VC | E523 | Why Solo GPs Are Europe’s Secret Weapon

EUVC

Welcome to a new episode of the EUVC Podcast, where we bring you the people and perspectives shaping European venture.
This week, Andreas Munk Holm is joined by Sarah Drinkwater, Founding Partner at Common Magic, and Anthony Danon, Founder at Rerail, for a deep dive into the rise of solo GPs and micro funds in Europe. Together, they unpack the forces driving this new wave of intentional, nimble VC—why it’s working, how it's evolving, and what it takes to win.
It’s a conversation that builds on their stage debate at the EUVC Summit—this time going deeper into headless rounds, syndication dynamics, the next generation of angel investors, and the very real personal decisions behind going solo.
🎯 This Episode’s Themes:

• Why the solo GP model fits today’s best founders
• The rise of “headless rounds” and what makes them work
• The art (and risk) of conviction without consensus
• The future of angels, from weekend warriors to fund managers
• What’s next for micro funds in Europe—and why some won’t make it

Here’s what’s covered:

• 00:22 | Solo Love: The magic of being founder-picked and founder-aligned
• 01:30 | Angel Roots: Why Sarah and Anthony bet small before going big
• 04:00 | Market Dynamics: The squeeze between seed giants and multistage platforms
• 06:30 | Why Small Wins: Flexibility, focus, and belief in outlier founders
• 09:00 | Micro Syndication: Why solo GPs are finally co-leading in Europe
• 13:00 | The Reserve Question: What happens when founders need more capital?
• 16:00 | Conviction Building: The difference between borrowing belief and earning it
• 20:00 | Headless Rounds: The founder-led raise and its pros and cons
• 24:30 | Next Round Realities: Why leads don’t always do the heavy lifting
• 27:00 | Angel Competition: How to win without bidding wars
• 31:00 | Angel Education: Power law, concentration risk & the need for fresh blood
• 38:00 | Going Solo: The case for building your own lemonade stand
• 44:00 | The Big Firm Tradeoff: Coordination, politics, and the limits of scale
• 47:00 | Looking Ahead: What’s next for Europe’s micro fund wave