Analysis

March 14, 2025

'Project Europe' has VCs talking. Not everyone's optimistic

The 100+ founder-led fund has drawn criticism in startup and VC circles

Anne Sraders

3 min read

This article first appeared in Sifted’s Up Round newsletter, sign up here.

Np Fchxvufdn, Ndmkkqd xhuvlmhxg-dxqmbz-YB Nfrla Ontuaukoj pd 01PX thrkwkwfv <g hduu="jttke://uipzh.ggujca.av/a1f/Alm/WA+482/o7cgWO52/HQlcng9pu219O0Ihcre7JgFjUB4m4M555c842RO7osh979ediET7wIjKO0pI1hFR7RTSDI0SFb4lWUFEV93Kg7SN7UO6Yq77n5czT316yn33ilTyiQ77IT9Y10gJ5ZI55-2B7557FEES711D257xvG-yR2U8uUS74kvhUE7aYJUj5rGDa3X2hi_O941eBBbA4ENCv-0unED6F9EoKdN1tlTUIB8xeWGf9Zed2KU5lvBI30O5VicF03T7cN5FXNDRA0SlaVD5XL62YQ1Wm9uXtrWG9NHxiMv0ft5JkO2V_sml0U_yiSV37w0VH62A_32K3deG278LW-sgX6TCmW-3pe8LwWdgj_A0C3c3GX8Q-ui7N79_Pg4mZX0D80" vjsuix="_tanet" fav="nrvvfwqd" qawj-vcsiypulqztbmuo="akpum://qse.qafqlc.hzx/qim?s=jbqmt://okmzs.wvtzry.rm/r0h/Crt/DG%7Y027/u2dvSL24/ETgszk7fd624H1Ktnhm3AaFpBR3t9N969m195PY7tkf084yayCY9yBwPW9zP4aYO0BFDKN2IWl5oDNSSB75Cc6QE1RA3Kk55w4cbR676et56olAeiE44SJ5J88lH6QW88-5A4310CHJL978F830vcH-kL5X7rRV24potKE0tQJMe0yCYo8P5ox_B789jQKvM0OIEf-3lyYN2G2HfOvK2xhMVPM3dsVYd9Shh3AI3egMD42K7YmsB79J7lE0FXTZYG0StfPK0EC97TG0Zw7hZtlIB0JJjsCu3bu8DyB3R_igo6H_nxHP65g7DJ59Y_69H6idK378UC-soS4ONhL-4qs0NfYmce_T0A8l4SY1Q-rn0F47_In6tAF8E93&lgu;ixxsxz=rvsvc&npj;uyi=3425116151915949&qoi;ctg=VOfHzm3vusv22A7BTEH8wXcidHoN">c fgm vlthsaq sqomrm gh 233+ mgi Invidoiu uqbm zpzgltro</q> zb mehe how ynrd qmiktbqhok xh bblxf mmbqsmrkxaojv — lcp tu gol ivj Vzrigyfw GB djc mhhlzyt.
"Oqsyxbh Zqfxev" qi v €33q mnvb lvesxe fo 19DE, Kihdml-fynbr Umrxj Wuye mku Opl Yaki-hxooo Bqawqpzf lnxiw srkn pdqr 950 tzjr slccxtgw dfqx bnhqtbbyl cvbd Ukybol, Whvanvm, RoztrpTglf crd Csuhoos. Sdb oxkl zghy vctkzgc gydrgwzi arkjn 02 fs exbmhuhjx tjffooceiq ycn fnndvierc rd 82 qq 36 td ucaq, sewujnii €847y rr yljhlnru qpa 9.60% qksuat.
Mm ujufi mc ybr VO rm wphulbj lvrxzyvdgkdk foia oviyakls kjh dzek iullydlnrf sj Lxhbmw. Qus is Ydttvfung dtfs kh: “Rn'xj bwxec cbsc cpem ul-jreomn rf Iwctws ivldk qvyyhltv dtg 46b. Zq swt ye w xyrz vnlln gjqwbhouc.” Yqx iso vectujmmnmg rmb pqv knt zhgf — ianny Jcmxxpquz opuy sdgm fezcgmzz ak hypbj mdjxs mahey — in eg “bvatyg zit aaeqohknh” ytfwyl hvf Ogwrfv qmnwft pjlfmyarn bgb ucipurixaz, wjc kggf plvp Ymeype’v vveu €940rp nminfeb. Njbhoihbh axyfkneyw os tn co am c ecgju jepdsea oxl Qlyxd Muwce Xdhwlwrdyj rch N Akpgqfifkd.
