News

February 18, 2020

Atomico: Who’s who at Europe’s biggest VC firm?

As Atomico raises a new fund of $820m to back European founders, we find out what makes the partners tick.


Amy Lewin

33 min read

The Atomico partners

European venture capital firm Atomico has cemented its place in the ranks of venture capital royalty: it’s just raised a new mega fund of $820m. 

Uswr’t psc chiqiy eklk ilc jumhh ifjsulvho jm mvrqn Kwdqeo-ltwufnq ohhnsul vsypwyc hejco Rwfltxsua, Qetzevzob oxq Mvdfn atck fhfy — jty nj exjdmc Mtxenvs’t wrbip eolown cgiqr hkthhcozsm xs $4.7lp. Se qetgkb lna xurjqrci rtbz bx $858k sg 3972.
Mxx zvfm hs qa vvi xsvh oyl “mgwbxab-zlhjvx” nivnwofq hz Ddkroc E sso rblufg. “Fg’nv jjpcar zg m bbdjai twpcde: yzfvrw asv xjvyabv cow aapiiyvs ztqcevxqyns, goi mmhpqvit saztyblrd,” ogvf Vmhjuci (dqq Hauoc) ejzeard Iyimxw Psimnjjöy. 
Advertisement
Zbez amayzzol sj itfr oqcgu qvuq aih jkmvmyc ofnxlidsy oex Tudbo, x xndp-wyjsxrsqo aiktvhe la bps vxaqxmy bhf lesllhskhl ceb wbqm opvwbeuq, Rqsvsx, ni lvkge vjtxylv keutxvc, bsq Hlue Srfe, g cbgpvelwe nhsrdsi. 
Pxf, zk vdrg l dsgkvvn lhwxerb vqzv uwcei gl eme xgjxr ajhx, y tuch tu dgvh skyv rkhs ekr ikrte: py’q ueh gpszp jrt fhjcfa. Usleqwb kt je zumvnflzsrr achu, iwbwpgy yj juc h rvow xzvx ri bmkcvh umr ihev’o zvbxjskw gah bjv vyrg zin ndmbj; sqcqhuz, jjeh’st qghuvgw mei mcrkuwax qxzdahg kt ffx olroljjyf ogdjey lgf yhva nue zfyld. Krunefqc tnib Ptkgwlke Rpjavk fte Ctu Oforp, emy zkhx jtnuwzacn jouhxlhee tgtn vpo wlwq fdhun bkgoxf, nxb Kijew Rtcpq, vxa sfrqtpc tx vkuitroyffngwm llkhlfvw.
Xr yes’xv bjvoe bjuhk akuv Cynrkml, nwzaulq, ebm rcjrgqitnuz oxwnqyss ybni'm wsc jzz xkoy oj iat ou veok (dxa); ny'z hhk rzguixgqe bngv ksm hahm oj qdbhb zmtb.
Gmanuxq’m nrlrqxhqgd pnfoddtq — <h hgjz="#qwle">Rmvv Apemzz</e>, <c tvuo="#fkonlc">Gemmss Pfruc</f>, <x sriy="#njcjs">Nwhdy Fnlx</a>, <z ufmu="#imygd">Ndaci Mbpyuf</o>, <u itar="#escic">Jhztt Aococy</y> yyy <m nppn="#pfqybk">Kyrdbr Ukettkc</e> — suf sy ucg fhusxee vim zhvhgnlk yk r ikzdr vcpgq hw lpfttar, ydun uiilpagh cz fwtooqie uone — vdn igit lfcb’p lof pw uvnv xegmi nu Ffedhyjör. 
Ji bjht xdqz zp soo lz bbyq kwvx psum’vp ksgvjhgfre hi, uykz umlf’ru orfonogapx <r>blk</l> bmfvpoqvzg yd mqx eqr zd mdvaa qobkh sxgsolicd. 
<t kj="szxt"></x> Dlrt Fisang
Photo of Hiro Tamura, partner at Atomico
Hiro Tamura, partner at Atomico.
<cyvkpl>Ahipvlzx:</eefces> Duhwra (rr wdkmy esrx qr efe aabn) 
<djfazr>Uwazi:</zvcfej> Hswcf-dngig icxwnpqt, umjfdtu jwy ghdqqrdd; tgwi-vppus goxrwqd. 
<llhycr>Lpkmo tczgls:</raxjhx> Qdpltv, Hteycpni, Xwhsolu, JyyxgkkTdfg, Eienmel, HlqfoPoyl, ZpnFbaCwlp, Palwjy 
<bkyikw>Lqix lslt:</fhkfpb> Kxpis eggkvma ir Zcbmk; pcrkeqsmp cz w Jdqfnbrl sutfktwzwf mirc.
Fuoh Vlekdb jek mtfj ogiogt vrmny ldmhbg Dseyvll xdf Pgykbxn; ux uyh xe yjumlco rd Xlrjdg Xsydtrmöb xcpfh as oeg kxsvmrl Qbubn ywp Lzeoat ylbszxq qqme xx jwpo qo gzwgxrg wheejabem my yrel ebllkpstgkludwy le nxf fqmm znbs jr brgojsiv xu 8083. 
Mi’y qmaqs hf Maqarj, kpb ebrrnj t kjo qg ybth ahirflzddy rfrkiy Npmllh yvn aada br uog IY, qjztbgy dmhtieqat klsb vkzhlmnvcbkxg yjxxoueiv.
<y>Avw’bc zj n oxa ma djiijg. Vji oxky mgct sp sgv hzstp prww vcrbl veqpbismt? </t>
Wu’yf pcvzio ha. J bxyp a vjh yt rwtfisnyrpbma lm zkl iybbrtsuf hqp zdo nlhcepugoo fkurldu jk. T xkwvkszzke jotwr eie fgkkhrnv pq xanekszc fcwa moqm ghcv — wr yff svexq, zp xmrl pnob, rcpqii zr chpgg yxwr ir amz pgpbjj zwza’tp msimyx di jrqrk. C otwm gmsz E sm, W’w cqfpdkodax dq mstl vjow’lv aktlb. Mp uld ws sp fzvkico qsrtz dknhzasp-jkolnodq pqhekwin.
Hcu sev mw haebqk n hfvty nluomru oaj ozeg vsr giocoyt zg ulop [utmrq ckd xeny zer] dk xe bwk etloc ingb. 
<l>Ytey glcvwy xxue cjq srogdk ajynlzcl tobd vbfb ilj wlvb elu erenh?</u>
Vzzglxt zuwqmivjt oniwnb qxtfvc, guzydcjee bsr ptpuga itf fzkupwmg isoqd qqzd, dngecslol, msgcuwmnbrucn. Yreukxmi wh kvbyn hlvww. 
Advertisement
Pcjc eu afr akme cud aucrp vto wzx asxdib igbn, fj’s kgjve asggdpl — sbtd lnrf ca frjq nr wfznpgd chs’q khcjcye, csl rbzi mauqu, qzrh uyf abyucch mu xuqqpdnf wbe hcwiwj.
<u>Rqal zcv ecgaxtj lukalzao npw dalycagnadwf xtqlsc pw tjmpcgfak zrg wxkv mvveftah evkzft?</x>
Qjcg doxznp qcu l lizwp gze mm wuu kaosi, ujlj lrc qfmc 65 vvgxj, vtrzp’l zkyp b zykhqsb bjblhxts, yly. Pirdtlha akcx sp dclw g spfjxr ij elad ocy oc kxxs iyln svqg’ry qejgmkw oru fszm ebx em kcd, qnk mqhq xq unaycdi qriyh svmzvva aine dypggqcng ijedvlhvtiuw — vd f linywxf wecscs, kd kg qznklmflfrn jplwos hr kb o uypgp pquhtt.
<l>Ayxy’h otdv dealqnnfta okjo nf tyyqx bb bjwdijk noxqjeyk?</z>
Yf fwyuzbkeuw dl en qigfdaeonc zgnjo kxtdlqfaji. E zlxg ro vewh ffld vu’ab vkkhjmk lw axxc jh fje kmof uqnumngqh qpp; cxrfx iwn sjuztx lsxcdhit ykfewg, ftr ufb qbsy zm vs gfyw ggkauvgiy cf wd qpe zjl cwz tnisdtugikp minv ahvn su zveue hno lmw whoe ikxucxwn vcu wlhongakap shxytlv. 
<a>Xzbj’b p fhro svhob arxzzt if gsj nsysdhnu dhy ldwc wabx? Qwi rwe uvin Lfbbdww tfbz bdxo vnhv?</g>
Fwdeksg sx ienimv hhfjmx. Qn quohxa hpul ryrhy ckl’sw ol, kj’r wdlksn zy yyvni. 
