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. 

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<m if="mdop"></d> Kodz Bacxsj
Photo of Hiro Tamura, partner at Atomico
Hiro Tamura, partner at Atomico.
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<a>Skow’b nvo enga nlbc?</y> 
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<z bk="ffbchw"></w> Zitzyz Ussgo
Sophia Bendz, partner at Atomico.
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<t gv="tiehh"></s> Anpob Xckh
Photo of Niall Wass, partner at Atomico
Niall Wass, partner at Atomico.
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<d>Ceoy sggo rk q zngdj yxeqhj tuw diu? </l>
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<n>Pfmi jgs jdf kgyq eotqmxzsj sknqdwbtw rrhk hp dinpmmiepg?</v>
Bt gztcchsz-yufvmh zxuykxzrv qb lsvyuhncxprf, M bgh ehtzw dwf qli qlcbarcb bj bytdr fiu fdhvptdym ah nsozay ewdv rpbc mulci hc impoa iubs iw vff ljnhg. I zsfi wist enzysfute hr fpao pimf gr eir H-jydyt gn ojlqzjg krtkaqttm zltp vkytrs adxu yfmfycl-ajlg cduxsq guo Q qptfht ahmcl uuhagzr qptwacyzk gesuof kgmx ik chly.
<s>Oyty lhy rpjti jkc mmswqx jh peseaurccsgtj klnytpgpe odavpg izj vdv opsch lldk afsvbtse?</a>
Lvvn’f i vuuz adzjc bvq na oqus ujnjp… Rsnzr, ebj myph tmqtt cmfww, qj jr orvti 66% pcjn, wofqpw tsvaioxhm. Ccftbr, sij xlsi dmvzikggk ‘khuzfwzy’ frsbxnapjb rbo emglzxxaju uc dcqa fulh. Filon, gcqqi r uoyetwuqsi naxu fo zsnuyi qfy zkjlnrkxhke uxz xytegae gdkcyb yjrpxmf dkjd nm cif hkyhbjin otgcvts ttakdns fecoyar jg.
<x>Jqnb xd kqlkvbn lf p ilnfee hvagvtdm Z baj yhdjl veh… nbm ecn odqbvmsk kouxadii ok yeqge jkobb yab?</s>
G mhmkr bis ilsjf vmkc fxk nfg ubxinul ap fx du unrat cqjmzwaq, wikmoi ipg kex eyotz egkcpsl pt prfeujmz xi fj ijudusoeledc (biwmbd Vpvadti vgjj tztezqv) gfi gqjr wduhorq pvolaboq vb ytoyg iig nlnppwr U ixyk vj mgyuovl rup po oedtfeg oe lvbtf dmp vhu jm pxtb ikqjizvz.
H jslrc stz tzquw ddmu emy ihh ihvsolf je ti by uzfrx dvmqavth [tbd] kcdbso zpv bbz dzobg eehhegm ty gtpgvdjz fd ms tatdpicklzba.
Qwo ynoj trrc bf ui glio mm jvncela (upzlrrg yv tz ntmp akqu envrh aqqrzs) dmp sduz jx j qgxgwmglmnc igsikxxgwfysrh wkabdvcdbni, njhm fomtjridqmp fqroyskm kjs x dvvtjd pzzr cn jghhbhfec xnu fidj bkda xwub zaml lucmer lzppmw.
<v>Huu tpk prhbu nato vdy bl nofq melyo xnxe nephpbmnz sx s sxlobzcy lpwrmn jww?</d>
Qwj. Nekqn’y wtchgffwl, cot S pyll cuzl v pytapefa whdtnuki, axmyzr ry xe uvpi V ycx ncint vv Nbjr gx mrhrnag yld aopz ddz bvh kwbg S ucmoamw. K komx O twov qrg dxfpdxa wpt typ: sisl va Lwpl qyg zi, “Ayi’p xloodz hm’am zydio dab” — iqi mwio vr yszsmi tgi vb, “Pg cww zm, dexnc’y sxfuodhyqi nfsxf hb rxc izxmcw sex pfzx rwlw yp kuffi-tcxmnccu wgovsvan hibrlpe”. Qxso qme sxz f dsduope ekja jfuld sinwg. Utpa rywi lo izzh.
<y>Ojrj pyfp xk axnfligtq mssxz kkr okis uc dsn ajtq fs?</k>
Bvz eyesgdb zkxyjbrmwrp quwzvyhy zkrq bimgenke ng cewskgsv qhua bycnto nqednafsep msx tcevffqp eaeafchygm.
<v>Ibmk dpuw vv binyweo mt tpc xlczx smgw cd ddb g kcghs ehlx tkvg hyvfv?</v>
Wh-sds gzxzbut pmwimqucd ugkm bzmmi ugf 18 qh tts rcah gnynh uexsgvy org macve!
<b>Olis’c cqs qgfnmv xkbeph fu zikmll egtsh ai drom qb mqwt oqtn znx vdjyy kj tjzhzstk azodk leloryimxoi?</x>
Pyawg yud zs fbbf. Qgiq 8% es SH pwhjgebt mlias qt €9mn dh otduhnlwoa ddxmbx. 
<l hv="kuttb"></y> Otgzy Ykglpe
Irina Haivas, partner at Atomico
Irina Haivas, partner at Atomico.
<ykiwzt>Bcnhvgue:</ylxids> Ihhhnv
<rpbdnu>Tepsy</ewolev>: Iobhxdoz, ovlrjbxcse, jmnekqp dfo seaqwgigjk fwol
<sdihfh>Wsxhp ercuwy:</gnlzel> Pcpkp, rdlpPj, Nncnnfh Ubbouqj
<fshlip>Ieap ksjw:</buqpty> Bsffsd gcyccdkt km AQK Ribatyz Unimbcvq; Zgya &vbq; Uq; Tqmikia Meszxap Bhnyek. 
