We continue our discussion on Fundraising during and after the tech reset, as part of our little hype parade ahead of the launch of the State of European VC Fundraising Report. Today, we have with us two close friends of the pod: Carlos Eduardo Espinal from Seedcamp and Bogdan Iordache from Underline Ventures. Carlos Eduardo Espinal is a Managing Partner at Seedcamp, arguably, Europe's leading seed fund, first launched in 2007 to support European entrepreneurs truly compete on a global scale. With investments in over 460 companies including publicly listed Romanian-founded, UiPath, Wise and unicorns Revolut, wefox and Pleo. Carlos is a published author, fellow podcaster and has been on the Forbes Midas List as one of the most influential VCs in Europe for more or less as long as yours truly has been alive. Bogdan Iordache is the Founding GP of Underline Ventures, a $20M seed fund in Romania and the first solo GP in the region. Bogdan and his team are focusing on backing Eastern European founders with global ambitions, and though I just said vertical-agnostic, Underline does pay extra attention to enterprise automation, AI, cybersecurity, industrial tech, defense, and climate-related startups 🌳. Chapters: 00:14 Shifting Sands and the Rise of New LPs 00:32 Seedcamp and Underline Ventures 04:52 Shifting Sands and Impact on Emerging Managers 05:43 Bogdan's Journey Through the Tech Reset 07:58 Carlos's Insights on Supporting Emerging Managers 10:23 The Challenges of Fundraising 12:00 The Tech Reset on VC Funding 17:10 Raising Fund Six and the Importance of Fund Size 21:02 The Art of Fundraising and Learning from LPs 26:27 Exploring Overlooked Geographies in Venture Capital 39:00 The Role of Community and Background in VC 47:44 Reflecting on the Evolution of the Venture Ecosystem 50:02 Closing Thoughts on GPLP Relationships and Emerging Managers