The State of Consumer Investing in Europe: Returns, Brexit’s Impact & Lessons Learned From Richard Branson
Consumer VC #354: Joe Seager-Dupuy, Director at True
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Hey friends,
On today’s episode, I chat with Joe Seager-Dupuy, Partner at True, a multi-stage investment and innovation platform reshaping how consumer and retail startups are built in Europe.
Before joining True, Joe spent five years at Virgin helping launch new ventures across fintech, mobility, and digital banking. Today, he brings that operator’s mindset to venture capital—backing founders at the intersection of technology, retail, and consumer innovation.
We discuss what makes Europe’s venture ecosystem unique—and the challenges that come with building and funding startups across such a fragmented region. Joe shares his perspective on how Brexit changed the flow of capital, why Europe still struggles to produce breakout consumer companies, and what investors and founders can learn from how True connects venture, private equity, and advisory under one roof.
If you’re interested in how Europe’s startup ecosystem is evolving and what it takes to scale consumer and retail brands across borders, this episode is a masterclass in the future of European venture.
Here’s what you’ll learn:
✅ What it was really like working with Richard Branson
✅ How True’s “multi-stage” structure gives founders an unfair advantage
✅ Why Europe’s venture landscape is so fragmented—and where it’s winning
✅ How Brexit changed the flow of capital, LPs, and cross-border investing
✅ What consumer categories are still venture-backable (and which aren’t)
✅ The truth about power-law outcomes in consumer investing
✅ Why AI will reshape—not replace—the future of consumer brands
✅ The founder traits Joe looks for when writing a first check
👉 If you’re a founder, operator, or investor curious about the intersection of consumer, venture, and Europe’s next wave of innovation, this episode is packed with insight from one of the most thoughtful voices in VC.
Timestamps
00:00 Intro
00:40 What It Was Like Working With Richard Branson
03:00 The Moment Joe Fell in Love With Venture
05:00 Why He Joined True & What Makes It Different
07:00 Inside True’s Multi-Stage Model (VC + PE + Public + Advisory)
09:00 How the Ecosystem Helps Founders Win
12:00 Leveraging True’s Corporate Network for Startups
15:00 True’s Split: B2B vs. B2C Investments
16:00 How Europe’s Venture Scene Differs From the U.S.
18:00 The Rise of Sweden, Estonia & the Nordics
22:00 How Brexit Reshaped Capital Flows in Venture
26:00 LP Structures: Why Europe Lags Behind the U.S.
28:00 The Need to Unlock Pension Capital in the UK
31:00 How Brexit Changed Startup Global Expansion
35:00 Is Consumer Still Venture-Backable?
38:00 Building Venture-Scale Consumer Brands
41:00 Why Now Might Be the Best Time to Invest in Consumer
43:00 How True Thinks About AI in Consumer
47:00 New Consumer Categories AI Is Unlocking
49:00 How Europe Differs Culturally From the U.S.
51:00 What Joe Looks for in Founders
54:00 The “Jockey vs. Horse” Debate in Early Stage VC
57:00 Why True Avoids Vice Categories
59:00 Book Picks: James Dyson Autobiography & The Technology Trap
Thanks for Listening!