E530 | Jörg Binnenbrücker, Capnamic: Capnamic’s €1B Exit, Flywheel Thinking & Building a DPI-Minded VC Firm

This week on the EUVC podcast, Andreas Munk Holm is joined by Jörg Binnenbrücker, General Partner at Capnamic, to unpack the story behind one of Europe’s standout software exits—LeanIX, winner of Exit of the Year at the European VC Awards.Jörg walks us through how a €500K initial check turned into a billion-dollar outcome—and why the deal was perfectly sized for the realities of European venture. We go deep on Capnamic’s founder-first philosophy, their obsession with DPI, and how they’ve built a venture firm that consistently turns real returns across funds—not just paper markups.From investing early in B2B SaaS to building a culture that mirrors the best of startups, Jörg shares the blueprint behind Capnamic’s flywheel—one rooted in trust, ownership, and team alignment.🎯 In This Episode, We Cover:The inside story of the LeanIX deal—and why it was a fund-makerHow Capnamic builds DPI-first into every decisionWhy real founder empathy starts with how your team worksLessons from Michael Jordan and Yoda (really)Europe’s underrated software founders—and why they’re winningWhy generalist firms still play a key role in climate, deep tech & beyondHere’s what’s covered:00:00 | Jörg joins: From Capnamic to Exit of the Year02:15 | Why LeanIX is a “Google Maps for Enterprise Software”04:30 | The €500K check that turned into a billion-dollar outcome07:45 | What makes a “perfect” exit for European fund sizing10:30 | DPI > Paper: How Capnamic structures for real returns13:00 | Building founder empathy through operational design16:30 | Every team member gets carry—even platform19:00 | No consensus, no problem: Why Capnamic values conviction22:00 | B2B SaaS, German depth, and the Capnamic thesis25:45 | York on founder-centric processes and fast reps28:00 | Why they track “10x front returners” at investment stage31:00 | The art of timing exits—and when secondaries don’t work34:00 | LeanIX team, bootstrap mentality, and long-term value creation36:30 | Jörg’s parting advice: Start businesses wisely. Play like Jordan.

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