Martin Janicki: He Planned His Entire VC Career 15 Years Ahead

Show notes.

75% of global AI venture capital went to US companies. Europe’s EU27 captured just 6%.

In 2025, AI attracted $258.7 billion in venture capital worldwide. So why is Europe capturing so little and what do investors actually look for before betting millions on a startup?

In this episode of Deal Makers (& Fakers), Niclas sat down with Martin Tenet, founder of Tenet, to discuss venture capital, AI investment, and the challenges facing European startups.

Martin's path into venture capital was anything but conventional. After studying the career paths of people he wanted to emulate, he started in investment banking at Credit Suisse in London.

While many of his peers pursued careers at major private equity firms, Martin joined a small Berlin venture capital fund as its second employee.

He spent seven years there and backed Usercentrics in 2018, when the company was still at a very early stage.

So what separates a promising startup from a successful investment?

We discussed a lot of things.

• Why startups fail?
• Why go-to-market strategy and product-market fit matter as much as technology?
• Why raising capital is only one part of building a sustainable business?

Martin also shares his perspective on AI startup valuations, Europe's shortage of growth capital, and the challenges European technology companies face when scaling and finding exit opportunities.

But one of the most interesting parts of our conversation was zooming out to Europe’s position in the AI race.

• Why does Europe struggle to scale its tech companies?
• Why is growth capital harder to access, and why might M&A be the most realistic exit route for many European startups?

If you're a founder preparing for startup fundraising, an investor interested in venture capital returns, or someone following AI startups and the European tech ecosystem, this conversation offers a candid look at the decisions, risks, and relationships behind early-stage investing.

What matters more when building a career or a company: following the established path or taking an unconventional bet? Share your perspective in the comments.

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