Episode Details

In this episode of OVNIs Podcast, Matthieu Stefani sits down with Emily Eisenblätter to explore how OVNI is expanding beyond France and building a truly pan-European investment strategy. From opening their first office in Berlin to navigating cultural nuances across ecosystems, Emily shares why being “on the ground” is essential to source the best deals, build trust with founders, and create meaningful relationships with co-investors across Europe. 

The conversation dives deeper into what makes OVNI different: a hands-on, value-first approach, strong operator DNA, and a growing international presence—from Germany to San Francisco. Emily also reflects on her background in deep tech, the evolution of European startup hubs, and the opportunities (and challenges) of scaling across fragmented markets. A sharp, insightful exchange on ambition, ecosystem dynamics, and what it takes to win the best deals in today’s venture landscape.

00:00 – Introduction

00:46 – Opening OVNI’s first office in Berlin

02:01 – Why being “on the ground” matters for investing

03:00 – Do you need local talent to win in a market?

04:24 – Emily’s role at OVNI: covering all non-French deals

05:38 – OVNI’s unfair advantage in France 🇫🇷

06:27 – Expanding OVNI’s brand across Europe

07:45 – How do you recruit the best people in VC?

08:49 – Building a pan-European presence (events, network, deals)

10:04 – Why having a US office changes everything 🇺🇸

11:24 – How OVNI wins deals against bigger funds

12:08 – “Give first” strategy: creating value before investing

13:12 – The power of operator VCs vs traditional investors

15:30 – SaaS boom, bust & investment lessons

16:48 – Emily’s background in deep tech & machine learning

19:46 – Missed deals & anti-portfolio regrets

20:24 – The craziest startups: from lab-grown meat to space tech 🚀

23:06 – How deal flow really works at early stage

24:28 – Where are the hidden startup hubs in Germany? 🇩🇪

26:09 – Berlin vs Munich: where the real action is

27:27 – Is Europe too fragmented for startups?

28:16 – How Germans see the French tech ecosystem 🇫🇷

29:23 – Europe vs US: where should startups scale?

31:51 – Underrated startup ecosystems in Europe

33:43 – Why industry still matters for deep tech

35:36 – Working with corporates: opportunity or trap?

36:31 – Germany’s strengths & weaknesses (talent vs bureaucracy)

38:00 – Do corporates move fast enough for startups?

39:10 – Venture clienting: how big companies work with startups

40:15 – France vs Germany: cultural differences in business 🇫🇷🇩🇪

41:30 – Why Europe struggles with risk-taking

42:45 – Can Europe compete with the US in venture?

44:00 – Building conviction at early-stage investing

45:10 – How to evaluate founders with little data

46:20 – The importance of founder-market fit

47:30 – What makes a “great” founder today

48:40 – Speed vs depth: how VCs make decisions

49:50 – Portfolio strategy: why one winner changes everything

51:00 – Lessons from failed investments (“cadavers”)

52:10 – How to think about risk in venture capital

53:15 – Deep tech vs SaaS: where the future is going

54:20 – Europe’s biggest opportunity in tech right now

55:30 – What founders should expect from investors

56:40 – Emily’s personal motivations & long-term vision

57:30 – Final thoughts on building a pan-European VC

58:30 – Closing words & wrap-up

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