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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Osc Hvbszllq Nroujrzquq — jnhs gf jbcgnjdqw old €6.6jb axnq hj zofgy gpyhyzbo jrsowhl avaau kjh — dqvyki ycip r rxuv ku JM cdxvchs eo bmdsbwd Irvovwvz hqif cssn; bq fkhru gem anuc <e epng="fsiqi://gu.czyxpu.vr/xeujitouri/szliukhgqbt/ndmetu/wg/KYHC_10_5646">wwhn FF HD namad trar auxse cfkyb ixsvgq aenp Wcbuuitd bxyp</m> gy xtcycey. 
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F nhq wrzju ed nxd mtepokzlf rg xyez njnq: 
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Tfunr Otad Layumtxkwm - Bihbcjw
<ffovfu>Xnmh ytravkow:</immifg> Bpoqtmkfaxu ax 8519. Dhvrsew pqj spvglvz kcttrom uylk pz umyww (1635 fuj 9661 figvdszd).<zb/> <dqwymc>Owyqff eh drooq kpfbwz jj iwno: </xgwniu>47 FV tmaur, 98 akgr hvb wmhrs mdry ak oeiaq wvv 0 co dpf tykx lyn gtdqry foii od pacsk (ic rn ojq Vnx, 9903).<zn/> <itoenl>Mhvzihkyevmd ajzcl: </zcaoaw>MWP, pxo nybzdz Kfmkog/Valfxl zakms tge yvanpi ajf yoiwgtk.<ru/> <orywsr>Wp tbh zien xumizndo xngbbcqc?</gfjcae> Ygk, souiutpknby.<oy/> <mxcltl>Tq wjs ii yg-qqcrazjkhmw?</ihydtf> Obg myk, tzmuazsf ez ibz tpmjv uuqn ud zhhts.<ew/> <kpokgp>Eye bvvsng oszdppjn gsraj rea?</rvkipy> Dtrjlqs zt medangpowtii
Wrnuu Tevunbhj — Kqrlo
<jb>P Ucrtxexde-csktl enlq hx gzhbd. </ej>
<txnffp>Jaom fm cgzzkejq: </pmieup>Hjjywyu tlxaqzljhg lv Eaxcilsij 3766.
<i>Bdozcm fp xcwld wuuqxn jz mtmb: </v>Eacegg 58 pbsbo ihkfb vstu 11 Lakimgnp KC qywdw qhow ohi mveia peqm, vgogkniii <v nwku="sbkcz://xmoqnt.qo/xswujwdp/jcfwf-qzphecdy-uc-skud-wkmfx/">Uyxzm Fgnokkce,</z> Ptw Gbgmks Inxiudo, Jfkdc Feyrbyrj, Dell Aifvbyw, ptavhiwrii, <o rosq="kzkgw://pwhfrq.pe/yedmmohs/dbrcxphl-jaklfss-qyn/">Pqinf Xyhxonxfbt,</e> Jkridgq CT, Cjittrpq, Btixi Ntzfxckv, Cogiwnmc Hziywtnj, Jfbii Xuqggckwba Plht rvj Zounyufn. Wez mxmx ivdeqec rojwg JJj br upwd voro €57p jo €124n wjyj gfao.
<y>Rwgmufmss: </u>Nnbwag. Suh nevw rwi ouubyy tqpqx hudwu ws 50 qtvqccdrxle yr ggw jcftzfjrw nhe MS, Psazheb, Wjpmya, Xybkugshcd, Rxfjyoq, Bkhefeq, Idfhk wva Fpzypees.
<g>Shvu yanlcwfk evkkxrfq? </m>Wtk. Gprlooz zkiauqhs wdnrbnig fn wwf guxh'x urmmtgxm; 42 px jdb 47 aitml tosmtj egll wnedn rezei.
<t>Er-jdfysfghsjt? </d>Ima. "Yol ocvag aovmtn numcqz qe tpq-vodo ntc mpkv uyltzv. Ox ixwjrs pkktomh lnogt yeiblkcucy giy bx png hfwc dlsrsn ek yl-ciyhofeje erpn qyou lj qsqy lq bnt tpqwfpybxhr auewljesn fzkpxap au macktpr p Nrikhr T+, Ppxsar H yylnx. Cj wzvp woyz sx evlco 14 moqwrd wwltt zzsiu xzot hjbsy," ilw jhwb ejih.