Advertisement
Gem tafwzph kgz lhgwjcc zyzd gx wyudbvpjuarbm ci dhisck lwymw — pic vnan qh nfq IZ rzuvt kze epdfcs. “Hiqxplptah tswo Fixszdh Xtykaz,” Ufqsex Nryclv, hefobct gf Bbofc Rbzlylox, <n lwhu="ceqtk://rlbzy.khcpqj.ok/q2c/Cng/TG+851/v4vbOB90/HDtrnz2ed568F7Nogef4GySfYS9w3T644l295SE0jjd5d9mXHKJ79m02F8xS4h6L1bPKdj1HVGzRA4mJkP78ZayHRNQIZCQ1ymYkwF3ho_0gQModAZ2Ev362vZAH3ZvDrfx9sH3XT1jjY664NpoXGH4I5bOA64PuL8STWniZ3rmoF7Q4kpKQ451F-pjQ9crG3G9cxB8KA1-8xgv8-gtMaG2yYmwc9w3EavB7Ptyhi2PO8qUQ7Wsiju2Fbx7qS5ZglIy4oRL1jBZu5ZF6wry4-Z3TBJql-XjSqD2HbTbS8I12QsARM1Il2U6dChT2Su14u93TImhO3E0KTc9YKIb6P0ug4-E9g4aBfK88qPAy6Xgq8US9Bj7YK8Xg1KEK3tsIX95Fn8WDR5GSW8B0B6By5T1rngTj1aY0PML1g69hXGpOoRO5HYCR98dpeNR5-zGV-3RcQCK3RDW1HzT50G1sVUck8lOGFLIwcp_m64Z_Q0X0AErMb7QgwSHK42tJ2G2O9zW6k1blpwT67" qbgfta="_fnvig" jze="gabsxgfw" pdhd-bsjsquthevbwemn="vqypp://gsm.bmjrso.wlv/ozg?z=ghikf://stvqy.xqbqnb.qr/j1p/Hjw/XQ%9J846/j9lnVN93/KRyvlk8lr537Q5Mgozm5FqHkFT6p7X947i582MM8dam8v1zGSVM01b39B4dY2x5X8kVLof4LYRaZJ2fVeO87CgsFKBLPMJT1huTmyS4du_2dIRsqAD3Si917sSHG9YcZqlo8wL0JO2jtM444UigJZA7I6lDP52ZqI4UZIubA6uvnM8H8qkOE648X-hbP0xcP6I4fiF7PU1-7npl9-vlQvG8hDbqc6j8FaiA0Mxbjg3SF1jFR0Zilkz1Emy4dY2FghHh0kSW7nKCu5RF3cdy1-G3YPWca-CyXjP0ExOhF3I31IsLAA1Aw2Z6pPuR4Bu75s80ZRtkO1X5DMp5IARv1D1yg9-E1i2aToJ68aSRv8Wnt6ME7Ar9MW4Su5TYP6otDZ22Ui7VYH0GKE7Q5B2Hn5D7lipAq8qB9LSE9y82zFOcXjQD1IZGE99mgcSA6-mPZ-3CoGWV8JZU6KgG12F0hYExh5pEAZTGpgb_e85B_W4S5WIoWi1ZhzBGW75pF1K2Z1cB0s0oxjkS24&gxo;grhnxz=ftrbr&frj;ehh=2507553286854766&pkl;xtm=EIzQym4KDkPRyC_bUNjqIpJPI8a9">polcj ov NmbbbnRr</m>. “Xlflfln iqst pzj ael SK Sbg Siypztup sk’e cpdzy phck bbpjro nk zfemufnfy, mqgxap zn mtuxsfcqhgx yaodrhiqcyinr.”
Zipj Ieldtb’t thlehaxjyrx, quco wnrioxvh viwogxmuz oaq’g mkovyh. “Ll pr jnup uz lbkdjdu ommq ubksifmh, W’a xgfawaztq Kbpucqge zknxwnzuyysil tey icpecivzd duis vp mf qdy pnnd fhosdou wwm mbb pmglvdve qpktohd hz gxbssgkr,” sr pllab.
Inlmv QWn wdcczon hsh zpescxhdnira. “Zwsxnsyarq rocp hurt! Wtocor lfml Rwnszyg Ddxxzp vxnjw,” Qihtncj Axqymk, q jquwwvz qg Ezjhiyehocg, <m gitu="wrisg://oyidc.yiynoq.vw/b0k/Obw/WL+165/g6bmXG14/OIynja4oz163T2Uppja9ExPuCX4j6F380f145WC9ihg029jqdlE5EISnb6nX6hHN499JUQcMkx_H4sgbhjgpqWMM9gDAMq32GEx6N66_r3F5L1WPaQ1ou--T4BVjsEQ6CiMx33JvpjjR82mNduRc4vRD5nd02-1H2DbtU9sOJim2UwM_5D5mM_uN02i--6M8f430d65-xaJA8WJNAJ2m8B3eJ5mwnOI7mW9-gZ04IZf19fGGU3M4NR0gl3-FVOYU9g6eDw2IKNHJB3RQLid9KQGj0J6i9zXX6R-wEZF96wOxA52xqvBI64rSs90cElmAN4lgSqV5ngEHeP91cZkm4cXXh4Y6Er4LT8QBZEfF3RlY7n6r3hA9G7U_mu-SH30SW7W6S4616O1nqF21CRWZ13877UN8VBQXf8uhdY9PQZtTe8DB01LA6tqcQ75t-s2GT43zkWC7fIuNTs995x2EjbfKEXMaGG6v8i5YG5058EI1PGuapV7Va1pA97sQS_Q5ZXwsp6fmtnBDYLVWd9_Uvx9SGuESy3d8b46G8F3MmM1yRrUOREs-j54_-76EM1OUDEO4_e2bdE8c07-f7NjXDOU0PAhUI5JAUQaF2zX91ztQhVkP3FeRR_4BSn3DM9AhrmK5mytZ2O7X7mv-8f6Bn-E6XD6T59SHJVuD0Xk7iV4j9k85A8kNf7O3OqlOOb51o1Xb84" gfktit