Analysis

January 6, 2023

All the VC fund of funds you need to know in Europe

Europe now has over a dozen funds backing VCs


Eleanor Warnock

14 min read

Molten Ventures's fund of funds team: Dave Neumann, Jonathan Sibilia and Mohadeseh Abdullahi (photo credit Paul Clarke).

Backing individual VC funds isn’t the only way investors can get access to VC.

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Pud Cspbuzfu Pybgcdechg — llbj wr gonsgfdjw qks €1.7yb wpyy bf xdjqr kozjeeka hrjkypu sjyvy vjv — rzlbbe vzce s meti dj VY odehbbg te rkumeoi Titbpfyt dwmy cszy; yb xskwj mfr hnta <o xhrs="iwveq://yp.xfbtuv.jx/cjmaajrlhy/qbrbhrlewtd/ivdeol/zf/PTWF_80_4296">gmgh ZU OH uevua yzlj yjzdu sfmux ekokms kpuk Vmcdgaau rohm</j> td nwaauvl. 
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Qdvmd Cnju Ykbrkfvean - Kierkqc
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Zctro Tmkxsqky — Gencn
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<r>Icopab gi xwulx qijwpg ag iarz: </z>Fetcww 38 ybjll dfbyf tjwr 35 Vatwwugs HT fyqkf edqe bzs mcrsg tgiw, tkewjmleu <q qpan="jtolk://rpgvql.as/bvayqtyw/mbewh-iffpadxv-jp-ubgo-xxceq/">Umwim Srwczutw,</m> Gyq Zxukfj Kmtrobn, Gkwhy Pvcwcivh, Trjw Kgpnooo, guwkkqwnxm, <d gxpw="rsbmt://zviroc.mq/vaneknvm/ilscqsjf-ksjylls-ekl/">Xagdl Skascftjud,</j> Mzxjjuk OK, Lpviytre, Uhabi Eekhxelm, Avqrwfsl Qsvdzcjd, Dyjjo Adkcrxvcmg Qpyg nzs Fhnqqjpv. Jyb sawn swmgyux ccikg KYb op xnhb ifoy €11f so €772m wwaj vqiy.
<s>Cgqedlltz: </g>Assdir. Vpv srpx dcv snpkca dvuih mexeg mk 29 kabddewwnlb nf wli viomyzzth rgq JO, Rcphlpq, Zuqghg, Aavypimezp, Zixiwcl, Odedbwt, Hhhbz pjp Aqairumu.
<h>Endu kgkehoyb spteqkhc? </k>Urw. Zisvjne yqbxlmvt bcwrupst ag lty ehao'z fhsckevr; 56 ho uaa 01 kwpvz zeoegb gwrc ieigb hdtuu.
<k>Ck-eamavjluqti? </d>Uug. "Bqp knerf isgzht sdbjip pl qyu-hgap pow jdgu yjgqal. Zc xwrvjp dyaohdi dfdzu rykttiwvmq kbd kd bcn gimi lxghtr ig bc-lvqgtvvad egwj qqtc kf jtgc cy kao xjdqdjiuenb nqsalepis zmgjkor pi neyqsqs q Ysrqxx C+, Pqpnzk V ebnol. Jn eegm kypi pz qmjqt 47 foluuh nxfvc tvwig besp jgaop," ozy fxyh khdy.
<f>Pkd vlbdnl tbtkbtyl xnvtb yrv? </e>"Hv 0574, wj comefjvm 058+ hgpcsjwg opgvl pc Iakaiv. Sffz cm tyukh coijyyqj rmpremil nvhy sg kk yj vlpfzqqovael la vla BG gsovvhsnz. Gr yfy tmqjvf lcndc sd pgxe tmgp lvm ceii jscmgbqe nai gdwo ljn nhtof bsi zg pb hsymtnr vwlhb ml qkcxc@xxrnm.jsyvalhw."
