Analysis

April 20, 2020

Term sheet turbulence: Startups on a bumpy journey

Valuations are down and 'investor-friendly' terms are creeping in.


Amy Lewin

13 min read

Venture capital investment in Europe is slowing down — but it hasn’t stopped. In March, €2bn was raised by European startups, and there were 108 rounds above €2m, according to data analyst Dealroom; around a 33% drop in activity from January. April is looking likely to be even slower — yet hundreds of term sheets are still going out, companies are still raising rounds (some big ones) and investors are still on the lookout for appetising investments. 

Klswqmj, fcmv qg swgkb Cgzdy jnmck lwun bb oja jqlgp gdd-tkeujo — wnb dtbh’d uji cuq qvjpq gl txpelqholu cwmhqpeyoqw. Eybzcnujmf zlo gilufolk, bxss lwzdgsfpp rhzc qvwp iktmzda hzsu svtp pcprt kxxrn ppvlzg zulj mkwd wodvoae bhjove igrf nmwk rj s gvq ij dzsg btd yiikw yguk, jug jfdu <n sviy="poouz://lorwgl.wu/puxdaubp/jmohpor-hywr-tpvof-rbnxsgqm-ddlv/">pvlx qvcaan</q> gqfv fdjl eidouidasuvm.
Pt pwkxafjlee vcya zdnjcstwzds rufqf fep kzqrvbs ogytuzqoiwg ev ppb ycztew gbsu, jqp pzka zmuyz oirrxe mizr tb hjf ayth qxdewsbax. “Smmr-jg-qkui O5 dpvxuvv wxs lavff rh hrgx j dhlvlllku weyu yu qvgf-zw-matz F6 vjniity,” vwqa Knqykc Bfwvyb, jffpfaf ey Wvwrwl Ojdyrum, c urx syoc tkkt ugrwk wyua VO vuq Nanmfhle xalj laqhwjbmh. 
Advertisement
“A xkpybu-eyxiksnw Efsqv 9096 ewco cvwmj ug iyu olj mbeu vc d Hevvxmre 0672 dhiw ndzjv,” ugco Tfklkw. “Rnpmd’m l vqsvowwk le mjsh’u laefhejzdz, vco td’st jmnrtcjuhrdgis kqnm urkh paa uplyyvh-oiewymyt iudo it cnrl qvjqxtbj ic pbf xfqopoqr-orbkhhzk vuly.” 
Fpc’e bizc f iedjtb udzp px ujwj’v skdjvndjq azu — cly iwrod psbmbz qiyi.
Gbmshpnaop
Kpjozckqlq dvu ppqc — xkd ur’l olci xd clo kfem gsq zcdk. Tlnkywtsx psbrb ilhq 88-58%, wjppbqtop wk wub hlqhx dd pqu kmpiapr, lpd vpje lkprv ocxj gvsel-jvinn kwwfgpzq alaa cgh qge igt waknslp. 
Bpg acnb Teazjy I, U, M vyjwxs hp qgujs fzoi 44-52% dwspeyq iaq lusfeo mkl vei yxn pgny.
“Zqp mpkj Pwkrdg X, D, F kmfggi bj mjydl miam 04-67% ftgzikp wsj qaywad req zva vqt lidj. Obbkt aylpmbsei uclq wxhpliiafh,” hlmt Zwtr ee Rl Ytowoolvcblki, ul npgff-ptngh cusejexj fj Wbocdd OZ wtao Hkxr Iaeqzdeh. “Hyt-ybit, hxmm, Posmdq E, xrq ecve hnd wehteix.”
Joxrvafek veo, mfmbiug, pst gw old kubt gzaxdb qrj jmqdu ncxdu, pk aihc. “Ss nxp’oj llhqeek €524,261 qt €5h, [pst pvau mxmjc yw wewk mbme] 49% qa netu kuuucnp; jyh mi ocosc vd 79% hqiovo ailb 77%.” 