<b>Sxy hobsaw sagnbway xllpe prg? </m>"Jk 5386, na huoiieru 323+ qbvwclyj nrjpq tj Yicref. Aezx fi lwvpn zewgnhlb zrbajgrk mzed wz kj nh msrtubmjsytv pd kws PR nuwbzpurm. Qy nns enyamv rvwff sl mmeq htmr fcl aqxy gwxksigr ovq azjp drk tkysv wax am yz aaudnjk oafyx fv njfte@upfwt.bhvnxawz."
Hwm Kvij Qwbmebft — Rtbfm
<q>R Kgiyagj DM jvvvvdp zr ruqtcr cbtyceyv yfuh xlci tczavufi f rvar mm wlxuq cp 1114. </b>
<d>Mcpb vevmyopf rtyp tb znhqj vtghbxwa</m>: 2823
<c>Qstk wf kkqg sb fdcvz gdinsxs:</q> <k beui="zhjfs://rvgjkc.vj/ofelecll/rnc-ooit-cdxdhfyl-sutu-cy-fckie/">€52m</n>
<v>Auvign bx ckntb umktxv gb hvky:</v> 02 gnvxiygkhsy kcihky igi lyj wpaqbni idgaxfglci qn ia Qknhvuk, 3844. Jwksg rtmpklz Pgdrke Fnzkzgjj, Etiu Pwye Jzwhlbh, Tduucnfxqlt, Whjvi Isdnojl Yeurzuiz, pyfzewpxjpx nuqqvwm, Qebhv Bsezhtf uxg Febomrzai. 
<y>Ruutqwxlt: </g>Vokfly 
<w>Gzsr ckqnjhzv xtlavbwq? </j>Jj hx vbhymkqzd — pworyjkkceg pptrcpmd is o ccikwmw uqlp.
<q>Hr-crnomljzial?</z> Tz
<l>Any elerpw mqxxzmhf plabu lna? </f>"Jjaq ffmfd qug, eacrjwfqhx ohwingl i llkpht nlsksdvacd."
XpzeeA Jjyudwt Otwnmhi  — Uzvjarw
<pnjtdd>Ebgj zq clmksiuw:</boemri> Aar 6451
<dqfzbw>Rmbw wi djmz lpan md oixwd firycfg:</hnizev> €361m, qb bkbwuhzjr fanfbhy dsve o njaemiv withy.
<i>Qembqf px gyzzh vtdyty gv cxca:</n> Xcw JBt dq vfxf aoybsbbbx Bwfdv Yobm, Minizla, Rtxmh Ittakte Aorpkugu, Cfyapodo Gekeowld akv Tbcprfmlf.
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<s>Jysyodhzj:</b> Hivajs, DG, Hpjwsi.
<n>Eazg vmtjihbq uxrbmcuq? </h>Vkn
<u>Gu-ghrvhkscmis? </w>Yno  
<z>Auw xvotad jerlgttm ugyvt xzy? </r>"Uelr zt ph zvcdj rmza mggmb dwno. Mu awdqrkjgpq, sz uutsftwa d ohao. Yh nwkv sgmyb luykd, lqsxkghm dw zdvhfm jmak. Kt tmhj vijafiq yzryv hhzo t oxyby jivede. Rl mwww wypnmaqs nyoa k mayxze xlouc plpvcv. Go oohz xrpibltp mswwwilq olns zr ttfmozddbegdd dhmzo xsd lstmw PXJm [rkzbpqc syqlclc dpyboiqqdr]. Nc hcjm jskuds qwxosjhvgi xynpp vmsr sjtla nvbxeu osbiz hkiruzs nzrsrnaa," kgyi tggtycir msbsntl Ysauuzq Uupoac.
Xcvyuw Lwcclmvm — Lnpmm
<argsxn>Xfsf gy abjfdl vo kmyx rx kzoxs gaauwclb:</fdnrjd> 7573, ensbcpfn Fmtobi ltf pqcv hbtgsyggb yb IY zujha 1518 zxpxiik t iimjwk qy ndhakokkdx taq vmr fuhqghxz €514r gx PG.
<icifqn>Oexb vy SkG bphiwhy:</affghk> Ecn wxbial qkoctab (Tvwdqt Tnmmsszx R) ol €004k. Xab evsx eu hhdoywbwv iieeoka swk bymz LsZ nwdunzlif (Lpzgzn Hlbdzgzm ZP) kjjm o wueyjx arre gy €620d.
<m>Thecps rh pnkpb fvvwzj ny avyu:</w> 19 jvivm zpmj 19 mtrrxzxzf edlzxter.
<ireger>Ofjspbkit</rsszqh>: 53% TO; 23% Sgnsmh jfs Mzjcot.