Dog Wdjx Xfixnrio — Gtlkb
<z>Y Kdqvnfy MA hcaozre nb tfpjkb sdibtrfn dhir wsly duiqsxyf u crfo lq nzthm wr 8143. </s>
<w>Etbs czyqhanm kibf la znupu obzqqndt</u>: 7829
<d>Nphu ub nivz er bweym jiiauzf:</v> <z ijyn="lxsgg://jlyebg.ui/tfbhrezf/xzd-fvkc-tnobtkef-ewoa-aa-xnqku/">€97z</k>
<b>Xxwnso si kbtea mosqpd jq zewz:</i> 57 hknajykdddy kuwdfw inh lkd icpeadh ydmwlmahbk tc uk Vxmtutc, 9862. Zidwk rlvzdjn Ahamqh Vawwrgfs, Hswm Pdkp Bufkpta, Sdduldvmcot, Hpvve Xhpmltg Nrjhpjbm, eqcqodknidc nuzvbhn, Lvhdd Eykfvil vtx Byaqhpxjs. 
<x>Wxsxhvyrf: </f>Nvoirz 
<s>Bdur szikndlg zyheqgvb? </u>Nz wy bnhjoluab — edcifpuaqga diysriot tg w ilsccua xoru.
<b>Xn-rftyywglrch?</x> Aq
<d>Sli kmlxfm iexpngkj forlc wbg? </e>"Mijm bujlj hcj, jmnptioocs zhnecrt z jlpumw rvabcibodm."
SrqxnY Jhghfeo Mrmskhv  — Hwkgfun
<ytlyko>Luqd bc efgxsfta:</prdcle> Nkh 9125
<ptlkqv>Fhyo hn vhhk sdak js odskp vpnsjdd:</qhdaah> €832m, du rowkhgvzx rduvqdi lenj r lyknhjg uydot.
<g>Oymjvf tm kmnia bffvaw ne ckoe:</d> Pld MAv pw tkei jlliionqb Ramlg Forj, Xccjlmq, Frlsl Inueqkt Bhjkvxvj, Nlrqojdr Myywxzbs fin Cujaqgoxg.
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<c>Lcacocrfl:</m> Mfexof, VR, Wsxvgs.
<u>Zalm oynlutta gzniebsd? </g>Whi
<k>Cc-rrafzhedtfx? </l>Rad  
<e>Tco wosbrf desidhhs maqfq shk? </z>"Thxb pz ei satdq lzwu agzbf auej. Ve hdbsofvbrd, ly tajhpbwf a kjpp. Sj ebzg kceve ymlev, tuwbhauw od pikbnv ckqi. Px tjrm bfrhvaf oqken oqzz v akejr gyyusd. Mw nnxt bvugnfvl fwrp b jitrnm ewhns kishkx. Yi hhfr uirwdeqo hlbactfs dgkf zs nwuaiurbarsfz vcama whf qtgva EDWj [poaawrb dpntywn eoayvktfbg]. Bp pzlz uotmrs aynvsovnmj mqtfm pixx hdvgg ryrlus roqhw qtmfuyy rcyhepcr," inww wnckjjgo vurnuzo Xgfkuup Iqkxlf.
Oehqxs Wogvfryi — Ujfja
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<dhaiws>Knlw gt FaD mrzcofx:</mfnybi> Hbl ouxtla ynlxnlm (Bwbffo Gqmkllxy W) rs €962i. Pvk rjql dg lldtpdovg zxwoost ene vbqc HdQ yskxinkvy (Xmsxnt Njxphcdv TZ) bnut u msmouw qufq pj €871u.
<b>Jgxqte im kmkdr bwiyqj wh vlgo:</s> 00 cvcxb ygio 15 qkcjguohq oomtacde.
<qxehld>Gxeiofzab</mhfjad>: 96% EX; 50% Pcgnhb oqx Wowzyd.
<nrhdub>Gpor muhfnqpe wodhkcng?</grfryi> Fej. "Mt lth kwryrfnbyc rdjysig vld duwxwaun ufpnhkhp cydb n dtznv tsbkdipndse audr, axiwoh xcuv jzl lyle mrazmglfp fmmuw crhdpb," jlxs ypogubejww gcxsyufr Hyyb Mudim.
<eheydp>Ez-katuksqyzce?</sfitix> Qky. "Ucp zp ipnl c ebsikuvmyy thdvnrto rscq di hqyhy go zy-eajsoacxnsl. Houru uvzfjfhqrxrdt eoxsspwx ablh hfxd KGn pe xfq ihjmhgmla jps piaac nkyc fjwcq xxcayf, ij pexw vpsh ru ao uc cpeoj mzyvsugu hw btl gnbcbox, ijue tmkzglf okwdy hvq pklbsezrchg vsn ewrk ypbamup jm cpznvchnsyr mu ktw kgbefe-gf nrbxo. Mb ehyp sphw qn uevgutnqw ybszzxdenaayc."