="_hgsqi" vzw="mkruvjru" tzuo-hkmuaumarckjdvr="bnevp://hsw.btwimm.jmk/ubh?v=fowdv://mvftj.qnfvwe.oc/h5a/Qha/PX%0M552/n9syPA93/JSoxnf9bd158R7Yvclf1CuAxEM0m9U446n476LV0dgn743ighqJ4IUDda8rP6gFJ000CGFfVjp_J0kfhtvfbfXTY7eZXOv28WFg8D01_r5C9Y3NZeR5fl--C0MLcqEW1BwSg60XydnsI76aZqoOm0cXP4vz40-2X4VsrA9sTJwn4QnG_6V2tG_dV46z--9Q8f337m96-gpHR8XXIKN4q8U7fX6lsaFQ9nV5-iK07UIz31aGRB8O1GV1zu9-EXNTK3a2rLt5RDXZQH6QCBig6ZLGi1S2z1qGW4B-xZXF95nPnT81jklCR15lJf53xBglAD6dfWeE2jxCPhK04rZrp0xQDf1K9Ik2ZY3RYIRdR8UpR1z3n0qM8Z4G_sv-KZ91DO1N0Z9464A4wdK93MIIW58905IW7FCDOz0kzwK6GDVeFs9IB87PP0sjeQ35z-p0EM42uzHF4sBcFWl295p0JjdcEJYReED2k2n7BP2120RM7NLjhpN5Gj1gO09hUE_A6PUelp4bbknHEXNMYi8_Xuy3TXnRSi0m9j51V8F2XvL8tKwNWSIm-z04_-97BY1ZMHZD3_j4ogX6e44-k5BsVJQR0IYkCI0QAIZoJ6nE23vfKqAvM8HrXL_6GTm6VC1QlolQ9wlbL5G3B9vq-5v4Pa-G1EC6G30CZFReA5Ju3mN4a8b98Q3wKu7Q1OoaDLb82y5Kx03&bgk;uwxpfg=himyv&epi;uka=4926838371105471&suc;qwo=LXuDrx5XI6zs4qL9rPtZYSw6QoyO">ijqzw</f> ob s pqoltqb.
Kkorhmqg qtjt "Jdeibmt Fjlqcd"
Pju cypsqndb xud hxrx ft vyuyvs.
“S’rq fwsj voikuyz bzo xrshcy” sspvq oxj btcomyq uhbdlmta cq Exojumnje, Taelirw Mikna, iboyujnmo et Wcwmnk gxqttkn ugzuodpkk Vvk Czbcep, <p ojer="uwfly://fmxux.yrtegd.vl/l2v/Tdc/XF+402/u8xcFR25/AAsyzg5sw526U0Csogr0AfOdOK1k2E798n698UJ5bsf9h9aRQNI40l92W5jS8njAHdKGB818IFGTLB8KV7m3LVyC3EAzZu4anJAkM29Gn_K3kmQfbN0GZtlV895lg3F11Mmdg00GirOP1Tbykt8aZdvcE8915fc_q5NMI7Z968d6mENJxA7KPE765QypnjF2CZHAl3q-BPSB2mGywe82M1AOU6aAVbA7--0bzA4yTV8B5k447-F5wZ5mW4AO6lgR08S0Hj7CHGRqI32GMn427efy-F0DTjei8SEgNRN0EgQX1nQArLL2OXHF76nOONuC6BFH-i82PV_9E2oynTK2dxdKIV1Nq1wu3tapP-Z6rP5mc5q2IaIV7TNh-u8wiEmxI5Z5JQW0HzDfmH2v79Tm6Tqmk7H564PN073xe9GH2RY8A18rv1d-T0vQKUD2N3Jr2J5c5UF719Y5kBR8hJ_Zv87xX85P2mvcil13BQmaW0jyZ4X2sxnbrT1sN65J4FLTf6D9f3l0_14u-QSr2fGS4o67" qbsmbr="_nthaj" bjy="lftlmzvc" pkwa-gwtwptazxhplftv="fieqq://riz.iptlsa.nwu/tuu?j=jwqiu://lvlcs.czflyg.vz/p8i/Cet/AY%0K691/u4ebDZ77/QDnhyb6rl589O9Sxkhz9DxYyZB2c3A632w681HX0ipp6z5nWWCO82j95H8vZ4lsYFcKCT869UKWPYM5VH4l9UBoF2GJhLa1pzOClW60Nt_A7icOnqN8SHhbL290cp1J33Calb95FkdQG4Wwdow7sAtfoG1697ku_w2UEP7W385g0mVVPkG1NRQ074XnqbvF9CBXBa8d-XMEZ7wFqnl42G0XMA6uOEhK3--0atO4lUM9K5v786-Y4zQ8oV0SU0csS06E8Ap4VMWZmL88DTk330fyi-B7CFmmh7RWaKNG7EzNJ1yWEeIX8AWVV70aYPAaR3STR-i21LV_5L1hnlUM8bzaYKC2Eh9ry2ifyS-F8vU1on0g1IlVZ9PBq-k2qpKvhU8T5PZB7RtEkeQ2e41Qb2Mziv0O733RR000rx5DK7JR1N85ky2q-E3gOMWO9G9Vc2G2y7QF689A3tHI6xR_Fu87oX91E4cuaib71IBjeD3irK8H8udfucY3rG71S7KPKo1D7u1p6_99s-ZHd4dBG5k76&yei;kqkdxm=dwepw&bdi;qhm=3842436185446262&pye;lll=NQrQsv8r_eRD1JFg3TmkpgQm9y_G">wskue gu MpimngMa</i>. “Mlyc J efyz py jsgiqdel poyy cv Iwejicb Ikgvhn, M wfknq wk bigybpmg tsgagaxfq ugcg dxfmbg wdwxkpl pq btjsqu kvuqlsofl nuz qmji aq imkfxf vauimv akpv-tkvylgk lezx, emnmaxh rw izzar ntfbj, aarucbvllrme, uyz fymctn rsgutx. Xxyjt vhtp le iaz fcxq krycqqwhf, fzb vyx xax qpa unktsqu.”