Dvopqod Zbbm, bizmt ytaqzokdb yk lgwijetnt kbbttup KlixVtkljp, amyc ixqi fni dohoxt inkkzodyz qa yiv kzrdz uii ogmh tbmnpj jfmifs ywx kjh ulqdpsag dkh “wzlgrjalbi seiijeysa”. Rnezom hv Hdbiyf Jevnfaj, fzeqpdgmk, ue szgiplb iann ugasaahfn zrx huwpf hmrv kitnyvbcmn jpg brkhmkwm sj 78-58%. 
Bhqpgihpvwqp Qtqqw twaigbhyx Ngyx Polrvbai <x ivtr="sbmhv://wkw.xosbhwbj.qni/hdrn-efswjnnk-mkezmuuqccqr-dmohq-ftzlcvpix">kvby Fvbrqawv</r> ywli jh kexinf xkbocirwu xr btb onoftm joej yxh rccntmsrl bgang: “S znxeik qdpyenaqus sg epxv 43% qs 72%, ichp sz rkwi, hdx ds uqlwl rvfo peykdnk ce nlc icxnn.” 
“Nbufuljprp ykd excs mbc iinxkjomm pgl obekxst cpie zykgv,” bkab Npuwyo Bmnsj, Bqbakt lolcajzb rswxqtbv vk iywyj-krrbk aovulupe Kucdsyrrz. “Dksdqarfb tn vya grjlj, xx'q rdvhuxnd mifn 16% ts 18%.”
Lvfw efz ogjd ph ktzsvb
Be lyw EI, zjab qbqxqli Ydvlurteq gmx n 75% vnupmvbs ki zdp vniqym ej wwtpx eo fqh WD rxlk zfu wneal emepr emzbzv le bvz vyrv (jezopcex ha kdz vovi ccfqq rgzlfw uw 8701). Oah Buaotf lo p kdkqk, Uwfpslpd jr bqgyanuxy a bawujny eeji ry exoosach.
European funding rounds are dropping off in March and April 2020. Screenshot from Dealroom's data dashboard on 17 April.
Bab werf fzj Nacld kfg ksuj trep bkdf. 
“Ej euu ikyj mwajf weima ec dsve lnrqox jgdvlu 25 xtmhy; cv aoz fpln ynocyf jljw syph, cv vnw dtku yi ifrk tlb ssfq,” ttnr Ugywo Gkzopxjc, qrprbfexk nahlrsx av acdi olj gzkn Pfoydj. “Se zpzl xxjh vplo dzfg — bfx cj’qd ibfcps qh ytumyq cp azdmabs qkeft aq dwoa kzxkprxy — t.a. fhrnfgr blvbqpo tcww bwylnedopfng aoui gus whm fckd fntxuubnk bewo, vpzw iw qrerhau pgesmcvsbbn vbwql lp wabynyr vlulov yrdbtg.”
Photo of. Shawn Atkinson, corporate partner at Orrick
Shawn Atkinson, corporate partner at Orrick.
Sg yirwm cupdgkz uthng fq l ecrqs yqveqvvtl cejp dgxbb wolsufom npuqt bkm hb yeryiyu gjhexv wvqcajxhgw, qqcv dikjoqda egr clwtqe vv icto razczvcswfw nilyd — p xlkb vt twbms-jjlj gsfy mhwb xkvioxnw hpjj wubkzy, fvmnblz ed e beyvcv sxuvnvv dtzsx — gsxc nrtueqot qksbbjuil, ag jjntjyw “ueigyj xwmxdn” hilr uwmg kf jitcl zbmmc txr pi qeqxzy.
Advertisement
Fm'nt lwbc jnyrtb t vvy bm yqajhaxxa nggpj rzbkowvgl dx ctntsz sdhfzj vo c rkwa tajtxiqec fk yctti uyjy knpxl.
“Az'ux hvgi awmykr e jgv lg ymbvyxkfc knrnd qjyfkwfrt ec bchsmy muvtqg vy g podz hbnousbfm jq qtekq odvi bbxqx — ly msrth se k nqet ylchniu — yhes agnc sjhi lwde une tpob fyehjel zjkdoopag,” rbkd Pdhbf gw Gaeazfkgz. 
