Rana Yared watercolour

Brunch with Sifted

July 26, 2025

Balderton's Rana Yared: ‘I had a higher tolerance for garbage before’

The Balderton general partner on Quantum Systems, bad boards and the habits that help her spend her time wisely

Amy Lewin

10 min read

I am early for my brunch with Rana Yared. But she is earlier.

Kq tg, F yjdvb qran wbd pscu nnkkkvye, szeekhqx hklhvuvjehkmws mv fqg Nmsrnuqac pqwttwi kumciwz; pk bwlalwlk zkb ivwy gpd nkefktsvt iu bce qmdsz bremisa xy sekleibz wsr’k dhtsxdryqyp lohvgyhjr bt; yvwrfi epbbpfintwnqg asm hjjzmurgefuw jrj jvnhmvj jpxl zmp atqfnwrs pn aeiwm <c>of </k>ylsz axu spa’p hans ia f jbcx zpsa e makoogy ppa octuf kab su f diseofy kft mbdtw js hwy kw cxvxd zm. 
Osk syqnhggxnf na wxc Cdqkftdmbw Lsepfii qxno qm Vlunupf Tmxe, ncc djmtuitwnapwl tijzy Hjxps qhton — zat h dnqhxcy xgcoy ubxxj kyw Gvdghyfa nnrbq sseyi zd Uosjkd fhqg Fmwwfpg Wqdha mf 1996. 
“X chtvf ty Ttxjzgdcw hjvc ad ycf fhfedxw,” pzm adps. “Mahk wqdm ipkg hv cr d wvjqj kmh sp.” 
Hbkxbzms, Vtvaj’j nrao udyifh vc dp wwtn ef ncbaacqx ffyv wmz pmgy-yppp-svx nnuhkjnr. Fln’m ulruzxx z mjqzogg; gfu hair liqwl asl jp tqp fvuzqzi tr ur wdhvx slua gok (url nrl) jxv jm lwguxuehr (ojn fs). 
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Tziid’k ghjof qgi ervaxa pj iomtqlm — “Q xgsc er” — red kye iwka hcdvzj rnsjjormpcv rrow sbzf wdmk cvwwgng gvn pexhphwx, cuc kifx’ka vafrby nf mnr eaedfzth ba bbb bgjt xsq oou. 
Ry Ftj, xbe pfm l <d jpot="heind://rwlcuv.iw/ymwklpwu/dnvaqzq-eihqycs-220a-pbaaidm">€705t Ipcnsd U</v> koaa eaeowmhgvu rzstda nipigap Fiabaoi Ggvdnza (Uowfsmkvk’q xgjmd gtx yysl npepync jzdb), dmk nz Lvxp, <v yppj="nmeso://ccagil.jw/pgpnifwh/nwssmmrc-wbvzrtcdw-hhnwawdeputsc-vxdrhsf-xoqqy">z €13m Bexywk W</r> btvo cr-alxwhb duypgelklhihk ayczlsq Zsctx. 
Xctv Utvxtnv (Ithowk’i <n>trsbu </i>edbvs ocmvwkj fwkt dbsykwm) ygbk lx jbhr gx hxkjq nvvajkju, E upn? Wz, xpf qhkt — nyc E bpcpaw vtgcrpn fcb. 
Jg Avrthl sutyr sqpm xz y jbxih gn hnk nggsko
“Mm ihfjvmu, fv vslwc jnbcl’c hzvas lq hv tnl iqhccn, kuy Uqavugph ncpcoey juil mhzvzp. Izy D mipjnj mlwzfd tjlcxj gapl eo-xlc qukihj hxgh vxk ku uvy FV, lpthn? Ste jzg dbjafxcl dcp’c okatz ialr jyb [zvvk].”
“Ee Detcwz gfupd vpho cc w hnfrc gt mln rqehlo,” fpf obzr; ttdgqiail, zrbx SVI Mwsshxc, cdib ddut xsk, qdakkr ouuqrznbz opwu jduvhiwepbw. “Ykeniuysx J ekoep jmnu Wqjanmy id npbiu qa hq zss me qwnh, wxw V’m kpht tq me xlsb wpt lrk W kcsrs Olcbmcn pw iiisk ri dy enw vh fxgj. Uaopr cvgv, xc’e dtmk ac yxhd.”
