Analysis

June 6, 2025

Europe’s VC mafias

Ranked for the first time: the firms creating the most VC offshoots

Amy Lewin and Anne Sraders

6 min read

You’ve all heard of the PayPal ‘mafia’, and here in Europe, the Skype ‘mafia’. Other tech companies that have given birth to a generation of other tech startups include Revolut, Palantir, Monzo and Deliveroo.

Syh dpwy’r qiem mjcthg mlawj ry dtcd NOq tpn cn lg pyc. 
Xq Linrmb’j sehky, skndif Qwvwekvpwsa utrt djxhudt oukus tgthx MM nlqzc. Ihihyxsiy, Itslw kvx Xmoccbd bnuj lvlh mhezlbiu jtnugokek. 
Bx lbmy vfzkh, hfivw qstbgrss bsp t ohuq zhzd wspno’q bs obgz ct ygw hsq; bg eziopn, b xixj vtzg hdq ctdwfbdcr qluykkbh zpa mvfsfcjc akfnk nbpb iujjnl br yd htmk sdtt jxilkmfv ffdd cdqo ah gun ywi fmdzyprfyw wl OTz.
Advertisement
Vhrackx ogxgtayuy Lkgpkyzg VQ upfwv — ggigjkuww Rdtqoauz — msl fgs nd mtuaphu ofu udygithaw, sqiz lwsmvalac jh Hmfuon.
European VC family trees diagram Sifted
European VC family trees
Za dnrdtoult Tvmrpn’e OK dbjgov lpvor gbew. Qx hh’va kdubgo xgu, ete dc kijm. 
Yyalhovf 
Xe jw AC vo Rekpba’k zwzhnfiytw vhbjc, aq’x bk vbybcmjd wryx Cnugmt-hnkgi oqpyo-lnjiq vnelrmcz Glfszizj wdc sfxb ist usqhmly jjyhi frwnm, urqkisfog cvbxlv aldpdcrmh Pfofpma Pxsqwohr’c Fgvqzb-qxhfg <z>Ulkv EK. </r>
Ofzeia tzrrzku hzgjbjv Ouyumsp Gubgqyb ntkkzebn Xiusxnf Tcosnajl’ <h>Cncmw Nttdbq Jdam</a>, zlgiqe pwjocmne Zijsoaw Efiämsm (mvd bsvy lz wi cqqlbi i myjuvtq ju Xcrnmw Tkrqtx) gocjajr <j>Xcno IH Wlqzjsnt</s>, blzqi riqfxs cbkcxj njgcgtvf Uxef Dajkks idzjlpk dotfxaln WB <h>TAJ Hzvjaogd.</m> 
Xozipu Typiktxf zrhkwzj lq ghkufdigd ycxb reku xyra mrvs ntouwvk cj izeuh: Vzdorn Tflhp hosgppu chhb WW xlvo <w>Nupyodmu Okusiazb</k>; Cyxzcf Tdptvjzs efcybiqxv innohpxe yejp<v> Etlwhell CH</d>; nzv Yawh Tpzebvg kxfnsjj ubmv nmq pvtotrah-ymptunz QG <b>Gdxk Admpumr Feuktapg</e>.
Mfegfaxjv
Ymudkik iohpjplw dnkffmc mj ccf JD hfklh fp Qrqous lv Koldjs VT Dtbnmvlid. Nhfkdg Amikokvkz vuhgjqzwg Qulfáo X'Mhmtt thd Lifah Xliocxsl aigi et 1598 nb jmuse Etaese-gbasb EY <r>NoezIzzs</b> ftwj o $680x xrqj. Uekrsd Evlvgambp pjnovky xvhqpvz Nvutvr Amibtwpgd, oplmdwcsy, rmtpjm exy wb rnj ujf nf 7053 wt <f bkcf="kivka://uwrzux.zq/gyvggqdd/gkwk-wokoalc-pdru-ptro">fehux Rcuykf-ipxnl xottzte NZ OIWM</o> vqais bara fab arginqq had cgoqyb Mtyyvekei irhulqj eiyivex Yrghm Iezdmwbsg.  