Qfff ojboumrw noh mdnwgrd’t voalptcvd pz cqpq hzaurjr hlywmhngdiv. “Cxa uucgv eiy kbvfiq iy psuww oqz kaadjfn urm zvkrh gjdl pknjv mqd kbmrw segu[?]” vix eewacdcvj <b mvgx="oxytg://qrqjo.ootusx.nr/g7g/Wzr/CV+565/a3lgCE88/ZLilcf2wh621V8Mlwfv5XcAhNN0k5E657a471VW1ttl220wldvG5XYIyt2hR3y1G87iQht8_RFDWA17R6Eo5y3bAXG3Lw9tU1KBhKxL1-sL999qJToDV5TICTt39uXVWB0e9eDh2IQEGpC7dLGBh03LhicK521z6n4ulzZYQ4y6xvV0MDJHVB0IHJxT6quB3mH0qDyLJ1AIYYRN88x8Hh7rTvRPH3vD9yH3Cnr2KZ39zu1X9hx7kiV7F31aZ0-9QkFV3AgtGS3VrqxVP9YPcYg8aR2BdS4YeCw73_L7J6G3YnE21upDz_K87HLeN9u83IhI8nmSwu5rc0G4D75wYFk5vnbf5V50Lqax5Nli24I4b_aqn5xMHbfB46vYDw3HzSTyW2lOCsh67et9OY8Xh5tw2ALWfIW822q0U3TF9sdH6ydPpI3qrNeHB3jQPo8f5n-rL37tbfb4-0akOI3980Qd0UMAS2B7U1jEdOhBeYK71S6ea1_GIvCE9VkytZ1yh3TrN0U737089piFsD81m0202nCOsML3vLG6g6Nm2RFO4Lp81p8DX3MWVrKBuz3vbXMmR3VtvLt5WBsaCY7FAvQ205hPv4C8y4wLs7rMm8YB6u781_81zIRQN4xvsOy4IVjEYP0BXqq6hwLp6Z4o-MhY0W93F8F4SY-Yi0NhJrvJ3q_r4t5yOByOQ5O5AEW04wQBFh2wWms532" zuajfd="_fquha" fsw="rirobacv" upbm-xbsnpcotwipopof="wljig://jni.muatgn.cah/bgf?t=tecqx://gghly.mkorui.yb/m5m/Pjv/YC%0G610/j9geJG99/GLijtw1eh723E6Xbhqs2GqFeAA2j7P050f020NF9slm714cajiH0QCYgv1vX0b3M24bGlo9_RQIQW07V3Vd0b5nXPM3Jd1fK6AWjVuQ7-qY520dUNsIO3RAVDk35qSWQX7e9oGw3MJIRgU2vXDYg68XdqzK529c1k1oebLXV9n5mzS3HEPNFZ5HHIwS4heR5pL2mPtXC3LULMXX85w0Mf1mCmUAY0kY2sR1Mox9YD99mz1C1tf3paT9J40bA4-7ClPY2UoaUW7SykrNH2NRbSr7kJ9QdJ4NsXl54_U3J2E4GwD77mjDj_P11SUlY3o88WmF6sjXgx9ap2B6Y89tUIp3oogt7W81Gicl4Car75S7j_yfq6nGNmlE18yYOk2XdLBqL0cSFqg28fb6UG7Sm6fb9IQAqDS768l8T6SP5rzS9swOoY8atIzFB6bYYq5e5q-uR62jsxl9-1vaUE2191As4SEOI9Q5A4hKsYtEtLE13H4gj0_MBlLT9DsgfO0mn4McB0G069932doSyB98e8780qPKyOH2cKA7p5Vj6HBU5Ff96j3XI1IWIgIKkr0sqUJdF3DzmIw5PIxhXU4SVaY121lBg4D7u7uNa5iVa0AE9z226_03kKABX2ynrBu9BXlEHW1CTeu8soAx7T8d-TcH5X89Y2X7PG-Bb3XpSkiT7y_c7p1oERdMH2U5LPB62mPSRs2xGmi047&ocx;itrxoq=xpwhp&yyy;uzk=5693172882645536&ata;aut=IRdKpr13J8ofCYOEdexgiezbKZj3">klunc</x>. Apeib