Associated The US Capital Influx: How Did European Tech Get So Hot?
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Jun 21, 2022 Hussein Kanji, a partner at Hoxton Ventures known for his early investments in European tech success stories like Deliveroo, dives into the remarkable transformation of the European tech landscape. He discusses the significant influx of US capital reshaping investor perceptions and driving innovation. The conversation also highlights Europe's rising venture capital scene, contrasting it with California's environment, while shedding light on the challenges faced by deep tech companies amid a historically skeptical investment climate.
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Early Perception That European Venture Was A Backwater
- Harry Briggs recalled being told European venture was a backwater with few good funds.
- He recounted advisors saying "no one makes money in European venture" and naming only Accel as an exception.
Hoxton's 39 Month Fundraise That Tested Resolve
- Hussein Kanji described Hoxton's fundraising taking 39 months versus the expected 12–18 months.
- He explained founders and early VCs often powered through long, painful raises because walking away felt irrational after investing years.
Sequoia's Napkin Chart That Shrunk Europe's Opportunity
- Christian Reber recounted asking Sequoia why they didn't have a Europe office and being shown a napkin chart.
- The chart compared total tech market caps: large US line, China line, and a tiny dot for Europe.