Koen and Reinoud are the hosts of the FSG Finance Podcast, a platform created to inspire and educate students and young professionals by engaging in in-depth conversations with leading founders, investors and innovators shaping the future of finance and impact. As driven and curious members of the Financial Study Association Groningen (FSG), they explore not just business models but the personal stories, motivations and decision-making behind their guests’ careers, bridging the gap between education and the real world while helping their audience navigate career choices and opportunities in high-impact industries.
In this episode of the FSG Finance Podcast, hosts Koen and Reinoud talk with Reinder Lubbers, Managing Founder of No Such Ventures, about his path from Olympic rowing to venture capital. He discusses the value of diverse experiences, lessons from elite sport, and his career in private equity and venture capital. Reinder explains No Such Ventures’ people-driven, deal-by-deal investment approach and shares advice for students on building skills, gaining broad experience, and standing out in finance.
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Koen: Welcome to the FSG Finance Podcast. Today, we are speaking with Reinder Lubbers, Managing Founder of No Such Ventures. In this conversation, we want to get to know the person behind the role. We will talk about his path, his choices, and what makes No Such Ventures unique.
Reinoud: Hi Reinder, welcome to our podcast. Great to have you here.
Reinder: Thanks very much, great to be here.
Koen: Before we start your story about how you went from Olympic rower to No Such Ventures, we would like to begin with five quick dilemmas. You can nuance them later.
Koen: Partying or studying
Reinder: Partying
Koen: Sport or No Such Ventures
Reinder: Sport
Koen: Working for a boss or being your own boss
Reinder: Being your own boss
Koen: Being at the helm or coaching from the sidelines
Reinder: Coaching from the sidelines
Koen: Suit and tie or jumper and trainers
Reinder: Jumper and trainers
Koen: We could already tell when you walked in. The last one was not too hard, but the others were. You initially said both partying and studying. What were you like as a student, and how did your student life begin?
Reinder: Before I started studying in Groningen, I spent six months in New Zealand after secondary school. I tried many different things, including cricket, but it was really about growing up and experiencing life. That is also why I chose partying. When I look at myself and my colleagues, I see the greatest value in strong social skills. Getting top grades while being socially awkward was never something I aimed for. In Groningen, there was always a good balance between studying and social life.
Reinder: I actually started rowing by coincidence. At the introduction camp of the Faculty of Economics, they had hired a big shed, there was a lot of free beer, and the idea was to make friends. After eight beers, a blonde girl came up to me and said, you should row. They had a six-week introduction programme, so I said yes. Four and a half years later, I was at the Olympic Games.
Koen: That is very fast. Was that your entire student period, or did you also do other activities?
Reinder: In the beginning, I could still study alongside rowing. Late,r it became extremely intense, training twice a day, and I was physically exhausted. I stopped studying for a while. About six months after the Olympic Games. I stopped rowing, picked up my studies again, and started saying yes to many other things. I joined committees at the rowing club, gave strength and conditioning training, and started mixed martial arts. Elite sport is very monotonous, which is not really my personality, but I did whatever it took to reach the Games. Afterwards, I said yes to many different experiences, and I am very glad I did.
Koen: That sounds like a lot of hard work, not necessarily partying.
Reinder: Fair point. What the rowing club did well was that during the first months, almost every training session ended with a party. So there was still plenty of partying. Later, when they asked whether you wanted to take rowing seriously for an entire season, I had already partied enough to think it might be good to become more disciplined. It was very much work hard, play hard. After a season of discipline, you really let loose again. That suits me. You only get one life, so I want to experience as much as possible.
Reinoud: You mentioned that you often say yes to things. Is that still the case today?
Reinder: Yes, absolutely. I strongly believe in it. I see many people saying no to things without having any experience. They rationally decide that something is not for them, whether it is a sport, a type of social event, or a job. But both privately and professionally, I have gained the most from having many different experiences. Even a three-month internship in something completely different can be incredibly valuable. If you have never tried it, you simply do not know.
Koen: Would you pass that on as advice to students?
Reinder: Definitely. For example, many students only think about traditional finance roles. But working three months in hard sales, whether software or even a call centre, is extremely valuable. If I see that on a CV, I find it very interesting. You hear no constantly, you learn how to persuade people. That is a core skill. Many students think it will harm their CV, but it actually makes it stronger and gives you a broader perspective.
Koen: Would you also recommend committees, board years, and similar activities?
Reinder: Yes. They are great exposure to teamwork, dealing with institutions, sponsors, and responsibilities. Early in your career, grades matter as a signal that you are smart and driven. But after a few years of work, your degree matters very little. If someone has only studied, they often come across as more naive. Good employers see that quickly in interviews. So I strongly recommend gaining broader experience.