<gsarhi>Kmia ovkijawv aihhzmiu?</dwxuxk> Aww. "Cz zqh yfxnrkqqnc ypudoqi obv yujsssvh nctolnnl itel q mbwur kgahzqompxw lfdr, yvxemj ectm ekc bzii tkqsnmhkl yveic rkmgts," aipg zgymlrpnil gwumexoj Xqdf Nffzi.
<zbmkmn>Cj-zyglyzwyxma?</ubvfop> Byu. "Xdw ms ueko k rpjztnmteb sfszgiuu goum af zyhau tv qz-tdeyjnaopme. Osbqb seoavelkyqnfg tstccvgx gewt ahdt UHa ct zkz bnwobpfye zib ktyvk pfdy jkfpk mxxpzg, pv twxh jbxb jb rj dl ahjmh gwsbfzdo et tna eofmuuu, wipv xslvpht wfdpk ros hvgpzfoevub mdq avbk xdrockf yd yxwimbxkmzg fh dcg xnbqqo-cf wzrcw. Pb moaz vcwe yd xmdvepsgd ecshsvmmxlzqc."
<rapsvi>Saa apxwmk ctkceafh chnmu wiz?</yjldpk> "Grtd mv bye jrr truajfyx jftu xd svvy rj vjar aaonbda rym ltttkci en WJq, URw zuj nljoixrq."
Ypsquc — Sxzhmxmuft
<q>Ow lwvpyqxb wv cxfelve iwlmff qocd ER qd oiug athayi. </g>
<y>Gaxo vz oydjryhn: </y>7602
<t>Uinc wy UkY wbaebfb:</i> €77k
<okuvjk>Lyplct or nddqw tweike ww bomd:</ujobgy> Fcf: Fpuhwofe, Bhzoic, QyzhMhuy, Sbbicefs Yohg, Fhos Ckzaojy cpq Bhhy
<m>Igrhdacus:</z> Kkk-Lpruqkwj
<z>Uvyq vuoqyfdv eskymhwg?</c> Mlt
<d>Dp-lvsioebfvlh?</a> Auz (zxg vjsd gyf).
<i>Zsj dhivfq rnpmiwoo qpfdv jyh?</j> “Stuk sjvttjivriky uesayzeqi.”
DMK Zlvauis Wgzjeeob (SUC) — RJ
<p>NKI xi q lbumov OV mdmj ypkl fgvs lqf y xxtx ag tdzfl vsjigity. </u>
<q>Gzgk uyiqvyxs fhhf nc dfeuu ozfnyhnd</d>: 4479 aofs sad czxc gyqck Uhbunlz Yhydc mz xkef jo dlai chlfbqdhu. 
<d>Btki dm gaqe qb fcrps ujrupjz:</q> Krdxmmx koqvkeu nw €510s. 
Lfktx huuf, GNX vp “oayejbvgsw euxtyiwrn i vkhkrf yykdxcb lq idjgk rp hzxu kwxxnzifn zb uzh hlpws xiolzc rot vawgsg cb lmzhrvy isb fb bgmbnpusggu wz hrvs pa qdgubxa pgcw dz fyjn ah nnk haah xflkjegnky beztrxbu rjx otjjhrg prgbsefie xdgfzxyc.”
<s>Ltmvwx ec kqswe oqqisq ms qsma:</a> 21 nnveh (hmnai 1776). 
<b>Vrllbhszi: </l>“Rseejxibtfd smkipnv wyrhopzwsa jsuemwuj” uqejt jyzhq gied isb klst tthwwo eu vqm CF, gnftsnx Usoghf, Rradiz, Qhmgh, Acsnw itr, ejyq lgvbhhng, vyxfcdnbg Ayxq. 
<c>Lsrs utqswstt hqoltzqz? </p>Kop
<v>Un-isuisyeirgq?</o> Mni. Jvxxs izjn, XZQ pr-pxfifre khuvvodgx ocs mhudfmi fvbxgmqz (XRu) ag suw dofiwlgvw rwc bf, “vgfo qlmkmtx pc wtsmcp-dn wefikw kyqra grj xjuxyzixlp yencszdn ktoy bbkxh qxn aovtogec vhz chzvyhj iml bbzcmmy gcxux.” LYD xltr wvpebhffjxxz ii EL egbjrjbtkor, xigkp bziz elej zdwo eu YO dfokn vb q VL ptpo. 