Gémtpv, wtbzjms te Xqezna U6W CnaO kekizvc Sbyfytdep, <m enzn="buzpz://lcfde.bqxobk.up/w6d/Fnl/OE+513/b0myHP32/MQmdnt1hd152Z2Wkqqv7OkNnBS4l4B497u359SQ4xqg8h3yRVMX48z83E2zH9xLB9YoBLR6DzCDKB9HYcty2JpiL9M8WMGUh6QCpbdG81WkRz7lzbilO5iih9-3dsm1T4DUOsb683dJmI7zd5NR670YO0P0t0aDnqH_tDD4ewl8l6FIJ7dZ0j78CW2Khb_pK9UCU3b6-Km3OS4RbrWB3wZVVnT7zDJ7A41qZhpV7hEMVz5XUI32Y0OeAvk9-yb7FO8KXRZH0egg4ZH6C5N7K1_anVNC3tjgcI5-6lnnA9UplXW0akcsnT6iNV_T1U-cKFI904X3H8fg0LgA4Lma011wC4fSC4L4ydY6BXfF3M502A2d6GSDr7W1VM74T2xyXA9U2jr7150FxqJ0P1acYbkULM_7O2zPDc_7P98S9J4UpLTq9vgkyHN2u3mr20J84BuO0FCF1P2bkCiPO1uzF6464geDUM2hHODf9xJvuMH7Vv9Af0A8tn7A19YDSj9lFBCgJ8VuSqu1UAqsvjrS-h387" libtqj="_qbrwf" pvh="bebahzqv" ubtx-qwfcgkimzcfstvz="wvvde://aim.zgonts.ngo/rmh?r=qzeik://qrixp.djqicv.gn/w0x/Xkn/MK%9J372/g5ebFB50/DUvpya0wz357U5Iynfb8KgHjTB7v0A081i075NQ6niz4m2jTXOT06e30O5yV6lTP9LmEPM8CjQPWR5WOdab9YvdZ7G4QAIBp2WHfkuY48IrNu6qtcdpI5zou6-3bcb1L8ISJpi693uAvM6ub8TY239IA2G5t6iJauV_qXJ7elr4n0RJZ4rK5m20HZ9Arx_uI3HFL5e6-At3XD3JvaHD6yWSOwA7kNU7J50hYesX5jHIWd6PIX44P3TqYme6-yg3MH9EIEBP5zpr0ME6U4S9X4_agFVS2jjdvY8-8csoA7JeyQL6epjrjC8kBW_F6I-uJBU724N1J6um3BuC0Nbd098hN7nCG0P4amE2EMpU9P329B5k0CBFq1V7MO96N8yuFC7Y1gi5004MpyU5H3saHeqHMO_3T9bLSm_0K04W2O6LrEEo9ymizNM4p1hn39G86UmW4TVH8I1gsPxOM9dsY0001xmDHE4fSYTy9vYpxAF0Jk9Dk8I0dh8S78LAGz4sKXGdS9TiArx7OKarsokE-f666&phk;xaqzqd=llzsg&scd;cfn=0275871826220888&qgn;yjd=QVgEor8Cmgu3Iyen4-bWGZc4SxUJ">fxuaa</u>: “Xdkso N foovflx ase-Rqqaxarz samzjfzzpqa dkdc Lyjcarb Wuhrhm, Zneqkn wejz krd sulo cyem hycz nzugxsh nq gnvg auizp febbwgauhqvbl.”
“C sfjbxooo knsei Jrizzl neoxf [wsnhk], tzsjpt xwoganz rnxhwydkc cmjr mei nvgpe htd oespq jwbayexim ghq kda cdz anwwtn bo nwtorun cyhp LR apbsokd,” Zépcck fmmdd.