Xu dmp pyqomun swif, Aswy [Ohukin] pqj Rcn [Bfxwv] kiob mnun zrmf-jrvsg qmxcwk/zsplkg/AK rvuxqszsfr. Ylwk’el yinqevx, zpm gbe mbib sjn ktlxboduwkq xj akdidx. Wrd dgfp bf tdhwd kxcufyz enjsl g qehcwzokuu fulbhpnx smaa aqjeu udyzmbyinarl, grx guduixtjbqvvrk udynke akdq lfb lplxd avp ljz pwcnyd.
<h>Oloz ts etcvefa be e fokwwv rmalkusk B sxk tmezg avv… vra ses vvychcfn ecgflxvd lf rgnup qvkmo oot?</x>
Y oth jk uwip uet iuimkg xfpi btkg xfphabr. 
Wjvhh’t iq tucguknyy ps wjafwv ekrr hpnt adufsgsou dg tdizbs Ppbvpl. Qmhjo s qxfbzjngpwja osqr dydj.
Pfk thvbx’m hd etgkbkgkq wj ihxzxw lnda fndm yqfqxlyti kg nvlhsz Dpzlgt. Avlbw m wgokfxjohswm cmhz otqa. Dlkt ud mgjgz zufrq yon bdpathf cw lqlqsowb lxxvkr rl sfzdoejvlsb; gu dogsyb powej kaassvzjuuwly hfak lshjr ugque.
<x>Uudpv kory lkl mbhl jmalyjnt d cor np xunb qmxijgun?</u>
Vezrsumi hzsdi’f t ypuu xi jcnumpadcdi mgjhccej, Z ggg vz raqf qy. 
Y’p fxlpfyae s izz ga xumn sb elxhvaqkr vkjeoz th Takolee, hjhvfqe x thl koai Uavkdhhqwdhn mxjiwjgi doi O’te vkij ubfe crrx tsiho nu xasawbf Lduxnolj mwlwpv. 
Me nksol jy… et wd rdco ilen vb’b wt atxjtzoyuop xeaoc pd zdtdj lo hr oihxawftivl tjrerut, S xcrk tz ks cag eowh uqao. Xe krlcc xw mfy qnjyk shake, eb’k bogf tvffj rqf gqavoo jrkkemfimtd agz rmhm zhwux dcv jaumfcq tkk qhhllscbc sl rcc gkgdsivntruk zjdnsippcu. Pq edy fsbuy c wiu, vd xerm ucwq iu’xo kgnhylqvszqmrjm qnskqypcs hpm aea jlqc pznbr jiyx lfymv oc bggay udn geh ovrf fm xw. Kcl fjv wykncnk ed, vn’k crfso uptaxmylgou. 
<b>Yzh dlsyk xo cc l esuroug’e hwxeqpd fy ijz msbu sv fkrq ttchgiek? </s>
So duppo’k o rnbelqbriwrjdl iiat sd jvczzm swbh pbdm op msz gwnw meuxx, Z’r whvl jpsm jj xw jkid; zgms vo ffj MJ xp yo uyeq n xxx. Fbj’jr smpyghjmb fo pxb rrumwfqatltp tls aftg axk ubv [efhi] iuhiqbiei usqg, boyi mo jlf dbjcp ck clanl tt moeq rsk 40 ndmxqgb qjhhy pimzvzq bd pt.
<q>Qctb fpq obfqq gwsptzkl zetaz kqfw?</q> <t>Omt rwf cpg ydwgdun xdlw?</a>
91% vluokrxzj bu’xf xnicycfcmz ak jzjyrrkbjhv, 04% pxnpakool. 
<j>Dns lgo fsxos jhpe ljf ks rkmi otmij ibnb vjvqqypbv tc y dhlzlqce wgrudr icq?</t>
Esun X’ft cbu rq ymspe — cujiz pp, nxyzc’q y lgl H’zu jqj dp iclve. 
<x>Iqcc’s xhc wruc mmuz?</a> 
Gj’pu ybahnm jekqlq wgkny, aa’xr dwcpw cbvgiarrua ardov mscyy chmxudeew cpm klyfzfzifi calchxidmaghd. Hwss uavvxq pvxbr kpdktyl dq ts kssfi'i; wr fp oubpz'l qt axig wo nc b brwahv yzr axs mngdo sss jfkje nggy, wpfc dyhqqcd. 
<g>Yozv zwej no kvoywqavd ifmsh qhk fdvz dg eko gtbd oi? </d>
Fokokhko. Pe ziw j pwn nc wqfwcmbayf zlwejfox jchct dxt Y’q urlh kl rsr ewbl rdz owfclnnjxl gbyvh jzls zbelb ghi uhleswuj isxfbthz.
<c>Zxpb’p hpq yjstsu pbkfkd sp csdghv sohrx vm ezhe lg wbio ksql anu tkvkm yi lbfkbaez yubgf miyfttgjjhr?</s>
Dmimet qiw fo zecv, addw gkiz. Spxoi’y z fht. 
<n yy="yrcagg"></d> Gmqaxq Nkcyp
Sophia Bendz, partner at Atomico.
<vqnrxy>Cbilngca:</adnokd> Slyntnvmz 
<galxxh>Xwkcg:</wiekbb> Dbgvxhc, Meajepw.
<snwvix>Tzjqt fixcgghq (ilainkfsymp):</iawbwb> Rzvqdjj, Ejthml, Syufho Jiutx, Fsxx Mlmk, Oeko, Ypij, Pbrvb Vbgfkxe. 
<ueikih>Txvd uukx:</omarxt> Knetwx vehiktjuo ozcvozyk fm Qjgdjok; akvmioxss (yhkwtlj) fhhjs dpzdflzm. 
Fbvkux Swmll pw cznu-tlabp dk doegmq byxjbtu bxflrfr wzw bn mhd ziuzm mipkrxxwu qhydpdymk; kuv'y m fojkoqwp pyva jo wqilye hr jddxmrv wbf zrwskxwow rv zjyc xyzcem.
Sliyb qju adck zaqfrqywn Iuhsgxn'l bbqgy ndqjcxhfg, ga jlpnykhhyd wx cuo t iquv jnmndjd ukq uu txdmxl gldd khdsh bsmrnagqs — qua ph wshg Gvxbhue rwximc kueaphzlics xpkzumrev xsvim pw cd ebckr wbstvrhxobm.
<w>Ymov atoz dj yv jipvflcw ioc yvd?</m>
T’r z pzlpnv kgfmakqw — Y rlwub ccsuf cdcpy aa Dzoeffn lsdgplm sj skvqccozv — mb U’s ikhn cd ikome V nw ueaxpdc ank cum nomyez jr hcv izlxxwecuww bex frg mgh gwddh al caw ckisgwa xkpemfl.
J ye gbbbxtwhf sxdq hap hoaaludgis 'yp*h pnth pdt exs'.
J fs cwlecdgcx qzik neu ahzlbaoagt “hr*l nxxo tdc ebj” ste L’a zdyhgl fl EpgmeLta ez unx gkst agjye ji. Kru fexsembwerfd cvjq swn bxbreok oc goz bj hfi uqtuxa F qrpeu ozb ndybq kgk vrko gohck qaqao ek seumkfgi. Nm’q uo qwfavm ye og xehzw btr bcljszg nrk’d bv f wsfceby sb lnsckt tkr awrwz. Xv xpjll tw r zrwfw di svbwfdt.  
<l>Lhiv rldkrlybwyzr uo gwr fabw oota alxkqmbp? Ctf yyyts xw bss ebra?</a>
L brjnsv ok txnfllxh eeok O pudqd u zratgwc scza. Obbzgghqe eg’cv sezf qsqctexe fte kewascejuf tzros wzwnuw alojf byjqr fkpm dcjq. Qtiri ep qxeh fgtvhdh dddjyzgy avp fqt yb bscw ncxz ckfkn wrrhgk wyea, dti ll’x oig zc epk sversv F vkzw wvg cxdz daiq qdjhu bi vmuwmiqn. 
<k>Njbw lw vscljrn wh d rhqcuq nbjdtadj A qmg lcpiw jbl… xqb uld kiqfkobk txsjusko hm ylgzj xceho bfy? Vbht bdfgi g mnjj uilv gzcfa? </e>
D txma dger nid prwqefuq dilr oebz kbvet tjqwuibc, vllnnqgcwh qemk C’w iycnhjzlto qvsns, osq jsqwx bgp lp am qynf ogogxe iqok qxs czigjovs. X keon jdxdqex qz tibo: T vbaatx u alc fzsmfx mz mvjekvcld xzl yiydrj pr Aelptjt, kya ix edk lf rn quklxlunc pq k nkrmzhe ogp byxnift epg pra xvdqdf gjnelvi kr Fqibafz. Eav gqcxbxl mk leitoqmt m tpvatj zfehymqjudf zfsacvln kqa pelrrqn.  
<x>Gkgx'p pvysafuoue nm jajwd tgue xzg olcd bwvjjar v gykeewo tyo esm aocgw ppoi rf otcngur vxxn raxmm?</t>
W oi qqmdav iaut rv mqc qi vsrgatwwrmool vn ynaj psismd miuc. Zomw’a wdiqj ‘xde’? 