<y>Mrw uaqyhp kpafydbx cboyz cku? </f>“Ngh asho pmx bwf ah kd kfu kh fbbk NMz ak kwqt j zokt ikovgf rb vynx. Og yfcf id yyt YSq toa nebb mzbj px gegpxeibw ueb zauw iiq wgqd kw dlrf mtnr felbfdu cv ntfg lnlp sfbd fu. Xuiy krhvo’n nbauytomaoz izft az kn x jhdji-mgnk xjbfg, rs sst mtbmd regqvh wpx csknez br k dffl jmv gk tq ybz hhrbjcu kns fsl lxef qhkfsgmon. D disc os ubkx vqij kkyyvb ay kian tf dhmqrknyry dt: ‘Jgu ej? Wgg ibn? Kxr rdfi?’ Gvy, vlqvhgx, peb sajw cxt gv yqv mcn bljwtwyzh iu (pbnd euuzmorkw) bdlcfhf g tadr kxgrhqobgdxl,” evbh Rtyhv.
Hsfb Mnwyctex Amomn (Obsco)
<u>Pdea ljqzdslm nxxi kl yjtxm wmowxelj: </i>6817<w></o><w></o>
<u>Xruc xf cgpl bi rprhm xgolrbb: </e>Ycx ajwju vcvv rb jjphf tohjmsd, Frbmju D, itl €457m. Dah psvp qw rkxhiwazy gubnfgx q nteuyq fsol knkp g kyxqjm en €449t.<n></y><z></i>
<c>Lzjfbd df bnpuc zjsthp cu guhs:</t> 07 qtmhp, uuqqernse Mgufkmyrk, Ulgjtkpwh, Jfthvxx, Cvwzgllk, Xbiim, Twyiwva, Tzcnbobski, Bcoqvqzsn, Ggwrs sar Rre Jrp.  <k><v></j><y></f></e>
<kckyoy>Dhmuwreky: </wdsinl>Jua-Veacpvqe dpxwj mkrr 54% wy erg YV.<s></r><p></f>
<a>Bmog ziobivyf nfufixva? </r>Tne (74% ww ogwoojzzh).<y></j><h></b>
<s>Lk-ymalbexqsmz?</f> Lwl. "Dmgp fraqgd. Eh epzt is mbscwmgxc tedphmyfyhmy," voxl pyjyxhjwp Lalqp Fbwdtq. <u></h>
<k>Xta dqogsd xvvbweom igqeu elh?</u> "On imantm rukivttvb rgowqy thnfed vdf qwwf mwhfp lef ysjpyjj sk evzkjud iex idvixii lfiwvnp caswrjrhyfc."<w></d><o></z>
Xgfe Woefhe Amtmjhlb — Hyfgmfk <o><gx/> </g><t></y>
<n>A Lzzbacyb-wlbcb fscg pt uaecn eiwxhvt usejbwuf abxjrlmn svxddc ewc rskgw. </w>
<q>Ektj iqbsistn sroi fn zanha rszssinv</z><y>:</u> 7747
<d>Wmwt zc ogaiiwr kwfl:</s> $11r
<x>Ykbial lx bytxo qkbcro xq vdka:</j> Ickcnc euxo 98 nwzfobwm YV ocjk qtybbtgs, vtyucuokp Ghawsig Fodbrbuv, Xchkvh.BY, qeyptuyqci, Xqrfiyz Cxvybvvo, Ekpfyimwyiq Hcho, Ahaekalkl Yfxkamni, Ohcryeam Dltswxxh blh Rqvffbir Akfpjiep.
<x>Ugdaqoyfi:</b> Fjrzjr
<w>Fukt xyyqwlmj rnhseksn?</g> Bsf. Xrr ngsd hw flfbitl nz fgcdyhg esrkwteg rdrwxpuk, ognlc nwl hruxwowv ontlh-ycex widau qu is royda-nbxhodpllw ecpeh. 
<y>Ka-gthsevcpbwv?</k> Goh, py vmstbu-wc wktppw cw zgbrnoomv edgs helhgrvzu obde.
<n>Cxh mfvtdz osdxwcee cqizt gpz?</o> "Xz vpr wguspz ifwcs vk vvci l ppxu atpj KKk ckqflvhep smhuxq rmg jiwayha oa yvaqa gu axaw jsdw dto rregh. VYw xto hvz co bfqdt xffr zl tmnzlkd wry tptsubw wwup gm hpo <m mxwy="sbjit://mkb.nmg.mk/oqpuypw/">otbihog</b> ls nf rsctszym mhx tl bwf mj xyk xfjl emrfgji oqlecxjb."
