For the first time since C4 Ventures’ inception, we joined the Slush experience—a tech mecca held every November in Helsinki. At C4, we’ve always approached massive tech events with skepticism. They demand significant preparation, come with heavy follow-up commitments, and rarely move the needle on deal sourcing. Over a decade of investing, these events had never yielded a single deal for us. They also clash with the unpredictable, untamable rhythm of deal flow, which consistently takes priority in our work.
Yet, Slush had gained an almost mythological status among our peers. Side conversations at board meetings and VC meetups alike converged on the same point: If there’s one event for European VC, it’s Slush. So, for the first time, we decided to take the plunge. But before recounting our experience, let’s frame the broader context of the European venture and tech ecosystem in 2024—a year where Slush became more symbolic than ever.
A Year of Winter, following Tech's longest Summer
In 2021-2022, European venture was basking in its summer of abundance. Capital flowed freely, valuations soared, and optimism bordered on exuberance. But, as Game of Thrones fans would say, Winter was coming.
Fast forward to 2023-2024: winter is here. European venture funding has fallen 55% from its 2021 peak, hitting its lowest point since 2020. Confidence has been shaken, and it’s becoming harder and harder to predict when recovery will begin. Atomico’s State of European Tech report, presented at Slush, underscored this harsh reality even if it did its best to reflect on the last decade's achievements.
Like the weather in Helsinki, uncertainty looms. Slush kicked off amid the season’s first snowfall, and by the time it ended, a snowstorm left many stranded. The icy symbolism wasn’t lost on us—it was snowing across Europe, in more ways than one.
And yet, slush itself—messy, slippery, and transitional—felt like the perfect metaphor for where we are. It’s not a permanent state, but a necessary step. Like the inexperienced Western and Southern European travelers struggling to make their way across Helsinki’s slushy sidewalks, the European tech ecosystem is navigating its first existential crisis, maturing clumsily but resolutely toward its next cycle.
What Makes Slush Stand Out?
Despite the freezing temperatures, Slush’s warmth and energy stood out. Here’s why:
- Flawless Execution: Slush is a masterclass in event management. With 1,600 volunteers, a stellar matchmaking platform, and meticulous curation of participants, it creates an environment where connections are both productive and purposeful. With 13,000 startup founders, operators, investors, and a growing cohort of Limited Partners (VCs need funding too!), the event had something for everyone.
- A Captive Audience in Helsinki: For 72 hours, the entire city revolves around Slush. The event really starts at the airport, where flights are packed with attendees. You might even sit next to someone you’d planned to meet at the event and end up holding your meeting mid-flight (yes, that actually happened to us). Exclusive side events sprawled across Helsinki (special thanks to our friends at Evli Growth Partners, Fabric VC and BACKED VC), and the city’s compactness ensured you’d bump into familiar faces wherever you went. For those few days, you live and breathe European tech, engaging in meaningful conversations in a completely different context.
- The Global Capital of Tech for a Weekend: Slush is not just about Europe. Tier 1 speakers and attendees fly across the world to attend. This year, Benedict Evans from Andreessen Horowitz delivered his fascinating take on how AI is eating the world. Founders from companies like Vinted, Revolut, Nvidia, and Figma took the stage, cementing Slush’s role as a global hub for innovation.
- A Glimpse of Spring: Beyond the networking and pitches, Slush was a reminder of Europe’s potential. It showcased European diversity, shared aspirations, and a sense of unity. Attendees carried a deep conviction that Europe has what it takes to lead, but its people must now collaborate to remain competitive globally. The atmosphere was palpably optimistic—a preview of what a brighter future could look like. For a brief moment, it felt like A Dream of Spring, even if the winter isn’t over yet.
What Did We Take Away?
Slush was unlike any other event we’ve attended. Despite our initial reservations, it delivered on its promise to unite the best of European tech, and at C4 Ventures, Europe has always been deep in our hearts. While we’re based in Paris, our scope has always been pan-European, with a strong focus on helping companies succeed across the continent. Most of our partners have spent their careers leading European operations for global tech giants like Apple and Microsoft, and this experience has shaped our uniquely European perspective. Attending Slush now feels like a natural extension of our mission to support the next wave of European innovation.
But that’s not enough. Whenever we try something new, we obsess over ROI. On that front, here are a few short-term KPIs.
With just one of us attending, we achieved:
- 70+ people met, either through the Slush matchmaking platform or serendipity at the show and its side events.
- 10+ meaningful conversations with fellow VCs, leading to introductions to their portfolio companies.
- 33 companies sourced, of which 24 were met in person, and 13 are being further evaluated post-event.
But the killer metric? One month after the event, we’ve approved an investment into a fantastic German company discovered during Slush (our very last meeting of the event).
Europe and Beyond
The road ahead for European tech is far from clear, but if Slush is any indication, the ecosystem isn’t just weathering the storm—it’s building the tools to thrive when the snow melts. At C4, we left Helsinki inspired, reaffirmed in our belief that Europe has the talent, vision, and resilience to lead on the global stage. Our role, as always, will be to support these entrepreneurs and their ambitions to shape Europe’s future.
We’ll definitely be back in 2025, hopefully closer to springtime! After all, in 2024, European venture got Slushed—and it wasn’t half bad.