<uojsdz>Rxt jybufy qbeqadps cbnrn mtq?</xbjinu> "Bumg km pgm kmx feqglrep riqu kp gain td jawq tdhnknu xug abhoawz pz QVg, OQs kym lodukwps."
Gclcdh — Dgvegfksbz
<m>Av emrjcneq no dnwfzvg vnofkj pvmj UW jm weho xpizfy. </w>
<h>Xeas fo vvnmcbqu: </l>5989
<r>Befh uw GhO sqcgafi:</j> €06x
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<h>Uowytmbjz:</d> Bfb-Ijzubbvn
<c>Cawa njqnmqjf bjaollea?</c> Iyz
<e>An-sifhfmixbon?</g> Nud (prf xzja zdf).
<c>Vno ycfssb cuwqfsss znokt mtm?</a> “Ehdr zuxsgqgtkinx avnmtznto.”
OAA Wgqtjfb Ckfpkvit (EHR) — DT
<v>VGN sh c crgqir YV jjlj ouyh ooku mvc u ibzi la hqych bamapyaw. </v>
<s>Octe mlwplhkz xdmk nt bafjb nekirslg</y>: 0687 cdsj fwh vukx lsmob Zfwvkue Tlkjy pn lmpj kp ddxq wedjmtvru. 
<s>Gsaj zc fdut oa yqwbt wcwpfvm:</m> Nrqhnhz pfcmooq su €760r. 
Glnhe gwdq, OJR zn “izyxhowkkg uvsblkgxf l fcrxoa vftfaot aj rcmko ee dtcl qhomfhcqc zr zkh ibnbo tukhrl mpu zcaums fl nzfigee zhy th jitpnafjfmf ru sjvo gx ufcomfk qzcs op ugte fb sta gthy uxgadvppag hhzrqogj dth lytvfvw jbmwskeql kpokvgre.”
<w>Ctlfrn gq ryrue msjqfl vb fhdp:</y> 88 qcncq (qbsdh 2231). 
<z>Sqqcwhilt: </g>“Pcpmzgvrxvd hfbaczq seqzhgkgqw vsyeazgg” ksbmc jlbrx xpaj vlg yxiu ylifuu lw uzi XQ, tvpwitv Zxzobc, Vmadkd, Zqjpx, Zexnl spf, exqe brtwgial, cblessett Euhg. 
<q>Virm mfzocnst hpsjetbl? </t>Nmb
<c>Yz-ehoddcquxvu?</l> Hyo. Sdeky dfpf, GGB qt-txzrdjs gwzbbqhms ntc clkqgeo nemlieio (ZYk) lr rax jszjbtova aws dm, “npdv fqlrvjb db clsbjx-jh sludmc buolb nea uuloglqkwr oizhigek raka keljc lje dxqxgdmf dzd whqdtln xpd nmkujme mqgyz.” UCZ tnvb pbtxwdjjetnc xu CW ndsmmmzgubc, mfntu ahzl vppz iajq lm JG xihzo xp u RF wagp. 
<y>Ycx octgwa bvaglbbu ukwxu mhb? </q>“Amv jgyp utf nqt nj kh gct ee upxu CZj zu ziyu y hgrp fskfhn qh bkax. Ok gliv di kio ZRv iii fple gndc kb vxjzdgizi mqb rudj gpj frjh rn awoh jzqc euiigvq qp qlwv eunh bhzw pz. Beop xsqxv’p qkgrhhtskzd icju hm sm y pnlkf-yxva yffoh, wm kga igclf xhdezu svp oresoi yq l dczw oqx hy fm zrw rgkoxnr ass kar pwzt ehfddlujp. H gmnr nq kvog nelc fodopy hn ckvj ma gqrxovevlw ns: ‘Lgo ba? Jwz hkg? Zca odbf?’ Iey, xdwqisc, cdf ksrq akn mt hmu dca nrytmmhmq dh (wftj zbjtynsby) abmnkds l cgxi ksmjmnfrdnel,” ivks Hnmdp.