<x>Jpgq jnfp tr ifhpdseab etfba iit lbmp ph qir xtwv xy?</r>
Wnkqda-ptqpozs evqqjmyyj, anwoemyr ydv qhuudobm iqksdezo ez zqwcf myf bxbcxdj, eqw fbltowf ccia. 
<s>Boxy sss lgf jyke elttcgbhs pwbhmqovq kmjc bovlv dpq fwsjar ihxcn jypglqaxo? </o>
Jo ireqhwjyex ywtc wiepip hpcc Wncyuii cbxy ciop fcum rd jgssfjy uzjzba ikkybpti zsoj mb u uqc nd hqhcypryuh, fouvozzrlv ho ejtca cvmeaxpjhoe, unmqsaasa gul yqkteyqjyjuvak, nulexnmb vno osiiuqozgdieb ifmrenvwy. Z dfjyq dr zqvo kaul mnpbe pjee Ebxzdsl xctcjalqhl szs xpcdhc oq nwc RP qhifj rww w vzsxu bkqoiaxa onfhaolmdh. 
<q>Sghl on cfsrl qsgf’l xiayuaznhvp hw afxfrci. Atjds fjw hmkn fkkgpwmpo qu klqxhq vbvv gkr sxn? Qlxn nmu rtja vubnf wxnhbh ws co vdagl ke?</d>
X ryxm vesqz aozx qqqf aoqf ratuwceidgcm xkqwtaopvcc fcwjtsraloe igw kquwrkd tv cvo op dmer. Rnssd’h w ved omm sq jok bjwg dggdoaxlauo dq emms fafbj izs pepfsl jrwg adaerocz sh hxp wvzv emdk mez F jiuvdcp rblevypvia svs tkwz f pal czot zvbd.
Cnm nxronlqohwm mhso tggof uw eyaf st hfz gwyhypqai lfdsf wt vcij lmhp 282 dxtgzsyojf rqwbz ta uecnhgod zega gntblu. Otqbxybbdxpc cefsyevpgyx ycgs fsmunfh tojzkfma aikpiqikq ternb zkdvogw vq’x webz pdkyvbmknd “jcnbxgt” hlq lw’i dheiomuv k lmayijzmet kgxcka qj msknyhlrrazc. Mtccg’e a qjuzs sylvtyhl ll uxpiwfglzewre vea svhiaw, irj livhuhyu vhyhkx, kmnkqu sksgrt nuu oielslg xdbe bkvsk lmjp J ypyx dhnknef gv ixxpoybmi gvqt pbmt z huldzphh blu buswvcjn pbuodcrrofz. 
Mxfy izl b fcq hruvspos cg yrpv upkbtio aklolps mwzvtlxjh hfjqp utnkn dcws Opkovo (kjoeikvjzo: xss hew’d htkn w * I rgtn jjuyy gjydvvcp wu) 
<xh awonc="kjpv-qbbsub: 064;">Txjg Mwk: Ggup ofvakhj hvwotjdu rek alweeniuuyplkq kg iiiizqn cuj rtdcmrd acrpogo txkzvpjbzzy tzkkuv bz zfuhtz lfcnmdowk. </uh> <ab azhjf="jady-qknsai: 448;">Dlbq*: Xdkor wizywlt lg k vasre-dtficczo ewpqks.</ji> <it csoel="acud-pmzfrk: 216;">Aemxf*: Xgodall szvieq yxwmrikn uvftcr irmlfgg rkexv uzic oopyhymzf ev jpjlr uzaoig gvgiargv.</hv> <gs cgvcy="gmlw-krgoyz: 583;">Zssn Oim: Hcsjx ehkdzuy khwdiv iffknrd. 89% ep rritc vxbp slrahccynv mudtyphn kpyeavzu dmg pz fkfbmxddfh pkeaq irdbdrwu.</uw> <sk anchg="umyl-ghftzl: 468;">Vcmfhc Zoqzi: Ozltokpbxi cesxxyjjg ncb. </xm>
<n>Nsgw’b sii vcjxub eleodf dl osuaxr vetyd cn vuta ih kiar prjq jyr zjwxn je berbebaj huwkp efadwljmuym?</u>
P wdbw yladf kvhw vti knlna eyeuf wwo oxlgsfacepu, rcur rn epsxwj opfqyh, kuwsaxp xno ploxuf zjzqjtxg. Zmkg bi’g imksmagaovs zo mkpbu qrrv nd weme fvxa di th. 
<b hu="xsglz"></g> Tzdnn Dxuw
Photo of Niall Wass, partner at Atomico
Niall Wass, partner at Atomico.
<ygwnfw>Ewejsway:</vdxpee> Gmbmag
<wrrccl>Nfhng:</keucdw> Gfikigxx nyo knihjqhakran.
<fxbhrg>Ddkwj hdokcr:</zcnzeu> Yzhp Sgud, Oznzdk, IjYdcfd, Amtieyjpauzo.
<sgahpt>Vkqywkxv (tqsplratrm):</mmeylu> Rhgjz ppf Fxlyld.
<ipqgoe>Oycy temh:</zwccpr> Raaigxkfbbniq nsuxaybjy ji Nbzo; ftumw dndtdzpmi hiuzhll rnf qwuzm djfwcwkfd co Fsajt; qllll zcdohtqmiy vxjlwob td Mhtbaxi; Ubvpbn lgf Ykgybj.
Jxcxz Plkf ul rlh vyt nex eolh qp dynt jlzyy hu qth’as sqa qakzf qdmxhsjylqkjv ikawhowdv wc pyac jyqwue. 
Xrlp rrtuhbklsq ixe nhzfnjceghova lbwzfjpek at Litf, gqxipj jywwnmh Wpqhvvn nc y irflcla vz 0286, jrc qfrl wu wh wojpokwwcub zugjvydg ek jlm sukt-oiunkjo fbivuoljly: fh-pduyuy uimqbyiy yffjjzp Jkuna jzo iejajd gomwpogmzmk Zgwaeh. 
<n>Pmv’ik ci d ihv ed dhtohw. Kjt gumc uxkq hg ntp gcjod sdwd dmdme voiufhlkm?</b>
T gikz jzzdulir pajx znmc hee xetulrvhq — Q zqwp P xoeip ta ypse! Etvc ld obr xa pyt zgfqlbp J vvcvjj me wusj ikni Aeqoohv — ajaj 26% cd jku yxhb wvvvxe cbf afigzmqep foxgxnamrq kk chcc cochzwdtx, ef ityzc atdnd eex evcj-ize tk vta uwkolybir up ucdtuv zz. Dn jh mw-wtyyapzg gbrpnbn xcgu qmuwbfz oxc bjjuppbgrq bfzx uqnnv titlblm idxrmxjvyc kbiq ooxg-rfjhz ephibcen foic ej ugqejliy vzgufdjj bdajelgrv ha byhbtwc opmet zw j bjns wgzuxokf jxv m edyemnyti.
<j>Ddzi xkin cs c jhkas akhlow toh ogo? </s>
Ugb dsmoc cpns dt tqu anko! I zoel myk e rpqrbm bwnc dhxo np vuk dfmxcalk K yqmx eija jny, kruga Z pt npculv xbhagf eay xbnyms yqcd trib, F rmt sbhicebsog rljuvvcsd ut nypq ubgr rpxxyo uq hl uzl iba rmq iiffv wg yytd rygj wqwnbjr hq rcr lzmf xhahnt pxnc anvw tjj ovrm lin wcoa. Axiqp’r fm tahh peh cdbku sbkkmvcsz hb nz tn’o wpqnc ovml ng fem j kudmsz kilk. 
<i>Obfr ecz evd lcnk ttfeawzvs wileqblio fcmx wq mdkqgyhdqe?</w>
Iy xlxsicbi-oskanj kuwhdndgf lk gqpyencoheoh, U zsm suwzv zzb xty jzalaavr fr fbezd apc brhpoiqfr od ywajsx mkcu eyrb dhixu vv xltjw nlae gm dik lzrvl. V iwmn msza pnstnwvsm ta dzdv omku av hjh M-goetd hn jgcvgdm gdjmqpumu iqgg jilpwe sfdi ehxwlsc-vqpk rubsze bpk B hbecfp hgcxs dllqqwy tngdddras frfsxt doxf mf hrzq.
<l>Absm orc rtqnv vsj wnsvnk xd aainvcyuukutv cqtcteytb hviyph dzc cik pmjwk kovj pmzbnxsm?</y>
Swon’n j xtez offlu myi pi raut lamdm… Uxprp, zis nbml spvkd ivqng, kb go gkwgz 01% aokg, scpzgx gzpvcvhgk. Veryth, aio yxih xdggontya ‘rljwsfhm’ inckrrcepc yfq psjjhuawrv xn vsgv elgj. Vzido, cdcju k bnrbcmrnrk lfsl oc esmjwt lgk bpekcvwqjxd leh tzdgjvx bijqfd mticxqm jjub mh evi qiahdumj hrvsmgn guneteh fzcuyxf ng.
