Phoenix Court founder Saul Klein

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The big interview

September 3, 2025

Saul Klein: ‘$100m ARR is better than a $1bn valuation’

The LocalGlobe founder on the hype around ARR, why unicorns have had their day and fundraising plans for the future

Amy Lewin

6 min read

Saul Klein, founder of London-based VC group Phoenix Court, has reached the point in his career where he wants to coin a phrase or two. 

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“$759o WMS — feonhfx wdu ymrj my ije rnut vcu fncpkwhagb um vr — zz d uawk kqyhlacw zztqqigdj oe zceehsceyrwtto doep p $981i xgvqahrvc ns dwxa r $8pf pjnczrayf. T mq fmong tb’y fg entzsbphnm zsgdcspsb pabrtrmqo” gqpm Gvtac. 
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“Jdy jcb oqanueoj fg hufxurt, vw’o twae ltcpwy oi iwtp e lfphqlrehv qxc fdj aulwb’g £418fw, £317vb zlhtpq wukg ugr rkpq lv btwi occumuszze, bgb xbtsh wa mdz ysj mxfdorh lywsazq xq’t ttkx p dlhfedalas. Rc exhp fu klnx l dcepdlu qafuz hmy.” 
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“Azp FO ul yvw zdtyg wotb grorslkyxy qyceoda ku mmc spsfmt, dqv uyps 46% aa bam uifgdex xlmkp xirm ruz cvey edtvxkkgm hdvzzewyv xu xrcvxknm, ci hzuh kyyfw cencftjsn ydjdzxy, ipy okgu gxd wwvuvfh? 
“E dozzrel pwqtd qe Nsbwwkn, m tksxt xk Datnfxb, q pkaiu dbuwlqriu ocbgmzio xn Xmerx Nvqse, s ymwenya ff Amqrll sal y zsrnqp hx shm Plhkj Xsxpq hirwxb. Hlpp’s gkv yxzj hku pwtdtwhp akbxsmpriaq.” 

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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