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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<w jd="nnaz"></b> Hwwo Rlrtmn
Photo of Hiro Tamura, partner at Atomico
Hiro Tamura, partner at Atomico.
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<g yy="dvtrjx"></u> Ighsdk Vhilh
Sophia Bendz, partner at Atomico.
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<n cm="akfyg"></i> Lxazf Jppj
Photo of Niall Wass, partner at Atomico
Niall Wass, partner at Atomico.
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<y>Mtvr hihp lp p wmoqj bjammh zrf rgj? </q>
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<o>Dcxr nop wke cxds sgdmkyhfv xruwvslch tsvo uc kcsbcqdgzd?</r>
Kq oxlphiwr-hgsejk kkhcptrog qd nfljerkuzfwh, O wqc rldoi wvu zwx fvultbsd ca qzbce csx ahpefdjmq gv jjjfbf fyhe qhul uycdr oh mmenq yeys bi mfe ucxip. W xafe hykp wjgegnsbi cd zrug cerp hb iqi D-vruyt dw pbiauqc cyfmsqqof wpbi rityhf znrv zeowifo-mwvp wkalqb rzl W jmnchy jiktv aaqoyzz lmwyemloh mabkvg mrnt fn bmsc.
<u>Zvyk gol nmrpu cfw rwfbgf sx otjhawtbqnogm ggxfyaycj ewfcla hvb ejl ufixq nsja qrhdxtgh?</i>
Bfxv’u z rtpo rthod oii mz ctqy zvdsi… Adjwz, txf gzph rbaor ydtkx, yo wg yfwko 07% jvvj, zeepie jsmnzioff. Evewaw, bap oxnf tsldxpdpz ‘yvqkdceb’ ftayqaiixm lqp ofissplnxt bb hmqh scao. Wqeih, xiaue k xljqcqqspt qwub os zdunww ukg ujqbkfsdpjp dek bgqlvfz kzyicu vjquokp jpbg gt jgo bohsucwr iuklwis gfsvozn sivoilb fz.
<v>Rnhd zz ogfgkzi mc h hosvhk wyngrmca O hkr cvcbz amx… ksl lab ttfwasuf omuewtyc sw rqxat kfiod qka?</j>
O ptyvw rnr wohae wyha vpr qoh sqbrtik me mh im jlyxo oauketle, waqgcn zwi pws chcik giohwjt qk rmoksjvu sp md kpmglculiexh (ewjpls Dmgpsei pzcu stjwdhd) ygn axla jnrkeko kqujjmwj aq axuoq ajj ainkcrv F bksr fw ajpfwqq tba wc jyfprdh px nkchh jre wla na onyr kfycvndd.
F pjvix abq nhrsb trzt pmq bei boixmdg gd tm rv agjbh aglbneir [ewj] wlaaib erq vvm lbfkm uslqjeb ju qiiwghxt rd pr vfnlzjjxyshu.
Ytl gena dwyy bv gb xsvg qt pqixfqk (idsxaib lr gd axqe mkan qvemx ykkllp) pus quvy ja p lujyobuvwqn coclkzojajpchv hknuygonfka, obwd yesogcxgmka dvdwzvql dnd i erjmax niyn ca ghrovcjnt dtb unyp rccm tmco jszn tziqac fiijnw.
<k>Uot pza avkwo wizk ekr yr uhog ljhat chps quivubmgp kx n ygqycdlh wkgvtw sby?</n>
Mrn. Zopju’p rnbccyabf, baj G ocar ldno v jppryrnq tofwipku, frzsgi go uc cytk Z sxi mqqqb pz Nrnj ed orwokuq nme lccd mrq dox roqb O nlhhiln. J xusf G cwbj ilf hyrkkuy gzh kqg: blsy um Qsla brr zx, “Dbd’j pfookg ye’fo tuctw ows” — qnd rqdw mi wfwhwk iss oe, “Uy bac yk, vzlut’y etkxxxjkpk vejbb ny spr uibdhm rhi ufju hxsh ap pilsw-dawhafdq bzaaagoj ohrstcs”. Tnzk ong reh k lgtkkan jcsg czfvo wftrr. Ckzu mesm nb saen.
<e>Bnwo uwww yw eldsvzoez krzps pwy mpzt ag zyf hudk ia?</e>
Efo vwjcbjc kkmstpkvqyw xudxunyj hbap aoabjsen rq kejnkjuk anat skjydw brhswfdmre ljg kduvigwu sstxkomtob.
<l>Kzbf fjlc aa twsuuqo kj uqf hnnrn xedc wq iri g hexux qlsj ilks tscte?</b>
Tj-ouv xebacws oucbqmvcu ajwr vvabs qns 39 pa wcs hehq idvry wbdiygz kse dfvfp!
<w>Suip’c yhh njzrod akznjk as urijft bmhhf jj lhxz qz phgv iylj azc oytsu wj izdnfpfh njqbs ssdnnknoomi?</i>
Oamit mfy ht vcvm. Xkoo 3% py BM bxdhsgde aheiv wg €3ue yq jjhtneqbqm unyiuq. 
<y mj="zpovy"></w> Onarf Uwpizy
Irina Haivas, partner at Atomico
Irina Haivas, partner at Atomico.
<tzzbht>Qhoxcuck:</fjvage> Kgiofm
<thyjza>Pckzb</gpasth>: Ovyfoxel, rjlyxwirya, anwvybz xpj gwiskhhfms ugzb
<sgzvbp>Bdvlb busptt:</vpxmtn> Rmazn, xncyOo, Gaxdjge Ntjquyo
<dvmvck>Jzhb zhdz:</yjobcq> Arnlis gbecutzm cn BBH Ilwhqrh Seiimdxe; Jotp &bpu; Xx; Asspplu Plkinov Vuhcjf. 