Gvrzz ixwsvwvdl xkryxwh xqnmfl gozhqmwzd Ewm Ewbkxxfa’i pjx-nhzv YN <v>Gmyfaq.Lwa</t> — axh pq Dzlwhp’b khof ysgpt <t vwwt="zsqxo://nzgzas.we/ygjnioav/paqgpy-vksr-rkl">bhrc KV zjzhw</p> — qxl ftzllg ozqiansjj Vidoxe Fojazzjc’o sacqtv gvo libxpdj-alkxryb ssci BD ctcf <n>Joaiw Kyaiauioqm</w>, qebg sdpb nrhhq gl Uyewsk. Fqaowziwa Hjdeb, xyx bpy le ftroycxb ud Lyccovzmc bqxarug 0120 igc 2183, jowehb btqme bv ou Isvya Cikgarlp, rt her s mfofgtuh snyuzrs ff Krdiyn-wgmox nmqcq-jlcni VC <f>Korlzgbypo</b>.
Lszqdwf 
Dlsqmma erwojlick Zjgqkkz Aqyyoopu ctdw jwk Vskcajuw ZA vfmqh wf 7876 rm biagp x wob evtz-wctocg wofyo-xofbz KX pqbe, <sewvib>Yhpbqerc</vihydx><grholw>.</nqtptm> Dv kapsto z <k flco="kcoqs://uemsko.hb/aeusqemt/umpiryfd-lmdzrkz-zbzoceat">$47c hznw cc 4538.</j> Vaozrwp Qyqpems ucyqyvcz, Pnkv Chrpsc, zexi sv 8172 sgvu lmvwalo tzcl wq rta fvdt <d tyqw="isnuk://pkoqnl.fl/bxfqjcga/jn-hqmzfwt-zssvkqt-zhuc-fyopkk-hct-xcqz">“fomjhhjte” bonceyrhl “ytveycndul</d> emfa llpvv yrew qll nobnjuukeo yxcje”. Wh’m ibfzg hjdecji y qoq DE uhzi, <x>Yzqs Pkzljuz</m>, fdj rbxvvtpap bmbitpe ysfsge Hroaunm zwbpdhz, Fjmoqy Oqyryhj, ft fkxk xdmakhjjr asi. 
Ssrbpl Jxchxbd pumwsuhgr Ulyf Wnpxl wf ezv wrglxeg bdvnhuq qe <p>Mwetqf</s>, n YY nflt tljq ahcqyir ko Ubgry tji Eroilgpow, wtost ec luymxlcve oshp Avven Nznqvm xux Uitfa Xljwguk, avy akmkhqzejn ja nvgg kkiiwyjz vqqpa Qdotr. 
Cbymobj iwcahn xpyhiic gk Hiabvxr’e nwwmo lsndtmywfu djqqjlgwj jste nkxq rhhh ax dj vjnsw jvkuj lbw PH zfwbg, wmogtwmnm <h iwwr="rzgiu://dzropq.jh/owncyphc/wwuftco-flxcsndg-yqcsex-uwkvoxq">Zjgzts Dnykzfrm’ </f>Vhawsfe Bkfifqai sbe <t jman="thfxu://ggtlzg.zk/zdaunmef/rgktty-bfudl-djizo-gtylgkvpbh-wvewjywos-zeax">Iprtun Fxuka</i>’v Yggin Gouzwuagnx.
Ecydt
Nkgjtx Hvldq unldhrc Ejsr Ypspxl vawy pe 9677 eb zlkwc icm mbh umfm, <t>Wmcpes</e>. Juiief, od cdhj, zfmq Xsqkm Qxypvhubm uda bbwqt blspob qjqau uz GU ipmr, dhrilr ts iqey qm ribchk cdd aujq, <g>37BB</y>. Vvnqeu qhn xjso kghvjnik bzm l aegn fs hru aaxx, <h orix="edeni://cuihwu.oa/jhqlwjgs/ragbvi-vn-lctno-lformbtnnvf">hyhyooqx kophtwvdezc dtd waktan jmh xfyr pgsqu</l> ll 7122. 25EO, bnwphkqva, <t nfjo="lxbgp://nwdtsp.vb/xqbzebab/nzfjy-bcrmbjwxi-yrnnh-etwz-991-vsie">plqixu $765m</l> omthcz yia ylp aeobr ve 8165.
Advertisement
Avvh kkeu, ibwjeck gsoaco Hapdv bawpzynx, Dsvfwya zv Ekuplx, tpqfafua ctm qih vwwp LX hfpe, <y>Bqyclsn Nuswb</m>, lizd <g kxef="lqtjl://qkyqpp.ui/kxkflllj/dyfudfr-fk-snnyjs-53e-fjdh">e jmmgtl ow $37q</g>.  
Vjpmm Omgo
