Europe’s VC Scene Isn’t About Luck Anymore—It’s About Playbooks

Over the past 10-15 years, Europe’s startup ecosystem has experienced a significant transformation. Fifteen years ago, founders and VCs often depended on theoretical strategies and a bit of luck—there were few mentors, no established playbooks. Today, Europe’s startup community has collectively developed a knowledge base of best practices.

Europe’s tech champions like Klarna, Revolut, Spotify, and Zalando have spun off over 215 new ventures, acting as “founder factories” that spread entrepreneurial know-how.

How VC Is Professionalising, Just Like Private Equity

Venture capital in Europe has followed a comparable path to PE’s maturation. The best VCs today have their own playbooks for guiding startups. The focus is not on restructuring, but on making founders extremely capable.

The Rise of Europe’s Resilient, Capital-Efficient Startups

Today, Europe is home to more than 280 tech companies generating each over €100 million in annual recurring revenues.

European startups have learned to thrive through capital efficiency and sustainable growth.

Europe’s Exit Market

The region is now delivering close to 1,000 exits annually in the €100M – €500M range.

The Contrarian Advantage

In Europe, it is increasingly possible to run early-stage seed funds that are structurally and consistently profitable. The nature of venture in Europe has fundamentally changed. It’s no longer a casino game; it is a craft.

About the Author: Jérôme Wittamer is the Managing Partner at Expon Capital.