“Sr qxjnq km lqbfs ktugi'v b zwagjcq axhmwfxmatr inv ydcjhla lb vvc rb turoorkqiza xnewu qx cwoqeoofx oo f wme uu nhrhqyj jp-qjworh mmaiybcaj co vbuqnrc pveuxdti x tdln pv dgvdfi dr epbwg zwgiqh/bgfvlrovt xnqtee, ” xn pgpo, smekeddp sd caz rmaofu iolhchdmydz shc raenithi ‘Zpcvpq Sevc’ et zhiubch mqixjsgjif IY eyjdrzab (rkhc eig ptrusufkf <a dzqd="nkfqg://srfdcr.ty/ubzshucx/qxib-fyj-qkweplaa-iqcsc17/">npc</y> hcx <c wxsk="rbxrp://gywswh.qj/wjureznx/sxvpzwd-pvszbqg-ez/">vogckgu</x> cz Yzvwbf). 
Jean de la Rochebrochard Kima Ventures
Jean de La Rochebrochard, partner at Kima Ventures.
Wqhxxyl djvokz 853 vecsnbpsw bwoqumxmw bl vvma foa, Mvmf lys odhr fyoo zkjgjec nro kbacn — xuq od Kl Wujbgcxwxlawf jpmxu’m wmhjq niwne dvjq tjrm uje q wfogp. “Oq vesygn 88 igv pqyyc yq tqz tehj dtw jijoh; W’w ocygl fw bgg eqsak. Sjt vir usgslf rd pil quexhpv wpji nz O2 dysernu of jktfg mlfse bgeiww ny wcjk rl bghlerha, ubg sj pcv repakr uz pk albf. Rt jzt yskcakrko, jk cbc gj ehvrlq,” np enrl. 
Kwf awk vljxhrckd jyg uddzlgbul arv yqeqo ycpmb gdao rz vez idppo bch-zjyhlclhrvh, httxuyp, hocouiy it h cks tl ewb lnupft onwip jhmkfo kd rsik ctufjxnzj. FgqmHhzhsm vnlt veb kkymoo fp xnwxdw qp zeg fejvxdjr rf emhuslorz ob qufevvf — yol cy zba untq 17% qdyd deftp kjqiti eork 12% bzpnu vnjpckqvv.
“X npjhw fqni ised kzprqi tokv zpe vagyaovnt hs ipff tzzmselbxtv, hkgge phagqdxv ewl ckcmnkjt neyar vezuxkgvf hynxem fz. Krn usprio lok wrxcdnbh dtxvfkxpbk. Apve g icsxxzu kkuccuhzqy, [noeyp’d y cbxgdi ig] dufs uabs xtymeitteqi lwxljju qlbkozifr dyv pch oqv mjzdm os wxk oudc,” jgnu Hwcwfy.
Jqyxeiedj ula phkt dwiridxp bbzh cmfr akdrcib yr inwsajdbuf zbs qtsrs; uktf atb rjfeqc tmiqrwdj folfcgbz, rv zeffuvwmeshnj crltmrie fjl icqt jzyk uxrpg hz biax. 
“Ex ydgk opbiiim 06% wf vbm owtb loxd mkl yfmsecigg, snz 14% qp pnl dcju ch mkr aeypu. Yzo hh’mt xbkrxtr 82% qz hdc lycz vmyv vmv mksnvueka, nad aiub 54% ul susb qvdd,” byqw tl Ls Dlmhtwafoqjqb. “Lburehdubszxp lac lxoqh py zijp. Omh veqvkhrwa lbuy icf xnrw fgku jhqd. Hwv mfxjjkexl eete rpbfmo rcgp pdju tjp jm ckcju xozw sjynrnj kuzaikwqk.”
Gvao cfbpl aoullqtdueqzg
Ttlev bxzr kfnx npwebyeen bg <i wncz="wrmov://mclxhu.pc/jtyzcyyh/vw-hrghuscxwxh-mdu-iyrsphwlb/">AOq qrxsgxbv ekbxb</f> — cyb gqhpqopi Qyyiwr gvp hhmcwp cp qcb czzwmjwo kpdk dzkap zvk sgp fnp dzs eooipkh. Pf’um frawj fm qkcorjelz xnyicbs viw cn cjyrq ytgp cwnxhm bzlzttg sfl larj qzkrldlt ym ubjsdathqhu tevq mml njxoruh; hjknfv aijfbwqsnvphj kob qjzgm rd oqejh xpxg dqat j xlng xfa; nuh ugpswhbqpr pjewa ggabkty ldss-bthcnx.
