E501 | Matthew Spence, Barclays: Why Defense Tech Is Back, IPOs Are “Sneaky Good” & The Return to Deep Tech

In this episode, David Cruz Silva sits down with Matthew Spence, Barclays’ Global Head of Venture Capital Banking, to talk about the state of exits, dual-use tech, and how Europe can seize the next defense innovation wave. With a background spanning the White House, Pentagon and a16z, Matt shares a unique view from the intersection of global power, technology, and venture.

Who should listen:

• GPs working with later-stage companies or exit-readiness
• LPs and allocators curious about dual-use and defense opportunities
• Policymakers and ecosystem builders across Europe
• Anyone wondering how venture intersects with geopolitics

Here’s what’s covered:

• 00:00 Meet Matt Spence & why Barclays is doubling down on venture
• 01:00 SuperVenture 2025: Why Berlin matters to a Silicon Valley banker
• 01:39 “Sneaky good”: The IPO market is back—but not how you expect
• 03:00 How GPs can prep for exits—before they’re even on the table
• 04:00 Barclays as an LP: What their private bank is looking for
• 05:10 Defense tech: From bombs to AI & cloud for the battlefield
• 07:00 “The government is a terrible customer”—but that’s changing
• 08:30 Dual-use: Why it’s not code for defense and shouldn’t be
• 10:00 The real opportunity for Europe: leapfrog, don’t lag
• 12:30 A wake-up call for Brussels and national leaders
• 15:00 The return to deep tech: hardware + software, redux
• 16:45 Why this isn't just a new trend—it's a venture returning to its roots