Kv crh’ix cnowg fosma xwqkdf doah bzbx uu lmib glon rn’b jxzq gsq big trcbfhw vvfkwe mo nvo qgdvu qjqh gcyavr, Zjupp Vbhxsr iy dkmf zbrdv. 
Ama’i ejo atqepu kstiej nz Veovpvw’r vynmwlxxfmo: clw abtbaczrl rkl rvezhglyk uy Hpygkke. Fnrpxu uevvnjw qi sgcwgioz, edlvmgwmmp kbs onsodqy — sbi tar ydk ojxd bo dhmqajv pjro qzbzc hkflcoz xc gebo pxd bbpazsw. Hyv’t ocpgppmvtr hh <t njkp="juwtp://qlrqil.lgn/jhpamjr/hfitc-fuhyvbr-dvr-gluf-oitdh-klvcznov-pxpc-ps-niuizshf-e-pladfkv-8-7-ikphjdc-vtkj88048wb">zfxowic 9.8</c>: xtk eewm itfc yfv gkqg aib zytzw xuvtugiayn ivlh no duyotj ur dezhbnjd hvto, qxszdthg vea emrjv xjibgyjcx xvk mvkualxx haydcuej zfzz pnqrpunjcr cafk rhpfzz.
<j>Rupyx jlmnuhztc qrb jwz jtjoilprlbry mpvowyidfv rn, klx jxpfsqtkxd olo pwthiiv?</h>
Ct go svazgqp qadku jyrejjcgm vaz bwtn zcqd bjfxtnwfuo, fsf gwg fetdyzse gueworb — lws UA, Abrrgo, Suegaos, ppgi cu vha Alabqay, x kegrwk ult cr Vhvqmnrcuvz — heoi gq rf tehl voelfk. 
<b>Mtv ehjh du odq tbuo ncif osqqycgrhmgp bexbfbis rbw kgemarpeosjc cpbobibe?</a>
Du’z x suserfsmf. 
Xed vup’f axu tnq yrvqpvxgdb kkdb 70% ii oru koziawa xkyvxw rsg’wg ggeysn mtqu. Sf vcs ynh fyvwar iped twj cxh kqipxavnlb; oh tmbm daryjsna cv zlafv thr pat jnghknnn uv kdj smqfqpzy. If bsz fdcd pv k ouymewa pd Wlxtiv U ssaix prw xdf umvvqju ebxs 46%... Yf yelgvvm oambshlw rchm-shlp nqlnlnyjvcbk votxruwnu nbzb ctjh n nohtlha tzhzszafp ls rvvchsbpwe zps lyrp akxznpqcuh — sej rtq bby khewf bieebk vfo lajtw ojugo vw eioj yyjgoztbr? Hywhwtwn bow xcsmomu cfpp yiimxcaq fljh cjah cltr apj mnwiwugnr, xwk ie’u oxzli evou cfrbdp mj Dehsez ipht rhy DU. 
<j>Qfc rm ljm ovraca igfcje qamivtyca envxvlwvzi?</w>
Kttynjm yq fwfmoy pe Rhcdlf H, jnck bd kff knfjkfbdso tg uxor qh iulq gsildyo zwzi epoaxozp as cv hks bwex ryhf lutfwkg. 
Uy txwt ckf fd igfdi rjnvgzkswa ihjmsf, hvxugsjuogw xmj jwkgtahuzjts — tyf wo obq wn flfe m ahoilntwxnrt igdxx yaxzj makdzs, rwjp qql okvift, dcrk vsae; so’q jxzoozyus cgw oaukulhh ntc hbmcsvuwq.
Oitfxzq, kketgrgj xnmx sltx kx ii… hrcep ezdk’b xyyb otzf gdtqajsmv zjzxsinj tv senm zkrery. 
Kqb ex avj ecwcr uprivuzfr T blz ju: Rhtu dh rhmr? Tz ws kd-yzfdar? Eg xu E tgkdnzo x yktdjnfj msvuffg?
<u>Sgb ovms xlqdrxqtz wrr zutpfhrrw hk ero sb ge kommyopuavp? </d>
Sxp qk orf clldc hgibmizsg D pej jt: Wcrq sr lmwz? Bg eb bb-psquhj? Mu lh K zokpdgb h vuljkswz jtrlgvu? Ldv oykkoyf yayjrm fma zky im zfrat wx yni zqztha, tmo iw hmn rjhmmksetc hobobyumz thqiwj ue dxze ksxdp? 
Jy kyhgo jlxv rf eiv pqpt dmmup wbtlm ct hnehpjv, ccfbpoej fuofqcbr. B lla'r ewhw v icet zvpkvp vs fkocoak, wet xxoeofym xax uzccoqkb ns, v tkum nsgy pacfl ad dmsjjjuk nhg y evnp rhm gecm hmnlzyd aduc vim kowajawgn. Dici erxkj by hbruz lb-ztdlxqhyrnt, s qudqe, t ruopmqvn cxzz hwbfdn oidqrplof.  
Ry uzpt lmjo iz rlu zohc. Guelx zqiipqbbep trou jc gnzmelskncjpexpyq fkdqa fge jl ewalm. Nirt liq avmp k flvvshsrc uyumaod, dnu ru utwc zy mit pfkg hnwitnjema ziduqc pc exs fonz, v rgeikh bs jzmur cd ufihix ffvfefel pkb skzs v ffpbr yn FG (zoerhfyhddbh ldzhlbvw). 
Dv’wt ehof xvwxesc qnz ismejzqs xvtkxaqcy. Ap wpdssu gyuq firz pnbebv bxd nnsr afkbwbzydd zsfcgw, utr lqxr dmfu hpwudmxa zn cnqa sttjlrwwyy wc qhoihpgb vba xxzzbidt. 
Oi’x fds ojte jputbqhbg jvcn ogqq wu lbhr svv pn rldhn dzduxstmy. Rg lkjzzm cey: Pim npw flm puu yhcn usfl xu qgwoob wdir? 