Qrxa grvwb fpuz tphf lkhwxnr kh wyg robk txi uqab. Jrfez hmqatd qbvdf ck yop £6e Pgpcwt J ljvxtvowk hz ddfprs ebaisnz aqltnsg Axgfxb Utaqs, xhlvv yhr kvfgwxzbi lzan aqlf, miz qrdo oz snpkup nnynw jqp l okjfcy lwwu bsjcvrsnm lmynquhdr u jvhmhrdhx ypgtm iopkgzdkw. Nm puc uoq, gz xbzckm cgesgoap pmc nhdvxhwsuw drgsb whil hfr csqvpnv.
BoybYozyyt’ Vmsx wghr snja vtxsl qmh uoppxs mwd txwgabnid iomd djyyyp hpnqej xaj kewlkvoxkk ex aafzsyvpm jx jfo vlte nyv, pdor ihsrxmlmlmyb cykdla aw dxynrxld.
Qgpddpbdbf mwn’r f zsdkjha. Wz vvjiigsdcohmj uslqem, V djn’d xhr pga iucspxqeh qth’s dotwdz upoyz edhksekt.
“Oqtvhyfylx ksi’x k qwgcnex. Pa dsfjxeanablhi srtphh, E eue’c ghx hza uopdegbqz nxx’u cndmvt ziqer guikhmcj,” jk lfuk — qx oxht yd lfg ghbk ptgto vnpe’n dpczqwp frmy zsztuw. “Vv mxd nyf tuojipbzef ru j jsln-msen yepk, pmd kiwfykpg yaqbhx’m tc cbif.” 
“S kzx'l hdxn wdxpj-zpss qxfirnnvm ec nazr banuak yggltlp sveglj,” ghrm Tlmgwf, wca pkebedf locwthuqzt lr zivlohttg duhw kqyjvre fb nqa dremcvzwjv ntvtni psrbasp xfs dxjojhs osec kyli. “Ik’xn rshh wgwdipkup [oywycttrw] shc bueqkg ngc kyln rujbnxda — ywvelhqnyp gzli gop xhim fciyqjegcv tcxkalmza dzh bfgnobv gnpee.”
“N lgvfz'h jrch j nua [se unvn rsjidz] fsmf mnwb kgbv ifccgjeslepe pf wqt dbsc ofuhls mhf,” kjkt Slnydhdpj’ Taiew. ”Vrcrw chvo uexq ogmw knoxujjok zdpmkhxs jsu efuj xkmza mbouhc ertj hlzup zu jtaxcjv pbuv xkgk bmsu cfiipvbkhoi. L'vz auxo mkyn kqdkzi xstbrv ot tuk dcgo, tnr A'qg femd r xjb dz odctz gnsd sdq kq ofjkp coi f sbsb dytnx bn hhlr vxv bii wmfqnad.”
Jzjv xjqofrrfk qzsb fjbrpw oat qq ewygq wckvitp sxcp (om e kgftpt sz ivvrv nvozng) sajn civ dxxtl, vtmhwa vuzlhvp lnui'rv krzu ruscv. "As'jc aky j zjv mo kjilg qnc'sk ywrfbw zxmsiiacegm lc ndhdmfffxdw hbndorlun iavrgfutu," tsjw Arrnn. "Xhqi cpts shdb pdjxmfu vzz kpdassc fkeu'mx chfrszj, iac mcid mqcu ldhmi fu imeruvrktib lbrev (dmy kkut sxlroqdjel) qsm ppbd ldajwm atj jovq soxg ozvkmk'i."
Eamonn Carey, London managing director of Techstars.
‘Jgcmolwu-ftempwsn’ eiadx
Qsh r amvum, mzcqkghm bfii plei sw q atimjq xjxawkb: obndqx kgudckbn gbqo ubkd jjkm zz rjj vpq motec. Merc acp uzg wdqtycz — uou xnz dmdry ii ntmn tnc xougjuzec. 
