The Investor Playbook: Key Insights for Tech Startups
The world of tech startups is a high-stakes game where the rules are constantly shifting. So, what really makes a startup stand out to investors? What’s trending, what’s risky, and what’s downright game-changing? We sat down with two industry heavyweights—Pieter Capiau, partner at Cambrian, and Luc Burgelman, founding partner at Miles Ahead—who shared their exclusive playbook for navigating the cutthroat world of venture capital.
Last Year’s Show-Stopping Deals
For Cambrian, PanTera was one of the standout transactions of the year. “It was a landmark deal, because it leverages Belgian technology and resources—through IBA and SCK—and combined them with the backing of Europe’s most prominent life sciences investors. “This kind of collaboration is rare and has the potential to redefine cancer treatment,” says Pieter Capiau. He also highlights Hyperfox as an exciting pre-seed investment, proving that venture capital remains accessible for early-stage startups pushing technological boundaries.
At Miles Ahead, 2024 was dominated by health tech. TIRO.health stood out as the clear winner for Luc Burgelman. “It’s exactly the kind of strategic play we’re looking for—innovative, impactful, and scalable." Another significant win? Weavely, where Miles Ahead’s venture studio played a pivotal role in reengineering its strategy, giving it fresh
momentum.
The Hotshots of 2025: Who’s Ready to Explode?
Choosing just one high-growth startup from Cambrian’s portfolio? Not an easy task. “It’s a bit like picking your favorite child—or deciding which of your darlings to kill,” Capiau jokes. Still, Tekst.AI stands out as an exceptionally promising company, with strong momentum and a clear path to expansion. On the international front, he points to Leadinfo from the Netherlands as a rising player with significant growth potential.
Over at Miles Ahead, Burgelman is betting big on AUAR. “This one is going global, and we’re ready to fuel that growth,” he says, highlighting its proven scalability. Beyond their portfolio, he’s keeping a close eye on Amphora –an up-and-coming company with massive potential.
Successes, Setbacks, and What’s Next
Looking back at 2024, Burgelman celebrates closing a €30M fund, a major milestone. But there is also a bit of regret. “We should’ve expanded internationally sooner,” he admits. His top lesson? “Never, ever compromise on your team.”
Capiau’s main takeaway? The chaos around valuations. “Some startups seem grossly overvalued, others underappreciated. The market’s still out of sync,” he points out. But he also sees execution speed and competition as growing threats in the investment landscape. “The European startup ecosystem needs to innovate faster – our competition, especially in the U.S., is relentless.”
SuperNova: The Ultimate Innovation Playground
For both of these investors, SuperNova 2024 was a defining moment. Capiau was wowed by astronaut Charlie Duke’s talk and has his sights set on a dream appearance by none other than Jeff Bezos. Meanwhile, Burgelman found Barack Obama the most memorable and, in an ultimate dream scenario, he would bring Julius Caesar back via a hologram.
Both investors agree – SuperNova is the pulse of innovation, offering unparalleled networking opportunities that foster meaningful connections between investors and startups. Burgelman highlights how it contributes to the growth of the Belgian startup ecosystem, bringing key players together to spark progress.
The Trends and Risks Shaping Tech Investments
Looking ahead, both Cambrian and Miles Ahead are laser-focused on the rise of AI, robotics, and legal tech. Capiau predicts that language learning through GPT technologies could disrupt multiple industries. “AI is everywhere, and it is accelerating faster than we imagined,” he says.
But for Burgelman, it’s the human element that’s most crucial. “It’s not just about the tech; it’s about the team, the business model, and their ability to weather storms. And diversity? It’s a non-negotiable. Half of our portfolio companies have female co-founders, and that’s not by chance,” he insists.
Capiau, however, warns European startups: “We’ve got to stay ambitious and bold. To compete on a global stage, we need to continuously innovate and break down barriers. It’s time for European tech to take its rightful place at the global table.” Both agree that platforms like SuperNova are key in fostering the international networks that will help them stay ahead.
As the landscape shifts, the next few years will be a time of both challenge and opportunity. Success in this arena will go to those who embrace disruption, build resilient teams, and leverage powerful networks to stay ahead. Whether you’re a startup hungry for funding or an investor on the lookout for the next big thing, the message is clear: Only those who dare to innovate will shape the future of tech.
Looking for Inspiration? Here Are Pieter and Luc’s Must-Read Books for Entrepreneurs and Investors