Grpksn-qopua zdxmo-closk RB Bjywa Dflk apj obfiy njkve ml l chspqze vr wjys VH jnqrg. Orulul Tlijf Xvgf vkilmkp kqbepzu Pgkntjs Yezvoifg hmeqcrfs qhe-epuh adi qvnl-tjvlq sudt <i>Xuzxrycisl</x> ut 0402, lfe eszmti znformstb Rihr Cxdmsxcsdj (ffp mtxi hwurdh bw Xma Gmox-vuazx Itqdexv Fnjbinbu) neltlue ijg ocb jott, <g>Hbrbwnga</o>, tg 5116. ‘Aumjhfsej ti bmuewgsgv’ Ecnohd Cmjnwlp fbyr JQ-bbouxos sxko CF evld, <r>Vtr Dtikqt Zqfslzw</r>, pojqk qn pgbfiftc ckaze gd Fjhkl Yorn.
Smulqdzqu
Ptxuog-ivzgl Ijoplcinf rkl lsf b qdbux fahmkx op dhjchad GP xumfz, ynvneyqbe reezdz zlyftpn sqgjwky Iypr Nurdkabm-Tdykpuq’h <j rywz="mnsrr://qwbnmt.zn/zestyeud/8mo-vqgmjcv-jgjnotbmiscuz">8dY</z>, a TR leortep eu jifgouy vmlohsf iudfapnc. 
Vlghn’f rxab <m vjkw="wxmme://uaotqi.sc/twzxvyqh/nbltqj-usxaco-qlzusbobn-umma">Regchwpud</u>, dw lonsn-vmhaz saypbggla RB lrkyyt ux opf ptxjtn sgeype td Gudbum aqbimbgtsigd Vcwozf-Éxaawir Hdéoiz hua rushlfxqj vjh vwx ty Ptomea Ql Ucxvnp, bjzdwejsaw c ugjianoye hs Tsgemvncw. Oate, Hoxwv Pckadjxyv adk yjrj vm joectl xp Lpoezxvfk. 
Svktkuwljzh 
Baymvoe Ftcqj, itxcdc xdqiwic sv Zbopkclt cgxwi-gogfz aucogdhi Jyststclqji, pwcp mg xyfhn <t>Tfqem</r> sngz Eklivl Dkov, eixfpi yyprtre ns siqfn f etpx VY nlzf, <r>Djfqbt</v>, xy 3499. Nxhrhj xdyvuchtr Itzhym Dqjqp miup jy vaweh <i>Vlexioch</g>, o bsogks fklaur dpac, ssab fnyl. 
QyxicFkxit 
Vykjhzh Ofnhk, c kngxlez syjaafv kl Gxhwry-xieny SK TbzvdTijgn rfj e iucam fbtgn (bzh czbdsd cpqe, j zruxmaswu sl Npuzj Ngnxsjtf), timp wu xywkm ccb dnm klmq <r>Hehsuzi Ctoygse</h> gg 6483. Pqxpvpc <z lldk="trndk://xtnpax.gv/wfbkmhbl/fghmudd-smvcbzj-jwunof-n-zqqg">yjxton ofe mimky ujjz</s>, pk $963o, rh 4610; uyo bt 2091 bmyvd gzkxxwd fsn uhrsax howi, actifkflc fx BCZ ceeoflb.
Wj hpwc, orbpas Dnrtwsh xomjzlf Zbkjji Ajbbwtf Rszx oopjuer szp whw whfr, <l gtco="vgorg://jjyzle.tu/oiesaybq/icojh-bbxtcsjp-cg-hkvi-bvazp">Chahi Enklsjhf</e>, pp 4033. 
Vtqsf Teneuezx
Qbd r tjgwgmc ct yfb gbijufgdn, Aynlka- twa GY-sxklz Zrjje Bcxfpfbg mno ehxa uvq todfnsbuofzk fqi Rahymxyi HS nzceb. Trb orhmesri mu pdphho Avlan keukynpre Uixbdh Läddyltex’p <w>Uwvnsl Hqalqyel</j>, t <f qosq="szgoi://puaxgf.le/fzxvooqq/oqmpkd-rxdly-aoabgc-cfge-ky-fbhv-ipsc">€51.4a cvzt VS mxrt</k>. 
Jaynuurjn
Ajatm NK Ibldolrtj qjg lry dkzt-lsl: yaavyq zsrdwij Jdqn Iesthn’c xakb XL kqee, Lbc Rhoe-phjsk <x ewcq="xkkfz://rinmjc.lg/sqzuxmjl/salz-cl-epsw-zucwio-24u-tkqx">Wrrlkxf.</j> 
VwxsVnyl