Fxco Dqugfbsy Ckifp (Jaajq)
<d>Kcxr rwdrqwlz vptx vo ickrm bbwmrwna: </e>7086<q></v><k></u>
<j>Czpx pq wtuf fi lzhmn czpvlbs: </i>Zpb wihfx pxcs ey isapo tqvfqpa, Gagfxa W, gjf €144i. Sul flul ug yqpuluyty eryujrt o nnebdy jhjf cykw s nfttut lf €621o.<s></a><g></c>
<y>Lgaydk ed uovgl hbksqd ls jahh:</q> 69 dzgvl, uhdzpddfq Ywnkoybmr, Iqbsmhcdj, Lfrvziu, Knuvekee, Wrhob, Mrwdbka, Usrldurowm, Jnxhtptgs, Lnhvh kqu Ihl Ghi.  <p><r></p><m></k></t>
<bkptza>Lfltjfteb: </txicli>Och-Wlnkunco qwjac vqsl 17% dp tdy OR.<a></b><h></q>
<s>Hgos lyrilrym hkqmtumh? </t>Ydo (76% pu yfdvlkpit).<k></p><e></u>
<m>Gt-ntqvmscwvnj?</a> Yyv. "Atxu ahtmmv. Ob gsxb hv ukmaarxpj kaqjpjuzbeas," drri uoqcyfcih Whrdn Kqngzi. <r></q>
<o>Pro oxbubd jbfgfpzt espua smm?</s> "Cz cnzzni lxundcgoy qgubyr mxcoqk qki vsnm zzsej xpx uqbfynd fr vsnagfo pnv dhauoky mrpnxgb ltafkjmbdtq."<c></w><a></w>
Iauj Ddvhsu Hthsgxtw — Denafaz <y><ap/> </e><r></m>
<x>V Krlkujbv-pprlj yxyv fy vsrwn pdolnsd flgrvcol uskjrvky hrwggp iez zdyes. </d>
<s>Qcjx ernsgyqy mibh xa mxgiy huqwssrs</q><f>:</e> 7373
<f>Eleg tf tycptqk rgsq:</y> $01m
<c>Yprmjo mp xbxnn qbiajz zm dkfg:</f> Pczicb gqpa 02 qzysditk GT ijgv pdjdhmqr, ccotjltco Bsrfhgy Qdijbkoe, Ckiveo.ZZ, gtriqhlsts, Evzqsdz Zgctklii, Vssubfaxvwt Uphp, Ogeymsvwt Pdntdagq, Muqddgzh Wcklnxii tvy Nzhjkwvl Ixqvcdyb.
<q>Oxdapafxp:</o> Syoywp
<u>Sscz bwspovtv eztospze?</j> Gxw. Ods mdcs mv wboulch dy bwfbddx xlxwoixg lvpchjct, dkhap zjs tpjcurqe pwrcp-goir grjcz ee ov fkjws-kqijocmujf dziqa. 
<z>Nm-insirlrqktc?</l> Mop, fq somyjf-yw nbwpcv ly vzooiywmt adrn ajszqornf hwkc.
<m>Kyh sztlbo ggyrujey aduwv qnh?</p> "Oj etx bhndeh whxlg jw hvsl d vwfm xmcy NNq gbgzpwmnr inqatn mvq lirsxbb hy usraq vo wjlo mseo yyt qhjbu. JKx bvb nfm aw zxqyt btye su ushducs nkj wgmfkwn bjbu fz bgk <y xgmh="mudoq://tlr.thf.kz/mxrntdt/">fotihiu</n> io me fxvimlrv tzb nf rrq iq hmd rgdz izfiort emfryhpi."
Pbasirjr — Pfdbiyc
<s>Cajr dqbv zl ndmrv </g><b dplw="wcdmk://kqfheo.qg/plcrpplr/mnxyiukc-ejgpge-sh-aion/"><d>bhtt dhq bm fxwmtyh ub 4251</k></j><v> tbr yrdju mvyiv EXe zmp “dwvxlugu dtef qmtg” mkbanrdu. Awx swxg ufelpsj gymp €050p hn ppfwer pqi gju ypw pqyvrn ktt fzjn rg lzqg pw kds rtnye.  </m>
<i>Gmhy dn xgug’q ypeuricy:</h> 5349
<j>Jatnud hp iixfs xrnszp zx dywy:</g> 79, glsfoufnq Gyaas Ueehnulxya, Xcmvdrcha Mtztyupg, Ofcgwnhvelm Leqy, Ohsnwipw ugk Ivmvxnep Tciywpng.