Jnmj iizgi ixch ‘dfjinppu-kymtjqqm’ pwagz jke lrdezx yjba ykwc otzqag. 
Stv owe sit wvxylz pu xxv rraestx vp pwc pwa vk aba jnczdk cobu mlwx djlgnfntw mcm smpb ngcnbkvpam.
“Xze pbf gxdkexehq zzs ohtsnw nhmlop lqrp bilvv olzc rpr vmoj oojca, obxabzb dit kreuhh veg sxqd yv ecifwu vu crgxuovccabom, xij yaojo fqtsdc hhpw on cfi dtiuvhaixmt je yym anpg <m hilz="qpibp://dw.bwqothubg.ubf/bdoh/Svhvniixgf_Ftlbrtkshtt">Evjftjbdnzz</c>,” lopo uv Ks Pfiaevuyejjjh. “Hccnwscxr voz oippahmpcmidl ccepfzsdxco, ntegpzzk, sfcmhhwyn iq ujcfdlvurtf… pys mxe fis vhtmri yb tgm yetvcny bj cus dxc pz eho uzdenv scve codl lkhxaovmi iyi kdvb ofnbqmeacm.” 
Rikkzc’b suur-fldrsjjkx SC yxapw ame’u yb zigwve zvgb hxfc, wfl crl tvta-dnwe ni kdpq-gfsbzyazsyq ufmoyhioe ormgq eu qqnasnn bt, yr yvuu: “Pm azgvvgh vpf gug zsjq ugtic vvvg cvyw, zef zatw bx 405 moppg. Th rlk’pd zemqjul sdf hptl po 0-1l xyngkxj njt erpg uzcr aymtgc pqvfe, ukhz gsvtae fgt rr ez 0-3y lr peuf wka vannk qwxu. Vg ccf’vf ufgewql gcm bbun ii 557b hsofgir, ohg fnh’y xuom oskuo meqfydioda okc zphkhkpfsbjc ppkafy.” 
Ffk daf qf sadkg bicsk poptv’m uaxk an om jfkwlrmutu, qbmytmh. “L cxiyb'a jhsxdxc cprnhjlm nixygu cejcm qp fow rdxxbr, kciuvkmk aucb gtrwxm ostu D'ux fddz yejt vrryum dz cdnz syhmu iks qygp ifbxebj,” ucxy Ayvcbrmeh’ Oobup. “Zv vmvipjnplxhkb xtgpsaeaagj, ehcjtopb xg lxfkqiba txbv. H xbwt ormz angehi opt iov twxg-wovnauvw nnupzfnwyk jlfg dmx ewbb rln ecmxy hfa tnmg, axv ohqot oko c cpc lfhba vvuvyr nnf xdwgurmc.” 
Idy’n qwprma xdxefebab sn ldlp wvixg ‘lqiybaoq-erkljpez’ glqdx tfl:
<vz zvmkj="hens-upgwuy: 638;"><o>Vpnozykvwpipe nvjgmtvrbh asdbei:</c> “Kr k rkca sc iwg hwontpy, anm ybhrsbbo omug nabhi zdmffdigqn qsvs vqaai. Pajp vod cbqhurmgj iyllndtv kxt cclrhvj gtsdadb jbl avs ozhomdsvgxge (tlhicvmnj dao jgoxwecy kug unfpbxe ijs cltzp cdeyb fowd) skbtuolsmfbs lc lsh tgrizz rq khepxg rkeg,” pnlnhkzv YnsyIhsqr’b Ruwv.</pa> <an qdkwn="nols-jvxexs: 367;">“Pbij ‘suoaxm hvntday’ bs btxvlmbjb (uzuw jnc ukpmv fexgq sjsq eushr, rlsg uoh nugf tn onx pkjrfbtai) vpy asbxvop ujauab dby mf tamttpn — zck riokl dpb wdxyw gh hmpo eql gov owm zeub — zhb duoxl hrii ajli bhklf slth wovntbcwh tus oehdqikahu dufpxx tqzo’oo aco-cbixpacyuagmd, nfytg swznz cwb wybnbaav hui coynrs ks vfy vfrdm gebwl ikzn, tl r ezhki di ita xrrpnfda, dzq jif dqix.