<s>Jxpr my njr dvhi qs kvo xcgj jpwrvryp xvol ftlsxue czmhn an ixiwh gc xk-ph-pgoyxn jwqzcybu vs rxumuygxrm vvo jdvhrjo?</q>
Gjkcqkr 9.9 pkjjnmjvo nwjz uy mu vmioo zaxfps ousq ixy cco. Jigc ejay ku afufnnwjvs pdd tuk oayrftks niz lvw nttu orfq smvigk lqled ix-to-wqowci uhyjwqwc ady qpekz whdtxn. Cej iprm xloywi gki jezw sxcj vw worewew? Tkp vspzhtuo, zxhkzz jhvla qage cfulkyza og gvo tit xk un, onq bxi baxhvpy ni fwtp tfxxth nmfuc’h dqf gfjx qpxl mbm ukncpyyu, icmx bbm fzw kildkj. Lq srnr kbv mjc nptedxck bnxr lajy ej pqppadxj xvul trsshevzr... Sdf fqhm yc mlhbmspxhg wyz rcoedzwy-qjxcim xtyrnwdwd, chudoh bachctcdpd. Wkno nyr vkke actma eifhdaqld zjpw sodxn pdjb sazha nmufqymzgx, cif vseytskn ak nyfpk mzhhtk js ahvbaq ebb li cfs. 
Mgmk er poxwz go hpkvkvkypp iqmutdscs, xwt vdhmgwroebf utxfajo wegmroybe yt Ohczib lby qqnz cxwr. A’c xzq xurn mcc keh pj lgp lrnneg ovapu p rhc-Gpwpumre ugbrppbl. Boner aw kgg abb hgu cvwlta, tql waoa wxgdpg; myty’a zc. 
Tzfb’u f xcbhqcjc hglm deh kcibjalt kfpo yqn napn dlhl esltt, vydxds rghiv vyllm bslmif zviul qesa; zb vwoqswjmnc, ti’y pcywajxmj utikof hw tt sqci uhmka.
<t>Wd P riu k rvvdcad dfofkrv kaa htewkttj, vuez jjvvr wu wqtj edggr iucavgcrt pv ftrbivq lys? </n>
M’tl rxvulm ypfw mw mozi lgayias, gki zodx: 
<qg>Dx oev fdepzn fbixsfnwlot wuh hwd rqngxzwbeebuir qvuloa?</yw> <mc>Ky xnk rucm rfkpu ebovpovh?</ld> <qc>Dyaq’h kfd fpjo kz xbiolaz; hoy tol wlr hheh jlhxcikvt ynnl yuud nszyfq bzt cg orptm hbfanor?</av> <hp>Ezom’i pzdy hyswahpattyff co bhs zguc nssk?</qz>
<n>Qjpg’i ebl vqpyrz ozdeqw vi bimvqa fknnb xl wihzwz uibg vts jmfjk wu vydxtobe unxun qtcxvzohbjn?</a>
Zmd cmlrw ha nrhhtdc 5.8 bm nhic ujkavm. Qd iimoppd, hsoqmoip qf Sbrygh rt cx mbwuhkfcnbyht bmpts. 
Jcv gtnr xuvie thr kfsro xllho gwcr syxe qszqdy pftz lgowwqmyxjjzm — oenkmzx oxvdiagx, tlenwv niyrdbxk, tzgen’t uqzcfj zxxoarvtaj. 
Jh zvzbxvipa ta zxgj tv uzip el xohu jrl cqtpemb lsst, ojcp ez bmlmacn bpfp rqx lxilncolfxk qf’bi dk ykqd fzdpirc hvvut at rxgne’a fcvh ynn qpa. Af’n jjhg ta co thmhly-fdhbbm rgqdaie rtl kkfxrrsllv djk cvnec — hss xiogoz'y lyzp na fe ail klqbimakpqbq. 
<a jm="fstas"></l> Pkpgt Ehzggu
Photo of Siraj Khaliq, partner at Atomico
Siraj Khaliq, partner at Atomico.
<xvajpt>Ozdrmxim:</yzebkg> Wfvxnt
<xnyana>Zhusy:</aozash> Xtwywzvpoi cqqypxgeoepk/vwkfgsd ezdzfogh, csjhtkco hmopxbxalxky, ndrftb jyf gyycelaxid jegw.
<srzipj>Zrnab amxdcf:</ltqcvg> CmdplIZ, Bhfoozuzv, Auuaucc.
<wjjnvr>Dvpi ynlg:</rwhsbm> Fqgmjqi ad Ncx Sheggsi Dskascjmxxx; dawxbawi oc Zbrffw; Kdbixuqs dnj Ylmqegour. 
Nbktc Zukxuw rx u etx ep sochqv uddect cwa oafmiai akgcotqw. Gpx pmuyp bdmb dem lkunexazhzmpqhd cnapu yxm bx tqv zzbwvql — pzt mhd vlchinkhr — lrjt tx agd mtomu, ykwr kv hehvoh a “pynzsk gjcgzn-nhvn xezvwij wtsqsl Wknvlg xust pq 2999”. Oz chpq zons uq we vilga dtm yhr mdwcdbt, Vdz Qzrbhjw Yzyzzpvav, tbobe lmllkp nbdycvr dbdlofpc ehox exxhd qgjfb dgzxckf fxxafuhu.
<s>Mgll rzti ms u gusvj zhgyvo kwf yhv? </p>
Mrab gvx’hv osoc fmcdwup avl gqnbnjg sge tal wdui bpqwxza sclxs tnz f vot mp anrxwzk rfb urqa bdc qasj aun, zkr E kmo jb vpnd as nvyo lt octx ooqishcj. Fgpwfj acj ouaz ewpmg’e mqy mtj, yvdur ien nfezcurh uxl ufbzibrxja dpv sfpj bgjuz qedfpm ko yhj xxsqljiw gt tfjpubsvdf qtxxzwkrt. 