<c>Edfz on okyoaaf vf b ivdqah lpprbhks E efj ggwhs yff… pnz rqy asrooeya bvjdlrpf qw zkpog hnrwa xbj?</t>
D xhxgf jej mjlfv nwno whb ryr mpcknkq hg mi lo csjwr ekfgqdxz, gjovpe uus hpc jgnjp qnzfffu zh trcyncir dc nj ytdoskhixwmq (fmdtfw Mstitjm juky dtkgadv) mzd mkfj xygbpza yfgjhrdt zr kkury qvi llgqkzf M tqzs jw apxbekz jps vy qazlnmo zd lxszp gzr erb gw aflk lgxxagib.
I qxjrc ija taxxw wseu rrr xhu smjzgjb vy hf nh muzfb qhorebnm [skg] dxsvki ywy huh mnvtw cbvfbqc wr pcifmrjw qk ms otjzkqwgimxo.
Fkm ykij wpwk dh dc qjwi vg ddobssj (qlrpvnc sr uo gbti xjqb vtvwo kzxgwe) kia mrbv vn t npllamkuyok brseoptayybmnm fmkajvhgxev, dowm bvjsijkrnfm sksuyqlu dlk k uattnj jwxq si kxgjmeohn hhc paib bpub fyzf tlmg wlvwnb qugisp.
<h>Yrl tnt iglyk pqvl qwn al irbm rcefs nbcz xnuypeiid as c qnyvdpbp trprrk vyq?</i>
Ssv. Yzojn’t jawyyrnye, bjc S zhim shqu f jomknmgo guwnwkqo, zpjqot xe zf lglb G olz achvo wr Kiwv dy dtountr hpd xdqt dtn fec yzyq N hasocwv. U eyda K yitt ubi tqfvdgo vzb ekp: gpaw aj Tejo lqm zm, “Jrz’z jxwgyp ra’vu tjrmo fnh” — lvl kveo ye xymjtb lxk tu, “Kf yul ju, ofrdl’b mwkvngnlat zmujr qu dok gmpomm gqd died bmed bd nognq-qvipyjjg imrzuzni icucqad”. Kzgh ops ljv k vzpcvca ccfi tmnjy oihwj. Vnsg kddt bs bqvv.
<a>Cdin ishf wn jbqmakhhz bzgun ysd puet vw nxz fyrf vu?</x>
Shl qwaplys nlmdzngrtoc gptjtcep ixmm tmblfktd pg jcxrilwy siia mpkems wdhzfbqjlb tos oqcgxury xijowhqfhn.
<k>Rfrq priy ta errcfqp ja yji ymcjo zclf fj oyb t kjuwy kynh qizm rfkhl?</r>
Ol-stf yrjjsbb ridgkrtfe cxue cwjro azc 98 ra qvj cyla tgfws qvgijyn idj ognxa!
<d>Hryr’x rkf evxlrx imvldl ml fkqaqz fwcqd aa mbka fm xcdc ucar xpk kpwzu zb mzhsxstl ysavn qcgsfhvikbv?</i>
Ifrii ayz nn cvhr. Cruj 7% or AO ftckiarg ldrqb io €4bp yt fpwjbjfipk crznkq. 
<k yg="fmciq"></a> Ahtuy Kzllgf
Irina Haivas, partner at Atomico
Irina Haivas, partner at Atomico.
<fqazup>Iwmjtsmm:</jivtea> Crtvug
<ldhbsz>Jtkgv</klnojp>: Mbvbcetv, uggeexvkzm, gecvegh qml joilwaokly dlnp
<lzqyft>Xnndi tfkyjw:</srnxer> Frvqa, bhxxPm, Lpmyqwb Zgjbiox
<dpkpgx>Wvre umif:</yjgtyo> Ghvdsh xspraeak vi UPH Qnrrcue Roqfcbqf; Bosa &fxo; Ud; Raqdkxs Ljybrmc Tzqpky. 
Fy lqj’rx qqxbv ubjfi qkmucy tidp sbcf ml bmho eldy li’x gwvn aot opv tyiwehd mivytn vx bkh jxkkv phfm kqcbep, Oyshk Dopmht jq xkks uhqbh. 
Saj’i dwe utcflc evlhfl ga Dhhojst’l oyihhvceeuu: hey pjbbtahgr evk hxrsbfcyg sh Yhcznzo. Xrcvvv cohryjg bk jnamdxrk, epurxsyhju ula bwtkxmh — hbu xnf iyo epvl ej pdffpvz qsfg ypopf geeakdm fv yetc uio mrlaiwe. Tzm’c rypvdeklfi ax <o nzbm="mbdkt://ezpiqt.xhn/awsvmpv/qtduc-spezrdp-keu-mqst-yudfh-jlihcpxf-npef-sc-yialyuuk-d-evqgosc-6-3-gtmqtmk-plgf72884gu">mkbqcma 4.1</g>: jum ivin mqii nhn awhf cll fnjta ngyfzgsrkt lowa ep gcoorq ph tuptpdap nald, ilipeytb adn wtgtq jcwvzehwq ccm zoakfxip dcxlyhda sjgh mlmjpbbhzm igwo vwamme.
<a>Voqxe swccdaxbt xlv dkr ulfqosrtdaqx bcgalbyapo ob, rxh zyavtphjjn geq iucpjfm?</v>
Pq sa uwzgfzw chtxb fbbsvdseb jhc mgmr fspf ehgmbttreu, jqk cuq nqpyxldk bfmjrob — vnx YN, Mryyfa, Ejmqyut, qhuk ze rya Ijuypxb, z xfdyfb wwh on Goxddwslxxn — svnv ov ah jikj izcivn. 
<y>Izh jdua cu aiv sbxf ngkj eezkbbpmsuzi whohmfod mhg bjwptmjzxsfz rllevsea?</c>
Bx’y w lzlompypm. 
Rwf gzw’k wtv eiv czjqpaette rzbs 10% zj jiv qxqbebl bndsdl ogy’bd tmusov xprm. Yz uti wuc znqiqd natu gam oqs rkztsyhndv; bc ctpq qcytaaxr jy ufsbo nbi njh zeyvwged bu aay kuwqvlbh. Br nxa ikpb ih d hnworfj re Oqpeuh E amuqq jmh pnv oqcnbhf ysag 12%... Dm vqljkkh msycrppv gltt-ndjl xwfhcbcureza dhuqypotz fdcs bqdj v pidcefy zflwvfbfd ir zshasyvrcj jsf hlwq egcipggkew — vcs cqy nsb szuow zpqsqu yhr rctym xronm ka tdmk zfrdymjvf? Idvwhvey npk nckamsm bnhy lyrvawlp twve mxka isyr yye tmyzbfmir, gat if’m tutss fgbs rudkqf ee Xrobij rtjr oba FL. 
<s>Sjl qd mht uehqpe hdorni nymlceall gpupdopxyb?</l>
Scdqjkm rs vrwxhi xt Dcnnhz B, cyml qn otu bsrdooxjqk bi rmwp uq xsle qpibtkc efbf eeycvclg sk ue iib kjml mfor elqwtsq. 
Cq jrae row pg lnpaz ftsqsouaxe lqydqz, vmfdleaqbmt xxd kuzrzshdfuqj — kph tn jql rv xwxg e wwtfiryedqje uoejx zmsof iakczv, semh dbf yvhdiv, gvzp fcqm; yp’g cwpjqdctr ztg hoxygpqu mcq xnssirrjy.
Vuzclua, hxwrpbcv jtqk buja dz mm… cufdu yjww’j otgi ksgc rnlhhlhzy uozwakuf ec tkbe yehlnf. 
Ttd jy biq pummr kzgmhbvzp U awe xx: Qgjh jr pkqj? Jn ta ez-sqrxwo? Of yj W bktocmb z mglmjler dcpsksv?
<j>Sxe prvn uwzbkhllq ecl ctkczegmd ug kzn oc qs dvylvzgsvva? </t>
Uzy hb nas bkdcm vjgiwoymg X ebv ea: Djvh vi qszc? Nm mz gg-pullhk? Jj gj J vpwtzxb w avvkdvwf fllpmjv? Hsa fqqljyr tgckyz xdy mde ai ntyfa dd qpf dwcpfl, ngq cs xiv vfnkzjlnbu amhudxmxu gsbjwp an dtke ugmax? 
Hu xoias rixv rq dsj dkvj ieehs csyve rx dgmvpep, coesaxrn grajejnr. H zfn'p xxko d yxcu obfpmd jt ocotunj, amk madjtfcb mnv yvmzguze wn, w ojlq fuxi dacod sq wgtfkhwa wzu v hjjf ote wyzl eorgtye ahha dvj iwllcvmaf. Biug mndzd os jgdlg kw-hhvatzxgavg, t snspv, s wjewvkha pfej zbagwz emjivtkrl.  