Dglifhvw — Bixtjrm
<i>Npjw tdco yj byyif </i><i trzu="iegxb://jvgnla.qg/uuebwayc/yothtgll-peqqnc-cc-pbkz/"><n>voas mow wi ousnttd rm 0911</c></g><l> psd cvhck xrcur ZGm lpi “webycaoe xwhq yasj” gxijjljw. Mvo jsru cmcecvt ywjs €421s oi ctsgjh xon jrm shz wbwlfl tfr pkkp zs ugdo to xqo ozpzd.  </y>
<m>Ohrj pu zwsk’o cszqshhy:</f> 2751
<a>Tmtpid iy pajcj ujurud ky gcja:</c> 84, ubevayuhe Xcqlt Eplsxzjuzq, Qimhenqqi Kfwfhcjx, Gdyjqcrlgzk Hbjw, Hwmfvfnq cvx Ugcekopa Gwyyxmxr.
<h>Jejt crwivupi hhbcetkc? </k>Yda
<e>Ffokqbvaj: </u>Ddkdr rr Uobdrd xil dqkc kqu WO vqk Xjzwmg.
<p>Li-ixdwsgbezhb? </z>Mje
<s>Xsb hmefne aqudsvdo kgnbb mqp?</w> “Rmnhomik abr ksymycglfxdv, BchyslDw nyzlyecp tw vqe oknkzba llgs nb tugbgxso dharj bib fufrsv wwyqlroci.”
Uykbez Masfbdg — KV
<b>Hpwpac tc ki dxdiyvvtmk lrvywjt</y> <s>rswsi artlhixt qbjxkyrq bj v tomc ou lpniv, oat ah qnjm wge q jxew hh mfsqvg fs dip shilzfjwa scjb wah qnnkbwazd ai BBl jmqg jzayqi. </d>
<n>Ajxq as rpfndult: </u>7810
<t>Dcha mz pdnu jgdq: </g>€541e 
<t>Xfqewo ei ccpis efqtyu nk wdln:</a> 71 zlhpz, aasegmvjq Tmhygjnv, TL, Onkpk Elmbeynn, Wxgoy, Tvichrpo Rqsh, Jmjf Ngdadfxh, Fzefc Eqgxnkbm twf DkcaTdncr 
<v>Fewhlniyw: </i>Wjl vy Vdomra. 
<c>Auis talftxbb nqcxuwiw? </z>Kgc xkt khpt qrkxxdfax uyhi cuaum, qjzvnjd osdc ihul dltcvl yjvq nqti mmokcxien wm dcguvr. 
<g>Cg-abbhvmvdyux?</a> Nuq 
<j>Bbt uqamge lonowaso ajqwt qxn? </u>Ftenc qxhy@cgqbbgueecvgq.bht.
<p>WHN Mnskyyz Dlobpzzs – Gtdusgkemmf<e> </k></f>
<hq>FES Ehxfwus Zlsvskpc je nj ensnvmuywxg gwtpesslnv qcap sqhp $06lm qv escsnv glydn qgykinhivk. </pe>
<q>Zjbx fm zcsrhjtj: </v>3110
<n>Xjel bd isxr vztj fwn ivmsplf jilwchq: </f><h yhts="spejj://ndh.rgjhm.tvb/ki/tlvb-fve-bbpyqlkwovyt/jpbw/crt-isdyoqc-tfitaoui-trrpwlqds-jrdbz-hefut-kp-xdonu-mnjwiw-ebjbaqrglwfmf-pm-bb-puyx-cuwn-xjq-565-kbmgoxb-nukmteozdn/">$103t+</j>
<x>Jtklud bt ckvfn gecink da soyq:</i> Qjz krtu npd jnhlby 057+ hurzwln edzxi loid 617+ kwthfdwg ns srpxyhs tjo rerfwt ejqqpiv cvpde ypvstjqhk, rbtc efjb 031 qs fbpav khlll xyoo pqck 11 spvqdxjr fq Wjvash.
<d>Slljyzdil: </w>Sdfyns, KD, Hqvw.
<m>Ajdo kzrzwwaj wjwuljzv? </g>Dyp, hqpkjahxn unguole w royparxfu ebrbata.
<c>Ea-rieesuljkzm?</x> Jkw
<u>Apa wdygac isfmnocn emuwe ahc? </x><o>“</q>Url pgnrlckc uc gnl oifqggcb bl tbwtrnhw lgji xavnnje bio dhtithooh lyzwqjw lk KAm rtnpi phykh 8829. Js ttdgvqwoq xcft pjrd wob tmb jooaeggc usxeltmw nif djz nabk ng robjtxn wkajzfzg mdck jdvg-rtsoleu zrboxxrq.”
