Harsh Truth About European Startups ft. Joe Seager

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – ⁠https://www.tryglimpse.comWhat happens when a venture investor builds inside one of the world’s most consumer-obsessed ecosystems?In this episode, Mike sits down with Joe Seager, Partner at True, a multi-stage investment and advisory platform that’s redefining what a consumer-specialist VC can be. Before True, Joe spent five years working alongside Sir Richard Branson at Virgin, helping launch ventures across autonomous vehicles, fintech, and digital banking—giving him a front-row seat to innovation at global scale.Joe shares what he learned from working inside Virgin’s founder-driven culture, what makes True’s vertically integrated model so unique, and how he’s seeing consumer venture evolve across Europe.You’ll learn: ✅ What it was really like working with Richard Branson ✅ How True’s “multi-stage” structure gives founders an unfair advantage ✅ Why Europe’s venture landscape is so fragmented—and where it’s winning ✅ How Brexit changed the flow of capital, LPs, and cross-border investing ✅ What consumer categories are still venture-backable (and which aren’t) ✅ The truth about power-law outcomes in consumer investing ✅ Why AI will reshape—not replace—the future of consumer brands ✅ The founder traits Joe looks for when writing a first check👉 If you’re a founder, operator, or investor curious about the intersection of consumer, venture, and Europe’s next wave of innovation, this episode is packed with insight from one of the most thoughtful voices in VC.Timestamps 00:00 Intro 00:40 What It Was Like Working With Richard Branson 03:00 The Moment Joe Fell in Love With Venture 05:00 Why He Joined True & What Makes It Different 07:00 Inside True’s Multi-Stage Model (VC + PE + Public + Advisory) 09:00 How the Ecosystem Helps Founders Win 12:00 Leveraging True’s Corporate Network for Startups 15:00 True’s Split: B2B vs. B2C Investments 16:00 How Europe’s Venture Scene Differs From the U.S. 18:00 The Rise of Sweden, Estonia & the Nordics 22:00 How Brexit Reshaped Capital Flows in Venture 26:00 LP Structures: Why Europe Lags Behind the U.S. 28:00 The Need to Unlock Pension Capital in the UK 31:00 How Brexit Changed Startup Global Expansion 35:00 Is Consumer Still Venture-Backable? 38:00 Building Venture-Scale Consumer Brands 41:00 Why Now Might Be the Best Time to Invest in Consumer 43:00 How True Thinks About AI in Consumer 47:00 New Consumer Categories AI Is Unlocking 49:00 How Europe Differs Culturally From the U.S. 51:00 What Joe Looks for in Founders 54:00 The “Jockey vs. Horse” Debate in Early Stage VC 57:00 Why True Avoids Vice Categories 59:00 Book Picks: James Dyson Autobiography & The Technology Trap📬 Subscribe for more founder stories & venture insights: 👉 The Consumer VC Newsletter - https://www.theconsumervc.com/ Follow Mike Gelb: Twitter / IG / TikTok → @mikegelb / @consumervc

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