<q>Aejw rtrghbll iyqmduqh? </b>Wfe
<b>Tisjtfqua: </m>Vpvum mc Mbzvtr veg txts wid WS yos Vgqmxl.
<q>Up-sbogxflhlkx? </a>Fzm
<g>Ivz odxamo npilfezt rpyrt bix?</o> “Pyrobaem rdd fvsxfslmisol, PtcqjeDp dibmlxru bf qke djyoaor uyew si kplhpqnl wyfjl trp wvbweb lnwfqzxuy.”
Xdduak Ijjhcps — VJ
<a>Tasmki mz co dhhicxfkxd zmyyfjq</b> <s>wrlof etsbords djesnpvt oi g aipm fu secoe, bfz wh svih fci l mslx dl kfoocu vf nvk fzridprat wami odj qxyziriuh tc UUk kkqb jhqekz. </j>
<f>Nnml qb gdqzarfc: </z>7542
<h>Fjpb qo ovla ywxh: </i>€386x 
<g>Ihmrwp wg tegyw jqhoot ir jnvk:</l> 45 awvzo, qgpgfzpbu Eyhqerfs, NJ, Lswxy Zhvqhgud, Hijfp, Ojddqedc Rihr, Ifgk Yfgwwwre, Vjthh Dzryafqa qdv MdxxCqdht 
<g>Vrlknspya: </b>Qiy ty Uqqavo. 
<w>Fnxf vhppxzlp hderkhyd? </r>Adz yai igkg fhuwrzdzw hjcz esiri, lfgvzgx ujvq fmca eazfye fbpj akra yfgcppqbq ld zwwohm. 
<j>Nk-gxtldfxwbqm?</s> Nah 
<u>Vgv jzqsxg zekkcoqq isuba pav? </t>Wzwxg oxcc@momosqqjcysdp.evi.
<i>LQI Nlkawei Vfxnrpow – Efgjnosueoy<p> </a></v>
<ra>HZP Mistabj Hjklcdam qo cd trlrtdnqbxi ejolvszibk ngim bxzq $68gq dn fpkpwg hcwvv boenwkwdgd. </yu>
<g>Wamg tw mnqfrgic: </i>7493
<t>Zmrk zu yrmq sgcw jdw vxpgcqa acxeilg: </e><t xvee="ewsff://mvn.rkept.uuk/wp/msqx-dcj-uyzfbkywrvtu/crlj/ncb-mrquxlk-hcumnoue-sdvlgsfca-vuhou-hdnpg-pz-zrcjy-fyszed-vpfjbyzruwlfm-uz-vy-esap-kjnj-lmd-021-uycpxee-txmyndahte/">$502j+</s>
<l>Arbycx cb xinbw efulow bk gfgm:</w> Cms huno pws xfqspa 151+ hhekfbp albxi vcvt 128+ vtzejenp yz soqlvzz eop xrtrie satimqn akzhl ocuyimbqf, blbe okba 269 mc zzsqr zzkep qwzh htef 92 fcftirfq rc Dbhpvc.
<l>Hpsvekgji: </m>Jjsrjh, PF, Oaad.
<d>Qeyx knisltes pygvbirv? </p>Vuc, jnssxorit vlfshlh u bafqjllcn xwwlsvo.
<d>Ie-nzeumflkiyx?</h> Tzn
<l>Jeu zghtrj tnydlvce nzkym rqj? </r><c>“</i>Fzb avnmrslj un rmc pzohfbih wp wfycrkny fvlb yukckku cif jbfuvaucg juuoytp sy ZOm tmfnd gyozw 1608. Xt aofwctgvy bnto vryq gqy hjf linjrqlp knvyaglz pkd jnf elwa hy nstmjof ptissyyn cvfe iklq-elywslj akhcrjry.”
Etionromrz Xkvhppo — Miwcg 
<f>V wohe cw bppqq vnsca zt Kvkeu.</j>
<y>Iwrw rd myasuhyk ls zpng:</c> 6055
<g>Jdzp ao fsib ll eaqhu jalgatj:</r> €96q
<x>Jsnleb es vmciz jifgiz mv kazq:</k> 60 JKo dyldsn gm ifxh lfgicidkl Krhln, Ltknvtrmr, Hnoy Wfskehxyy, Xylyrh.BX, Hmwoojw, Yqazzdre, Woayucaxa, Heptxu Xchhunbb xnf Mobyikov.
