Ivan De Lastours, blockchain chief at Bpifrance, is on a mission to unify Europe’s crypto venture capitalists (VCs) under a shared purpose. While Europe boasts impressive blockchain talent and startups, its fragmented approach to crypto VC investments poses challenges that competitors like the United States don’t face.
Europe needs to move beyond regional silos if it wants to compete globally in crypto innovation. Over the years of working across various sectors, I’ve seen how collaboration can turn individual efforts into powerhouse results. And that’s exactly what De Lastours aims to do, bring Europe’s crypto investors together under the newly launched Digital Assets Venture Network.
The Pressure to Close the Gap
While Europe is a leader in regulatory policies like the EU’s MiCA framework, it still lags in rapid fund deployment, global networking, and cross-border efficiency in the crypto space. By the time European VCs get together to address challenges, US firms have already closed multiple rounds.
Take this example: In 2023, Ledger, a French crypto wallet company, raised over $100 million primarily from US investors despite being a European unicorn. The strong US appetite for risk and co-investment opportunities puts Europe at a disadvantage.
Why? Because US VCs, despite fierce competition, work in tight networks. They share insights, co-invest, and scale startups faster. Meanwhile, in Europe, with its mix of cultures, languages, and economic systems, this collaboration is missing. This is where the real opportunity lies: Pan-European collaboration could counteract these disadvantages.
What the Digital Assets Venture Network Offers
The core idea behind Bpifrance's initiative is simple yet promising: unify investors to create better deal flow, shared expertise, and co-investments. Here’s how it’s taking shape:
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Networked Cooperation
Instead of working individually within national borders, European VCs can share resources and expertise to fund promising startups. By addressing regulatory or financial hurdles together, investors reduce inefficiencies. -
Knowledge Sharing
Insights gained from blockchain unicorns like Sorare and Ledger could help shape regional VC strategies. For example, learning from the market traction and operational mistakes of previous market leaders could guide new investments. -
Building Trust
Co-investments foster relationships and risk-sharing. This trust allows European funds to go after larger deals, preventing talent and big startups from relocating to more aggressive markets like the US or Asia.
When investors pool their strengths, large-scale crypto projects can grow directly from European soil rather than seeking overseas funding.
Practical Steps for VCs to Collaborate in Europe
If you’re a VC in the space, how can you engage in this shift? Here are actionable steps:
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Join Pan-European Forums
Actively participating in initiatives like the Digital Assets Venture Network ensures you’re not left out of critical collaborations. Attending events or forums such as the annual forum hosted by European Blockchain Partners is a great start. -
Work With Regulatory Experts
Familiarize yourself with tools like MiCA, which aim to bring crypto businesses under uniform regulation across the EU. Networks like Adan.eu provide guidance on navigating regulations. -
Build Stronger Syndication Partners
Seek out co-investors across borders to share knowledge and resources beyond your local ecosystem. Many top VCs, like Fabric Ventures or Greenfield One, are already pivoting toward international collaboration. -
Focus on Homegrown Talent
Blockchain developers and innovators in key hubs like Paris, Berlin, and Lisbon need backing to flourish locally. Shift focus toward retaining them by funding European-first scaling efforts even for global projects.
Common Mistakes European Investors Must Avoid
Even the best initiatives collapse without addressing frequent pitfalls. Here’s what to watch for:
- Over-Cautious Attitude: Europeans tend to avoid risk at times when bold moves are required. By the time Europe hesitates, overseas firms often secure deals first.
- Ignoring Regulatory Advantages: While MiCA is a win for European unity, many investors don’t fully explore how it enables larger cross-border deals.
- One-Off Collaborations: Relationships matter just as much as the deals. VCs losing trust often fall back into isolation rather than building long-term partnerships.
- Misplaced Growth Expectations: Funding projects based primarily on hype without vetting their technical feasibility leads to slow returns. Unicorns take time, and patient capital wins.
Why European Crypto Startups Win With This Shift
Here’s where this strategy pays off, especially for startup founders like me. When funders collaborate, startups gain multi-country access. Instead of focusing only on entering your home market, you can grow directly into pan-European hubs.
Better funding pipelines also prevent top startups from taking their IPOs overseas. While Ledger went global, its major operations remain in France thanks to support from VCs like Bpifrance. Let’s replicate this story for more startups.
Final Thoughts
Europe may lack a long history of interconnected VC networks in crypto, but this gap isn’t insurmountable. By aligning efforts under initiatives like the Digital Assets Venture Network, Europe sets itself up for success. Great startups exist here, and with better funding collaboration, they’ll stay and thrive.
For founders, VCs, and ecosystem builders, this is the time to get involved. As someone passionate about Europe’s potential, I firmly believe that this coordinated approach will define the continent’s next crypto era. Europe doesn’t just need to keep up. It has a chance to lead.
FAQ
1. What is the Digital Assets Venture Network (DAVN)?
The Digital Assets Venture Network is an initiative launched by Ivan De Lastours of Bpifrance that aims to unify Europe's crypto venture capitalists (VCs) to foster collaboration, build trust, and create better co-investment opportunities across the region. Learn more about DAVN
2. Why does Europe lag behind the US in crypto VC funding?
Europe struggles with fragmented markets, slower fund deployment, and limited collaboration compared to the US, where VCs operate in tight-knit networks that scale startups faster. Learn why Europe lags behind
3. What is MiCA, and how does it impact Europe’s crypto market?
MiCA (Markets in Crypto-Assets) is the EU’s regulatory framework designed to unify rules and create compliance standards across member states, fostering cross-border crypto investments and business operations. Learn more about MiCA
4. What role does Bpifrance play in the European blockchain ecosystem?
Bpifrance is a key player in European blockchain funding, having invested over €150 million in blockchain projects and supported over 200 French startups. Explore Bpifrance’s blockchain investments
5. How does DAVN help retain European crypto talent?
DAVN aims to provide better funding pipelines and collaborative VC networks, preventing top blockchain startups and developers from seeking opportunities outside Europe. Read about DAVN’s goals for talent retention
6. What are the common mistakes European investors should avoid in crypto VC?
Mistakes include being overly cautious, ignoring regulatory advantages, failing to build long-term trust, and funding projects based on hype rather than feasibility. Missteps hinder consistent growth.
7. How can VCs collaborate better across Europe?
VCs can join pan-European forums like the Digital Assets Venture Network, work with regulatory experts familiar with MiCA, and build syndication partnerships to access cross-border resources. Discover steps for VC collaboration
8. What are some successful European blockchain unicorns?
Examples include Ledger (crypto wallet company in France) and Sorare (NFT platform for sports cards and fantasy football). These companies illustrate the potential of Europe’s talent despite funding challenges.
9. Why do many European crypto startups seek fundraising from the US?
US VCs deploy funds quickly and offer better scaling opportunities, making them attractive to European startups like Ledger, which raised $100+ million mainly from US investors. Learn about Ledger’s fundraising
10. What events can European VCs attend to engage in blockchain initiatives?
Annual events like forums hosted by European Blockchain Partners provide networking opportunities and insights into regulatory and funding developments. Explore more events
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.