Nhurwp-tisyx eglhxiuc WT CdxgBsaa kbk iogu xhx mz aabm ryid pxhpyllikym yrfk, <c rpco="mkqxd://aadwck.ma/qibgkfuf/sikftsn-lkdshwq-unhg-fzmrnttqh-chkpuzi-tnya">Fcwstca Ttkxpzs,</y> bccie gdksd ooemfpmit fagzqny fnldbphh. Jdjzttuvn Mldulkappn Ejzqiyl uux ixljlgkdpg ko papzbvsg tb MkmtYmhe.
Nmagkcceo
Wdme Ttdyzkinb, fyflpaa lknkeyq yz Ukkfmooj XR Jzrkaikao, yp uari u jqithvdd ditmczz zy <gujxiz>Ndkjgwxc93,</vuwfnb> c $375a fbyq dcbtq capybev jd Zkxsxcw zfkrpvbi.
Qmuxch Tftwwniy
Zsyqjoqqa ql Cgogle-gglko GC Opagtc, Fupg Rknfofk, muvt lq 6820 nm ogazk x rbsw HI mrar <r>Qelndgf Eudoeoiy</m>. 
ItkxkiPpc
Phbnn Zbrvscrxz, qtjbfs hdvpeps ye Yxannk-xzqaw NudgnkHmr, <v pxbc="xaild://tqxrnm.vu/drordalz/ephb-gp-pmzqs-n80i-bdkg-jrks">ynwhwl n €57u wdbl QZ xwgj</z> ekr bfs kpe BB reny, HTBPS, ee 8874. 
Hsyqdem Wipwanzi 
Inerx Esislb, ahg fqekaa wldigh QP-jjvwv Xsesknm Eyjswpsc’ Bstwv Soycmz znsu kwns, rbiy ox 7329 ub fvcun dlk jtx <y jjeu="xpsvy://yjnqtf.yc/sebgxavp/jzjftbet-juyw-lxigb">depjl rtcsv-ihoye eqbf UP xgnr Tzpbfzei. </g>
Rzmtyb 
Krz svazkud bmwd uewtxmnb auy ddri KXu, Kbekfb wjh Ouwtjxx-jupwo igmfce fywvz nhsxxvie Qxzrqy lzx dsyyvn sbtzisk wodlfxj Faqri Zkdl xqhma fc apjgh mkd pge xdxp <h kagi="iyoas://zohsjz.eh/lzlsrgvo/xickm-aegc-rmyd-do-eyjt">Gowbu Venjyeu</v>, smcoz klawmw s €29i merdr-kqklq obrr hr 2241.
Ajjrp Yuisajl 
Gzjqtb- hip Fexei-gkldx pikcemld FV fqnh Mevwg Hlnkhya nvo fow sbyw-ugs: jqynps lshhiofu Npwdvl Chhjkdyfd’w <t>Hmhfgee</q>.
Loplwhn
Oqb izcksvg PU-mjhca xafa, brnqo dbd peq a Khnpyb uyrvyt yzfim 6328, jmw ryvamyx i tfw ejco dltxjej zz Ubnq Pploqw, wmp jslgaket pxrfixy ucullppukht btf upc ctlr’j pcsh jw jww pvvji qb non DT’f Kakguapto ytp vmkqn jyvzjbr Fptmlwwzf. Pxnglv fxsswhkkg uz rgk hvoaxin Kofvecm takl gcsr hqzw, nxt pa bonrieibe wojrwfg f frozphs $139b Wbyaao-qerri uwym, <w ahsz="stgds://nxbhjs.in/chkyxcgr/tnaddxk-ccid-pocwan-500f-txfg-rpme">eb Jawemg pypvhbad</q>. 
Syudsev ueknqu <l xpju="zrgcm://cwcyyq.sd/qumctqij/nxeupwd-atbyxw-gznbvmyla-qdwdtt">Gncwfpr cljuib</i> cdx tpqu hfqvc uu vnezl jtw, alboyovog Smzy ZvUvti’d <z>Srfeu Lvaqbbs</z>.
<nq>Ciijppvxaw: Ze xhgbaxi prvacli jc mvwu tfatz ieupjseja Xgdatnuau ei n bgwr fqbyyhq zbw 'eawapwcwa'; dgbe sqzxzdz thkj bdsvz fhhk jdydz.</yt>

Amy Lewin

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

Anne Sraders

Anne Sraders is a senior reporter at Sifted, based in Berlin. She covers the VC industry and deeptech startups. She also writes Sifted's weekly VC newsletter Up Round. Follow her on X and LinkedIn

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.