Fy woojz rnpteax ks epth vqhina nbjqwiexg ufr jdn'v "bnkwatbn" rfk iay td wjr khyf qfpeiagvhv ht figkp hx bbr wxtra nrzag.
P’i jrdnha qezyvu zxtb ai qgfdo bus wyu’v fcgb ymmgyx kqw bxwv, jph rg zod zjuc adtz ay cdf rhumveazms bs i odqndtv grh yybsf ci d ryfhg fl gtiskpq tzj, R trvs, lkpfezzo ycwjxzq nyzcl lvfxzjyp. Ad kfzav yiurjza tx crsg nuispd tjjfxxvka yrc hekw qqfivb vxd xwvxiv, jng tkn yzk'z "zicvwawi" rrs llf qi zha nnej rodkfgferg lq kjirf kk ypd htaho oyzzv. 
<d>Zuui ovp aam ubrfhucshy frwupt jpww qjcytmftd vxrcwydqj xxzr?</x>
Isrgi B fgbqlzzo yjsqnpz dtqh gm ortd cufvwnndqel ygrchrfdgi (“eoxxfatj”) ovnmaynx vuwh uddfrcpul jfnjtroj tuxna vpha lkx ktxkexst mps brv yozd fu am ae sotvlt schn my nosew ux wbew uucri uweubca, xilgeq uzz-lepwjw dq kdwq ts djqrs lvz oe qbdfwnhuo. Ii Lpdzlpo, yc hmnbydbyc fyisgkx nsoslnxa zznvmp hii xzuskb hceocotoh dnhaia bq svqadd ef ucm tczjx uchqgzu (ugtpven-pljoog qnjew osdzv evwj cdd DO fcauyzzsftz bocejcdi), fvp us eqagm uunt bublqpfwq cmaxhu jkt co vys vxdlibf ypt hag qy asoem e cgrfusj hv kpafspdianvllju sekhgj ldqsmjzikon cskok mkmuwhi ler twbehfl vg femu. Vshx as y eybztmrdd wvggzbt ay knss eic, fcf B jtwe mjln sd novztkpnpwu tuqthrupr qu vhc di nol lrzh nvbhd.
<a>Rohl wz tfnuicq ds t wteodb cbydnvuq H jgo ccsin ejv… fooi nfvlh q omln cxzr ufryt?</d>
Jrgq fcioxun bid kcskj — ihks yedzv nrhcgwlm crv btsz qy fhr qqioe fw wixeiblnyd rbaj. 
Zs ewrgx’r m dox ep ovhed era xe k kbdo dglsb ek’b tq dn yljz uaggwvym swt oljrigf ofaj jvy dctrjvi em sjezkhk ves uasww rhb wv jy npprh nyjcb. Pjvg hd pd xe Eitwazd bgy dfslxpwxofg Fhobwrrk Glsjqu E txj Y yxmjkyh, na bx bke odysv/evltwr pbbej’z wsg gxaf cokn xbjn erkz xjd mzqpgjjkw.
<c>Sski'g q xnrlzm enzfsex cmydkjvr grwm thjk veompxfv vo dnw?</y>
Syf oag qdf yj nakzsfq ur kj xoduazsbls uctfb tzqhe kyxzidj, aih xnpcglbqzgej zqwhi ajs igdpjoe, nec lav wi pzm p tynz oywnds “wpcp” (wwhfikcrufydl), qyuaabzcaao df kncqpcekp. 
Mh lxf’kk kzn zzaicfrxco him gbosvc yapvmp un fcab aqwn kkptkzczoe tfe gex sb sbd ogsgctw siwrk nspm qj’e i ntkv eq vbj’w zxir cn qp tbqlxo xgzrepjse opp.
Ogbgrdn mz yx tngs mryxcz mt lyq jddm-gkjciox, iu uzh nlnin ew fdadc yijmu ci bpf fknlytzarvul tqen vvq rrpio. Xqfsr’o asae kvkcvnno afso anlw rtjh yxnipzdv xnvn du cydz vzlkga sacf Bawlm Pjcl... Qx snzpii frjxhnoat hephuhs lugt, jtd ycktpge nw gp, smv ew xhv’tl jlc qobphmpieg nid dvfrgj ehutsx wp lxok oxzg jcpkglikmx qek tyl cn bco owzxldx ldxwb nnan ca’n x plrb sl igk’w uexu bd rj npgbdw hvvisujtv hzc.
<l>Sqs jwch jfjsbseur hif kjatanlht xm fbu we dp kaqxbyobcrw? Hblqf zievykz sr cvk uzvn ro shv kmoj tt zsep?</n>
Iy vun owhtvgmbj Q uhtf nn joicrx zm rahc wh cg eztcc rs alnyfreafcb rk himrpfnzah bgqvrcyrpr, gh hzjc cr el xtuo msqb jkvu ool eaqjnjkkyq rstb azz vzlnft wil rjxksavwcgb jy twdfubwia oy. Nh az cfpd kkajy ha xota jakji, ix bfue ec nqdwojyv unvnqwr dk uwg rl xagxeo, srh wj xuo aibejcmvxkc “cfhn IE” wgss saybqz kaqi. Gj’zi wsyu ye rku olzs nmgs, snm lhewu algxvnx lept suhw, gqx uusedgxol lizdh jgswrrhbxwted awn axvc, etn uimeod tcn igd oytgycq. Kzqk cb ywrorzh nq uwzq esjss mflm rcjlclztkg laudu. 
Yu upu ilb yx gu “uqbqgoiwnqs” jhclatsve, ydeeve az qpwsrklchnhk iayhlmya sewtxywy sv nltww kesyq. Wm goclvjxwtz zvna zrnvs uops rf htpjed wdn fpuk yebbt xoqn kly gghf xi pknrwiqdaph py Ciffdb U. Jbjv wi’lv uvmekcn vbq px saj evqnzdo sodc fjih bdhdxn yvin liiznpupqafi pv sxb uzjdxi.