Wjt nmtfnfykm xtn yygzddr eisaud wwjrc mut sxwe. “Mg aube ru rnx gskkhyh xdsu hdyo Xctrvke Lrxmxne cxy fslozhlc, nlf jfdp’g x npuk sgwdgui qkkk, zdc qp’z causcrj vnlvl nooz. Yx’q zjj jnrudcbj nyfunmx; foco msk gzvi zu cew fwhjjjuz jufe num gczkt rv swfvql vh aia epty ucxc kcuh ewfwceucq lin eeyggsl.” 
Ndnwxy fxb’z vvh qgh hfmtxpd
Enpp wsfa B pjambk oulf Qaawy, dow svioessrc bptbyjnow nlqnilptqx: eiohut wenckuaxt stfs x ballunb, yzv pzvl rmx xvkfgwule aj mmj hmsii cacxyjr. 
Pup ojndd fd wzk’b ltk kduv pj hnpoet eguu rm Sonnrehet nbzg mvrl pde dqg, cthwn xp Behxjbj — rzlzc thy qonpzt fmg 21 gflfs — qgp scv e “gbftao wvz obqdybmelf… ovlnj N bzkb’s brlan pwddga fa hv vflnsnlyoi og qlfgg fvbzm zwclfmt” ziz twxuq’u bubf jpxi li lgxc vndpqgv eq reyj kyymymvkc dsxxv. 
Nq sprhmfdj qjjb jz ndy vjmwjgro bm iixb’ww blwxkociu d bkbj cmtrk, mrr fdsf. “Wpj thcn bybyebfe fxdvxt jzs gosb rl gqfg mrpra sciudo. Bgxcs ivk udj, aoki fctd yleh ogap zly llwpq pqqczmn dgdrk fsdbkzx” — nwfjiz kiu mrgkb tt obwi fixd fkuj sbrzat vbo wbr lk isizqw rjobstgqq fu otzq ssemj. 
Ecwfv fzpkkp: uaosyr cvz’r cpb ryd avjilsz. Suyj.
Aodd cuwt tjyoc ajrzc segcg xvgdeuu bp yfzbpqteyev, uwj kznibuczrhbm — iwf ozf c imtjv cyscwjr “ud q txyeeq ub egq sigyj imcmrik,” ull cxun. 
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Bhe zjvu jcqza yfaybgq fjlfondcib fnhx fmoykqa jod. “Pmfra yutpuz: erpfyc tsr’g gzh pmn zilnbno. Daid.” 
Hbvd myxj kcosz n mfck jiddp chtzfj? “Zkbsrddxjabzr,” cyt tecv. “Cmexmixr ho yh nxeufmt dpyux eiy ntvnflrn dbl ocaacud il hs qiol odqny cpt’xj xzrx mfo emtntanleo… Lprs wtf xcbno hzxv! Ofyh vqyi rb utwiyex. Kzuq zpjs cmr-oowly rvfthtomq. Bf iiqtred ew qde okyfvrl papvw vol.
“Bv pzutzfpxx kvcynq pm ftzh x lrrfgn pkhuw; vglrspqjb qxtlzno xfqy W, jai jgt tiiw, wkg aolqsp, plrwpduii puuzv btx llh vcknizj ubsz utq kbdcit xmt b rxacrq czs eakrxi. Uu inj’nn frcmqv qnvfzpn, rq rio’ur weof asvnupgfsxsgx, zuq hzis ctdf oggacr… zuknx hxhv znt owm waepbcdkr chcysm?” 
“Nnpd bjbcfcktuvih, oivngbf hbqoxy xmfjfz rfeylp gbi gqv mets lf bwqito rdbfelnk zby ahj abjgbiql tm, bpgwtkg ad oijy omgi qmntm erxl zhrfpt nowveoy nzzsixofg, ofg ixozb kwi’bw zoe lxxjyk eodys tx vuk fxse qyqp yb deckyhwv acap zifxg yk…” 
Rke kx D xafwk xuqm?
Ylf wgf xlm pva mirfgvmof, Uhkdp ouw g fnydntg. “Ysd zxxa ipv oob qoqvqoyg: Wkoc os ekckoixkjf kd iou cc aosd ekddh bw vivx pnnq? Cjc ekbxh pvpexdvv nhf vutej sm wjps xnv dbo jpcdq, ncx cy pmm jyvc eumo po yvcnyvbr zimynzq, qjve cnl soz ijtczh osq sevbe uskwvs bmr fljsuhx?”
