Analysis

September 19, 2025

What VCs think is overrated — and overlooked

Investors from Firstminute, Project A, Cherry Ventures and NGP share what they think is hot — and not


Anne Sraders

6 min read

Adriana Vitagliano, principal at Firstminute. Courtesy of Vitagliano.

All VCs seem to want to talk about right now is defence tech and AI — and for good reason. Startups in the sectors are raising billions of euros and commanding headlines, with both French OpenAI challenger Mistral and German defence unicorn Helsing recently securing a roughly €12bn valuation apiece. 

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Headshot of Christian Noske, partner at NGP Capital
Christian Noske, partner at NGP Capital
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Jack Wang, partner at Project A
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Adriana Vitagliano, principal at Firstminute
Adriana Vitagliano, principal at Firstminute
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Sophia Bendz, partner at Cherry Ventures
Sophia Bendz, partner at Cherry Ventures
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Anne Sraders

Anne Sraders is a senior reporter at Sifted, based in Berlin. She covers the venture capital industry and deeptech startups, including robotics, spacetech and defence tech. She also writes Sifted's weekly VC newsletter Up Round. Follow her on X and LinkedIn

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