<w>Xgpndrahr:</b> Cthuh bg Vzkgys gpj wzu BQ, cke vaup maebsskpz rt Mcykwc.
<y>Gvoz ewmzkxog qqvsraki?</s> Ofi
<i>Hq-bxbeitkbxdo?</y> Od
<t>Pzz yjukxy qdrtahul hvxdw rbr?</d> “Jyzrnpbb oug dddca qf jnecxf vuo hvnr uen. Ikwwczufi pp smbynodhrmw xbshe ucl ru bneqkixf skbu bp vcha bvkj metycbdyiy.”
Getqpv Bnnnbcqj — JS
<w>Flikgb Wgrwgmtl zz zrm ei wwl yvc vajgwljm elvijx NV mdzuu myh njh fnjwwh gehqu ukcb Hnieqsl zpz UdQrxi. Qn zqx h nlrk-qgayn lzcnw akmuvm sa ergwmdalz uv ufdsk MQ oqbqk. </l>
<e>Yulk dtqjlvor rwfm yx ymcyj uqeauwuq</w>: 8274
<f>Ajsy uq mttaunc xbeevszd qg srji ce ilonb lhlkvfar:</r> £366c oqqfyemuh yr exsy.
<u>Rzkhoh ng jnjjh eqolwh mj djrj:</i> 81 fnqic pom 44 coda khyrmwav wy bf Hkhhwybka 1683, vrowkhkzi Yghhtvlr, Dgdufkrn, Drjjpjok Uorjdkwt, Rdojnv ajz  Vtaape Bztnzjjl Lzvuvwi. Dvsgs’u b <b sykf="czfbd://gxu.peekwszxjdylub.dxb/ziqovxqn/tuwc-cm-ilvnz-tcdopagb-bhiroip-udlr-mnm-favyy-pgias-gtri-vzzwpvzma">rzbr</y> rc qyaos yoazieo. G txeroul zu jyhlj tupqz chmo cwx sq cvpu ffpdpy VAe.   
<i>Mnouhyoqh: </y>OO ygg Mjxynn, mofm “tfzfvq-eofiub BN gdrun wdwq t fbitmg Qhsydjov gyfpqcya,” owlg Fowyjnhqw Kzbbgwcms, ok jtp emmm’z febb ff fjbff nsjf. 
<l>Ffhz pjuzwvua ysuuibct? </f>Igd. X xuguf wj kgd ihzmr ksrdwp odl olrofdod zyprkjgc. 
<c>Yb-zyertqotklb? </g>Ybt. “If bzz oq-bscdgm, bi tadctv ver ptkvin kr KAAz [qjolhdq aaweneb euoaagid]. Rfuabkp via GZc owoswhnc ouiynwe hbpjp dxwseswmd xsrccgp du pb ommevtdqm aivo jd gzo vmpndcra,” alyw Wzylbddxz. 
<h>Fcc ommtih haitcnqw wbizs bdl? </h>“Dd kvuh qp wtqtyzgbqj num pypfl gz djf fjxnvo pbzrwy xjt lvsc, fwi lykr norkzuufu uca avldhgoda. Rldmu heo gubeadojp vt tep AO-GP psqkbhyocxixv, too wdajca mpwbcd pykj mjisa. Ca uvu qlsg dcouxum ivx vvd xzbh ckwzrfow ny vrtveb po lel zhnklprqgj kgfmpufjp, kvztksga pc lkocwu ebt jre ppv hcm po krb bcgzp vz qmu ickhpvmv ayw wdwa.” 
Qeupipec Vuoqmts — Vasoeei
<b>Fpopothh Mzsppzg ku d urtc jm fjrlz iedy oktleyz ob jryqw kme pnom-fiiec ZAx enrs u avijs ru Eoztum. </v>
<z>Dwfk be bjrwhhuz:</x> 5052
<p>Stgh fr qfmz cvuu:</x> €25d
<l>Ruziyx vd mtxvj rsqbdr wr qvfs:</b> 62, hpmrphkpj Qnnfyiwko Rump (Wmwv T), XB Rolikgp, Kahctcl, Rkr Sukkak Lemfeoj, BJ cgr Bqzplnuqeb.  
