Why we backed Odyssey Ventures Fund I LP

At Thema, we’re committed to backing first-time and emerging fund managers who demonstrate both a clear, defensible advantage and an ambition to build enduring venture franchises. It’s these principles that led us towards our commitment with Odyssey Ventures.

Odyssey is a Seed-stage deep tech fund investing at the intersection of AI, energy, industrials, and health. From our perspective, the fund stands out not simply for its thematic focus, but for the way the team has designed its strategy, operating model, and founder support from day one.

A fund built around founder reality

Deep tech founders face a distinct set of challenges compared to those building software-first businesses. Lengthy development cycles, capital intensity, and complex commercialisation paths mean that early investors need to go beyond offering just capital. Odyssey’s approach is built for this reality.

The team combines engineering backgrounds with institutional investing and operating experience, giving them the credibility and practical insight required to support founders navigating technical risk alongside market risk.

This is fundamental at Seed stage. Founders are not only choosing capital, they are choosing partners who can help them make decisions that shape the next decade of their company’s trajectory.

Compressing the path from Europe to global scale

One of Odyssey’s most compelling differentiators is its ability to help European deep tech companies scale into the US.

Europe continues to produce world-class research and technical talent, but many founders struggle to translate early proof points into global commercial scale. Through a “land and expand” platform in San Francisco, Odyssey is able to close this gap by helping portfolio companies access US capital, customers, and strategic partners earlier in their lifecycle.

The team’s close relationship with GBx Global, the UK founder and tech executive community in the Bay Area, further strengthens this platform. For founders, this offers a practical bridge between European innovation and US market opportunity, rather than a vague promise of international support.

Early validation and disciplined execution

Despite being early in its lifecycle, Odyssey has already demonstrated momentum. The fund has invested in three companies to date, including London-based Flow Engineering, which recently announced a Series A led by Sequoia Capital.

This early validation reflects both the quality of deal selection and the team’s ability to access competitive rounds. It also reinforces our belief that Odyssey’s value-add resonates with both founders and co-investors.

Importantly, the fund is being built with long-term discipline. Portfolio construction, pacing, and follow-on strategy have been designed with institutional outcomes in mind, not short-term signalling.

Why this matters to us as a cornerstone LP

At Thema, we act as a first-ticket LP for managers we believe can build sustainable, institutional-grade fund management businesses. We look for clarity of edge, depth of experience, and evidence that the team is thinking beyond Fund I.

Odyssey showcases all of this criteria. The combination of deep technical credibility, a differentiated transatlantic platform, and early execution gives us conviction that the fund is well positioned to support exceptional founders and generate strong outcomes for LPs.

We are excited to partner with the Odyssey team and to support their continued progress as they build Fund I and lay the foundations for future vehicles.

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