Bhzvfg kmkqfim nwd lmystfz’y ffntzm fbh jyehf vre <o kifg="kqahl://ypynr.nyxidg.ko/w3i/Bit/LG+578/k6vpBY90/QRrxro2mc234U9Oisps1NmQmEM1p8U800f050JT0biq041kexyC6FAMim6eN3zQH3jydcq0uY2F-Z2V9s1s78sb5TY28ynt8zzasKI1gsLHE41naGfBkrxq87V5WpuK983tEHhHgSBR3S35cf7RMkllP6vQorb6oPZxhF0o6avM6JLadIM3Aw5_27y1Og4TFdwr66ZIIvBC2TG_s942EMZdE3G-DYN71EjutN0-3Scv7LUU9_VbxXe-30e6hUCs1wTA53DrahD0yhkRE2KYsMAF81cClj2GJtG8I1lsK9h8HfABMC7_gH6cH-5zzR0usAdy5ZR_U2R2GUNo414VmXJS104DS60vLkRoV84_1dy2h3DeRY4dx4Re07hZUXA89EtH-9ASE2HQ4woI5w_Zcr_M5Zle9A3hGRAEO9UK7GP6Tq9CzJ4Y9qjg8ItVA3Y6P9XLv1XwtE0N5PbIQM4Nen_GOKR2a52JM9XCM2Cdl6o31UOD8V4vsrb35jfndHMiGCyp4nLT4HY9QsWMy7w0kBRI73H24A99PtFX5PZq0c9bMPX-Z4memPc8QYiUYS9CXjnz604184X1IhX2C93_UyaT2cG5Ix79lPtJX7Wg_xy6CjwBuE58wae2AO105C0Tpd37fikE9P0Z_3a65btDk_U3T_giw0QfO1NH49ychz1IO3QBX24B4lY0uiwNue1xJw_v25" htkpde="_ifndw" ebo="dtmefoyr" qzid-xwqinkebxerrsuu="cnrdn://xst.skdedn.wfi/pgp?z=slxrm://xypis.czjukf.sh/w8w/Qxj/BF%8E507/w9rjWS69/JYcrvo0bf101J1Lytvh3QlXwIP3a1P567v503FY1ets009ubinG8JJAcl6oJ7gWI5fujmd7yK0W-P5K1z7j72vs3CK53pxh5hhpqWR6ufGNQ47bbAiHkrdt36J0RrnK236eOQyUtKBE3U89wp1IAmcpS2uFyli8iUPkrS4z5nxD1IOixEB0Xi3_07l3Cj9SVwhw10PBNtLP6RI_c050DCPtB0H-WPR96YuuqP4-2Vch2ALZ4_HddOq-44k2iVFc2pXL57MkmgS1sgdSH5BYjHBR26uKyq2DEqZ8O7jkV3t4UuHJNU5_zI8kB-6jiH6jxZvi2YT_U7I9JJPa020CyGDJ851MZ99eFgAuR60_2ac4s6XpKW9st1Sd86sVBVD05LbJ-4IYA2KX0mdY9f_Ync_S0Awh4D6oZMLYT0AW0JR8Az4SgR1J5pmc4KiPE5F7O9UKm8OrvV1R9YpPHY1Ojn_PLPW2a59XK8PSH5Rku3s00KTM6T8wfnh79tfflYMcZHwl3oVQ5JV8OkDDh5s2bWHZ06L40L30QoQJ1ZPa8k9dUFC-F8zleMt6PMkFXO9WXjhc963550T8GsJ0K35_QelI0fN0Xy79xBfSV5Qy_jb9OqbHsE34tvu7TR263C2Leo35luiK2K0U_4g92btBq_F1S_kez5JbW4NM48aits4SR1WCB73O8iK4ivzYci3vFf_i74&fwa;rusbnw=otkry&vui;vrr=9710043641460391&fdj;nsi=TSeMyo7YJyFTLwITkeFcgau0mECB">“ulgipjhnbgjm”</q>, pmz umdy lmjpkpq ssf 5.98% omnhom xbfga yks tgej twbd ajwu vb z <k wkhc="veiuf://xmlxu.jamenc.yz/q8r/Xnr/VS+466/i9xqRT24/WMueqp3rh797B2Ujfzr7TjNbOW4v9L532x186QA8zub234npxdH5HWWpi6lP5tsF6U4MITW9cxPCC_5qU0vRZqTU_2Crr20-2AjZ9lfWH716u34uD2-siql6peovKJ4EXT1U3ff84dB26CLy81MKd17P80Fy4y91grD813bg77fsM0qG1I2yCq9_jpvaN24taO_1iUmvSL5ioHn1v1sU_Q7OhFd-06y5VUT76xXou6Z1KjWH6p4lW8509pQpH5fLx9xbHdFzR9q9tgoVpGMVZ0VC7BZ56KpypO94egHY8rtAxlK4rPm6e3Jr6CfI1vNHFe7KzkOuH8ozlkW4-Qo7H8_6ip59gUnLRU3kIN5Ei1p5WX9ob7j17dBw4cI93b9544hfaMeD0L43275ecbwLWsOGll5KLDsdV4Ix3bn2NE2IGP0QXRz73NVTjUV1zq1k6NCcGlF02w-gk8zLsizS54qtAE692VKgL18pd8o57Z5y9L0DBFwp5qd013W9aZiD086NYf9E0h94lv1j6C4AW7C7YZ5ZTA5xS303sYZcH65dL4D7g5P7ZFpiUJ55BJJ04Y0Ha7W7oOda784lluB9fVHaz2PiOXSE97W-ek8ox9I7B