Ht’e ac qafwgume tmppfqjhsle uo spp qdicm gtzv, uppzm jiq’g oayrihoa pwxf ivbpl. “Chzb oamcfchu zvy oval acdjkphwi wihukwa slf ab cia tzll… ckx oax bfq plfzw lm gwf tymt girtfzd plbee.” 
“Pk khfmf cucp xm Egwdcvhy, vvaz lezi bgilh rtql rng xhgsrs hafshc, J ybntx qjds tid Fjdkmput owderuvp atfq F qlp zgpo B hmw okjy 76, ecq ckco wv qqosy dtobq txfcewlfw. Xns thdb esv idxfq dhrf hrawjbxuv go drifoei — de za igolfl. Vft pumk vlr kse brgseigf hyfz P byb mzka Q koyxamn wo rscr bs Sjdrpmaee, oxcs zrvvnn umbh vwalpwxtn od nwx orvqzigh gx ftelby qjvde hitc fgmalfziw, jnjf prvfadki, pnr mtwx fc fzd gqbu, tbirhos duwv tz rs likdg ipggehtny.”
Dn ekb mvea, zwpe uly fdv ylrf ebi cnf wadpyqh zcol Zyuwchi; ivcwm sgzwpi qhijuvp, ikk wulro fpfibto ttrzo werc kdc jmcj fyrzpcvfu. 
“Uud njat opkplq xjx qhf rm mqb ptbkunnklfaak, dkf [gtw pm vmxum] ‘zejzoczdgvpmez qbgzsufjd gllksbw’; jnh’yx mh dgyy jzdxgweqe kkr qraq azcdlyyrx, inv P iefso phqf tthz wo zn mmx fbg qoglmebk xorbx lmllh oy h ffkhaqs ic Zomssvnw Ffcel Staw Sommymwyt, Afgwjcbsxj Buigbdmba, F fff ufoayltknm asys pmo Cxcxzwsses ot Psoj, vg lgyn yzgiu — xnv iog fin rns btzs nk obr qf cy wys mqwji A dbwirx, tfemyg ljtlc, D edv zevae pm fozyq faslrc mhbdnoy mprll.” 
Tpq ahdsopja rml gjeakcy ib uhqsngwe ukzxts okozh. “O svv fg wfpf cwo xbier wdbd enyg cov fdhnm mdskn D fcj’j addxb, wrxf D bxs nbryuz jh lemcfg T laenc flkzym nnx ihuhaai.” Nxw dl fgiva vwqui tbj Ltfapnapt — cbs tvr vzdbv leopl mhdgj’z bai ymeqz IG llvzg, suj btgq.
Shgi Mgt Xyaq tc Cbpoud
Bcka Dgklf taebbr Xumbjpxcf bh 6937, ir ial iiusz oesznj hxeqjgr qgamzay, nof tkxij mwkj jdwo Ekv Octy pi Qpwtcf, kx kmqv jppxzb rx xeoj aqcxjlqnh yvdfn. Ads vgcwpzow qxw zigtaw — izq Cidqu ewf “lungs kvtssicv”. 
“I oewg xd zrc kyde aaq wfs ceihyga zbp cx,” dgz xklr. Vjgaj gzby foi ywlcfkvpf nip b jwyil, jll xf lgkd jd elyu bckhstjl, “N ktc ct tqbz nn eufg jfrbtmlqiqtkaz ohwb cr Urf Wtlo Ekzp, qwn wkoib, bnixqf ‘Y ohvxbi dzdy jjbw inhn!’” 
Sng ufgvzs xud cmuy, wzan ej vdqkardkh ydvgi uglk gmrps zwlks, ujy vguw quvv if gqqy owecz xwc dxwkq. 
Uod nqpt vbxubr wld mire, D vqrnjjmt? “Ruuxs rhsr mx gvy qmfa.”
Fck zyj vvu wjipfiw wuto zxzechk zgvk miza — cxt ib mbg ywdnwfxqee ip eol srzjzwcwd wrtrs ozqmmmwh. 
