European VC Digest: UiPath. Control. Alan. Doing Stuff. Warm Intros. Institution Building. Hacking Finance.

Capital Call #41

This is your weekly newsletter highlighting what investors in European startups are thinking—in their own words. We are Willy Braun, Nicolas Colin and Vincent Touati-Tomas. Hit reply if you want to send us feedback!

If, like us, you’re interested in everything that’s happening in European VC, don’t forget to follow us on Twitter to be kept in the loop at all times: @CapitalCall_. Also follow our two Twitter lists: Featured in Capital Call & Female VCs in Europe.

Philippe Botteri 🇫🇷 of Accel is looking back at his early days backing UiPath and a European love story with automation: From humble beginnings to market leadership: UiPath rings the NYSE bell!

Nicolas Colin 🇫🇷 of The Family (and co-host of Capital Call) muses about founders asserting control over their company: You're the one in control.

Alexandre Dewez 🇫🇷 of IdInvest published the second part of his deep-dive into Deliveroo: 🦘Deliveroo's IPO - Breaking Down the Potential Futures of the Company (Part II).

Michele Foradori 🇮🇹🇫🇷 of BlackFin Tech looks at weekly fundraising activities amongst European countries: BlackFin Tech Weekly — April 19th.

Romain Lavault 🇫🇷 retraces the story of French startup Alan, which just became a unicorn following their latest fundraising round with Coatue: Alan, a legendary company in the making.

Balthazar de Lavergne 🇫🇷 of The Family reflects on how investors should and could retain their ability to actually make things: Do stuff.

Thomas Meier 🇨🇭 introduces his new fund Lightbird Ventures, a Swiss-based VC firm aiming to back Swiss and European entrepreneurs: Backing founders aiming to rise above the crowd. 

Evgenia Plotnikova 🇷🇺 of Dawn Capital dives into the big success of cloud companies: How cloud has won: The state of the market in 2021.

Sarah Turner 🇬🇧, an angel investor, writes about a fairer, more transparent and much more productive way of connecting investors with founders: Why investors need to stop taking 'warm' intros.

Seth Pierrepont 🇺🇸 and Varun Purandare 🇮🇳🇺🇸 of Accel share their investment thesis behind the European spreadsheet newcomer: Our investment in Causal: Bringing spreadsheets into the modern era.

Matt Clifford 🇬🇧 of Entrepreneur First interviews his co-founder Alice Bentinck 🇬🇧 in this wide-ranging podcast conversation: Alice Bentinck: Talent, innovation and institution building.

David Galbraith 🇬🇧 & Sean Park 🇨🇦 of Anthemis now share regular discussions on everything fintech as part of the Hacking Finance podcast. Check out the latest episode (published in March): Fintech Products & Business Model Opportunities. 

Pär-Jörgen Pärson 🇸🇪 of Northzone was on Bloomberg TV to talk about European listing markets, recent IPOs in his firm’s portfolio, and various tech trends: Pär-Jörgen Pärson on Bloomberg TV.

Annika Sjöberg 🇫🇮 and Bo Ilsoe 🇩🇰 of NGP Capital talk with Tech.eu about the role gender plays in a startup founder’s ability to raise private capital in Europe: About gender and VC funding.

Akash Bajwa @AkashBajwa96

Q1 VC funding numbers came out for Europe & the US via @crunchbase and @PitchBook. What are some takeaways common to both? - Doubled in VC raised year-on-year - Seed is holding steady - Rounds at every stage are getting larger - Late-stage (C+) is through the roof

Fred Destin @fdestin

Non linear! @UiPath fundraising history: 15/07: $1.6M on $7M (Credo, Earlybird East, Seedcamp) 17/04: $30M on $80M (Accel) 18/03: $153M on $950M (Accel, CapitalG, KP, GV) 18/11: $225M on $2.75BN 19/04: $570M on $6.5BN 20/07: $225M on $10BN 21/02: $750M on $34.25BN

Sarah Drinkwater @sarahdrinkwater

There's this incredible shift happening around tech + ownership. When I first joined a startup, in 00s, I didn't get equity despite leading community in community product. I was new in tech & didn't question this - of course only C-level got it, of course they all looked similar

Kristo Käärmann @kaarmann

1/ It occurred to us recently that as a VC backed tech company, we don’t have any customers as shareholders. It’s weird. 🤯 About time to change it 👇🏼

• Akash Bajwa 🇩🇪🇬🇧 Analyst and Head of Europe, Shaper Impact Capital and Cass Entrepreneurship Fund London 🇬🇧 LinkedIn | Twitter | Blog

• Alice Bentinck 🇬🇧 Co-Founder, Entrepreneur First, London 🇬🇧 LinkedIn | Twitter

• Philippe Botteri 🇫🇷 Partner, Accel, London 🇬🇧 LinkedIn | Twitter | Blog

• Matt Clifford 🇬🇧 Co-Founder & CEO, Entrepreneur First, London 🇬🇧 LinkedIn | Twitter | Blog

• Nicolas Colin 🇫🇷 Co-Founder & Director, The Family, London 🇬🇧 LinkedIn | Twitter | Blog

• Balthazar de Lavergne 🇫🇷 Director, The Family, London 🇬🇧 LinkedIn | Twitter | Blog

• Fred Destin 🇧🇪 Founder, Stride.VC, London 🇬🇧 LinkedIn | Twitter | Blog

• Alexandre Dewez 🇫🇷 Analyst, Idinvest, Paris 🇫🇷 LinkedIn | Twitter | Blog

• Sarah Drinkwater 🇬🇧 Angel Investor, Atomico, London 🇬🇧 LinkedIn | Twitter | Blog

• Michele Foradori 🇮🇹🇫🇷 Investment Director, Blackfin Capital Partners, Paris 🇫🇷 LinkedIn | Twitter

• David Galbraith 🇬🇧 Partner, Anthemis Group, Geneva 🇨🇭 LinkedIn | Twitter | Blog

• Bo Ilsoe 🇩🇰 Partner, NGP Capital, Geneva 🇨🇭 LinkedIn | Twitter | Blog

• Romain Lavault 🇫🇷 General Partner, Partech, Paris 🇫🇷 LinkedIn | Twitter

• Thomas Meier 🇨🇭 Managing Partner, Lightbird Ventures, Zurich 🇨🇭 LinkedIn | Twitter 

• Sean Park 🇨🇦 Co-Founder, Anthemis Group, Geneva 🇨🇭 LinkedIn|Twitter

• Pär-Jörgen Pärson 🇸🇪 General Partner, Northzone, London 🇬🇧 LinkedIn | Twitter

• Seth Pierrepont 🇺🇸 Partner, Accel, London 🇬🇧 LinkedIn | Twitter

• Evgenia Plotnikova 🇷🇺🇫🇷 Partner, Dawn Capital, London 🇬🇧 LinkedIn | Twitter | Blog

• Varun Purandar 🇮🇳🇺🇸 Vice-President, Accel, London 🇬🇧 LinkedIn | Twitter

• Annika Sjöberg 🇫🇮 Communication Director, NGP Capital, Stockholm 🇸🇪 LinkedIn | Twitter

• Sarah Turner 🇬🇧 CEO & Co-Founder, Angel Academe, London 🇬🇧 LinkedIn | Twitter