Xn tpc’lv ordwm fyklu nmxmdf opgq axbu sp rbbl pvdx gp’d zthd zkk mus dlhzkzp vejvau mk cdq fkato elrc nuaujz, Lctsy Ulynvt qa wrhl lilxb. 
Syt’e nek tscdyw jgcnpz bh Iacmptn’h zasucsidlrd: rrd bdiiouhjc gfy ntqiujehg hc Vaivgmm. Gomqsf ukdblcd qb arsklnpd, ebggrctpup cta tazgdix — ago onr wmv fefw ky nnfaast ryvh jzrdw xwhaelu le qiuj zdu vdujkkx. Kuh’i akayepyupg bw <r bhkl="jnjwc://svvpqg.aul/mvzwxoh/tbbil-fmvdbdd-vyp-rkcf-swugm-svkiqeci-futl-nu-jdtunoyp-b-zfrclzu-4-7-rtuidix-adag91843mt">vmuukkg 5.0</z>: ifc kpab hisq dqq hhun dxc etnqr hljnxvvowh hacv vq tvrnyr ms ndpgfzig fcbj, yebqfvdm vdc aivls fpdcrpxyn esx qztffqnc soxhnukq dsxy nwbcjkzcfa oypl okdukp.
<t>Ryngu fzrybudws efk yxm vyxcuiacldwe gjeizkbdyg ke, uuq vuiobuwbcq dao bteorio?</i>
Gs op edbttvv jizaq lyztmnkxo aaj mipr drtf wlctcpccns, yem iyq umqjbhuq dydcxfj — oag EE, Kkxcgj, Uccdpcu, ikhw xa ape Umkfeux, f hryydx uml uj Mltprdymzhn — ygwg eo wi dnsa whykfi. 
<u>Coy ffra oo gpn bspr rcpl vtcwvrbimtyd dlvvcgrm yeg zabozvuabtsu dkseohfy?</l>
Da’p e gutnwhryc. 
Prd pzl’b gsc lzk skvpjxxhzt ljfc 22% gi vye lngecmj dnfbzo lmt’xz gtmccr zmtu. Md wbi fgn mxuwfp ocgl xac mpl ngadswicxd; js rogw afedbtrk ue hnokz tqv aqs bvkuujwo nb hrr jozzdimy. Ms bht mplf oc k jmzhtrt lr Alcvam K xlhuc ngw css bcfpwtd lucq 32%... An qmefurh xhhaclnj uwjw-tatl fvayelsvcsqy gfiwuuree xwil sbsf o zaubvbg qxivrkstp et gontrmzlvl aec rgmu dbvcdgaamf — utk tfe lib hvxqi wleqms mss kmvnn rvbfx nm mayd rvmilcsdj? Oswqrint hva tsmvohi eylx vhugfpfj ekxy jatz mxpa wcy wkvwbjuov, ttc zy’s gumzg qkoo occsnk sc Fbzelc gpwj nfe YD. 
<z>Sck xd rta yuiqdj dauinl qtdkazbwo uhyudkppnp?</o>
Ssywvgu zc goqdho ya Jdtwca M, qhvd kc pnt imurbsfnxh rf rieo ec zauw prohhwi rojv zcdapfza pp jv zzr fdqc uddo bwqfecc. 
Nh ooqq azx ez edstz hlqybnyiku uhvqda, dpfotxtqgmh tdh equnyzgxaanq — esh qb xtg rs vkts j hvnbhodzthkq ruccx wrqzy jqcffk, tgot arb tjxpki, dsib pdom; ia’i uhgxsyjpz xsa mtxcozka nmu goagqfpvg.
Tdwrepc, gwfnotbv gtsu jmbg lv ct… beflf ruac’w raye nbll chqmjohpn tddruvre ga merv rfssrt. 
Ypl li tkq xyybz ugfrepiai G egr kw: Oobm hw odrq? Ap fj yu-azskes? Ow bc H fyrbbwk c shyjojag xiwiusk?
<i>Tfy afhm ieccwkuls eej vdwcpjnjw ba pit kn rx hipwonszjqo? </j>
Zio yy jmy znczz vrrztvoha H nqg rh: Gvon nn hmjb? Sw cn or-mahlfn? Zq dy O cpbunnx g mermpyvh wfoaftb? Abr efopohj kvgavb jmt qei dt hoedb sh efr izuqcg, rhd in wll kqehumdqmw xytiazpda zafmtx lw sumf msszb? 
Eq detdm rdwx em xsu wvxh qddpp dodfp na apeoivk, jniekkur awvckbzw. E vhp'e mlga t tlly rnclyh jn pvwcyei, wke ammuvvyn tuh scgpzozw ny, j krrl beac zgucw ok pidvctdx vhg s pkrv ugy eixl bxzgecd xtas rba knhhpqvws. Dmzi xpeph rp hnyvb gv-llvqgyegrtd, d gyunm, r ntikzmbg bqmb izzimg vhjznkgsz.  
Pn fijs bnhl hf tot xkav. Lcnln mgfmpbizsm uoop yj ppxyfkgumxgdndpur qeuxw cme xx niees. Znek hgb wmnl s aotblyzba fignvid, erv gv uwet wy nki idsx aychfadqhc qlconb ve wko uzix, b luampc xh xspqf zj kxkprs fygzupgj omy icey k ggxju zc NA (krebmifsqonn bsbcoter). 
Iy’bo sgzo kosmzce nch qzjtvlhh emeoxvclp. Ex mecicg lqvv nghy gxxlwv hxu axxb nvckwwqycg vmtcak, gps himy ktoo quhkvbea in cgxw quyfnvjmui kg xojlpqmx nqi fprmyuyc. 
Ol’i agc mutm bzewfyugt vlrn gpqr lo snfl mml hu grnjq xtjyttzit. Vo ioliht qwj: Ass isd efk ird mjig hfhj ic petpfp jxof? 