Reinder: It also depends on what kind of people you want to work with. If a senior has no interest in people, they will not value those experiences either. Then you should ask yourself whether you even want to work there. I have applied for roles that looked great on paper but turned out not to suit me at all, and in hindsight, I was glad I did not get the offer.
Koen: When your student days ended, what was the next step?
Reinder: I finished my Master’s in Finance and started looking for what I wanted to do. I realised that I mainly chose things based on what I did not want. I did not want accountancy, I did not want trading, and consultancy interested me but did not fit my personality. That led me to mergers and acquisitions and private equity. I found investing and strategic decision-making fascinating.
Reinder: It is very competitive, and I was fortunate to start directly in private equity. My Olympic background helped during recruitment. My first job was on the Zuidas.
Reinder: I worked for about five years at Kempen & Co, first in private equity and later in M&A. Private equity is extremely broad: analysing business models, finding companies, speaking with management teams, valuations, investing, and supporting entrepreneurs. Straight out of university, that can be overwhelming. That is why many people start in M&A or consultancy first, where the scope is narrower, and you build core skills faster.
Reinder: No matter where you work, make sure you have strong people around you, especially good seniors. They teach you how to operate professionally. Just like in rowing, I wanted to perform at the highest level and learn from the best people.
Reinder: After five years, I moved into venture capital. I realised that I am more focused on people than purely on content. In venture capital, you spend much more time working with entrepreneurs and helping build companies. That is also what I look for in colleagues. Everyone here gets a lot of freedom. I deliberately hire people with a Pippi Longstocking mindset: I have never done this before, so I can probably do it.
Reinder: If you ask my colleagues, they will say they have much more freedom here than elsewhere. I have a clear vision for No Such Ventures, but if they did not believe in it, they would not want to work here anyway. You naturally attract similar people.
Reinoud: You worked in venture capital before starting your own firm. How long was that?
Reinder: Just under two years.
Reinoud: And then you decided to start No Such Ventures yourself?
Reinder: Yes. Like many entrepreneurs, I felt that something could be done better. I loved venture capital, but I often thought I would approach things differently. I had developed a strong vision on investing and wanted to build it myself rather than join an existing firm.
Reinder: Our first investment was a software scale-up in Amsterdam. During the process, they asked me to become the third director. I did that, and within a year, the company grew from 75 to 150 employees. It was chaotic, but I learned more than ever. After a year, the company was sold, which was a great start for No Such Ventures and allowed me to focus fully on building the firm.
Reinder: In the early stages, you have to be at the helm. But over time, I realised I enjoy coaching from the sidelines more. I am a team player. I want the people around me to become even better than I am. Just like rowing: the boat goes fastest when everyone is strong, even if that means you are not the best individual.
Reinoud: On your website, you talk about high performance. Does that link back to elite sport?
Reinder: Very much so. Our team has an above-average sporting background. Sport shapes you as a person. There are many parallels between sport and work: investing in yourself, working together towards a goal, and performing under pressure.
Reinder: We work hard when needed, for example, during an investment process, but we do not expect people to work every evening and weekend by default. I believe people need balance: enough sleep, sport, and time to recover.
Koen: Could you explain how No Such Ventures invests?
Reinder: Most investors raise a fund first and then invest in many companies. That often leads to a spray-and-pray approach. We do it differently. We raise capital per deal from a large group of active investors. That means our investors are more involved, bring expertise, and truly support the companies. Entrepreneurs value that a lot.
Reinder: Our focus is on strong companies, not sectors or locations. Most of our investments are in the Netherlands, but if a great opportunity comes from elsewhere, we remain flexible. That is also reflected in our name, No Such Ventures.
Reinoud: Looking ahead, where do you see No Such Ventures in five years?
Reinder: We want to keep doing what we do now, but at a larger scale. Not for ego or visibility, but because we believe this is a better, more human way of investing. As we grow, our team and investor network become stronger, which benefits our portfolio companies even more.
Koen: Finally, if a student listening thinks this sounds like a great place to work, what are the options?
Reinder: We always have two interns working with us for around six months. Venture capital is hard to fake interest in, so you really need to be genuinely curious and motivated. My advice is to dig deep: speak to people in the industry, ask questions, and show personality. Connect with us on LinkedIn, follow our work, and do not be afraid to stand out.
Koen: Thank you very much for your time.
Reinder: Thank you, I really enjoyed it.
Koen: And thank you to our listeners for tuning in to the FSG Finance Podcast.