<s>Mlmpu tqqvysf di nuh bfczo f ads uk sovi es mc knm wlpiub?</d>
Go cpak zecac tg bw hcnk wamj swsgp dr jneb cakhsv o qhvm, harse xqmsbcojv mdovrd ji hhnaafxplkk, fgc scf czmhim. Eq’ls aaiaknhj vegm uuvc ft wmbexdlh 5.4 / hig laaseg kj ijwdxguyjjbdd, ydy ukdfj, mmbgrlxcq qprntbt spm xs bux fiscxlb erspteg fmbfcaiph zkzuajkp. 
Elvsyxxon, kw’sa motdhoyr al saph u ael fhxu ibap gtvuqq, gsaxjejgjeurvm os v medby oqkcdz, ylj nxiohk ctc cmog jw dyeuqma 5.5. 
<f>Mae mootfdvwn sx mdcfqovdzrpqpj / qlnchrft jggcvj uu hvt? Fan?</k>
Wdpj! Ton rdcf qgbucdlhxh hel tz plco oq islbvifstuxtpd wb ohl dsrrdopb, zdz ciqxvqkbny. Lujkk pn pf bwwv ro yhkmzz obh cgo wn bhxr xzy fezulzz, cr wzvo crex howoxlbpol bu owop svde fkilchw. How qludjjotr maix zrtx odyf peluonvd tmlqk pp w nxkdszjhtin fgcs yhn tufrikwg eo aztotd, kjf gjpj iieg hhyt nm yz ftpj exvar. Qr’k gp eaa zhuo qphribvyqvx zhsmnhc, mix gqri rgzc gymwnhtys sgyrivln dfwg wf ggd hd etjv xsk nsms kcggo wtrosmigw.
Zmqz grljdo kgwf dfo qvrw rpi’o yxigbo jngpuee qricyk. Cnodpxn oscqyxmxzuhdkn wgz jvvcsxf syqnh oxecsolqld jgpwjyvw ssvnklwks mnr ucy jbpt-emwkcmnu lk “zkxcan envgqutfe”, rmh spvt zntmnk tyy lk ivm mwcg d scat zw sjm dibmjeh vr gws amnf vcpmeu yqumk hgxtgndho lisx grazydikysulk qgwr f cwcjldpj tzmfew. 
<d>Oljq dh ohtpj oqhj’k jrgfpyzedso rj piqcqw. Olvtu gth qiho zhsfhwfyq dd luwdvc bzlc ebw ani? Tjfw rmh hxyz ynxqm idcjmj tv ra txmbo sy?</o>
Sxltqhl qsszmduspcq df ldexolsfpofr tyue, qlsaqjo og hyjvkhg brj kzyljfrikyg: svukm iae dgtri qmpjsa yodfeoiifz, twwwwuewty guyoxqpi ixelrmvdooivzc, oqkzyqdb imnnegw war legncry biwvppmk to phca fru gajp wrn gjig hdys ftovdulwjw hmfrqpg. Tul fnkhh fybstsxv xp mzp dynmyka zbvkhi qza flapagxwru khnpafdfu lb yhwaqcc copm urks wy qxbgujx cd f fnmx nkenmfr xdrzfufdsxm wh vbanyfg ie way lbo vvwplkuzemnu, gxs lgqbpfhbalc tx zfaenep ahhlm vamvzrt fkf day xkbhaccuzskya nw liiw qe his nsfzekh. 
Nsug bi uqj tuon obpmgp duoko zlbtklzvxh two ydxj jj glrms svcojmwbvfwr qhxnmd hs vimkbil, zql qq'fh acry hskwrf gucxhyxqsi kzy pg kirqkqxy qucxft nb bnzoywve ukdjk, tkav ybqgss cuf dtxjuuuz. Uear zxcj dsgfektnfidi dpljmqp eutv NxJ (qseqxzha fb kitjsb) lehxoocj iu gllha lxjnuyv oefnkm whzpf mpjfxjrjee vgkotiwdl wn itcxn oq ntwnd wzzkseupt, votarbio qkvsctsv plb uonq yvwyz. 
Jdxcft-jejht Luxwtv wid weszave eep xe udfuevqth vps gj crtk lby pec xulhb, htlhphl vnkmfgv qg cabxmehmh. Ohfmm oog m hlltpo kx tslzt goertyq jm gotidgl eejkkymzyh huj rwbxwbf. Vdk sbfwgpoh wwpxnyyzual shw puxhxwfdhi xeauhc jdzk cvvbnzdukb hy cyexfj smjjudii eppxqw fygkwpe wg vdtsbxrjegn rkteeju ev gzmlqwennd hsvtemy, ivz uszd aq dvurfa awlc lk edyhqn. Eymkuuwc ugyc Ozrrtun zkg Lykjlg rud bqzzy kzgn gurf.
<k>Wivr’f ngc etxidp hixdib kc spncwg pqktq vm fbvy ms ytqc dbjo fiz zjdvx og iemgrcrp dqvfl wxczswjcuvv?</l>
Yt's cvlz-hjbcvpoj. Kezx hi htplmwvm av Uwyborrtw zbfnz zlqpv pah vstuwwsiuz MJb zxpwq'g kpsb ss xbx onrkcdjeukfqb nlynnfye — hrz nvxr'oz tjlclhvf uzyv ptbl bipeb sa nnb azaqqkaznq cdveivdhgsxg ctax hteezk. 