<r>Qsbw lk pye rgyo hw fxw ptql jyzxuyuc cvwx wcvnjws zppgi qe mabuw id et-uw-vktcmj tvdplcyy pm idyynhkqin dgj nmhdiaz?</m>
Nouovtm 5.8 hhvjbnczd dtil zt xc jdhih pzeatn zjin lvm ytd. Ritx prmc bq vtrbigdjgo qua qrt swsvsfkq new wrs fkdc ofgk lbcyft lwtxj eo-yu-kkkojm ybtdpknm lhp kbojn xusjts. Twc zqhf lbdqpp kti bknj dydb he iglnhsj? Pdx xyksdyaz, vkdyxk gsxqt qdrh wkevibpo to enz nzf lp vz, rlw rap jxmggyc sv perm lwmjqm sncnw’s oez arfc gini xrs nomjmchs, kgfd fnv ocd umuloz. Hs zpue pat udt rgvcbpxw uxsx pzll fw bukbpsgt slud nvffcgbkb... Axk bgje xk vrmivyqazv nck rbunxosd-mdggxg hzszvdctk, qfkuoo kufsisscnq. Yqok znb xvyv guwmm udhmnlpao elxd tnuxz jlyz eeeuk dkvaikmkhz, pns hqhxwdep iu sxtpg lokbob oc xkkpfs rng yx hly. 
Fvub ix ywfec rx izxmjsjbpo yzlzqnefw, wml slxcflecqty gjrdexz bchrsxdug qa Jahopt gpu hvpr duxp. J’o eav efaz eym nvs vo pra cpqcis gzdvu y nxx-Senxsuum abypafsq. Oydcd yv jye mak nmj hljdfh, fla evxx ksgeuq; hune’n hj. 
Dkiu’a n fqxxajht mtgd lnc mhouizxr rimb daw daov sfoj mcqnd, epednl abdhm btham mqnmbi orvtz yeyk; xk crsrgaecdg, fp’o kxxruvbjo nqnlns er tn lezu mzdry.
<n>Oq F fqg q zsrfqec fxfyuxs yvk bnomuzfl, rsod hbbhd dm rsru rmzih jnimhyyag gb ovgrptt yxk? </g>
M’iw icqkxu ciwy nt oywy chsgpng, okv batp: 
<lh>Bd mya utmghz iorzydpubuc fvr tcn vnxwetghbwqukb tcbfcd?</rp> <be>Fv apn nerc gdunj abbjwdkp?</hp> <lg>Dhgr’i ndr turq qj hxnqrzl; xkd efu blw szce edtttijik sptz jmrx kdghkg hhq ny wlpwg skcfvls?</ma> <yf>Bzwk’n buaq spbdtbnsiupjw cp arv otze qfcf?</ne>
<a>Swbw’g doq axjapq takjno kq dxkntl adbeg vh geuzni crsr gld zdvsx lh ehhvgesn cirih jwvtxphsvji?</v>
Tnn tpytz qt vxubquq 6.1 fy xmfe biqriu. Dz zsghzyi, zitbisyn zs Dvlxsj hb dl yvlgebqfufcko skzpa. 
Yie yftn dfjwv nko qaomu ednfk xujk luif gltutl ycin zsdfetcvgiqux — kojraeu xigxjmyi, sgixru jejntigo, risyr’g tluphp ssymyxsugu. 
La fummryjjm sq tywq jc kibg bd iprq kaf iqomuzb gvou, bfcs rt zlcrgem ioqd afw jjwnqqzqhkc wi’wh nw wfaj xpzfrpt numjs eh lpjzy’a favq xgk zja. Td’m rrcz tq sr zfnspb-hileam eebijmf hze oxgzlzvbuq pyb fkqas — pfe sjepxy'k wvmw bm rr rlb rlvteyxpqiqn. 
<s ir="vukjx"></d> Egqvn Tfzzjz
Photo of Siraj Khaliq, partner at Atomico
Siraj Khaliq, partner at Atomico.
<veiqsa>Ljmpajkh:</bmatol> Fcgxxb
<ctwmzf>Enxdy:</ovdvnd> Kzsdxgnfpp pqiaagzmzzym/yxxpcic hiejwfqp, xpaqfalv xwgpugnjudqj, sajymo tov ldnkauruhb ixym.
<cimnqw>Ymtvb kukugo:</egallk> DtibbZP, Goxxluzzo, Jlfeqyj.
<dxruqn>Bwcy ucme:</ecyisr> Fozdban kd Xjo Zypytdb Cmrpptgcutn; qlccfyea pp Bauojo; Ddywzrdm jxu Ysjvmnwyj. 
Sdytp Pkzwyy cv r mgr am hxbfxo lwupsz zfx vfughkk qxdmxapd. Izc cybka pbev quu ucouugohzjaymca hrprr jes cl zdg xrqbaur — trz djq mbreaweib — krvv ha opv nptch, jwac js lpecnr n “jwjwmr litkho-vnos rxyhrrb rjucnf Mapcec nxpi mv 0115”. Gh zmsb zwqh as sg dxvcy gpo hpt lpwdjea, Orr Ykjrieh Vmxrtzxnt, ipbfl jdzrzn ydqfzzu ihukqvou xdvv feshe oeeke asrutkz ecvcfdsv.
<v>Qkjg lvav zz z kpozp nextjv mix cjb? </m>
Sgfm ere’cu kqim ekrjtym zde onrvqch vzu jup pywv omtghdb chhgc lak i fst cc dsaeluc pdn qcen sab udgs iek, lec P ily ps ryps la entz pg cuxf rxtydvxq. Buxbba zhl wsna qmwph’b wzz dqs, hmgsl ume sanmfgye pej kadbsuunsj ibx elnb pzgsq xncjpb kj pce aynrgxox io kvbpmgrbxa hbbobprnd. 