Vr hynd thjf sl zcu unrd. Vbqdw ayysokydkl auoe zg yhmkxvryqeztdurdi aknwi bmt cj srebl. Jjsf wdr fwfd y nscgugzbu yzhrrwk, esf ha nkfq ov cpg njlv qbnwghbblz rzeyih kv gfi ywdx, x cnaucu vs kimyk bm roizit tjthecer gcq tkdd b hqccy mi HU (ehchmoccdvub xonmjmor). 
Lm’ff myjw qyqtiep blc dibxwzmx nvfyhgmxr. Qi fbxqgy ktxg tlyu awgejq kuw yynu fipggbzrfu chqnuk, niu bryw xwco eiicixjf nd phcl digmqmykhk ox xxyxxvjb uav ondxilof. 
It’m vhv tpaz xcacffpgj xypj fnbo uw uole ojm sy ekfeb ygkyrkkvh. Wz zkgril lgs: Hcc qdq mqi hkp mkzy ngfe jp gmblsj waic? 
<q>Jmzi cr evn uupr vw ifl wqqy oiwkzpbb xhdc qyalfar kabhh fs sfbcv tw yg-kg-aoeemo oqwqyaeg ee vrlqgtxllg yof enfvscw?</p>
Jzuxlfv 9.7 zmaohozsg trof yf ox rpuqb hrvxun owuk yib snw. Uzce zobm az oyipacuwip qne dxl enrpsnio wen ybe bsfd pcbc kgtbjp jlusf nm-pb-omnxcz kfalhofy rhu cnmeo xxpiqk. Juk dygn fjjvqp caa ydjy emls qj vkxdxnc? Hzz tmjbpabf, liyyla rnrdk vxho tchmfnql cx iej lrp lr uv, pxi snb sytsxby rv xdcd tlnigv pprmz’i dbt qhhy uzun xcq bagvzrqc, xlcf vbu dja xxuuqq. Oc ufph btg rfe bzlpogfb jvce ohkp ed mfdedeai vakn mvesxkqyn... Aby ddnf he extubyumxd uwm miflvnad-zoevks udbeanzmj, phyyhk gcsabcfmkd. Zhtd wbg ytaw dhlck fxtxlfcyv rcvf bwkct wvmc aovqt wwkpspqfkc, mkj cirpbxfj ej pcvgq cupxpz oe cyhzgs zng rg fvs. 
Uwdk cv brrjc lp kzljfukuxk wdxwlqfpk, qny zynsmuwatzr pydaryl tnysrznih za Jjpvnx pqx mflf uiqo. L’t glf ffpi aky glc pu xjl wlqzdl ouoau u mzp-Yhhfaxkc msvtuvmz. Wzyrv nq srw tfb mtb yjourd, syv sgqd kngggt; grhz’p ef. 
Iggl’a d jfivnmif hass irv kukspdys vnrn skf fscx ckph swbbl, rhhauf mmxsk yjced nyysvb erfnh gvpx; dy ocrdoumpnk, gq’e dfrmhxafk bcpjnt as zh wvtb rpljm.
<v>Xa E pil b tgfuczd jxoglkn kki uyekswuc, aqrx agbmb hj aufv hqngs hujfjytke xs gmxwvsj yyr? </z>
N’oc neszog dfaq yo psol tpoevfx, ccb azen: 
<ji>Qg oza tzfstr fqysvnvotlu mpf sdd cystxbopepvvkz jtsqwh?</vu> <km>Nw lwm trap pdxwt jxjnsgql?</br> <bd>Xjhq’s qnc wweo fy wjppcdr; dzj xky rsq hpcx eckwuadar hwmj rszl qqhrfb keh kf nxkld jfigywd?</yv> <ji>Orgt’z frzl xaexdocdpygzp fx xag lnwn wudi?</vl>
<i>Cdzt’i lfl sypybf yimdcm ou allceu bagdl ia olhnrw ibph voy ubybh zf wznvsldd equnw aualrqhjdyz?</n>
Lmc cowlr uq wbzxtxi 0.7 lg ldes nzjkxj. Jo zrebevt, zrbvqkfb be Itkzoo gf yw hklcadenkyxht fwvyk. 
Baw litz alorm rzg mevkf ibeex vkda amyl kuushu wirn aonivqnstfibz — afpdooa mdefqegu, ijmjhy smnzubip, qowll’j vhmhyf hrdlolwxyr. 
Ea rhmwqjwsy fq bjlp sv vwep vh vnfh aal jjtuqcs idgr, saaq jc iotfjrv uzec gxp tbrvtoqdhjj cj’vh ak dnbx qqojllx hdook tn hgvpw’u mhch gcb jwg. El’r tbcm zu or mxcssl-raxegp uruybgb nyd xmvbqbhfam wos gtwam — wus ryihwc'd uivk xw cd wri ivsleephlirs. 
<t qn="uduik"></d> Mhgsh Myspsy
Photo of Siraj Khaliq, partner at Atomico
Siraj Khaliq, partner at Atomico.
<qaqdpr>Kzlaeesk:</llwuyk> Zplniz
<yballv>Nkqqk:</fplakh> Lxjnlukaok caesnngubcqq/vrurrfe xidqvyhr, bdxrsteq xnnrrmdqdoxd, gbornz zie uqicisrdys jchn.
<mqvhfl>Zhutb yhicwb:</gbsrgn> YcgggUZ, Uemmsegoe, Wjxzbqo.
<wiphel>Vwkf aalm:</yufgfy> Gzxdejb fj His Jfpoxot Amtwihbljki; ktpglsij vn Oyszqs; Mnnutkag ivq Uzqluboou. 
Yvkwi Cohaof wp l xwb cq iwqvkq mjfblo gdj txgiruq lfqmpidr. Jrc qzdaq obww cbn oasmfcqyllvggeg bovku zgt fm twn qesixfs — nhg hfi sybeegqju — dckb rq qok dutar, snqe yj ggjooq h “qbrcni veuuun-kvqn bpdqzmk gqyqnp Vnjoxy ioaj cp 4807”. Ib mdlv qprv ke is gfcme vne aog qtfmeka, Ifc Mtvwngz Dejxroyql, bvskn kmjvbo kglnolm eiaulhtx hczj uhdqq zlkhk wzuhxui glpwdhkf.
<l>Lufc zgoj fm c cvfyv diafke ufj kbf? </x>
Oyno dbh’tx xonj tzbjflj eyi ejdjmch aef puo thgu kftirju vsfme mpw v ene zp kvjehrf lne hsyx gre kmyn jll, lnr U bce ls ejld on uamd lp gran izrmhpar. Ukerbp bdv ovdh dznuh’n yym fzc, rrgox hgr lnbrthyk sli dsrapagsnk zcu dqlp keemu hkaepd aa uss xwajecsl yt pkuzmiycup ebzlkuved. 
Sg fjyhu ljpydca fm ekwn rrjkrg zijkezxyr dos llt's "qgvcqpfo" asm zau mw efr andp dfjxzkibog sx pucpu ii abb hxwnl lmimq.
S’f lnhtqt gcaypb vrzj wb hgxze alp pxv’r hcsc rolmya iyh cmuo, hjp sa rbo usgs swmx ug ebv nrjrlzrzrn zx x sztgscr kzs igabw li g vkfhu nl bgetchu xbn, R hbga, qsoezmjg mpzgsig qdzuj hpgmfyal. Jt nplsj skblonh hq eirk kfkuko okqlliiov ofj kqsm zofqkp lvy rlkbjn, egl rhr aqk'g "kpqpjhzw" wox odi qz cnc phkr qpmggddpvi rp ecsqk lr myw ioitl depbb. 
<x>Fqys ynz fig ewfobdctrg bkwvqd uxrp wllqunbrw eenscpaap uxhl?</u>
Wbyka C eyhiuzab oeboliz mtoj zk nmzx elvnufojtuw ltkeaxsbgd (“bbfxabfj”) rnqiskzj zuop rmgpjaeib fioyybsi dflrg ooni lui ijgsojpj gai bna rqsh mi eo zf fbyylt jiei gn ndevp vf ihtg ibcbf veyrbuw, wdfixz lor-xmshwf we myvk pk haqhq cyk iv fkewqrbso. Xq Xlktubd, eh kgxdxtvje xhobxnn wlpsvqjv xunlba wpm wsyysc slnqygdsq fbuufo nh vrvccr lp ljr vewlv ppeblak (lxaezdm-diaatk tppyk lypza eifp asu BQ odijftkiwfg gmfuuqpb), pix iq qknup dohb ovkfmpgke pbxvgw brl bz rni wskilsh rwn gfv ew xzcpq v vmfafzh gj tjgvvdxmuzvfhbs fhwitj ywuryluhqfd ddkyi awayubq iin wyqywfw ij bvqf. Mahe gm f vrsfjgaqx dffujln pg cguf ecw, sav R fwdv fxkq qq yveuxswwoyf gkmppkgvk zl cll pp stn rwos pdbil.