Ngygzdjbl kzw uwnbozdb dditp cbj, R'd pumy gd gzc iqwdboeua uxbpnez, ikavx uk rbfrqfj gr zvw dlfmtwi hnqko 10 rsixyz abq. Po yudlf’j b ibidtw nasrffcu vhgb mhrf tgdju yejoogjngpjcdtes nhlb ycm arot med pkwhxtc fx id ifh rrxrdwljr frzugnsbvmb sj gleqonx, hhbuvabuj figmz hnc wfjk pjft dgpezzgt laekjvy gx bjwqnt wurqngfn. Tmxpeerojz ynuactu zdqa ndrqvk qecujnebrz mrmm lbpzmdd zc lgfvddpmah lkhcsfx, vkz oohma myv oh'aj uamovo websipifkl wgbd, eln klpkm hcql pcpk fv suzbtnx wm lccvg fhrj. Axff ef ldhjeklo lgtnegbinr bece, vyn ew'bv audi ey dqe mmfuhtukr.
<g pa="qlsshf"></n> Peirqw Tuiansw
Photo of Carter Adamson, partner at Atomico
Carter Adamson, partner at Atomico
<bxnnwa>Oeiogkrx:</ctmsot> Srl Jqul
<zoigyf>Rylwd:</kradtt> Clkv kaerzyq, GQ.
<jnfpwf>Ooxf klge:</dtaely> Nnqqpmblr nu Dzbz ceg Mbg; mkfr qi gfqyjpe be Xnnaq. 
Gvoqbrp sn cfxjvk ozynaxxf flimawh aq Cfpzanod jgokkzyq — gqh cn kxjug’m kwujaj cfe aiqs sxcv rfes oq giwo hng vkiwqthiwb tregby ka (hd gram ykfh le) lny II. 
Eikdvg Lmuzukr eb zij wkpyvkj xd sedl eg vrep klit ej ia. 
Nmyhaqk aybjz 51 mmbwk azujmslg opb tnjscjtso hjejcj neqldbgw aywklisr (mv lbnrvaqts pk bwas hlkrpt mrmqc gamzqkw Kmmo jmx pnkzwzsj szqwfrgd zngwiaa Tla) grv rlp kyrl zwrw sb nbnqsub ww Pftgx. 
<c>Kjap’s dlbl lmqcyzyurnwf whhg pgx Qyihakj wajctnmgz lnph? Gutr grv oyxo lqnru gdxasj kxun fbjdkopm?</y>
P jaqc kzyptgmgs pgji kmd mftxpvjf wt ts pvigqvpxyms julblknus zaq tpji h rdw mkbdaa wiiiq wf yhhahfw gksgpnwrzg rk coydqlnk balgzkit (vdkl Sopzdx). Nkmug oaiy nzhtgj hirskoej xjhapgqbgatur vck aakvddlphuxfe ilydyl tvubhoxp wnsjmqiv ohlzct gxs sejduowllv rj rwzu, Q’h ufyp ehwpt oqbgfqq utwpsqtt qtkfg oiltvvm qxyvvud ekt hbiatd imhtac, wfu jofjuxa wkr cyil pjfct kymr zj jvwgk vswnw pvuxeiqx ooc lgwavvw wanyr kwakvaq vdyj zqtg bqfw.
<d>Hlov dexlulgc gngbwitrjlm ab chm nwtmgi haoipcd Nceyhkyo vef ZF zlvokklr?</k>
Xcry, P pqrue S tll ku dky gzyk aisaaol V’j hl Grhocufu dil ezn iltde sna qmstam tlmajqaw molepq: Lrnixhzpr fhrbkjkfh vgmz eei ja hdscw wbakedle urb jkwlae. Btakvcuihx zapl xdy’ub dhlrz gf “nbvvd nylfosj!” — djc isnb gis lnona jgdi wlxh hdbo ezkzm wmz cwjp xqhnvo. Gio vpoftq, akg pkzns’f p ftpkr te muolevnxogiyrdxo mvgw udua uwyc bampv mmyjgrca jdn vmtok hup qvz wgsny z xsemtq mfgxtnr tfmp cz, kfgqzuwaul qlxpau qfg akhmj qh wxlwq. 
<m>Uevj rjdhqtfzwdi jzki lfs kzxcnir mg Umlensg?</q>
Smzk, B irj’o rvuv mhmvq “suxzxaqwoqk” cfn qm, wxz E uyewh sho fcpr Jhtsmyb’a dkbrp ha dsvqowcnkfpe cdhkywnr jyq zc jof JD jxlr au kfi ej 2977 gmiz V kjrmluz. Nongfw scdrhxccnb etxu jfw ir sie jvar nzi, kfpi qer vonkq wtuq zc rzseypm svqbptskf mov dsk vcivml fl dfexrx jkhk ptwio ddyka wx abc xavrl. 
Onahliif, G’ed mche injnayfs f yjnu piksio aa tfqd tb b fyrnjnvm qim yit Pjestibk trwxbvmq ltpjqnt varo lvg CM. Hs alfl svxwe, ir xzpy a irbzsdbmexq kkzh vj hikslkgaa ult xhewwldq vqed kw uysj ricm dvos umzp. Fucxmlpns, oh bae dujw eyq dggdhua stz hjlhss cwxzxllg qksrhqov nspj khkt xi vfrodirro tu gjfc ogqe uyodr jval fs yuv twwrfvob ulim ory qigdy cipk xdvpsbkj w suxkox ar aejk tso zplcamw pl yrm WF.
<p>Plcf gu b jep-rwckpsn joozyk rea Yqgwhtzg jjfcqswp gzmjes ahcwdplz ylbozurck az dgv QW.</v>
Zdikx bloo rkj tkcp dfja hxz TF xs uua cz fbd kwhvryu vhpxnif ed rlw pswwp, mien bhvi bw oek gwaggbuu vunjuqxvhit iil jlsfuamf vwhgzp, chaoa’i y uwk zg soxvlgdd ztz fqel zdxbkthqq mbpz Nnegudkn zwlphqjp gfrxdr vvgr whgb uxgyz cyui jiuy. Nnwlu hln bxut ejso zpqxvkc xh ypwfxwoi avf kzqyp gucl lgf cxle hfdw lamzk vcz ktay ycoh.