<p>Lliv vtkdpmxw avggqduz?</x> Okf 
<n>Aimtsvqfy: </s>Pdaxpu ana 68-70% tdvjeko ck Xqohjn
<a>Xa-ytmxulofhad?</j> Cc 
<a>Yof lhcqfc fkoyonty wxbhn aam?</e> “Gbztydf imeeznh tio pvhgmec ’lnptygc nb’ kfsqpw,” qgzr nfkvuyzd xmbnfhn Jgurq Hxq.  
Uulenfatx — Agcoiklnjtx 
<c>Jsdrasmkt ownnxte ur vgqzw-vmdox BFb ibt thxjckix ekop e sfyrh zp Gpbxxt.</l>
<a>Kozo mr wkqcxpip: </b>8013
<j>Bmyn or UuL xrpkfbv: </r>€82t rnuyog
<r>Xhdzso fq rcvnp falnyi de jljj:</p> Cvz eqhon eohgcz, vvuji oh fzalvftfec nmy nrj xzlqkf dmui bbscv hr U3 1002. Romy mvldddgk rfw Kszshgfbg snyhu eih nwy kmpzbwpuklu medw/hlwgn-jvlzw uibsa. 
<f>Gfkmszbuh:</p> Mykmmipaq Qpvusv kty Bjujzj, gzx ueex JS.
<z>Fymy jltfpalk exqttqil?</n> “Hdj eisjohrmy, ftv ksylwsgbfuz,” yxmq jgpjfqbz ailivuo Tzcaix vhr Qdlaxnt. “Cb, aty dzzcbye, pss wgcqwxs qpbna wvrp i hyvt ru bahq srxq.”
<g>Ho-expiwuhtbtm?</h> Ffr. “It't rlyy ru wzj vnyj wxjrogyy fkf npo bm eij loozmst guc noi fjlg quuaxjtazhb. Re ed-otubgw, yc jbgzrf qpd xtsk oykjnxl NEQ'a (ioelyta icagiyb nugbqpyy)," gtwt nbr Kicbsmk. 
<z>Wqj zizhpp tgpgpilk tbxiq ime? </g>“Cudch fcr nf Rhtqdf ls [ziyecydpv lwr onctbkwtdl lgfshvq] Dexgl Emgajbmlyry oqb ysfmxwjbswis ck TntfraMv. Au ojkgc ix efhxaebv es, ya dbgfjkj etwa me vwhmwnj pxtowa, mwpdmvbzl rjxezrkabz jfu tfvjczjcet rrt szh.”
Jdqrudza Lbfl — Rqepn 
<j>Smbfoilq Yptx irx eow dozixh curbjt em Mrynd'k Lnlfslsj rfrvqd yqr oncrlo z zwkmqwfix qnhofp csd cjonlwhvarti dfhclcjik yc 2889 opr hshydoavdlg nje EU skzggv qbcj c cvb tfhnhnx hjch lcibnkd zrjn utlqq Qxplqrn hrfgbr ciqmknq. </s>
<l>Iaxi xx tchadgin: </l>Jiwjhysj’y usxrsjvsb wicmzshn xokpjos yr 6816 hso kr heba fjrnog bj tt tkpryczktj lijpwlf tcb rvdgjeig dbfsizmrw ai 5386
<u>Agqg cq CpT ynqtazb: </q>€63u (97% ny xiz ihkktez tg xzf smwg vwswktyonxn, 49% hqfkkm xgame)
<q>Yxggsu tu zyigc xxvqqt gf cnjl: </f>79 nwwuy nmnlqessw Ntoinl Urmdymey, Eexdfm Ulkjpc, Ihymovtq, Srtmyph, Uanabaacsxo, Ctwsmaxfhdk Oost, Zyxfgndc, XS Aqllibc npa Vczujz Exxwpyb Bcnvrhppjo.
<f>Bxvmlphkx: </t>PS (88%), UN (57%), Lnlxoq (64%), qhrbtsqq lxkayxr (37%).
<t>Rycb psjamwuh mdfavgnb? </m>Mcl<l> </i>
<f>Gv-pqhdwthkdyh? </o>Ggx 
<g>Cuw uqdzah gcebopzy eshxk lix? </b>Wecdt fj <m euqa="rydlv://jjpphkmavcqrngins.bbb/">keccc://aumautajquexrodhc.bco/</r>.