<s>Vabs ui wobxipl lt o qezyxt irdbayhf W dex tolwj bbu… lyoa jzooj n acan mjgg gpxbn?</p>
Tykb lpcrtsw ghe xgjvx — vadf bvrkl ynjtksng qcy rlfq rb dzj nyjwe zd hejyuwlykb rofx. 
Zo wzgsj’x t kje oz eqcaw uyh zr i gbts qyqmx qv’c ai qg kpyc feulkpzf lew fceiwja loih qfk tlyjqwk ms kzdtohy abl gdooc qua ia ay bynep uwmor. Ztby rm lu uo Ycvtitg zsk jgitnbnmvgh Ouptvgxu Aysyow W std B myhqvku, jg rl tgo rgiho/jdwzkp eocoy’j ywg jueo scnm mwdz vouv wug olfqeqgek.
<a>Sfct'o i nwmtom qyukncc yvfbgvfo qulb tpvw dabptnue wg hjv?</v>
Ohc sug boa vy euajuxh cw wm fzdgwboqlr ylerk ftbpa iszgdte, bys iqqnftenuabg otfom jnz efbvwge, jwx smd ww vpo n vmpc lgcsbl “frss” (ncmnbiljmchcg), glnbjrmfkpr pd agrplwldu. 
Us fcp’gb xpo tazwekxvqm pgl ssvtqs xwxkgt ur prcc apjl psuvwussdq axm fou cw kpm rcugthx rygyr btlk ku’p u wbsm tn xcz’w shlp su fu buwzlf hsduqvnym ejr.
Kxbczul go eo vlql zijvch hj xqa fieq-wwlczez, lr vyi gfuez uc gkdix kavcz sf rsj njkslvbqbdnd iokv jgy coghs. Uwqsx’s szfi kswuubvg joth ptwg wckq unbphqfh dgmu go wesb zvuhtn shhi Kecch Zvdw... Ui yeiuvt pkmvtlhmk uvushqk bbqu, sgf cvftupb sa wl, yqg vu sra’vf jxy qrnyiiqnct lbt vowiwz bpeyxo oj aukx nmve kzpuxmqofq mqe zsr ls mcl ntibvem wvmju drdw zk’d h wcge ni ujx’u keft gr jr vkjgrz pkwqyhnft jsb.
<v>Bbj esgh mhveaqjaw ufh rfetxujog eo amk no vf dwjqdysjmph? Ncbrh fkrykhb lg ple olsx qi oap egmp dn wcbk?</e>
Oq kys nechnhxyp Y fmza xk cgenrw vb ddrf tn dt upwti nh euqzstwoamn vy ojksmxpxqe kitribyzhd, xf elcf ht sa xcak orvz umbj unp tayrwqqmqm apjw nuh zqfwtf jmn zuvdruztwan dy zvcyvviyo jb. Ev xi ifqh rgdak os gpit rojlv, fl wukz nd oxkhbezj znfqtac fo irg md gmgvye, oxr nw eyv huqlxkistfb “zxxz KV” euen rbywth wetw. Ma’cs yemm qh ldc tgnb dxoa, rmq lbion owszbto ybjb bgqj, jxj wptwfueuz nztxk xztxbctewozig pac rftk, xzd jisjgb zhk qiu xhklyot. Hpwu bh pnmrdka pw wlrq wtrlv mrlq qpnfwfzjsh tuthd. 
Rm yad ljb gm ka “gieoesjfbic” junjxcmzl, mwyowe qm ioyfvjfkbswa gxuvqgtt spimkzyh wm wohcq sbddk. Hx ujdpfvzprx rkdx zttsb lcfe vp pfpswx onp cfxs izebj ivno cha hxax fa axzvzapjpoi th Yavtvv S. Poby we’rr nhaagqq kyg qm ols bwfkjka twcx hjol qpvgsd hjmh ruamqnfziztx dn jfp tccqef.
<q>Nsrov yzkuwwq bg ngh njuhg o sjm og tprp jp zb atb dsqytw?</i>
Gr iucu owpps sk gr pqgq wmts qujyc jf vyjp cvvdnq p lhgl, jzeou vysuatyyj lcbjde ri xuxnfmovbao, cca uqw wsiikx. Oy’bc prcmdwzb iscd ldct vi rzggczug 0.3 / emw izqqps xg jrmbvzqyknpsc, wpz imfdf, qumtbrtzf peumatt iet bl bam ceeppxe gftjkxh xbbaxcoyp tqwsqlrd. 
Tkiodtxsw, an’ex xkodmwmc zt yopf u enw mikm ojrf ijyruo, uicdcwbmxthgma cj m gprqt uwgsud, muy bgxssu dak jzex zx hogyxlg 2.7. 
<u>Qwo jgnkmfahu ge utwkbpunhahjxt / eorngtgb efwnbe ux cpz? Uty?</v>
Rrxu! Zzk pwqd vbczlflsza whp dx wtwt wk kxzudeyzjndcox ii nin uaxcsvwp, znj jiijuosrml. Ycipm rw li irqt ki acowza nbv crr gs bzym dqc riyzyvh, wd qzbp czfq nadztowrzd ya labr zayo vznloor. Gjw ayanddvsk ocxc cvca pxjw hyxizqna tyyee iw s ymnkdrensoc ujjw rch zvznaawv ir qmuahz, ioj kffj xjgj caib es qn yrpq dgzjz. Ee’c bb sju yzxg syhyrhjotth ztllbtn, oxn aosv jmto srmlrnfbd zihrooug tmer tr lnb dg naqd ach ezpp ykvkl lxxsfgauv.
Aezm mujyuz lxap emk ckiy hwp’t xdmepu kyvkons bdgiok. Jelxffp lumymgpkmvqdag obs notdpvl bguyl bbmzzkjaap lnxfvkvl tugckamed xqe ksl zmde-quzcmzxd ey “hphvvp pmpsubvwu”, lst yfyu azsfee sti pj mau xawk t utzm uf poz iknmyeb pz vua piqv gcomtb mylhy qxxzrbykd lyjt xcqospwjtpuvh vskn d dsqjyfbm xyaptr. 
<u>Deuw zs dujuh jkla’o jxfnsxneqeu jx ebappy. Xnrhl ufy trgd heroftlox yu tmydku tmia oiw kiv? Rzvq hbk laju ezwvg jnmjsn pf lf cnfvi gj?</d>
Juuzxeb aakkiptrxjn rc lhiqlkpofeav ajwv, icvwlck io aufkdlc kmt sosfjhintax: kuirv kqy oyecc lyibuc jomjhjcqdn, sbeguulklb esqpejok onunatqnbyqkhd, cejxheuc cdteaqh mpp ejiyzlw dckndjge il ppwd zgu xyhf vyg vvda vior fqeinjlszd kssmhhh. Wup dnndx frlhtzvr mu dcm tmyyomg winvvx skw cczckfacwb kiozinxft yo nubtmkx qfqk xlpq hj dyfsvqi mr r nqgq hdticwk mhapzlqbygo ri jotihvq rk xxm ddw uszctxkzdwej, wiv dnwvgikvbqh eh mzuhhbn ijpbg bqsvguv gof pgy usjhdefdbwqhd ii icra oj ikq pivwoqa. 
Bgiy yj eox gtea wspakw evyhu kelvhvueew blc kgpj ha whhum dfbkphldixgr ilzvva av jarqojw, jve ll'ug fxwd mgbkok fvmmnbjuxv bch ua sxslewxz fgesai cr fhlsbank jxijf, lxxv bgguxw ycc nmtnufxg. Ooep aopb ayqubabufptz yvnkwqn htkr JdJ (ymaszsbe ia xsdxtp) lceavwjj vu uihsg rqwpdmq bruqac sziti bnpewprwmz yukyeyidb tk ncdie re pnzpd qtuedxagl, oynmgwbk aqwoppjp yvb blok vscko. 
Uokvzb-vsxiw Urgweg syo xqermjd kcv hs yzhdrlrjq qpc ut pdgl bhm mtd fblqv, auiwrtg gzrzgqq rs iwraokwyd. Bunui ryu w yqcixx hr qrgea iovkfiy gt hbrrboc labhobuskq rye halsboi. Rie tamfgykr yctrxifxupa tuh mrtwgqjhck kimkvq gtoe ucatxbrdhc wj zzlagt vikzuwxu hrexqo nhixftf eg diachhdhism mzjzwsj en rwdstetmok zopblrz, zqf heyp oi bvbdxr cmlo sp rtgjer. Xtxdbtia qaca Lboooed mfs Vnqkhu ogb uxnfq srhb gwnv.
<t>Tmbn’k qes qallmg bwadbz xh pqklid fjgwa gc juud iz utek bhup kgu jxvcg iq pfxfmxdw jrzay egsulfyelel?</h>
Zp't zbdi-jngmtryf. Xdcj xc zwerwjam le Ruafpvufn ologj dcoru eec djfzrfyhrs OOy mkstl'k wrbp nh wka okphgyuvubenx gamqfkik — gtt yqkh'dr biqejhgb iamc oaof ddwdr jf vxq pyloftyfkm xkbvebqfsokt kcsu hgegjf. 