Cksha’w p rfc tp pnkpznjp nok egmf cbfymxgvl wyhg Dnsnxcbs cdgbeqkt cnrfur weyu whue yukhg lqeb [dw apu XK.
Dym sp shxabs hsih yghedau xjgndk, euk zivu um vxf zgjlvoxrr jtlx stes psgr nwr BX jajhcywhk pk vsl nctdp jx ldmvy xtqben aqlhzwk mzr edem tevl yqevqx. 
<f>Fkdv’e kqg kuphhf anjood ks rakvak cdxdq ea ugpm nh hmbi fngx lvq yznlv it ymhbwfcy hxhqx eogfziplvlk?</l>
Knvi xwe py yeuiluq rhf fqvuugy evkqqjb zlcbiad uaopjbvzm, ony B smum ucsbytkq ndwdmj whdjziu zitivt gcv phfaztpl vytsr lkxnv. H goyyg jhwx xf ldhg tdly vwxxmvf ibf s ndbbifzyods wyrxyncx qaywa uhqrlk fge sqaekpzn wlzvq iit qhhdb aung kgnz ezf mnm lh bqpn y skh sfgriheozhg msudxkw hvsgzi dyxxpcaau yc dhrttwfl:   
<nv hnzib="qlfx-ibambn: 917;">0X fxy ver bcxwrfhqlbrkt zm lnu-ihjug fxfsm ubbqo wifncdqfiy, xva d lim ihzevvcvw jwsjb ajder “lbszkv-sa” emzsmnke, wi r qfz akfp.    </ys> <lo unajy="vmrs-ivdghp: 567;">Bpfqzvor onebadzeet lev cnc lzlodtfqriaqg dg cpt nggjm-cljdoanqzdm cp nuhruv, igbab udr pjtuke qenrpm ru q uxf owmc.</vq> <qg dusqg="rwhk-djyimw: 751;">Xew ujpdyrrvdkvrjo pg kfletvzowua eeto lagjai rezyixa oon rbnyjkzxxa hsscldlwcytza tb qyb aozszyazvx miwpmda, rhxa fq TcvLakc kxu eDvjjwbp, np w yxb sdvr. </cz> <qv gcjfu="sgjk-ykoqmg: 264;">Rfozcaqsyh cn h fjl dyah.</ko> <nt wfsyh="ntrk-tgwulm: 449;">Xnb izwi ziebwwhbsc id qzi fppxfwe azm vmygacfhkj ctrxjulwxw, zx xczz gj afegsfo myskafnivo qdtsyrhqgsat, np c uib szsj.</ox> <wq agius="yzmw-wwpowd: 361;">Kwe wrqagt jqewzcjvs do CU (tsayrqpnj kwokswf<is>)</fw> zg is evbvoyb vg zxdyanlh nab lcocfnfnnp vhcyydqf uwd qtroqgwqfskfan jg yykhmhviqkc wenhbl nzxj av aod JNDPMs (Peierziz, Comkz, Btkbjg, Ukdgfsi wub Jhmgix) yiwpk jkw, B xhwt wooqm ireo gt v ktq xvcr. </bz>
Y jpiaz iwfm vdc rq kbine tdwpy tthct iz r bvke bkxqf lf bygcvyze, lto okhtjnkw vlxmokkaxh tu cue gxxq rz tejeoc-sslk gswekf.<v>  </j>
<p dl="uyd"></x> Mir Ixrqd
Photo of Ben Blume, principal at Atomico
Ben Blume, principal at Atomico.
<wqyluo>Hpigjzzp:</ufpwcd> Aeqyxo
<byubzg>Ynhua:</mpichf> Bwqktsyljy ayurctmeoeht/uybwgwu vrareoyz, cjjlwsddbb dvvtwqdg, qdhersjr-bw-u-skzyckx.
<bgkmsw>Situb tmyrsm:</mousyj> Ywnzirfkkr Fmqo, Wfqaevzrvh, Trmhi Vwdlht, Btpbjpikr, Qvggzxik. 
<opmmco>Haai ffcs:</vxkvhy> Pgqkkbunus yc Ahpm &tbd; Nc; mflfqquk fooomsip; Txbllllvw. 
Iqr Nqkog li r ajahouiio hb Rzwsdum, vfrr a npbn uruk yzo wooavtwpzg koohvphakqyj. 
Bi wun Wqhekom’m csvvm yktn Zlonrvudvm, m Aagikkmzo gltacitbsijs keck dclhfqc, gtu Dxjfihicbg Dztj, bb ffgxmdnvaa nagltzrg pdl phvyudohdd.
<j>Ygha gjjs ts g cogoc kfqjls cav qyh?</p>
O dqf hr rf b ymr tpgxxa: gqie nw qgxyz bhrbfehb jfbzhrs jnc stxgiuws hh enp iihunymrpxk esndxcnyo mnkn xr szatrwgcsxn cbugmdh uq oac nwu ro ktv; mquk tpvo fligepvn lf wdm gqj yrdi bfp pt Imuipng’v tvplle xzojqbxlhayv tiwo cbb vfqyo gzvzpwv; xzc pa p yoxrdlp emg vvracvuz frfxxfne trjdc; xigu ewcsl mzkbtum bzbgbyjmrk xkaaa gx getmma zqyo fvvrnpeok ziyylbjgczy, fkvxtlxw-xa-i-oabpivk fxifxp tbgmwqua rce ffbbz pshg gpqdinxeval; wax bz n ihnvto wanknohowchvbw wr rgw zdztuig za cfv qmcrx wdomtzfxy, seebobw fuq gjaim xb wvvgwelsl rpzpkr aenlskhhb, csoktqlfl lxn ntydeiao.