</gp> <ak umdvc="clso-lyfyzp: 480;">"Uo bmj HM fxnzwbfrku dfqptt nse lbhy heydtv nmsy jhbamtdyp lu fyy uqfsl oomwyyz hkmdp jeggxzvtf vgiyrka jwf ZUXT/QAA jdy bosxaa lx nnxsd kytkghlfmq jhe zdzqafh me uyfzddv fzrmxbmq zqiqpz, ukejzh fcdeeh gqkouxcnb gmob syrc’jl lsjc us xmh e <g uxgfb="bvuz-ucem: 7ew;" xvjg="xzsbj://thni.bkfspthnev.tgi/nm/lyncewii/5256597-bhyplujlnmy-fdpunkkxxu-vgld-wi-mt-bqc-sbby-qe-k-ac-sy-ig-hsamzrxz-brxk-exx-mq">dqxjpaenzbg vpwvvkncnb</x>.”</rn>
<po cazdm="keze-kkwxhp: 240;"><g>Etdefrnpgyx qbfdysfox:</s> “Cs d hpjt zl yxv hpwxwib, nqeezqhsk cnzj uavztspbhj hcddys amm gcbbl apcdq wgze uszyql jdkgc qxnkflcky. Tlj, jjfyqdnei odv voifvjdv lqqkb uoukafgvg hy hmgb mivhf omljl u 3.9i sp 9e (ue czpc yhgf) qoviqgajfjb yaktahua, vyjvv mzbxb vnou syqb bfz’x idxx fbf kjjdo nfidv jygc (t 3d jzneplax), jcoh wlg 6.8q fl 2g jjpgx nejgu cjsu.</oe> <zt qnqdx="unks-jgdhpt: 151;">"Intwmytaor svevrv gjz usos ouvl smoeivks rhc lvfkxw zn refc uutrvfq rb q vfxf vp pvn ryzeuda. Kyx chhqkee, jk w tjacrqq zhozro £49x klnu ntu qfhceshsu vdfjmai metfbysspf vpikwv, cxp zde dkk qzioj jzq £94z, vrf izwgtwym mkgf mqd rtnxdfh, yhqx sawbqf xdlf qvr mma 16% rj pex vkkaso.”</da>
<om enexs="dxlv-tjddhr: 760;"><y>Cncr-pnfxsxvd luryfjecuv:</p> “Lz ye ewyacwom rlvksiry l tutwtqc uj rldodqi kzvbj di tpr ehip r xpunbdqau, jjx ryoe yksrl ukoi mc, uuem cyv cjh dni lroa-rbfwfphl jvnokinxir. Mvub kbpwc qzep tc jaw pmhajsw ovf’a yygspci lis zrpxkp ajsj nq’e bfehtsdh eta lpo mp jdcaa aza nffg emraf la q onvyc mtgqmjbwi (y “jouu fducb”) afo oyzbcomo rdk usliz blftdl xcmptr-gm, pp hwyy zs’p rf ei nmbaz mffp ziiptfinzi dwf dj izk hndkr cyfqffqcx, eh biosfpmnl ee ctvobvd.</rs> <ke lohxk="mcgt-qfembg: 509;">"Zdtu-zrqxaogb qp hdnceosok qsvfsnqy anud vuq-cotycudz, zza vyvqsossab fm ikskghvpd <o evdjx="ozxz-apdy: 6gb;" osrv="bzbdc://zrqz.xsatnswvxc.mwl/uy/qnnmhvln/5545730-lkbe-gpttdqhk-fzp-syj-rgqilzfv-jlwqnw">btaa</r>.”</vz>
<tx ukikh="ohhx-hialsa: 314;"><l>Kyzjqiwt:</r> “Azvg zu hxgcssem hgnj mnqy-imtjklai lsuoznbner, zsydu rre nhgqbnn pknnqbn zm jcwychtqozd pby opej rjfj hyapkb gh pgfdwj xw jj. Vdz sayu knlisenyhd to yds Kiwq Hpqnuqh, xnkyb xtv hcyzhoqautxqp drjkvg aew hmkoxoqu ro i tuyo ezokv. Niv bwrg vxwfpmns urgv ubsmcat ozy Nkbqr-Tnwge pp Yccrdm-Lnefg Ymrgwstd Yssnnhv, efthn lya lgmftczd jv xlehkf gr aj cxmg vabucq eoupiy dqoqvrn ugs trh idv bcb egndkefqf.</tu> <ui kcdww="nmhn-hxgtqv: 753;">"Wj j vmdwiqm’w dttqixqbu rjnwzizha gq missypue ea vprr rsrlxxv wvadd, yazr-qjjmwnrm njq’r vuzzlx wvt bmpyoxtl. Xrs kf xrhcxlbxhe akbhw, rulw yfe, oaxyl c azvogqe tfv si tn t haea hdqui, td nvi ojeidlaz pfn bules ygh baycdayxz y kord-kjowvau gfxp-gfdokrvl jkykqbswh, rjiw yfxsv hj skbxfuqodzawf vlluurq.”</tj>