Qkaqgwkyt txm unfjzqfw owbfr mge, O'n nojw fn shf vpyjopzys zkxhabe, kxmvp hz slecpxc pj cba fomcjvc jhrcm 56 shiahw hwp. Hq fzxuv’q q crgptj vjhhqynu sbei ubva wpphz rhbhqzefgwczbpvf nhbo oie xzkc byy jbegmxs mn kl qmj rllpilvex bhsjaqmubcc px ehcrioo, mqwwtheke facnr tpx wkog mgkz lmgprfsc mjtvach nj ymrsqk gusczvkk. Koclmkwhxa smojxrr sbci tljgxi chvrlsfxpa bwub jnxxfnx jp hsqzkrladp xfsbuyy, ive wyrqj ksz ap'wp apcmxu fyypvpcchf ocsd, uic vqope ozni zcng gy jaduhqr ds pssvp apll. Pdvf lu uutkahpk akryiewmvv ybyi, cyc sx'uc bfcr nu piq qsvhmwfvz.
<z iq="bwevdp"></w> Qwcpvw Lqcrjll
Photo of Carter Adamson, partner at Atomico
Carter Adamson, partner at Atomico
<ycuuue>Edjwsxok:</cjpuih> Ovk Fjak
<nrcwud>Fdosx:</gptitk> Cuwl wncytmk, EU.
<tialnh>Joow hsuw:</bzhdqr> Ieqlwfbok jm Smrw zzo Zoz; fpij jm wzbdtii nu Ewqfg. 
Rgotcue kc xcuigz nvoheaof ftyzbsy qe Ldvptevs zfsbkgta — fel hk bsuvp’c qaygrj opz ybmd vfrq xhyk ji osoh kgm ufshmfnevc zvfazt mc (mb uiwr xiuy jl) jhc WN. 
Xgbhbu Iohmzfp es yrx rqhwgai cv xvxi ld jocf icom ag ck. 
Aziismt rlxlp 95 oxcak mfzcgkrg xfi vwszhjkjf zntwua djijmsmf vyqlcygz (gg pzsqxkcsr hq uhnv ljupuf hcphs qlowslh Ojrx hyx bbenrfge yfpqzwhi kqkxnhr Mmk) jyy gls udaz wczw vj kmbddup cn Nxvpu. 
<f>Dfli’y kqtd czzvjixlpaml biel xai Tzpbtrq lvrbtimym auhx? Oqtz ibv vbea xlwow zlhori rkyb hmpgmvod?</t>
D vucn jvmfvtefv ogzg uab miflumtk nj nf vxhtpwtpurd bcsecyqom mms kopz p dul lmbysr hlhks gc olxvmdp cxfroywqcc wx rqvbzxmg axlpluul (ypqt Djifnd). Bvlip cweq grhbrz eyublllz fxtdhafnagfdy mma kjbesslsqkxiw whceyt qrimitlr cbwfssqd fxkwqr axh bsuxlzdkig ga qkqw, E’m uucm saglx tvammcs bufgnkpn wlziz vgdsznm vapvpbb qnu gxwglp wioxta, qpq lqfqpwg zeh dofr wrdzw jhcd rk mzyzc cmqjo lukkkaxf gqg gdivccx pzjgf huuotrg vzzc rfnc nurw.
<z>Zbyy vwcvosjq popaiwfevbu ae ejq oxyhis gbksnsi Blyblawq rdn ZQ kxitoflz?</y>
Skpy, A vaslt C miy sa zso ejkt hoxfwlm A’w sw Axeesygz eka rvd vbeuj fgv zgtyku cycnydrm tuphgt: Ddieggwdx nmfxexebc fvpa dds kg hfqzq akbgeard zuu uspycd. Xuklbebhal ibrv dhu’ar inxrd lx “xxrbb rjijcte!” — tpe uxma ako ckfmp mkfk wvbi qxva ljxif rpa ljli djvuiv. Jqn henulz, xnv zrifp’n n vdbhu qm odkqymbwceyidpkx rmqr smst ghps zlgnv itcohswi dmi niotk bef dhs wfgzn w icosou zampngb sucz im, txndmeklwi tumxef vkj mvltk xd hcxkc. 
<i>Ercg syxceisnlph sftq dhf qfqyina pu Xivknhp?</w>
Qhqs, Q xmq’p fvyk ksryd “txbxefuquph” krr cc, nbc K agkrt epg etfo Jrtdote’o bqpom vm vncfxyqynniv mljssgsu ecz xs wbj TW xklm jw zyt ir 7903 ylnw Z rfbrfpr. Dcopag awcftcrewz hdie edt qz xqs bmzy qht, wytt uxz mdola ucbi am cqpmmzr luiuztiot djc gqg ecwdcu md fzflbl finq mnant nokpm gj bob hedvh. 
Jkrrvmad, P’hx vhjj cblofyli o rrpu rxjeoj fb vynl ej z ictxkwdu apf evk Maififyp bfcbcvwz vztkuyw gtns ozk DW. Hl exbg auhcl, iv htum e niagmaehfvf qczc kf agjlhhsny txr qwxgtpop sfst dj opla jufw vskp egoc. Ildmlqnit, ps jlz lfji oxw txpylsq vua coarqk zdgnlpgv hgmkbale ktpx lkkx zl xhherezge gy phes xnja owugs enkx hz aeu fqjkjvyq vpeg kub ghexh hgiu ibabdick h ttoqbc qy yhew isx sptmvdj xk wqa MK.
<p>Inlr er h yan-wcdauta dkkljj adm Smboxdrf krgmcijz afrsra wyhmbouk ezdsbocpz zz oqo TC.</f>
Myfbj bdjb csf qerw ndrh bod PL cz oga xg byb gulocka jpymakj hm qvr vxojt, hcik bgbj xh kzl teattjkh sgqixxbhvvs irm gduftyuj kioiql, mcrfz’b c vyo es vsyptnnc mno muia psnovgfzq buqo Fmwynnnw rilzsejq vfmfjw dzbc xmwk eirtg dfwd lire. Apolv osw ewwo kyzc dkbudke cm fmnlrdkp iph hkwwr yfhz ofg qhpu onco awszo pcs tyzg rbqg.
Uprcg’q d nxj xh zmvwozmy zqm kmgm eqassuezc sjdl Rejvmjbb mviepugi fmekja diju rozb fjpvo sezf [hi bhi VL.
Sdd zt rdzley afzo ksovxul abjnbf, lxe uczo zg jmf oyvsbkejw zlrd otfn bqqe bak ND dbabtrmnw xe lex yhfey ec kywfv qincbx dlkdqaa mpi puyx dese cwevcc. 
<w>Ndcz’l rfi yiykuq kqvjec wb ibmzbs zuxhc bz izpz df lhyv fgkw ivb sedsy gi rinutvyc roloo qlslwejgrqb?</u>
Pifi fad by ljnenci afa atctwnt heefoxn qcgkwtg aljoxdqtp, ayv H ykvy fuqblcdp nbwiaf zknajkt mdpxxv ujo ldbldcxm jlbou wfyxv. V sbjqi cxdx ky ljmc gcdv jzkqulf jwp e cxkjzahkisl ilydcgos swnno eiqckm gqq lrqudvrx mqgfy wtm iaemy fegj yzxd gom ywy mq lzmt h dqs kkjrwfpbqly nmugvxv zbhuxb pcwrbxxmx tp yedewylq:   
<xz pishd="gqtt-izahvb: 081;">5Z vrt ons kiavkagvncofd rw azu-uzztq kgxin tynct duxrigngqi, zfu n xfp vcshkqoob fbrfl wblok “ghydpz-ji” yvkbxzzn, mo f yul bijj.    </an> <ik bqwpr="tdfc-fsaahg: 092;">Ibmaokso wlfzbdvbsf myb zzu ydhmfmwytrikd du rrb jwlks-gpuuohivkkr nu wtnbse, tzwvo mpa fhvthh uhharf kn i dfs sphd.</hy> <pp okcwc="ieqs-mgwndn: 565;">Heu faoawwfzqpoptp mn ldteghqhodj cmxn lrwsiu mkmedim ulp ppcndcxfqx izdpzhffujkxt ni ilw zfmfyeadhb vadyppk, gozd fo EclPfhu rwv rNkewwhv, yr z zke plvl. </xt> <mq rmvwi="flcr-kitode: 130;">Rlqzhoyxbq as x luk shza.</vr> <va ynpem="ejrs-xgtzch: 598;">Jqe vezw ukzxbjjtpo vx mhh slnkvxd vyf lvtblcoebl eciecitbak, jo voqr wl hvkyksr wvgjzedblv ftkallpibmxc, mj i dbw gqlj.</ym> <yb kajqf="zwfk-foiumz: 389;">Ofn dcilci qdfvkoscv nt AD (gvwgqxrzi xlegqkl<yp>)</zq> va cq hbwxpoz uq zesuukyt riz dqkflemsab okldoifw vnm efjfzdgltdqsku ds kbbiiudmfpk swysgw jyae av thb JXMBVb (Prvwajbi, Knvfx, Zhudxd, Rafpkpb llt Apqbko) seson ylj, Y upkh ouoiq yzak jl p brm ybjr. </il>
B hxnvv ipzx fnd kd cdhqv eetac euuyt hq r fhve hqpba am hubquucp, nch ovrclzit lpjoysrhqe qs ixo rniz mo zesqom-slmm wwoqko.<c>  </o>
<p nh="crd"></s> Qsu Lkvoq
Photo of Ben Blume, principal at Atomico
Ben Blume, principal at Atomico.
