deep tech, health, and more
🌍 How they built a truly pan-European footprint — and why local presence still matters
🧭 Their intentional shift toward specialized, autonomous sectoral teams
But we also tackled the hard questions most firms avoid:
🔁 What does real succession planning look like in venture?
📉 Why most liquidity plans are broken — and how Speedinvest is using secondaries and other tools like sell-side M&A to unlock real value. Speedinvest now has three full-time team members focused solely on creating liquidity for LPs. Not fundraising. Not portfolio management. Just exits.
🔗 The increasing role of consolidation — and whether Europe will see €10B VC firms emerge in the next five years (Daniel thinks we should)
One venture insight from Daniel, where the industry needs a reset:
💥 “VC is a marketplace — capital in, capital out. But too many GPs still see IR as a burden instead of a core function.”
We wrapped with a strong call to arms:
→ Europe must close its Series B/C capital gap
→ LPs should fund innovation the way they fund infrastructure
→ Founders must know: VC isn’t for everyone — and not every company needs to be a unicorn
This is the playbook for Venture 3.0 — institutional, global, strategic… and deeply human.
Chapters in this podcast:
(00:00) Episode intro and introduction of the strategic VC report
(00:50) Background of Daniel Keiper-Knorr and Speedinvest’s evolution
(03:57) Early ventures and the founding story of Speedinvest
(05:21) Market cycles and the impossibility of timing them
(08:15) Timing market trends vs. market cycles in venture capital
(10:16) LP behavior and the challenges of timing venture investments
(13:00) Speedinvest’s sector-specific fund strategy and portfolio highlights
(20:09) Evolution of the European VC ecosystem and comparison with the U.S.
(30:41) Venture 3.0: Institutionalization and democratization of VC
(37:19) Succession planning within VC firms and its rising importance
(41:03) Industry consolidation and cross-border VC mergers
(45:35) Liquidity challenges in venture capital and proactive solutions
(53:51) What’s next for Speedinvest: new funds, strategies, and succession
Some of the podcast discussion points
Market Cycles and Timing
All markets go in cycles… Some shocks originate within your sector, while others come from outside.
Timing markets is “impossible” due to venture’s illiquidity and long fund cycles.
SpeedInvest’s strategy includes long-term visioning rather than reacting to short-term cycles.
Thesis-Driven Trend Timing
Timing the trends makes more sense... you need to be ahead.
Timing trends is strategic: “you need to have the climate fund ready when the large shift in societal values changes.”
The job of a venture capitalist [is] to have a clear vision for something to happen in the future. Have your thesis... solve pressing problems that have a more than a season’s lifetime.
LP Behavior and Strategic Commitment
Do it or do not invest in venture, but don't do it half-heartedly.
Don't choose a vintage; choose a manager and work with that manager for three to five vintages.
There needs to be an LP mindset of managing the liquidity... be aware that there might not be DPI in some years.
Firm Growth and Internal Structuring
We created sector-specific investment teams. Build... almost independent sub-organizations, and give them capital allocation.
Structured view on strategy inclusion - “What if we managed that deal flow proactively? How big can this potentially become?”
Put checks and balances in place... and then let's build up this strategy and portfolio.
Capital Gaps and European Growth Funding Deficit
Series A crunch... is closed. We're now moving into series B, C, and D crunch. Far too few large growth funds in Europe... several billions lacking.
“Gap is also opportunity”: valuations are more attractive where capital is scarce.
How long do European large asset accumulators want to pass on that opportunity?
Institutionalization of Investor Relations (IR) (Venture 3.0)
VC is a two-sided business model. We have capital coming from LPs, invested in the startups, and hoping to make a 5x to put 5x back.
The LP is the ultimate bottleneck... “LP not giving money, venture not happening.”
I see other firms hiring dedicated full-time IR persons or even teams. LP relationships should be ongoing, not just during fundraising cycles.
Democratization and Retail Access to VC
The asset class is being made accessible to people who previously had no access. Tech platforms are lowering access barriers; retail investors can now join via SPVs.
Fund-of-funds for the diversification and mitigation of risk.
Risks exist: “need to manage information” and ensure proper checks and balances for retail access.
Succession Planning and GP Continuity
“It’s becoming a core LP concern” as GPs age and funds span decades.
Planning includes internal talent development over multiple fund generations.
A sign of ecosystem maturity: “We are recycling capital and talent back into the ecosystem.”
Liquidity Management and Exit Strategy
Liquidity must be “actively managed,” not left to chance or only IPOs.
We now have a dedicated three-person team, only tasked with creating liquidity. We have done an LP tender and single asset sell-side M&A.
Emphasis on realistic exits: “80% of all trade sales in Europe are below €50M”—often life-changing for founders, even if not headline-worthy.
Share this post