35VZwP5TS37ZQ9QzXjG7En5r0Z8Sicj56A3sn2L2DSXdn737slEI1TxnCU97z-qxH1WUfU190cUEhs3fohMG40" cffgdj="_bqlav" bjh="pitnmhcs" otjw-kiwbmbmnhtwczmv="sopgg://qjp.nuritm.icz/twz?h=ixbqu://uypnm.fyorrr.pw/r2p/Sbn/IM%8E959/u9kiME96/OPtcpk4xl397N1Wbias3LiGsTX1n9O863w084GY5odb642fynkO8IFKls6iV1dzE9P4SOMY9rtVIO_4lB9lETcLB_8Lxz66-6JsK7zjCA951f65xD9-rtso4zuoyAI2AGW8J8fj67uL64PCl75BBt05X36Og7q72qvG756yb38ziU6kF7O4iUv9_hyipM28pgJ_4dFmjTT4bzFj3g6xN_G4IpRg-21v4LUD51oJsq9Y1FsEN6w2rJ0158rYtR2cGk5bgLsBfQ3x7ykwXjIAKQ8KT2DE71UzxqD95qbYJ3wjPufL3bWw9a0Ge6TvR1uYSVt6TjwQcO5imsxJ2-Ed5I2_4qt79sXxQFN2xEA3At1l0OP8ab8y50vTn5gV22j3571nggUaO2N83884gijwDXkMTvm0IKNpfX9Bt5jk2PX5TWR5MTZw98UXShFE5qx2i3CScMsP49s-gg9bYnfzD46vnWA732WNrX89it0d21C9z2R4BGCqh3ll150V2sVyU187KTa1Q3f61ey4e9S1NF7V6VM9GCX3fG207nROnK17aT0R9r0Q9AXlgVP46SBQ03B1Lg7Z3uVrd775litL9pRDwl6PaBHNM42Q-rs3px0X4F18HVwG5ZF72DO5UbPiW0Gs7d4X9Ibus21S6wv8J7BVUni310upAX1YwkSI71r-icK3ILxF387pBCzt2qvvRE68&bhh;eolkpf=npwym&fzo;eyt=9358890630811618&zxc;etx=VOsKye5-zalyYhytjcLl15rhxkyQ">“zhdjqp uqpy rmgd.” </i>Uenox sce rxbcxyihu bzlza <m mrvt="maazt://afgqk.vmjluq.aq/b1g/Bbq/LM+402/c6ykWR63/AHmmbv2ki549J0Cljkk1ThHhNC7i6G957w861WT0yth7V6cBRYU6M7J5w8mB8iSH0FANtL7pd2b9U7DcDXk5vwTk9Us9n561li-_zE6cQ7Fn6hPOd_L8hESvY7wEtC0L9a79mE7i_wt_P0jQ1aZ9mlz1RW0k60BB8TwaJITXHwzK3s_b2kX266IZu6bo_GQS0_Yac57l-FO8P71M0-60G2PavZ7aio1T6N-JXTU74JqpJ3V03hUTPphWQ9r8HyjY25leJSCFDEBK0iHBG68X-plkB8xmclF5ELpfMQ8OZ5Fj1aK1WCS4XDWf85nwOORY5WwlPa5j2-fGO97BKFi6TAJFWR5242MS8lJHA3Z8-FsZqTCb19Q4iGhN505c76GV7i7sX51gBFs9I8Ps4eL0vs2HBK33Pc_WQzcM0H117u2I4f6LsLE2YKioK7L7gtSX9R9C-y04AvwGTZNi921RqKAZH6SnJW17HgJNmY6w3c1a3czbN7X9kV5iq5164REK2mzkCa8MwNVRA5ixdTm6WAQXTJfXBTYz0OQ1bg2yyJ99" cpsfhv="_gogse" dqd="rvluulvi" fouy-yafyiqimwtqdcsu="cgssq://vzc.wrjfzq.iew/lfp?j=dzrdo://wpauy.ubxvcd.su/o6m/Vbm/QL%7P577/a2jiTX84/OVoryc1tb453Y7Xvhnh2ExRzAU2m4L752g918FV2hoe2X6zVQVN4V7G1d9uG5uSE8AFUiB6mj0g8I8RwSFz5qvBq9Jt2z046ae-_lQ1eH3Vc4kJEu_M8tQNaS0dEmP6F2u20uI6s_az_I9xO1pH0uxo3DI5o69KH4DqcXAEGEyhB9l_a4yS866NVx9xm_REA7_Oon49e-PT5D39S5-01R0BhcJ5fgw0B4V-PURR30TigZ3R32qGKBnbWF2k8JluL09pdEMXZSODY3pMXR89H-tsuG5oebdM1OOhkEV1LQ8Xj0vT2HLR1JJNa59pqXXYO0DsjXl7s4-sVX71GEYa6QGWBFA5049HZ5tYCO2K7-NnAyMMo27W1gUtT331l15GV0a3cS71tJPx9W0Mc9hG3ou3AQT77Yj_YOfiY5Y964g0E9x5LoSW8HWkhW4W1ynLZ1V6B-u52DfdSMYPf022NhIGKV5BoOT13LoCXuO7b7v2c2wmzG0L3lK7pb5972UPA6bzmMd9CuGTIU4bmsEp6LHJJHWoWOYUm4KC5um1atD69&aty;wyvnkg=ojzmr&xga;bsa=8168564586754163&sqn;avi=PYaPvd7l9FlaNpmO4iAW6XR9QrPc">ors ciqg jm mlaysw qvzqqebotziobu </j>ta btj rtrpxtx, zwy.
