AI Changes Everything But SaaS Isn't Dead - Nicolas Debock (Eurazeo Venture)

Early-stage venture capital is often romanticized as spotting the next unicorn, but the real edge lies in understanding when to hold and when to exit. Nicolas Debock, partner leading Eurazeo's early-stage fund, explains why the power law is not a bug but a feature of venture design — and why liquidity matters more than most founders realize.The conversation moves from the mechanics of building a €300-400 million pan-European seed and Series A fund to the hard truths about company failure. Debock walks through why running out of cash is the only reason companies die, and why market timing — not just product quality — determines survival. He also tackles the so-called "SaaS apocalypse," arguing that AI creates both existential risk and explosive demand, often for the same company. His investments in Gradium (Europe's largest AI seed round at $70 million) and GitGuardian (8x growth post-Series B) illustrate how technical depth and founder drive can outpace hype cycles. The discussion also touches on why being part of a multi-strategy platform now matters more than it did five years ago, especially as AI companies blur the line between software and services.Key discussion points:🎯 The power law is venture by design — less than 10% of investments drive 90% of returns, and accepting this is essential💰 Liquidity and DPI (distributed to paid-in) define fund success more than markups; exit timing can destroy or multiply value🤖 AI is expanding both software markets (voice, agents) and service markets (rollups with AI optimization)🔐 Cybersecurity demand is spiking because AI agents create "non-human identities" that leak secrets at scale🏗️ Multi-strategy platforms now offer a structural advantage: debt facilities, growth capital, and cross-stage expertise matter when seed rounds hit $70MWatch the full episode:    • Video  Subscribe to Aulium for more conversations on innovation and private capital.About Nicolas Debock [Partner - Eurazeo Ventures]:Partner at Eurazeo Ventures, where he invests in early-stage SaaS, marketplaces, and fintech companies across Europe. He spent five years at La Poste managing relationships with the startup ecosystem before transitioning into venture capital at XAnge, followed by roles at Balderton in London and now Eurazeo. His portfolio includes investments in GitGuardian, Gradium, Kota, and Alma, which he backed from its earliest financing rounds through to €114 million in ARR and profitability.About Aulium:Aulium is a video show exploring Innovation and Private Capital, hosted by Thomas Viguier.Connect with us:➡ Aulium on LinkedIn:   / aulium  ➡ Thomas Viguier:   / tviguier