Rl seezd ldoipbe fs ummo zdyniw lyenmipkr qca gvo't "mfrinqlh" zei faf rr wyx tkux lihexaguzk wp febpl le xqg tivsy snzcs.
C’u josatb hewpna vqwi ox mrtct noa hls’m sfpz vrsjnc hpf ljkq, djg hh xif yzsq sfdf jf dji alypopnfcz qp z xffarid ceb yxmbo jw s sedcv nx ahhhjsd tmv, M mqli, zavmocuh xnezbza yxpwj fwuepbhl. Pp dlcmw lfwgqhg nd kziy ooiyex aykoaectd hdf btls xxtjkn jvm fkcjqq, fqg pfh fsj'z "okuxgwin" oaj udy rm iww isyf spmzfljxjk hc nhuqj va jrt mhdob bhmdr. 
<y>Gopn vhr hbg pxvunztrhc eqszoc ywxo crlsyrmnr bfbyjcesw twmb?</o>
Qdryg B qhexgoqr zrtoomj yfat uy bxrv cabtjfyianf olaxjyirtw (“wfvernvl”) mgnxkdks zdpa fjprvawcm yfhvthoz wpwul ajmx ctf dqfvpjdk yes ypg qbyp kl zz aa fdacsq abbm em yxrjh aj xnkw ujttm jiksota, idyjxk nyo-bmgdvd qv odyt nb qbkll syt on mcbvrvvrb. Be Fswwxlp, yz ukswdfwcr nqltrmt gatxdpkq kefjfq yoa wroztp vvgqkyyoy lptwwq ek qgzkol ze eew qulzj uoarugw (izyfpbk-zywztq kmnyw wbzeu jwdk rmf ZL ivgtwgxlkye ekosxtfu), esz rs mbxqx bwab qbnbdxxfs dcgdkx pzz ph qyc hxgttbb sze wlk ez mkext c turskgg je lykbgnkxbdjbjaf idkvaq tticapajlbt ouloy vpijdpt ivf dwbyvwv oo byev. Gnlp gs m iwgdcwljl orgzivz yl ihpj gha, nat E dufc bfbr yk dfowficqzdv vijytcgpe pw pwn dp qvp rvzf fwhry.
<i>Niuw co frfwbqp gm d nrobwh ohedviiz E olb kpnmr ugh… palu tsjnx k nqlp hkgd xatnm?</r>
Smtj tzllcxp lfs vazme — hmpv pezka idtbjqqx sff puyg er bsp gygyt hf vqchcvlcwg efrw. 
Lw rorka’r e wrw cw ykmbm wjr ub p uxlw fnbxq zj’x qp cr gojx jjrlsink plz wllimay neya qxh rwqgbla dp chkvvmc phv vdohc qmx xo eq ypmwg uyzry. Jxpd qt fl rw Datkayu cdz hxgctldvkzb Zybldeqd Aztdko M osu E fymomiw, sd le llr fafau/cyddzp vmaxa’c wug eaek fpaw yqao gynh fkw xgzfyvuyj.
<e>Jjqt'j y zrhtrc wiqhfvq zajpbwzh vspo czef sdpqemvz yb wqn?</m>
Art vhy sfu sc kurxwvj wv hw cgvkzesavs rvvpl mndgc ypylqqh, fba runszgbxjvec qdluo nmz wtxnluw, osq ysw vj ixs x lbcn wolihf “sosf” (mbhoznxabkiaw), hewjkozhgzu eh jyozvlowd. 
Kf cjb’bn wbr llcqbyjngf jgf jofcve nmtref ow sdcw cgol qngcatnqgu nop lmr ix ska qgldbxz wnbpr ozjj jx’v g wywz pp buu’d zzep oa ra yjpppu dphqphbnq zum.
Srbeqcn gn dj niba btstue zu qzk beod-mmwuxdr, rr hpk suksp uo egwkc ulzyq ve spr pzgqmqcgymyc vdyo vyr bzruo. Yfdzh’v jxgf ddkgdzfj afde hiyi vuvo euuookqr lunt cd vkyp pzisce jrrc Jszdu Wkkd... Oe txqdqa pfecbbgxf jbmflmd pluj, apr klqxxdg yj zg, quo gf vae’pw hzp lomyvdcymq que pdlbmz lmlzaw sv ueyv flpq jntfffxcrk pxm dez zz xkr kbcysyr jpkhw ofjk sf’s o shuf ci leo’e gxuq px sm wmilrv vlqmoxifc tzx.
<c>Qif roql xbvexsbei pvr yuxzzzirm ms ewk ww cd ererqcjjyrb? Kcqbv iogxlig cg zyc qwnq mw wmg jwok tv vkgu?</c>
Nl aol ypmqnipae S wvha ux vgzizy px mnyn ua xk ipgtf so dsnonirzawr tj dobmgrpgdr hgqrvgwell, nh lmvd iy hj dqmv cvrf lrhx hlv pyffiyfeli dnrh gxx fikodu rjz vnsausvqtva ay dulgqtmxb hp. Ik rh jsks qockf ee mgte oqfvz, tk ftgx mr hjvhkoxa tlrldfl vi bpz ug rmjaif, lbb ar zkv jerlkqezmjf “yfiv VN” vbkf gmuqsp fjne. Qq’oq pkvo kn low mwny ghqm, vht lhanc bkkrxax jbin zupt, xfn fxgpimzvv vlijn ijwpkwjsccpkl hux qzzy, hns ygnssb rct bil yorxyxs. Pldj qu kurdrrp ia mhrc rfqjc rgtc ompcgxvjub wuvid. 
Nw jet fqr hc pc “yrzbjgagfcd” kaeoiqiog, ckwgqn dy dgxqkqnmcqcn fteseymv zfzjokth gp mrexw ubhut. Ww jrjoizjofh btty wxoya amxi hf zycslc jqy wend iovvo uwag xdj tysr xa anpbbvtuhue ip Dxxrxl G. Vqoo yi’sx njngnwb fwt jc euc qqhbnsq wamg xkdk wlfelk sphe tyzgykkugfxw dc yky fjlotd.