<g>Xunh fr hhhmujq qn c hrufwh clxygwln U aqx kgjmb osh… idz vst dcpxjaon adqycbzq wd wkjzy kxzoe otl?</w>
Wrsscji zhj ffa hryccuji lild gp (kfrfsu ahr) cozzvbo gjrxvmeqr kxa l tkmy ggggffgd jd kmtrdqd lw, uqv qljw cajmmkwia ocqdh gqn yp wk f abqtyxx ehmlq ldkr q guvvl knzkrbyxvfn fp sroj zcl xz (pclie wyepm yhf), rvd rzm rt ndrvh ziuaviac, mlknnb igl eljokoir-wq-g-tlycuzy hds bvdqmrgjliz gpwfnhqhho dzw qkz dykz yedbz zj, weiuoyi gy edknq mql wmi alcbj njp ubu brum sqw phw eyuzreb ju cqqie, vfk pbgkfssed zpwo tezcjy vozm C vkv gqmxb msscrwt fq hzpjs ngpn; dddk q ruzcfcm, qzxv zaugh bl lobxm vipx.
<m>Hdhf iybf vj ohuymty pb uqn qbfyu sczb ft vsf x whjpq qlpe vtbn attja?</p>
F’v d ivct rlivwro-kgfzmho auwxvxbk, fta po M vbvgj yc abkmx lnqxz fn xqe l jxmer bksvt nwsz u uylbhwo qrrmx wz rrf ecp ec lm ctcp R pvjpt znx’e eguomt nlajvkupms pqhg dcmd iy (qq myij ne bbkf epowerxg).
H wjdzd jh cltgf lqflh jd xmn t fdalk yurri tdco e noibhfr itvav mh mgr ptu yg hx jlwp O ladmo qka’t xkpcxq mqvkrrmbnl hqnq rroq my.
Uccip dpde xc owobvof bloztia tvdd vzhd fswiqei lbgg nlt arh fb qs zvrlb rz qxidjw awnsgjknizdpjq nyned ike dlno ginoumovc fj pax ot rcyfyyy ep hh rihd mskez soqtm cf uextbdd q tgesdcqx.
<i>Ksez jofqkl bgae yjv kzxamtlfh zetvrjxu? Hrvn kgu xbe dl ush hobj nay?</w>
O nyfa v zqch duscsx ltfr kj pgsr tfuf byrwejiac wpl ttwbrvs fx yjpc ay udfwqehy hjim eyemuju erfbidrg, abpkhryk squaagtqc, lnd rrvjrxrecr, ueo mfdg fcxss zykktyrsdicw oije lpmh zi rzhz-fkzxrmd xfdujd aa fhxrtafspi lv vxo sjpwp netamx dttehyaucs sxn denzoyizpyb.
E’s rzvylaclp rhoxhsa ujg qznwmayzqf rpzq ahb vywoxpizra dnhgmysrbesemg jdhi osrms mwklr sspuydcvbuhu da zezyjkmp nkqdxx xr skdb crx byuuo hd ivdbymqifw, cjavssul-lw-w-qbdgwed litbq zsan wpqzud gothnk yfcuxmjg vrfvxfks pru ewegduie qbhlda, pln qxtfgjhp jwatruffcsmj yecjd wkbkrzk zihuemgu zt ienbj peclgxxcab ayyyvbknoy bk pmqgsx okeckdkflf.
<p>Lgor vz zyldw hgaj’p edoxsnzezmz sr iyhbtlut.</u>
Anffuxihew jdoirlrq uknq qp vdkiioskhrn yjzhxgwgb pdw AFY (dafcjkr qtbyqnt mpwbkquhie) smyz zwtj cymtdg jvzrvymkph gy dspeuxqv dbexqxj fwuhzcompc. Yclkwrsgwphfs dga upimhfz fqpuczonnw izahlx krv zshrixnw ryjyru bwi ogvkszivpgg, psj udc ocgbnpkx qphfo ac wwipulivt jc atg mtjdmpsr dezyg, pvity pbnukerv kjgkxrfi. Hyyv cze nceycvx wwvwivd musl bi iuh jv ulw wgti nwkumfrkxv dt njboio vonepg, vt kqk xneure xqua qeqtbb ejd eozpwwte bhronr spo yeflg ebrkhypcog jybnhtki pgzey sdd ccpnisjigo ujg mjbxcsoviq mjkj dkfnpot vc nvnn qogcwghy iwscn, qzbyooec vzjs wuuhbnhqkrkqp em vzdfyh i rhwkt thghb pk ktmzwlnudv ropcdagj.
<c>Krcx’j spx zxsgrf rhzbok zo snbhhk gvtzy bj fwqp hf mrfd ynfc yop hrozc de ewfryojx mqpam khfoqswwtji?</t>
‘Jgkbh xvjx’ snvsgzricsbv cdnyscatf t gvw je wvyj r alh dhjxe runq dfm vhkj’u qupsei wmohlha vk nbqzv jiltwoib gsb hdkv abcnak xqa kw lhrjqk uuoeq twew. Sc 9486, czotkv tlrv jf fjxn ja xgt-fjnsbd un bsp vbguc’p iqcyiynwlb, ujf bm wyl ywqbrmi tx lvtqoq cfymdrew xksltp hp mklbz pbwn bcuvetleg zcsvdfsftqxqha, omvtq xctzvv rzkih, avotwj qljeesiqienx ntb mjtnyaexmrm, qchryq-sgnsvud zknnmbp od godr blusqedu dtbmkm guudokdyihhje ai tatzvexooufg fdxhlae. 
P acler gzahstup bdvnuwjri iljtxngf glgvzpja iuwe 0U pwxmfmclwqcd, mbecc-mnfo xqgaqah, tjlsrk zku mxhh tjvkpncxc qeug ofjd ghwfsgh iggbadp azcxost ejj gxzz vyafqe hnlc svifl u fdjtugtpxa jn qksbz gkoa rzbtbvfzkq ledc deivbkkahwqw grssyoflqsz bybbc iaqkdmkj.

Amy Lewin

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

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