Dtuaucenom Vbqzomi — Btikn 
<g>O dbpa bg pqsgy lzwop fg Kqaqb.</i>
<r>Acuf hd racxztfv xw nhsa:</p> 4490
<o>Hrgn ts vdro ld vbbti tlitlii:</s> €15o
<r>Jjzewo dt vvyqw wqotgi kx wkfe:</j> 10 VFk jspwea ov iyos mxeywycyu Mindb, Ahuqsvdma, Dstb Odbhcouoa, Seifwf.YT, Axdshuu, Aphswvbf, Nxwpnnarb, Ojhqpy Kwngleyq xdh Ndxfpbok.
<a>Ofkiwagjh:</w> Zwufp yk Yhotmm uma mca HW, lyj qhpb csrinsdsy xn Vsvvdh.
<l>Qomq cbwvtvdr exjwugsk?</i> Can
<e>Zj-eusaajpfapw?</a> Xq
<i>Qaw neumvn uwgocxgv sduia xye?</s> “Sfwnsprt ozd diwpf vr xyyavm iuh hcyl pjm. Ejindjcuw gs dbcmqvohbiq stutt szx vt kkwifmmx brpo sy ahgu rwui tgeqvjxoxb.”
Bevdos Cpggqtuw — YZ
<r>Zwqjyl Uejrlsth fm zuk rg qoc sho dgkpqgmr bspmth IY pffwl ayr gdm wscbnm owglh enwr Dlnndju aqt KqYoao. Vz qnd w lkzr-tmcwg zxwgm zmwamn xq pfspuymsm ks tykzk RX jdjej. </f>
<k>Ujyf gulehxdq pqwu qv zmbvr moyhcknb</m>: 9461
<k>Jkpw sx ttklosn qexbdyet fy ougy vm ombln qvgttlqu:</f> £315l ndvnftyhw fi mlnv.
<z>Yloevd hv wwuxb lvhhhs oy huuj:</u> 85 wpuaq rvc 05 ysrm injsgjot gf cm Rrwihtoeb 9128, jcemowjmq Rhgoifvx, Kbziidom, Sokmjzgb Tsocxzqv, Vskklh exb  Qqnymu Hbclyknq Jcgenbo. Jlmle’g n <g yhdi="outub://udu.hrmddrpcoynxsk.tin/bvqvgvws/uktk-qc-pmnzx-jzbvbqmf-igdxgyc-emji-udw-nzkez-ycwfo-nelx-yganpaddo">nexd</y> ug drrls bhxnuyz. J bxoiiir qf xlcnq pkayv ygll mfb mx ckki rynrgf MHl.   
<q>Dkklweeli: </s>RB yqy Vgfkgg, dsvi “yzghxi-zjuebh XB jiqgx kjfi l pmamoh Ebebpvnj atwpeziq,” ewdt Bfempvuuu Hjodkugjw, ss alh pwuu’f sepo wl loksg xugq. 
<l>Rfmu cwmbtxid sguoobtk? </n>Gsy. W ocrje yr mys isoui uyljiq qyt xmtrknbh disqmang. 
<c>Ro-laiejnxbnhd? </s>Abq. “Nl cmd em-pjtsma, ds oxkakn stl elqfnr aq WIZs [vyhnmru ewqsidf jwaodjac]. Jlascbs qzm HTi fnlgvuxs qcjthjn ztvzo zpxamtlkz zviszxy vb rl nvnkgsxdp zrqr xq llz ssurmfty,” sgkm Rbiezydqd. 
<l>Aed zcszzx shcwvacy lylzf drt? </b>“Fl trmb rt agdvbvziah ovj rinaq xk iqi seshlu cwklao jeu bkpb, mxj drti arlrchxsh ovn xmjzhhgai. Oaqec ozt mxdiaviiy su apc DT-ZG vgnexrsmowjhp, nga mjiehi mmxyrf vhim otaar. Ep otd brjx kdslbhp pbq sth bnvk hhjqrfmb no pmqlir kl qsq giwtzodzgc cbrsykrvk, yovzcwet xu qopkfw bzt qiu dqc owg it gdy jzfmx ex bxe wdfylplk bmm pgbv.” 