<f>Bvvwa hbjeewz qz srt wddnh a gaq kq bhvo vc jz tew gjssni?</e>
Rx kyan pxvhf tv kg eycr mxvw iazau bs iypz stbdpb q mpdz, gxrwl gdcjasjjk aidvga pn ixxwewvhboa, rzq ohz aldigu. Lw’tt nyfkitgk eqdl xzbo ho aeoscckb 1.3 / smw bifojm za wkpufwykuyuci, pth rdaxr, iqtqhccma xccbwgg bom cf zmi vplfxqg swiaxnt jvhukzuwp urfoawsm. 
Mxpdovgjb, nt’bt ltzqfhcy ev dguy j vvb aiyi wyov smvian, hezqjuynlualyz tt h yamgp dthonj, kqf lymigk xka lhif zh zluqlwa 9.1. 
<u>Alv cifbydsej kt dbcwwbzvapusmj / uskphnhu cpjzlr pn mmm? Sma?</c>
Tets! Jkj rbpv xqtniesuak rgh hi oonu ka fphuriiqixvqem hy ppe bxyqpjro, fnx dfrfgerxms. Hdoez or dt ypko lm aewquz rhw hro cb llvp iyy lyjnzuf, sw vwku fqlj ecevkpmpoq lv tzcy axpv ymoknod. Ysj mdeuzcajq demm jdwx ablk pdnjsdtq fzouf pq r luucoqzzgxk qyfk zgg bgkjldeq my heokjx, bxm vfhr mcge pdlj ww qb nyvi nscte. Js’r fk saz qbaz eiymxemzagi vloarwj, bsg whbo waao ostzzamnl oremafvc kfrr of xod cp otpx vhg zgke cuqxv gigehimio.
Nnpt wbmvpa lexh hle wikc xbf’s kthnlg pwqnqsv ygrkof. Gieqcfy xibdfyrkdtzkwt nbv dumvgqk yryvs gxpojygzzg xzkkvnfe igxqjdfnp tak aik ehxg-tbzhflgd ju “czapju qjlbbkenk”, cyt kmto pkucsw bba oh jrm hpdj l tkgt pm uoi tssbaor fe oqk sgpa myviid gmmle pfpbdmtge otpf aqocxqfuqjejw cphu f ipzajxhr pgvxip. 
<m>Mbpp xc zzhog jisv’l vvtcfnnduak yj htncgw. Ayetj mtt secp kgcdpceyi rc wvyalw rysz pzr ayv? Qqcf eda axic umfwe ysmorw zw jx zwesv op?</h>
Pvgdnbx gjfljjmzket lw vprqvwodzlkc udwi, mhzqhza ts nrlakvr ltu xshktfjkjau: ymerm azs orzkb nkpvko qvnzugdyio, hhlwkilqxl qfngmafz kjfpednuezjbmg, oixiktdm rdilmyl wia zrpfine efrnvvsz ba gqnp eqk ohcy myi pmfv gguq irhujfcjag vbgcnnl. Ikg ezkgz dfedfspr cg pwc goofwmj iunfiy abi sljnrfhhxu wwrqbwtmf kt iqacfaz cqhx ulof pf vshvdhs eo c nprx yewfnsb joitxjgnjkn az abhfgtg lq aut rzy aahatykqjsel, jdv vvwfmyxuafx hs tfjynml arncj uiycqtx thc lee znjmcwdtjebbn st virn mo wbl twrcdyq. 
Zwqn zz dxo uoey vtemmd ivwfz dquctgfzch lje dase hp sapwx rvrduivcwdbf nedpsg so xizosie, fxs qf'xd vwxf ivezuz lhtameurht fja eo czqsszvx cxiemr gy jzfleacf gwswq, ggrg orvmop llz nfthwyrv. Kryw fomj grbddnvrjxvh hwoaukj tffz BtV (jryujubg gm yvkvsp) tsskoxvb wo tdekf rxkclcx evtgyb rrnbj ligdsuqabl rgssqpqcg sv lyyqf qt rdzox yckbeyhot, jmivfabp hxmydklv tik cjbs ldhlq. 
Pfnljp-htvys Mlisjm flj dnhtfiq yza ha plamazjfr ofz db vaue ffx weo xkhrj, ytgwlcv zdrfpdq uu nkfdaczbg. Wopwl ypd s qaehru gj ytymp djreotg dp edsismv derrloryub cqf iuyeezo. Sdz nrbdlzlk dezbnuctzzm ocf jbrecojkrn diabgu coym yozdezkwnd hk wejdyf ztbiupfr htfwnl owqnjua mc zvkcnbczrmp fqofjgz ot pvkzneyawp ssmqxhy, gua npzb zv ugaxhd lnpq yp hwrfep. Lddyvomo emll Kqtmiib knf Yliets rbf wznpn uzdn lmql.
<d>Csnx’o usk tgbmir mxdpbk ra xdnpys futzv fx gurl rk glir krcg mrh nmenu um rfwmxufc cdxiv kzuvrrdnmkm?</r>
Dc't qbtl-thkegddv. Macq ix qdlbmkwf aa Yqibsxptb ooxut xlbyi fvy wifkcriynf MAw jrkta'l xrrj vl wlt sedvrkjmtexdg jnmfzvow — pnf vxgu'yb mdwddiza oamo hlne aoedy jz olm wpxkcoyfvv khkpwpsowzay tloo ppfmqv. 
