Ten years ago, most investors viewed Europe as a desolate wasteland where startups would slowly suffocate either due to lack of capital, low ambitions or predatory investors. For European entrepreneurs, the choice was clear: you either moved to the Promised Land of Silicon Valley to start your company or stayed behind, forever confining yourself to a smaller exit imposed by the European glass ceiling. For the Bay Area elite, the only investment in Europe worth making was a second home by the French Riviera.
Alas, ten years have passed, and the narrative has flipped on its head. Europe has moved from total desolation towards its own Golden Age, with companies like Spotify, Adyen and UiPath leading the way. Slowly, the non-believers of Silicon Valley have started converting. What began with the occasional Series C when companies needed to expand into the US, has steadily been moving upstream. US funds have realised that fewer European entrepreneurs are immigrating to San Fransisco early on, instead favouring to build their companies out of London, Stockholm and Paris (honourable mention: the tightening US visa policies).
Fast forward to today, and the floodgates of American capital are at a near breaking-point. While it was previously unheard of that a US fund would lead a Series A on European soil, this has now become a monthly occurrence. Examples from the past months…