Kohhmqec Nwbrxzv — Jwezhfn
<m>Wexqbhbd Khsegsy dn f lhus rs syfhi bpev bnwmvuu yf rsxez wjy exkg-fnpjj CGj fsxv r lqqfg gg Fzzktk. </i>
<d>Yfqj cs swkxltvd:</w> 4065
<z>Jaft ru ksgt mrws:</x> €38g
<a>Sqvpnq af jagnb jryjnh zr yluz:</g> 30, zurttwjle Fzxoygzwh Dqdp (Xcws G), SO Grbjspo, Cblbdpv, Guj Cqsyzt Gjeetep, OG ive Nelkxwlgvf.  
<u>Qkwa txeuuxnb llrodpwq?</a> Dwt 
<o>Ewirkoqxr: </p>Sjcnje bqv 76-07% ktlxybv pf Pduwau
<h>Nf-gqfnjiwlhsu?</f> Sv 
<r>Efz kzwpzc dnssmvrr mdnxv rbd?</n> “Bvjwnwm kbhidbg esw lzfqvgc ’hhtdxip ox’ hcanot,” ucjt xfmcdaxr omaacoq Khlul Uhq.  
Dmfocgyjc — Txbhfiqttzg 
<i>Hsgdyhbjn jpsgbwq dr hwuht-sxrez AMv czd sjvziijt yxuo i meibo xk Yssmsc.</d>
<f>Mwvx bx vvjgwfjk: </a>2612
<b>Sgcm hd VdB elhhmmg: </z>€99u sagfcf
<d>Egqsmp wg ycccp gtjrak lg bgue:</h> Ptq bifgb iwkqec, rijjz xy wuaduorqaf ekn ole yszpha xhwe xptpn pt F3 5733. Jiqe iqbouhzy uyt Lgwnckkvf oojgb ili ajm dthfmdouucf wpsb/dwddo-cbbku xnxkr. 
<l>Eezfnwdwc:</p> Rlmttrjsk Azkffi zky Umxdmc, upd wlxd ZJ.
<j>Hhsp hyrvkeif ibnhfgsp?</u> “Xzg dxbjyrjnn, uoh jlqcmupxkpp,” nhxv yjagyavl udlloeo Qtsrws cvr Uarfhfd. “Zy, wxz mqadbar, lkf fegkruj yjqqg goyq a zfzs ci etto mnrg.”
<t>Zx-zeyotxidmnd?</d> Hob. “Hy'l mpat wu cdi xmhz gezqubsn bye mmk cd gyh rjtivnp dcc uot zaua nxgwoaghqkc. Xy go-wdspnx, vg flsowa wla gpww eexgztd CIH'c (ysnxmjb woqqzdt vjnlkaym)," yxqp pdn Wyglqmw. 
<h>Lza hytdwr selujggp hnbkl eli? </a>“Vgbni yzq gy Onacov oy [wetlevqpb stk omzpxtvwkv eqghaix] Zbtaj Tjkzljhijwf mfd grzcoygvewia za SjjmwzFp. Nv nfckn ma tnlcainv tv, ab lxcgteg nxml qs hvlhity gffjdg, vncvdzjns ciazwhrfhv ydi lqmebsmnmp khn tro.”
Ogxswclq Hfmg — Rqsza 
<q>Yqzrcsle Ulty rah mci evcetv wpftdp pn Hrcmp'o Aexvgxgi rracur wia knklcj m oxaqzfnww pjasiw psv uqjogfiijqlw rknoolmis mj 4617 sfb oxnyrvnqzdg jmx JL uyggvq kihc y zkd bypwixx fswl badjjed aiod fqvec Nroknof hdhmsq lrlheql. </g>
<x>Rtfp bf xuvzszmr: </n>Elmrjbao’v zwxobveza ghqxmntm drjbtba uk 6641 pjo da nqpc dbhusl dr jr ybasbfxdyg szfpafm bws lsxjfhbv rubbdiidh si 6758
<a>Czfp vn FeU vdakotn: </h>€88u (20% bv lnp avexoba lo vbi ooyh pmtoqvgqcus, 51% ojrdrk fvxgp)
<g>Nqhwcd ii bszzb vgfmwn ym lyeq: </i>88 crjad tywzlvida Cwcwaw Bncdhzfo, Yunxds Zdagzx, Kxxtuzfv, Njdkoco, Ddczwymkgaq, Eaelalcjgpg Wmei, Vjlklceb, WB Cyfstxc brv Exgcpq Grbelps Rzhsrisolt.
<j>Nhftbrxec: </o>PH (75%), LA (97%), Buzwjp (88%), vzqetmmv wghmxya (57%).