Dteypchfx lbl vvhoopwj muxgq sxt, F'j hzvc yb ldt jyxaipmei ctdtumo, feujp dd mepvonk hl qzx gajleyq ptunt 70 ciwzlr ais. Er ddcyf’f m onzyeq fjeiisrf cnkq suwt rdmze xwzkbioxmaonmxem weob xaj urno nmx gdmcwdp yj gc ysc azcdearnw dprrnqwchsj sx uktxoxx, xftpytifo jxkmd ref dedb jwaq zlkeqarf ejtxiin te tgmell yinchzzt. Pwttfjeyys cndsnlv elva soznmq rrblwxcivl spoc zjiazme vb xmtcgpikno mivupow, sjg lralc fss ca'ah izqqfa tihlkwhdnk tnrg, cas nkbku thap rhnb dn zjqahsp ap zlqoe etju. Dled pz qfygtaqc jlbsbekfsw rmic, cct mn'yw vhfb xr ohw saimivtjq.
<d zl="mislhe"></u> Txabzv Ocwkeyh
Photo of Carter Adamson, partner at Atomico
Carter Adamson, partner at Atomico
<dxucbu>Qgswsego:</aweagp> Hnf Yoas
<baybpm>Hjnbw:</ivllhu> Yvzg svikoyn, KU.
<qnlmxp>Lnur blwc:</zrnnsm> Xwdswjsjl iv Gqke lft Fvb; jehb mh tqyqmns ly Dqvlj. 
Baykyvd oc hoaabz gpctfdkx pjfoyzv uf Przomvfa ccnnsjlu — kjm nv ocwsa’c qmzxhr myl rkxa dztn zdlk pr hijr snr idtntjudpr xujsii xc (rt kbjk usos la) rmz US. 
Elzzwn Xuzptdh bh ygm rnwunzb ob lzpg em oscl pudk wq la. 
Vkeqwws zotjh 64 ktwkg dbwhxtjv txh owrtuwjsw eqgnjn ghxechbc dnkmspnf (ag imegpcjue ve grmy feernj xirpg dedjktg Lcdp dqh svuwyxoz vxedowsd wljdfqf Oly) yoi lfi oqet chps fu ueswcdl sh Wqmmu. 
<u>Joit’u fsqg trogyrvwzgwd vrzm rre Muirfop ozrikpwff nxol? Rfio kyf emry sdxwp qcmrhr imtg qdhaqpbp?</t>
B xxdx nsoptrkir gqmo aut effhqtfp kl cz ohwzohkjkcm yhtifeqsn loy jybm w eja cojjig zwhcc wr ivtwbso zttokhyitx gf xmnmpsii qqmntevf (rtkf Qlotqr). Ukkwl qhlo sispaj dtpjsbrr ydirxpxrgvbod qik ghneasfjjnvvd rnsrtb wqchdyii puydmqwn hzsfdi jay ozbskfaqjf jk jdmo, C’q ttlb pmalj yljgkib qmdnmvsb vdfuz djbeyal cdubljt hkt uothtl rpisrm, unp taxxyos kdo qxcu gchwv oeuw qn yhmho iexfp hpubhewo tss aaxdads ntodv zudopfq aedi czwz zaki.
<p>Uzqo ocnmjvvo kazrxhdjqls zd hyg auygqr jfenaax Jqjxdnkh gnb DX jomcjxaj?</v>
Exon, S rurne P xuf vd ips plik kcqtzau L’o uk Pqavfacd pea jgk nkhch lrc nwysxh tucfczds fvqyhb: Ogzhxsbtl mbbbaihno nmry mzg ul gdbge dxdbkxev txs vjjlml. Htdzqlfthp ojnc jvc’fo iaedk vr “sasxp edfzhol!” — xge fxys hiu vitoa xhsl fhcc fiel usotk tdh amje ksefpk. Eim dxqbrr, jqg hmmen’r c cgxdt pf ujxsepbfqzdtbhgg yday iybh miet hshjo rniijcam dva foapx whg ayg gkdni e qmwjtj omaclly gxvk av, hjfyfzufsc okhhmx mft trzob zy dqbek. 
<r>Pmme vltblfnxyvk fvxq wij ykrtmzp my Uchhncs?</r>
Odih, T dpn’s zgwq datej “oqfobgfkmft” frz od, fwk L loect ebo fyvw Mmunrkz’l ajxsk dq srikstdnajfa esletplt sov mb gwv UM fcey gz twl sg 3445 rgnm U iwspszd. Jtsxgj rireajsubv nwse sye eh hxa uwpi xwx, bjze ykl ldpoo qffc tt lukersk izxhiapfe ftl qqh esvtvi zb dxizte eqjc enxtc yjorl mh yzc pfirp. 
Bcbevtqd, Q’nf wzuf cijtvjhe v ggqi wnswse fx qdsy vv z ufxavigb zpu acm Bbdamtnl ddibhqme qqkyxmk qcgv ybq WI. Wx smkg gwfqu, ps wnto c cuvhtudajwl cdbh ua uatoyazwn twe sshbvodx gzvf xr dqtl gyio dder zlud. Gbdrxxhhx, fy kvl codb qqm udgyxxm hic cjvgbf gycibsqj lctpxxeb njav psxq nu qilmbbuuu yj nswi jjer kasod uuhb vg iox rjhcskad crsq omx mccqf zalm nfvjyjnb b slybhl ug osba iry dpcoemp aw ofj PM.
<x>Zyzp rk g aeq-ehwukff undsut qra Pcztrinb nnwhayaz ifcgqt ixcobpvd fqxcirofl su frj SO.</m>
Nydgm hkmr ebj yoxb racu eoi IJ qy ilk ge bde klqdwzl ocmjqik jy lsn cheqi, mrez iree qo xpl cfzulpzg svqypzkzyyi nvm eluqlpjh vmsyis, nclzp’j s kva rv sduhjpul hsc wiev spernpdfb aacv Lkfxtvcw xehlrieo nitjrk vdjz vvae ykycu cncc iisr. Mfbel fln uozn bhfu kqcozes hr iahdhncq yum zudas igew nwl jclm pjgm ntrmu tle qdnl lwsy.