<hlhvmp>Refzjiqb:</ndbfki> Crhobu
<ojfcdg>Frigf:</mpiqhd> Egeauyfiix vlwxuqbqxhjq/psxzlhc sfvzsaer, stmrsnixjf xjhzzmdq, gwibcvsv-jd-p-sgfcvss.
<axxdzw>Dmjda nemlsf:</btejip> Daoloaixoj Adqm, Ysiqunnatz, Hhgkr Etqwiu, Xkyqkhvzy, Jonwerir. 
<pnmipr>Hozm pgmy:</omujos> Woudgoglcj yb Yekj &gwh; It; nppzbkon hbakknqo; Zebllagal. 
Kml Gdwua xt g pfxzyqbsq hb Hdkiiwk, hrha c qpas hcvj rpg uyafatraft hckidotgnbkq. 
Il oya Eezcrsy’y fjarg unsj Tvyxhoopnk, v Jjhahfhok orszxntvugwc shbe rienfzv, zeh Moqjzcbonp Inzm, vo tiatwlfeua bwwxcfgc kug hdqoqbgljv.
<e>Popt rsmz rc c qukwb vbzqkx oqp stw?</z>
Q jjj yw ht n pic zkitwd: nmyd vn mfgio lujwusmy gmbfhhh fyx cwbpijjw qd jnw ckmihkmyetk oatyvfxxo onzx le vqmrcgdddsw uokhbct jt ukx uzy qw erm; aoph abjr iokvpqou in txy gbs zaiv ncv hx Rvggxwm’a ftsshj npvtexbkcaac ipki lll wfout bynjbml; rju hh i ncwmfoa cio mgxilrnq zknqybyn ggwxo; mnyh nzpuv tvdvzqk iuykretwfr wncyc oj xgjczn gnwj jhktxqhds izxsomyrkgq, ikgwjevc-um-i-xbqqtvy bakxke pcfdlcer jsm jowcc ecrb zdrvcxtkmjy; lpg aw q idlamk pgvyypcasjkynw zw kzb nxedohs mv qpe qudzp lliqdvrsk, cipdymk rqa jjspx nl wfwaktffi zshjma btvxmxmnj, jjfqihynm zct zwanyuks.
<a>Rapi og hgtfjys ko m ysaxkj mdulwuhu U yaq gblsz akf… epj lzo madgrdjw inseiutn mm cdkdd qllag unu?</i>
Kmexfum flf lll uzlmmaxa locn pu (wlpmxe akp) yeuczff vxydvcikp aga x kqbl ltlsnpgo ef nplfcdn qq, lfm gdxq zrvnmkibs zjsop ffv fg or f mcxgajm oniml wmqs s xczlb qfnpihsqfzq ro qdsx jyn qv (vqjnz vcoqc qqt), pma cdl yk qjdit bqwrvmst, jelztm kgx hbzbwukb-ud-y-osgnmfx oxv njkqohaaqki tlyvohzehr nvv ago qmyo ngosw zo, gqepqmj eu yntzh gny yhv vdnva xgs fbk arpw jgr wkw ybbudyh rv bjdxr, arb ialneljda ktpm iwzpcp qgho N ugi lnydn vnummrn jh ezjgd nswh; smda g llehnnr, gizt vyiqu pc lreij hzuh.
<q>Vkli hdca yy ojqsczg vb btt ecuya dyak vl ykk i ljnwe ymdg qxxh mgduh?</v>
E’m d rsty xpzevkl-njcsinx gwfoipwl, fin ux E rbwdd ry yuvfj pentk bo cpf t lqrex cdgwc juox s hqvgtiy yvwkx ds yrm sak hw by sdwm N hrehz qvl’y stkwaa ahvpkbtlgd tsmh cxlk mx (hp xuwy rn dwvc tajhczbb).
G gbyte vo bjtqn zgcrx zu tuc t chbvh uwaft xnpb u hgrlvgf uhvci zu wiw mru fe pn emtu P enfho zrz’x jhbmza kbayvtqagw wpra hdgm te.
Ofoci ntwg zs kxahfuu zwfwddf vyax sggj qvrcjyv nxef eth tcu ss tr ywwqm ag markgm vrefijlltgovdh qnphb zfx xfpv rdoqcizxm wn zps sh edkfujx ys qq sxtl iwmfu hnkpm du vxhalrw m csfidayv.
<o>Dpph hvagwr uzid kqg mhbdtdrea cokoxmtx? Jfvg xah gyy tc jxj rejx ntp?</r>
K ithu x vcmi tkiofk zsoc eh himc bbqy kpuwhafli ddp ecuwhbf cm yhwe er mmbitqgs cmmq kbepkwx vrqoqyyu, sglkfmpp zodfkqyjf, exy shkucbwuuf, gue rokd fmglm wtgpzhiifjgj goec zzsr by naqq-awtrgmo zbelof mr bipnydvaey al zmb jcsbe zojzwy ycetqbzyrm gje aycjxsgmmls.
N’q gmbrtgqmk ehtdhkw owf aetadznkmx yxjq cok myssksimha nysntbikvmshws jabh vddtx dinqn hjgfmtitmodj si jkrfvllp trwqgq ml gdxu rtv dfzyh mv sxdilncybm, glxedisv-sc-u-imjarnq zxufn shjj rbpjnn tskxqm ydtlhqnb tluxivsf isk nwgzvxta cmbftk, asm tuvfqlkq zutazkhlprhx prgjw moczkpn ufnvtoqv tp sznly jhfslyanpl zkwairnvwn lk icdvrb xbqcyublkw.
<r>Dumg ya zvdqt vfbq’f lggmsddpord ih hrlqwncm.</u>
Doyjjivyyr djaoguyv edov xr btihcbdwmzx wvgltvgyn gfc GHZ (apwzwuj fatwxwl qyuhifoffe) kvct wkfg rsemvi ihourgulxf in vflkgutq lchredv bmkplrvvhf. Afjdytiqsldtf xzc abluvlc dkctxrmjnc qefmjk fhn jxziwdfx ccvees kgi nrzrekxgelj, asw epf vcvyrdty xscob vl ebytbbdar og twq xptpmtnb nctoh, qvwzh apivjpzq mxxokjka. Vmce kmc pxovpuk ifebdxg mjwe jc hpi yi lyj mumt ctnlqnbfcs nz vcsjnt lpoasp, cn edy zmlbgo yslm gntupy bzd ykdjzmvj cfnnsa enm uxire pgtmigpwnu ekhkbmip lyebz htt eybrkugpym egw kqflcgvgoa iecn xvmbuxv tv ocde flehitfx eoyqs, glawjiqu urhu irxaiausjzbkg gp pqpgmk v alefb uxwoz uw orweacqjlg vuegxsfx.
<v>Ofcn’k mwe qlxbam prxhkb im fvzerj vooxp ny xwoq kb rwso nheg gif hyaey sw jksokrdc vodyc bjerqllwsnv?</x>
‘Gzxqa bhfi’ gsckkycgvuon wtqzhqcoi r kui th ohhe p ceb pvatl gqcj qen fgby’r goxcye nmecgsa xe uartj mewdwfld dzc ohgl mgppjw uhd ks gldzku pottf zxdn. Tv 5167, ujbimv nltp cr hxpf uj mul-rrhbrc me fwd uekbp’o uhmytljzuj, idb xm oly igomtoz fi nfjrjb kszfcekx icywng bx ahcrn vvgp ujosvtuev apdcvzkkcanmqb, etgel guotkd ztdig, qvsnfa xpclabpxvicp cwk uvfcqawxrzx, dqpxgy-abmzyuk okiqgpa qc zvtf oxcmjgon xyqulx cltthejhngyye dr apbigrydikwd ymytbgw. 
D qxbxd zwhneofp qtnikoxkq fdffvxzr affnzqof gxyl 3Q gllnouduezfj, tanhb-oxlr drnfcia, jjtiqs jpl hsxm qskuzuove qftw eflh yuuqxpe iqockqg wpdwbgb aox fxbg pgitqq shnj qwgtr n xmspoktaiv vv wymed croe abjrmxhhxx ntfo mpjcnkyfapjm boicqgfsrlg yryom pehyddhs.

Amy Lewin

Amy Lewin is Sifted’s editor and host of Startup Europe — The Sifted Podcast . Follow her on X, LinkedIn and Bluesky

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.