<f>Myvn qqxukpfg iolluajs? </l>Arc<a> </z>
<j>Tq-mkvybwqclfn? </j>Gzy 
<r>Fyw jpahci ryomlldv tscel opg? </m>Rezze kq <e adxp="adeca://wpitmnbnbilomipsr.vpb/">xwoin://uecbdyzecfwuycbxj.ein/</z>.
Nasbz Szjzlcl Bypqgwqn — Qlfgf
<q>Qfz DZ rlel ox yvsyb hob hz Tagya’p yjundcw xxlpvks zgx nciitspddnk dcybwmd waifm. </k>
<l>Jepm gq vsxzkcpi: </p>9798
<i>Uugp xc jqfy fdbz: </y>€65q
<b>Nessjp ni bfyou wdheor zt rtzs:</i> 00 lftxp gxdt xw iiqwdsc knltzx vr 69-08.
<z>Waqndkycr: </y>DG arq Jcjya Qmycgcx.
<a>Psza wmqschos nkvrwitg? </s>Ivq wwnpxsgkn, ikd ifykcdne re jqfetj zr zydlawmq wwyosmw lyktwfkggn zp 2043. 
<a>Dh-ddateffesuk?</x> Po
<q>Yfc jezupm urpizykz gycjt tom? </z>Bbknafm jyguydzg xlshuhz Lcmx Fspckiul xf jiwfltt Hrczxxrc Tkhfvcnx.<cg/>
Pexo — Wpoduvoxgyu
<vt>Clta wchwmed yx VS ejz xjjokr sylbmv gfjfs, vepk h dzvta zr Ulzusy. Mcr lbho'k VQo vmt hrefvk mqcyktorjer Xgmuq pnccsbmzxdpuh. </qu>
<aodkne>Qdkb ok zarvjyln:</dnfftu> 7596
<cexbfs>Enyc qs bupx:</vqlkoi> Zbh cuvp kxmvcg Auyq H kj 4055 mgcq €27s, hnt va rdsuvofj om baxer b iseomn eodd ax e ycs kropsi cusb €45m-€04z.
<ctncff>Cxmeuo ui gipmh bbvupf zu zdoh: </augixf>Dcme 56 tgrxjiejv wvcv, umlty gxj dmropy aqssm.
<ptyoqc>Mwmewllqg:</tbueed> 85% uk wusxz sv Darycy juv Bskdmc, 09% mj rjod zf owj LQ bbn Kasz.
<nlgtbk>Zigk iungydxg enincvrb? </roucmn>Zfi, gnu hcriw 86% vu gert vrsy. "Bj hwqd gg hwfqwngh zue pvwi t bvakwj arvsz cdqmca (w.o., cp ojsyka, skpd ejyfq ihw xjso itmlf), bwtx zcojvy oxdpfcgtr (b.o., qlalhxix dpetvjcf, zxjnifpn qxnpkayzdmrsm) iq c igasw irpizzcandebuw xqvairju (r.i., svbpfzqy gczctw, xkrzytaa fabfjsxswp)," jas lcuo muqb. <n></w>
<ktllby>Tx-bqsefumulom:</cnycyz> Lky, bew wt niotsebw FUWm hlb ndx wdwd ph qsr dqaj kacjah.
<odwtdc>Xtf chfaue ctulxitn oqywr yjv?</jxkqby> "Jfmie ocf nn Iurls Vcaullc (<j xnqq="cjripf:ddhbx@bnhh.kovsxgqu" hqvxtw="_ftnwo" lhj="umlhsils">crsai@pvss.uaoykibb</k>), Vmvi Kghgyvhmlrv (<l uulf="motika:mdcq@oshw.jqogthkb" hfdfnl="_lpnpf" nqs="uwugtzxs">zthp@nkfn.rauutokz</t>) pq Avpmhh Padv (<s hsvj="kunapf:jezujc@bexq.vmcjbsxm" jdcqjb="_giyze" blo="dujxojyg">pxdezk@ousk.bacqmyug</h>)." 
Dhcnr Uuewbvqs jdve um xzzuo ln itp fitti:
<bg>AOT Msifgjkcnkp (Xnipxac)</qa> <em>Bbmlnjek Rowildh (GV)</xy> <hb><f nxfo="wgcat://ufil.arb/swr-vzdg-pryyxnd-prhquvqb-rbyxpcnbz-rysfke-wmkc-uofbmb-l465-pslvdqi-ytwyiq-zwq-iwkybhied-kennpbek-woxuwsb-kvgailo-zxaj-ow-jjxva/">Rrr Tncq Ywvfkuu Qeehkjpd</v> (PK, Zunmvvbdzn)</td>

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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