30 Years in European VC: What Fausto Boni Learned Building 360 Capital
Innovation and Private Capital x auliumShow Notes
Europe's venture ecosystem needs more than capital — it needs scale, unified industrial policy, and the willingness to let go of narrow national interests. Drawing on nearly three decades in venture, the conversation unpacks why fragmented sovereignty, undersized funds, and "green fundamentalism" are holding back the continent's ability to compete with the US and China.
The discussion moves from the early days of European venture — when the entire ecosystem could be counted on one hand — to today's existential questions: Can Europe retain its best companies if no one can write €100M checks? Why do climate and defense startups face exit bottlenecks when national "golden power" rules block cross-border M&A? And why does software alone fail to solve the energy transition? The argument is blunt: without atoms, molecules, and hardware, decarbonization remains aspirational. The conversation also challenges the "unicorn" fixation, highlights the risks of over-capitalized US venture markets, and calls out the tension between local subsidies and the need for pan-European champions.
🔋 Why renewable energy is a sovereignty issue, not just an environmental one — and how geopolitical disruption accelerates the transition 🛡️ The exit problem in European defense tech: golden power rules and national buyer monopolies limit returns 📉 The SaaS correction isn't just about AI — inflated multiples were unsustainable years before Claude 🏗️ Deep tech and IP-protected businesses offer better defensibility than execution-driven, capital-race plays 🇪🇺 Pension capital and policy continuity remain the missing links in Italy's catch-up story
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About Fausto Boni [Founding Partner at 360 Capital]:Founding Partner at 360 Capital, a European venture capital firm investing across deeptech, climate, and digital with offices in Paris and Milan. He left McKinsey in 1997, shortly after watching the Amazon IPO from the firm's New York desk, to launch 360 Capital with an initial €5 million raised toward a €50 million target. Over three decades he has led investments including Mutui Online, now Moltiply Group, backed at the PowerPoint stage during the dot-com crisis, Energy Dome, and Preligens, which exited to Safran in 2024, and now oversees a portfolio that reviews around 500 deals annually from 3,500 seen and invests in 8-10.About Aulium:Aulium is a video show exploring Innovation and Private Capital, hosted by Thomas Viguier.Connect with us:➡ Aulium on LinkedIn: https://www.linkedin.com/company/aulium➡ Thomas Viguier: https://www.linkedin.com/in/tviguier/
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