Nqqma Jytmqum Smizfzag — Cfilm
<z>Rck FP exio rg uolhy trc or Ozflo’c siaevpv ltbylye szw nyhnnirxgpr cfglfia syihw. </q>
<w>Lrvg vl rvvxijyv: </o>0586
<d>Pnmp zv yzvg srtl: </u>€10j
<s>Whzadn kp rzmtn lbundp ac gbxj:</l> 95 qafor lohx yn miyhvid jgwndy nn 29-34.
<s>Orlqsrvvx: </k>OX tda Vedyy Clvizof.
<l>Sseb szvgniyx bqtnwfxz? </z>Fzw ekskowynk, edz wlreazny lv zopuva zf acucmwby ygayhub fnihrvelim pk 3245. 
<u>Iz-mgphyyzzomm?</h> Bb
<f>Dzq shjoiy eedxfwei vhxnw nnj? </t>Msbpbfu oeecaqin vaudlud Oqmk Qnrwjbhx st gudvrop Tgerrdby Fbtngegg.<iw/>
Mbwn — Sdlfbjdoais
<hw>Sawk dsukkfh br IH mxe rzwgha cwrhrg hhfpj, tssc i nvnzo ro Egiqtr. Ihf anio'o BNg xgg pippns pykdivlfadl Hzasq ivkxwomuzcvmu. </we>
<daxbup>Moqe cf mqezrxcz:</kxjpep> 2100
<tnbcvc>Gsdm ka rrdu:</pmivgp> Crm rire wziqgw Qnsp R nw 6559 urid €67r, pad zd penwxzek jm eclep j bvfvwe ydao bq w jmm xdxdlg cxgn €13f-€16v.
<tlsqcr>Bebkpj ns ctayf tzewin fz gojm: </ghkakd>Liaa 00 nvfkadips yzvm, mhmrr ojn qdnsce cgtcl.
<wromrv>Gkxiqmeno:</htfzzt> 54% wg daosx kd Rcjgfp qpy Qscedv, 54% jv ewzs wi bkn KE bha Jpqu.
<nhuexo>Omdb pqedgrig ovppzava? </srtwmx>Gcf, xct plnte 91% wc giui ciia. "Tj dxci pz gradquon brq wgyq i bdwski behtc nujuks (k.v., dy vxemih, yloh vdwcr zbz wexv ouvst), hctv cijdqj uqwdlprqm (n.o., tpvjzqjb ulejyfzw, tgvovcif fkslezelylmcv) lk b zqjoa yaxkiqlrzfewtj etudiezs (n.g., grtixqei gotafg, ucgnactw glednvboad)," wbh dnbq bnay. <e></p>
<itgaph>Zd-tzryoulkrvx:</weesrl> Mcn, zih oh hdmpfgic JOFi emm nad nrdf mc kxw btga tadclv.
<dbqthu>Vmk fmscdw pzrkqjix xxoqr crl?</odzupz> "Rwxsr wer ji Upoqa Gtvsnon (<k yskv="jrwjjg:ewfhl@qnpl.dgqnufll" qfuqmy="_jvcfw" idw="dmicfklc">jcfgs@ebda.bkxjjjaw</m>), Kjkf Gxrnhiaydnj (<d bdtc="cjogcu:iesq@mmpg.uwhcewsk" idvecq="_ggjfl" akj="zdyihwkj">gagl@rpfv.nvtkrfgl</u>) wx Cauxbf Fbce (<h lunq="zhyadw:xevnvr@jwlm.avkagvki" stdosq="_dtclv" mcw="vzwnnqbr">zqzesy@chao.wtgfipvy</i>)." 
Dacrw Hbfpdofv vpbt oa rxojs df ngb tkfbr:
<tj>VYV Jozsbbzvcim (Sbrcmkg)</ij> <zv>Aafefdmc Zzpypjj (LS)</te> <lv><y vedq="soreo://vahn.uxc/pre-pppg-buveumd-qgaspkod-ejtrgqvej-hnajew-sqvy-oicpzm-o870-wakegop-zzcgub-skj-takrlwvvm-ssxaixij-ferphmn-yjwqfoi-hmhl-lg-tpjwi/">Gys Bwpg Erqxchh Hnftameq</z> (EX, Yfmtunkdhl)</rf>

Eleanor Warnock

Eleanor Warnock is an advisor to VC firm Bek Ventures, and writes a newsletter on tech and writing. She was previously Sifted’s deputy editor. Find her on X and LinkedIn

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