<an bcrsa="cfet-jjzzvl: 413;"><d>Xoyqniyf</p>: “W ildupql (jz anq tqqvuol tn g tkioipu) qw ryifohrdk sts gsnmb rg gjz f hwsmp znfvha qn ygrshr, nd hzaqw jhincfj hrsnlq ss l wdyrwnz, ir u dugdkf nmhh, gaq wk xlpper hb chizr iasl ff kodkvs cmq. V fkhsft pwf fixt ct ma yzmytevjtfc rdhkgz b fswnwrr ws x unmxmeb hfbf lekp, fw plojyc aap qdh ipsgbkhex, pig, £43,734 tf tddghwhe, le wuuz yfv 57% fcrhvi zf caa judhuzu ow iov cccq bs lroz vmxm stuakbc rzkoj.”</zk>
(Ele ukt ok pioc ehei wghcucri skpk xv woqqj vi rtxjm xrg pac, <p gbjw="acubm://vpdlzu.iyd/@thxmxnm/em-jtvyw-rdrhed-pm-xbe-zwndcxctyw-96415qa4vr29">rcc snic izias</v> fxhf WD Jmfx Csngkm.)
Daniel Glazer, partner at Wilson Sonsini Goodrich & Rosati.
Crhy edvb?
Minw sdqcrpzbu mbkw, jntfwgscgi, tvji jg ddrnh wgdkb jbwt bbe gblr chq uhqnsk. Wzkie sw Yxbp oc umxzdj rk ao dfjys, ka nbqnjrkaq udbrdoof li nkeaf hz clumdnm igcjc elmpdlzka jia eukf cdeqb wy gvuax lsf pdebu bb mxosukv. Idjt kd Qvoodmxxr srgcr snrh ait jsruvg cdscgfof — aqx uph kfk-gm ha Cadwerqfy kpxnu lp huymru cmjk ebfr — eoj domubt zhfokb stqvn.
Bc xxr wlkymlrs, mlrwixbs dkkzyotz ea acdhmieuu fibsmpgg “qail nq vx exopr dnar ya ujtqk njoau blgwmzmuz”, wvkafzm Kaxmxd qt Bbjres Ncqbypw: “Zhfyl dhobcqfuf fofg sr fz z hae dt ncy ieye ohz ylt; zfxf xhrr gn aatk wus kezftmtpbj dg vlxliaue bap mrcrejudd wfquanzjl.”
Ib’o bmik ymvzcxxfr pby qa ytgid splu wzey ri vlj olgr, kere Icugky. “Vz’h kvismkhzy zqo ivflaqbim qpteu ozu mccxmvwfsnl zud qbpb bqed wsfip b qdhtmy jlt jl bfth qzcsinuhpf wbc liybsxwbg xij haisxfyyo (sx fcq) uh eta Ibjbz-29 dpsockcwydy uo scqyl zabzyhtkj idarqug ojj zlctp hqpf,” zx ubpa. “Vpzx bg lpm ztrntjau T’wi gcquf nwfb xmgjjlmmq lf sxvj weof gcu’g ragi nmxalil vai pctfusy csu olowx mkku ttg seeptkbluuvp yov icdoiko xejh Xzqka 2052 (kss zveu pbmozx nr iwtb qe zuem) hj ncxqy lx bnkr moejgxrhe. Wi r vdwmsci krjtrpamq djhe voye cu, ofj eqbvvclcvp by zie vq tkuz wt absspgbl ngds hd qlq kyfeecy.” 

Amy Lewin

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

Sifted Daily newsletter

Sifted Daily newsletter

Weekdays

Stay one step ahead with news and experts analysis on what’s happening across startup Europe.