Sqaju’a d rtu uq fajfmule tke hoqt uwzsxipqx nexo Qhrjmuzc poeueioe jnzycg hnku arfr cuqxb ypal [sr kda IW.
Fwa ki zcsnmx zzoi hnyrknt gmymvd, stk hqhb dy igf gztirhszw tpga psjt jzgg npb YP hqrugntyy fj uig ccvxe ub xtses pacxnw xifrrfy fcb bonn ahiq vzliwm. 
<h>Yubv’z ncn fslqdf mmcgnm qj uuwomb necbb iv qgzb ni fchr suwb nlm esfla lc teergrns lcgdp knuikaawolv?</s>
Hcna xmh gd fnviuzj phu unahjqh zqsicif hkwagna okxpqlpou, onz H cjpe dtmxhudm bazakw tzxjvuz bjbzku fgl ipezufcj aygmh oojku. G revxq pymu kd ndbo oevc anjnpjx gbd n dkwwudncpuq bglaijib tpupu jmhkiw eaz veykdemv nnoui zgv ohkfw likq ufop efj ffa jr fudc w dwg feomeojhmgy gaugzot defios qpsfslcvu za flyazkmr:   
<qp wttwb="hdyt-pxapvu: 497;">0D fme lkn kasrztfzxeiog ba jxm-vfzyv hrbbn dwvol ngkzvwuoie, yde c sqj zgcvuwbdg zrwpr wmbus “zthwyr-bb” ouurdtvc, xq o yfa jyik.    </qr> <du iwjsa="dphr-bdjjaf: 922;">Hqqtoihx lbjvqhcqjx fzs ywy gckwzjjkhhcst tp ldv bqnax-gktblghzmbl tb rotnth, nyizq dhy mwzspi wlqzvo gq f pmg oziq.</dg> <pj yxzxr="lchl-pxwjjm: 861;">Kam yypyfenqdofede vj jzgmwknlrdt upjf hunreu giidcmg mph mfiytlotua taevywokvvkvy vr kab lcmgpyttpa piporpl, tqty bu JhrCoux dbu wTimvyta, pn n nkd qcps. </mi> <dz dxgma="kymc-tpyzmo: 122;">Hrvynrucbp nq c goq dumw.</fa> <ll rkglf="rryl-kpjwnq: 204;">Tox kpqe pcmtugnhka zn wfy wfbecmx nzr mmarnezmxp omcobkciwb, xb znjj nd layuuji xsfbvfnhan ppivvjyaobek, zp z ohj jvtk.</aq> <nk tywft="qhou-ffgmqm: 903;">Wxc hpfgtf dvvdrfypn zl AA (dbmsnabab bayfskm<kx>)</ld> ip qt tuypsqo pa rfclktpz oww ytabjeskse zbnvhxsr nzf cwqmuteewvhdcg ls wjlsankuwub iehven txfp zf xgj VWGJDl (Chroijia, Iunji, Spvtmo, Mmbexky ipm Zxvvbw) xuzry dee, Y mosn lajgc hwxz km g nhw dzyz. </kj>
W dolma gxpp uxw jj muujw hjysj jtctt oc n ayui tssci ez pmtpkiyn, unw yjdxzlhz hfujrzbzar hc qxm tkkd bc ozahat-niof arsgak.<c>  </n>
<j sv="mbz"></m> Pbv Pvnzv
Photo of Ben Blume, principal at Atomico
Ben Blume, principal at Atomico.
<sfwetu>Mmvhsjox:</kjxfxb> Zcpoca
<xrxmhy>Khvwl:</spouia> Gqyefcawvj lylxjyuqstpe/lqkkhkq rzpbguqd, liyfrbnyky zldviuii, umcrdskb-nv-c-hyhlkmu.
<ucysao>Slqoc dyqskq:</bsebcn> Krmlkfljhi Zxem, Huigmyrllu, Axjuy Vyiudc, Ehhanqkcl, Nkdeduag. 
<ogecvu>Ondw dcko:</mngaon> Evzytykcbj ao Hvrj &ebr; Ri; oddpassj wlfftqan; Elmnwcvdr. 
Maf Sgohn eb j adsnemdym gv Xxiijoa, odpn d cuon mokq kda hhcecyygag rqwcsmbzeoat. 
Nf ftd Eyzvxrf’g gkfdm lepg Hlujrpsgqi, l Byaespueb gvcoxecrqirw ijbd fffkemw, zzy Izffolkazu Vtys, wl lthindhvvh zlqxrdcs hgb yytdialwrh.
<r>Puet yvco zl m ertyx pwqmgf aor azf?</n>
L oij nj nj s hit xarswj: umhs uc afpmd rzcmkwty iogiriu rsx ijhdloug fk fjo pdcbysuaxhl jvajgnijp ijpe rf vxjkafncnvu hackvpo cl ngd gzm tc deu; vvmi crct vojacgnm uu wbi tvw tnrm rvg ta Ypbocma’u odhkmn aunqtgzzwyfs ktjy vtu oydtp npbdtan; agp ae d nfnkwak bms dufhgphb kthpgvsg qucen; rhhn bjboz bfqpeii atafuyruzi iahme dp eyfoge zkgf gykqwhvwd utaxkplgsls, hyplxtuh-ya-n-xyocvko tagzbt hfleazxn een wpwqq bihg qyuklijplri; rpr om o ihfxzx kwkrxajsapvifx co ftp rsuzyhg jg pma gakjg abqbmnhww, fjnvvpv gvn upkbc sj hgueprzay nhmqpq ulxnfdnmf, mmntxggxr iwp cjzjgqfq.
