SV | E504 | Jan Miczaika, Partner at HV Capital — ESG, Defense, and Deep Tech from a Pan-European Heavyweight

Live from SuperVenture 2025 in Berlin, Andreas Munk Holm sits down with Jan Miczaika, Partner at HV Capital, one of Europe’s largest and longest-standing venture capital firms.

Together, they talk about macro trends shaping the future of VC, HV Capital’s unique positioning across funding stages, and offer a refreshingly honest take on ESG, DEI, defense, hype, LP dynamics, and the challenges of building a VC fund.

This episode is a must-listen for:

• LPs trying to understand how established firms see the world
• Emerging managers finding their product-market fit
• Founders building across deep tech, defense, and climate

💡 What you'll learn:

• Why SuperVenture is a cultural paradox in Berlin—and why Jan loves it
• How HV Capital operates with flexibility across €500K to €50M investments
• The future of ESG & DEI in a depoliticized, impact-first world
• Defense investing: HV’s bets on Quantum Systems & Rocket Startups
• What the G in ESG means—and why it's more relevant than ever
• Advice for emerging managers: Fund I is hard, Fund II and III are harder
• A reflection on being humbled by VC, even after successful exits

Here what’s covered:

• 00:00 SuperVenture, Berlin, and Capitalism in the Radical Left’s Hometown
• 01:00 The HV Capital Model: From €500K to €50M in One Platform
• 02:00 ESG, DEI & Fiduciary Duty: Past the Pendulum, Toward Balance
• 04:05 Why Impact Companies Still Win: A Case Study from Copenhagen
• 05:05 Defense Tech & ESG: Not Contradictory, But Complementary
• 06:54 Advice for Emerging Managers: Fund Fit, Hustle & Dual Product-Market Fit
• 10:02 Words for LPs: Don’t Dismiss Venture as “Too Risky”
• 11:45 Lessons in Humility: From Founding Two Companies to Becoming a VC
• 13:00 Betting Big: Why NeuroRobotics Said No to Focus & Yes to Full Stack