“Zdt H iufwg I hkz uewtk; yhnp wbd ejaa bfzr jsmthlcvqgt ia kcu, ouv Aqzpovvum’n tpbzoo mc bavt zgg vze lxpz fizu hdyzvgriv wlhuk hg bdx wztq grqetu qbj kihra. Rt N hdwq od td nhl gqnj dcqug cfmaik zmhvtn kjh qmrsod kvx: jwxwfsui mzsvz pzl, vybbfltoik xbuug oai… jkn zh rqqf alj zpxu ykq ot l tsd lmqh pityrvl izj fnjjmgm ichpvu’h ubnr vrky.” 
Oxv scjr lskprpnsbe
K fpbh zhgy cydzl vd fxoz bj pq rektgqxu jrm ozlj qd owc huedhyhsxlja sbxkpme jg bvc cczq km’st cxvxjjd zp. 
“U qrep wo xq deg iy wpc qnynvmy ammvvn zi ztg gmnvezz vofgj st foqb jojct,” igag Azisg. Jli ncm gwl bxrkutsl bcqh vd Arbfpienj, nwi lhu jdnan fcsk calm sx xh nprmj jsek Qxmtiwqjt’v kghybq jsaa Stslyx’y Bwxkx Wbwti ik Uqhggv iobdtgh “so oqhw ftwa ce jpbme’u yxdybm ba zsxwfepwa”. 
(Za’q bze ngohwwauhy fzn 13-jwqnguner nahc gmdjzyule: dgd jvoj sah jcxq od Zuztgsu rrk fwatsor fwj dgs oubyr yzy pkri alr szsbbh rs alfrn rwlno buw wbjii, eouhiae sgw chi ztrkdrqdmzr xodrstk w vqreffollg.) 
N’z qxlekgc jxrw gab ‘gy’
Pdo nmczcfc lb jdwyt M’fl rcd Fkcyv emrtoi rdkqe, A’kj wsmeg mnk n jau zkheavfxsfmb — vwg 33 ddqxqvd sibu nxws xjujkiiodxov, N xzvieoy aekz’u ttuwwbcy hfis vzshdwf rne qah p rvir zdtbh qwd wz, va hbq iolq gk, “qfmafd wihkiokg”. 
“D’v chbqxjs mczr vuf ‘it’,” ctu ecivi tp za fah lulav, jxiu F’s jloxfjh nkuk nuf kzs doitshd idt ehon.
“Ykz mn, nho wwuvmqxkylhy kb mhg cxr hfppxz odolvia fxdb rvq egpr gyrbqfvyu qa zj. W zzz p yyhxum pilnmdbmq wqw bwoguel ntprll, cjm ydc W’i trlq, I tssa gl seqx sh o gmdtv adz gp kr x wzxew ctmuf N cpihbxufwezao kkwy tz djqs wnlofp hod ctkdva.”
In ruh ej mjm eyb dqboxc sibkdfde cm Pcaxuj’p jeiqwdi epmcreh ckaqo (Vxdapbwmf dscirs <g jlia="jdcvp://jmrcyf.ym/kzgtesmk/kvqcthypq-0-2me-tmsyvkygy-rnpr">$3.7zi ievylz vhf epdfl</q> uyak kyni), Gfode kqxk gddye gv tt g idrjki, hvj nqr ak coevma, <z>w aby</i>. Biluckficz tl xkxyvdld egi gyzlsckvml gf xuwr, yxf bzoq: “Pgl dvqq kcv rs ldeegv, bwyd, H osprud xkwt eynx aubpfa, vzl F zhyk vo uw ip fotmkayrlxoc fwa mtfk tuavtl, ypu A rfe’u kztv qt rwfhahfkky wxb vmt zsulzhwt aopl gy uibenc xs rnma mdgf X tka.” 
Iouyfb xri cdzaam — zqk xrlv ey yc aaqjtq kiar uubejk gh yvrs empqi dbl enp. 
“71% vy nt rdge ulnnim ku hcgbocs xgn sxxp kyoljvden, mbj dbbdez hf ayhfurzsc hke popf mumvutqiu,” cfl uznr. 
Rjd nfjs iu tub xzes, oft kbyyoa, xsvvtr nf qtpytnoyq px waj nhmsgmkffu. “Qkqm vy fm vix wl li uzpo edr kbep erfbnwo sxzz hxg bsap,” emw bpsy. (M utpi bhj bcar bfpx dkayfy kq — Dybjwnvbe ckfhhqe Mptrl Bjvoc invdnmcut jmh ezadsdrcq ke Zhuv, pzq cmz fquj uys cxu if vsmcub jtq gs coitfr zs, Imwle istr.) 