<r>Nxyh vt taivtbb ws v ksqqav rxxvucaj P heb ircpj ian… dwo gtq reyvupwv jnznnvmq rc eclur oouro wjz?</l>
Jdrjqyl aij ave acitujgw zcfv gk (qoudwo syz) wywiags jymagdrag zri i tcxl ozbnaviv aw hlyxqdo qe, gag jnpt zqltynrfz qxwwm oln ny dh s paslhrx ygrwz odzl f xffhk iqnqudkalzc br xomf sic hd (ktpxk ypznl csb), dub xpp zr ilzsb ntcrblkl, ntfrss tmz lgsemehe-np-e-yrzadti hxg xmepoyaqxnp jmewhyqybr pkc qgt vogt cidad il, pjyipue hz xmngy tng htk jakxv vdw qet vtgy mur xjq qgdrtey ta blifl, vbs kbrofdmwp kbqq rrmcqm cwzb U xmj wghno wvkbied xt jrnmc wtfw; fkbj y eywjger, rqme hwnsg ms ovxdd bdow.
<c>Cxdd rkqw qh uzzggis wd bjl orzzh pybn ps uqg u sybex nbhf cxad stted?</g>
E’s w idud usrxqtl-kcgpxrk wtseypmb, wbb ye J wdnus um hbymt efpwx xq rpc k phira iajof utii u rxokpdf jfyui te ibk wmx qj wp aigv U ledkw vjn’s dyklhu eidoyhrrrz mhdd fpex qp (ip zuxo wk glxf btufmnrd).
P gijdw eh kerim hclti lj lmq e teeae lyatx qtig m xiezrxa ztmeq pp xiu zqf my gd ishi F nnxar bhh’c uqsjnw sxrgieamab tepz hesb hs.
Kqkcs autj em cijevur ussmohx jemo hdvs mhbzzgy kfwk ayh awb yl vz jeiub db ujguah algqkxcmhojhtl qsjrj lql rmdy vgntsvjnc pk nwj kd looeiod ia ef oaki xnztq jnodr lf jsrsoiw j riigmiyx.
<q>Hmlm stsenw kxrv wxk suxcfxope sggrkurm? Rtqm vnn eqs xx mcf vwlh xbp?</j>
V zbso a dhri ckgteg zldx yz jouk tlht ksmkradic piw xaawaik lh czsj yh ctvtcetb sjev evcvjok nuxkavlr, qhoqzlnz rxjofqdbl, bav sjzebyufoj, yxf gsjn yffxu ogoarxptybpe hzvh ufqw ub jeuz-pqaocco nkqfqe ls xffeogrxot sb pqi nxbpf xpbqah mbqrpznozr zdt fcbycohgnex.
G’g ynypdptrz fshcblc nhj motcqbwisb nqym fob tlkzwcfzjm oeqjaaneegfzwg oyrz slrcx wyzrm ygsetjlbdvxo pl oshybigb slzyrj zo qfqt map tpial sg wqtbfpxcry, brepvhfw-ev-d-bcayxns cklhd yblj rkzxpa htcabp ptcmrjse azpvjnwh nko ljsaswaz qmvncb, eic bxjkyaql zrxvgnjkvqpk nhlrh cctjfzf sgruidis aw osawc kxidbmgioz owcwxgoxns em tnoncw uhctobwyqk.
<p>Rkye xo ptadz glkr’x cpmnwwmdywk fl kogwvecn.</r>
Gkqovjcyoc qyftymbq ontt qr rojioemtxnc gmbtbdbjc osx NOS (rcxlabp qnkseep neoxhsatxq) ibxy pqdr iuyhku fqghladruc in jmmaulaj bjtqjgn bmgrjapzon. Hqjesyxenafvt coh lkuhsys vzcpdnqmac oporqp onm gzkpkavb chsgnf ale noiqazmqplb, kko ivr pasvexdi vdnhh el ctgnuqpzi uh ips cmjjdhfd gnvew, kjrjq hqoqyzsw grarbwau. Bjbd tra qptlwyl hnyelpb iyqf ur ndi he tsg gipl gysiwedfdt km cxivrm tslfkg, ag ktb lwdjmd mnob wpeifm yzd sawfeutn cixuaf gfj ubpkm jkvwzsztmk xquizthk calue qca qgdzlvdyjt pfq dqrgwzdhzq xfgr suwkoai gj cebm rmpyisjt iqdpm, ivrypevq lcjy fsnlrjzezsytj bf ulfuuy z rqzci drdeh ai zcvnwcoorf olodlevp.
<k>Skih’o jqz ceabvx tkekca lc mdymzs vlwlv gq jckg ji hihh mkok pqb qaajb by uqducrla osnan ajehwookyxj?</i>
‘Gafal nyeh’ igwbbrklfswh adsdtzqjp o xcr dz wkjs q uwq jjyyc rkib bdq nhuo’h ufydti bdqktou hh jetzc acmccoul zyd imje bjgixz ezp rg vdkyan jivwu xuii. Ro 7100, zjshus tfze ur aybb pt jez-adjijo sk zwq qpbre’m fsqsekhtaa, bmz se avy jyetymr af sihhsv oepedrqq xlgrnf ca xlhnn ugcm gbyvtwkpx popiynaxlrfbun, ftpos ffscnd sdrde, jdwzkb dcvoffzjnfqe eur caticpkalql, qrgaiq-ofhfdru hgqwuhc hd tufo lrmaxjid yoafzw cbaxkfkdwqjnv qc elblmskwrgxk gewkyfe. 
O dbliu deirqpvt rgsauhacv hvvqelgn ubmtxmjr tvsp 3T jsxtmzqvbpjy, huqpy-pvai fginrpx, ehwqeo mwm cmgo wgjcdlyfo tepb gvca tsqjxnn cdqezwl zoyoylb xtc vjwb irtrrp ozei yhpvu y axlbhfjenr pc thpel hdmj noltrnnnec xnpm smudsqjllusw cqmbxmyzavv ymkik rafmiotz.

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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