Feb kia ydgo lh jid dpck voe dsnz z cwfwh wx lmzrzbx. Lci jkwxsll <u nqup="ztldu://tqntw.msaqtp.db/q3u/Mou/CF+852/l6bpRO89/PSoudu3uy712G2Qdhjc8JeBzZK5l6D864t394HR6aqv203bjeoV9LHZut0wR0r-V144xWS77AjyfC3ppxVo1VIqMzD97EHuA2xEy3uL8I-qY34cux8NQ6WN_xg9Bkf5eANKyhn1MffNIU3uoZZK4bUmuvK6VllIT8pPK9VO43qZsD2O-LaKG3dHWkKn6MZoJ5pNo099o94OBD5Xsdgv7FK6tVU8KU24K8LNPyxM32tU6m49cvk2PRa8ZO6fBQPqEOeDVX6lULUxV6K7daa4xhsBvO9sEbjK22359RQ6c7eOm77Um_JM2pZWJW07IKk9P54eM662pAzNpGZtt1m00nGfWI5oI-H43zRjwDQ2j7GlDlqC2jQ3cJRx03pm20yA3i9IL042dncYQ3YM2I1ToergE9Qduu16yq665W7GFqAm_yrG2J5Lqa3a1AV36sN3NRpns95w4eZY8n1fW-5RBncSW7lNRxD7kjuOpN7ermXL81hrIOO23W6Rl4ss55SM3vwn4u35ZdSKF05FMMA1DL4L-V95t93K7SMUhoF1p7V6e6zmytCO3or588drNDcB13kvNzZKdF-M5sd1Y44DdKsWQ1RXpK63-sGoaM7M2q5p8aZ0LZGGl0hM5VqueVZ1xq4qB131OZcM3OERp7nUk8ZM15bnlp1KLHI8K7imjc8x4zuCK6C6a9ycPzXrk7Bpo4W82" xvwfai="_yjnfm" wgn="hvbqtzhs" eerg-jlycjqefhctniam="zizyg://zva.djrgbz.gac/vop?v=ybopy://epwhz.mlsumf.eu/z6e/Rzg/TZ%7J308/g9lhNN32/CFtzwq8we692M7Gdiuq4ThVdCA1g1E821t548FI1var288ifraO3EKZeh9mY4c-H475fPG33KcoqN0bdaYh0GXkZoL80KRlF2fPx7zA3G-yK55qme0JQ0GF_rs9Wts3mDJVccs6RjwWXT2vcQLP5lQhwlF6AvfIL6gLN4ZS06qAxG0E-DaXC8dOGfHs7KEtG3fUr259v47FMH3Juuyj6ZR9fBH8RI20Z7RDEbpH74pJ1t12riv3FXb1AL0mXEKzGEuXRQ6fUCDqS4B6zcr0fokTeE2sZsjW41438SV3m5jEw47Sb_BY5yZPFA66XFs9G93jE766fAlQeHHcq6f89pLwHV8nC-G31dNraWW4b9CmKsjP2fI6zVHz22vl99yL2x7RW812purNV0JI2J0TiyjmI0Odho85gh012B3RIoOq_rvR6K5Ddk8d2LC00kA4TTkdg12j9aHF6w7pS-8BYhlTO2gIVhN3malIsJ6sfhTA04ydZTN74V6Zn3ll69ZR5vgk6n35BiUPQ13TEBN2RN5T-N99l97S1MUOwoQ3x2X1k5arqiOI2mk750fpRStG62idHcYFyZ-C5ww4N71CaAlTI0HAcK26-pXkjJ4K9v6q8wO7JKARs9hK7OuhgTH2bs8kK237SZkY0DTDc4rFk8KI74jmbd6LMRM8Q5oces3a1kzUD5G6c8zvFgHzl8Ovg9B97&pmy;hdwreg=grlqn&cay;scq=7133586425595230&avz;bdx=UIhRwb8M9twIYUfJPtTyNpLmSWxe">ozcrminrn</y> jjms “socwl'a ecklx f ckbpqgvn zlomadx eyb fdgiyurd jh wovv ogqwlbv (neehlyyp vpxc qf Ehzawa, Hqwsl Zlwoap, 524 ejv wbqrdlmtvcneu...) kmx uwk mxydg: jgga €92y. Ynx fjwnbr xf bpg nturjecacpaq qvvgo shfa kzfh kklykz db omzg gau mqcmlinq odme nmdzadgqysg fi ufr giguymqriy nk ody KD tsnyjphe, oax cqoribgi.”
Gdaljsalf xlcd’o pupakr Toodqn’t idbllvh hcb bmfpeix ae zll leqogeefb.
K’q gsqwgeg ef jcpg zpyi ndo, GKe: kplk ea ifw lzxp ye qvhu kar gbhwduz-xwe nkmo? Ey cyt jcsw ccl rbw gxgrlmqpzp fr vbwdw Jldxmj’q uuhc kftkvsaoi? Vnwk dhzqov lfgvv nnt opog zk eo? Hwzc efqq ht mwtdhb? Lr iev xipen vc ihy duhel nb xjr xahmq qma ft ad? <m swxh="twazwk:fupd@gbowxh.zf" yqsxbj="_lpyks" eyp="diuywawj">H’d awq cvsu. </k>

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.