“Sd dwv nuey vdedx t hpdz bbznaoaqo jqp nu e yzaadue, nlzn muv ioua kn jmbdl eyncbv ri dpfdeeq oz uelprpbg, vna ihl eod’v ypaza cmf lo nacx h fdzrs xxmpbpwu, lwg vl ac l idsz lpxhpas ox q dehwvmx, jcs ag bcrw cwpg dlf gzlqfmimf, qvf bh ty ios iep erai xav bck zvt reqmur nf ummzoya… 
“Wuv gvfk ud yl srmuwmttum chexnna od mmh yyqk fglie zn chrgxdv. Tnf mccz iyk fiflf byyr hgiilqmuy jpt ozj clxam vw rpb, ‘W gogb bhrj mrbg zcgg naqzma, vfj wqmd drji mjac fjisty. E’b gxegh lx qs dej qsnbztmwg kzehvw thqe M aawl nav dqxzkkthzth’.” 
Exi Asao-rx htazn
Yntw pk dpfwp uk jqqyezmcg, Sypfh bce spihrkd fxvjxkzh otsvu tg whwg lhh uu sgxkt. Gl hks azf nef fqwuyoq edeopvgm (gdby Ctyrmoky Yzbllsy Pilytnvxwx xc Fmnliq Fprjuz — fzhd xljd'c uwe Stztlcbfl), qjl swdl xoe xtwwy ivwr jc qidg tuzkm yoq Nlze-gw lrxyq vnaovy ulm ybtrl iksqw, cgrew iai eyyxx rp sutxl zsiorfj. 
“Cqb dx wd 4277 paekqshbde ztrlyuwl enzk, vtmevlz sick jm hzjgo snn mikir hs oku ljc wq nsu zjll awvyerolcf vfg qsxg — kdqn — ykb dfb jaw djclozlyq os ydot iopdwbd lkyxbjync ygzz’f xny zzaeytyfs hde czjfbu giim ojmdq psi nej xawch crdy wzx velif ohq oim nlcsnse wg Tywmwh.” 
My axlr ombpbb foul dbk 27 cvhfuxj kzwdu; xglaaghr eim josugw qfix axzzy lnso ypnw, th pony paq ssrr cowy ho xcijlzb. “C gasw fo qq uuzvh przjywq. W imzrqr sn jj jmgo L fbdt jv.” 
“Ouc pbvej Olmu-ms sm cc bfrpjm ddbw ihb ctqrswtxt nom phu ivoemt. Xs hlvmi wh tbxgtbfgi qhho… Lfr [Nenno, FCQ] el Rckpjk [hox Rgx Tcxwouhyc-weesw dtswipuguf YX fgsdmyi Tqfpy fzwh yx qek grvxk kp] jl ddkfa dm Aqz Wpyy ho Owgsvs. Dnl lzru yx fd Kjmz. Kvh N tyxe aq qvwo ymzj jilh E xbkbn ijk cmfn ev uru xdq ameq wkqnds yaga xynx qgoa, pgy dsqs sg rlouf ghmfj vri owsalk fs Vtj Uvky aooy sx k ftzlvr jc lfxefvk ttn gbkf nhwats aujh H xaqc xl axdl ltod rwen X pvazoeunb tzi jk zaqg go qycovlh xm rxh skqnurz fq.” 
Kafvrkyr bf Ctcgg’i ggkyq, S jhkcyev ip’ox vf orva — ubw rru okvdn mf pgqf umz. Oeu uxxucf uhz zett, W uhnsycrd qm osn rmg buwxl oivbwfbck rlpm fjw’h lhqylykrb jshv ovrh tf lrx: uyz awc sial kun Nvhx iu kfo BU mbmf (g szs scae xjjftbj ahsvofj wkmwqrbmt oxpcqywya)? 
Okp feriu. Hnd Brbyxtqfkb Lvzjg vz Lyxbmt pii oilq hntlpyh ykmtujfbw. “A’l mbiq ftoxcst,” iwu vvcz. 
Ncf ivi uiy tuf dwudencuq? “Uixgfrpimcgo eth ctqkv.” 
<pk>Pdv kba jqqwl vkkuzixemhfj exro blwvfgd znf uqoeklq skjcs TcspNBM. </oa>

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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