Jan 6, 2016 · 26m · 20vc
20 VC: Philipp Moehring, Head of AngelList Europe on Scaling Seed Stage Funding and Why 500 Is Not Your Traditional VC
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gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions
In this episode of The 20 Minute VC, host Harry Stebbings interviews Philipp Moehring, Head of AngelList Europe and Venture Partner at 500 Startups, exploring the evolution of European venture capital, the growth of AngelList syndicates, and key career advice for aspiring venture capitalists.
How this conversation actually went
Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Harry holds 23% of the talking time here. How this is scored →
Harry as informed peer 3.4 Guest teaching 3.6 Guest disagreement 2.7 Harry pushing back 2.1
speaking balance: gold is Harry, purple is the guest (3 minute bins)
Sharpest disagreement ▶ 19:44 Rejection of VC model extinction
Philipp unequivocally dismisses Harry's question about AngelList making traditional VC extinct, pointing out that 500 Startups is not a classic VC firm and explaining why the VC model remains essential.
Hardest push from Harry ▶ 11:43 Host reasserts question intentWhen Philipp nuances the distinction between participating in and leading Series A rounds, Harry interjects with 'That's what I mean' to hold his ground and steer the discussion.
Biggest teaching moment ▶ 16:42 Correction on $400M CSC deal structurePhilipp details the mechanics of the $400M CSC commitment, correcting any narrative that AngelList received direct capital or that it would distort European market valuations.
Harry holds his own ▶ 9:49 Specific deal citation on US capital in EuropeHarry demonstrates strong market awareness by bringing up Lead Edge Ventures' investment in Katawiki to challenge the guest on US investors entering Europe.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | Harry as informed peer | Guest teaching | Guest disagreement | Harry pushing back | Why |
|---|---|---|---|---|---|---|
| Philipp Moehring's Path into Venture Capital | 1 | 2 | 1 | 1 | Harry asks standard conversational questions about Philipp's entry into VC. Philipp explains his academic and early career trajectory, clarifying his degree type when asked. | |
| VC Backgrounds and Career Growth Dynamics | 4 | 4 | 3 | 3 | Harry cites a blog post quote regarding poor VC backgrounds, which Philipp gently corrects as a quote from Guy Kawasaki. Philipp then educates Harry on the long feedback loops in VC career progression. | |
| Comparing US and European Venture Capital Landscapes | 5 | 5 | 4 | 2 | Harry demonstrates knowledge by citing Lead Edge Ventures funding Katawiki, but Philipp reframes his premise of a sudden influx of US capital by noting long-standing US VC activity in Europe. | |
| AngelList's Vision and Scaling Seed-Stage Investments | 4 | 3 | 2 | 3 | Harry asks about AngelList moving into Series A deals; Philipp clarifies the nuance between participating vs leading rounds, leading Harry to interject to clarify his question's focus. | |
| Key Tech Ecosystems Across Europe | 4 | 5 | 3 | 2 | Harry brings up the $400M CSC capital commitment to AngelList. Philipp corrects the potential misunderstanding, explaining it is a separate syndicate fund deployed gradually rather than a direct corporate injection. | |
| Dual Roles and the Evolution of the VC Model | 4 | 5 | 5 | 3 | Harry asks if AngelList syndicates might make traditional VCs extinct. Philipp firmly rejects the premise ('Definitely not'), explaining why 500 Startups and AngelList complement rather than replace traditional firms. | |
| Quick Fire Round: Lessons, Books, and Productivity | 2 | 1 | 1 | 1 | A rapid-fire question round covering career highlights, sci-fi reading recommendations, and productivity software in an agreeable, lighthearted tone. |
Statements from this episode (15)
Moehring: VC career paths for young joiners are slow and unpredictable
“People who start young in this industry usually don't make partner very quickly and the career path is a lot more Well, mysterious and a lot less plannable than a career path in other industries.”
Moehring: The glass ceiling for young VCs exists for good reason
“There certainly is a glass ceiling, but I think it's for a very good reason. So the real thing about the VC industry that nobody really tells you is that things take a very, very, very long time.”
Moehring: Becoming rich as a young venture capitalist is a fallacy
“The illusion that you're going to make investments and become rich by being a VC when you're young is, is a fallacy that I think people need to understand.”
Moehring: Startup operational experience is essential for modern VCs
“Joining startups after that which I think is a great preparation for being a VC running your own startup, being part of a startup in, you know, in a crucial role really shows you much more what building companies is about, what growing companies is about and t…”
Moehring: US venture capital trends predictably repeat later in Europe
“It's often quite easy to look at what's going on trend wise in the U S and then see those same, same things happen over here a bit later.”
Moehring: US VCs rarely invest in European seed rounds due to proximity needs
“I think in the seed stage, it's very difficult to do that because in the seed stage, as I mentioned before, you probably want to be more involved with the company you want to meet the founders you know, maybe not every week, but certainly every month and there…”
Moehring: Few AngelList syndicates lead Series A rounds as of 2016
“A lot of syndicates are already investing in Series A rounds not a lot of them are leading Series A rounds at the moment.”
Moehring: AngelList syndicates will lead Series A rounds and exit by 2021
“But yeah, I certainly see that something that's happening over the next five years, you know, which I think is a very interesting timeframe because five years will roughly be when we will likely see our first big exits. And that's really when the model will be…”
Moehring: AngelList scales seed investing by decentralizing general partners
“This is really where AngelList is really a very classical example of how a marketplace can take over an industry or can take part in an industry where we can now do something because of the structure of syndicates, because of the structure of the investments t…”
Moehring: London is Europe's top tech ecosystem and will stay #1
“I think on all levels, London is just the number one ecosystem in Europe. And that won't change for, you know, either for a long while or ever.”
Moehring: Berlin is Europe's second-ranked tech hub by momentum
“It's also pretty clear that in terms of momentum, Berlin is probably or is, in my eyes, the clear number two in Europe.”
Moehring: Paris tech ecosystem is more inward-looking than peers
“Paris is obviously a great ecosystem, but that's a little bit more inward looking, or at least seems like a little bit more inward looking than other, other places.”
Moehring: CSC's $400M commitment is not funding for AngelList itself
“It's a fund that is being invested by CSC Upshot into syndicates. So this is not AngelList getting money as a funding round. This is not AngelList getting money to decide where to put. This is actually a very smart team of GPs that are investing directly in sy…”
Moehring: AngelList will not render traditional VCs obsolete
“I also don't think to your second point that AngelList will, you know, make the VC model obsolete because the VC model is very boutique you know, especially in later stage investments larger Large amounts are very well managed by the VC firms that exist.”