Scaling Europe

Defence, security and resilience startups in Europe have grown 4x over the past five years, with funding now reaching nearly $9 billion as larger rounds start to emerge.

Sander Verbrugge, Partner at the NATO Innovation Fund, says the ecosystem is now producing companies with real revenue and scale. He argues the bigger issue is awareness.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

0:33 - Introduction to NATO Innovation Fund

2:11 - DSR startups funding growth and 4x increase

3:18 - What defence, security and resilience actually mean

5:31 - Why larger rounds are driving the ecosystem

7:20 - Key hubs across Europe and rise of new regions

9:04 - Where more funding is still needed

11:02 - How NIF evaluates and deploys capital

13:01 - Changing attitudes towards defence investing

16:01 - Specialist vs generalist investors in defence

18:00 - Portfolio examples and companies to watch

20:33 - Why awareness is Europe’s biggest challenge

Pay-by-bank is becoming a serious alternative to cards in Europe, as merchants look for cheaper and faster ways to process payments.

Lena Hackelöer, Founder and CEO of Brite Payments, says that shift is being driven by how expensive and fragmented payments are for merchants. She describes how Brite expanded into markets where demand already existed, while staying profitable early to keep control as funding dynamics changed.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

0:33 - Introduction to Brite Payments

1:32 - How pay-by-bank adoption has evolved

3:22 - Using AI to move faster internally

6:29 - Why Sweden gave Brite an early advantage

6:58 - Expanding across Europe

9:29 - Educating the market

12:24 - How early pay-by-bank still is

13:45 - Profitability and staying in control

15:31 - European sovereignty in payments

18:39 - What’s next for Brite Payments

Granola has just raised a $125 million Series C at a $1.5 billion valuation, becoming one of Europe’s newest AI unicorns, after spreading from VCs and founders into companies almost entirely through word of mouth.

Sam Stephenson, Co-founder of Granola, says that growth has been driven by word of mouth more than any other channel, with early adoption coming from people who spend their days in meetings, before the product expands inside companies and turns into broader usage across teams.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

0:00 - Introduction and Granola’s Series C announcement

0:40 - $125M round at $1.5B valuation and becoming an AI unicorn

1:46 - Why Granola raised quickly after its Series B

3:17 - Where Granola’s growth is coming from

4:44 - Word of mouth as the dominant growth channel

6:18 - From individual users to enterprise adoption

7:00 - The shift from single-user tool to team workspace

11:37 - Why the team prioritises intuition over analytics

14:04 - How the new capital will be deployed

15:10 - Opening a San Francisco office and go-to-market expansion

Spore.Bio has unveiled a new microbiology technology that can detect, quantify and identify bacteria in under 10 minutes, replacing a process that typically takes 5 to 20 days and has not meaningfully changed for decades 

Amine Raji, Co-founder and CEO of Spore.Bio, says the company spent three years building and validating the technology to work directly in industrial environments, with machines already deployed on production lines and commercial contracts signed, as it moves from R&D into global rollout across food, pharma and cosmetics.
The Scaling Europe show is presented by Deel - check them out here:https://get.deel.com/ruynb7o4lfjkSponsors:SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/Timestamps:0:04 - Introduction to Spore.Bio and today’s announcement0:27 - Spore.Bio launches its bacteria detection technology TMSI0:51 - Why detecting bacteria in 10 minutes is a major breakthrough2:21 - How Amine’s Nestlé experience led to founding SporeBio4:06 - Global launch plans and the push to commercialise5:41 - Long-term vision beyond microbiology testing7:58 - Fundraising plans and what Spore.Bio wants in its next investor9:24 - What it was like raising Spore.Bio’s early rounds11:44 - Global expansion across Europe and the US13:09 - The significance of the Denver launch moment13:57 - How the Spore.Bio machine actually works16:00 - Why invisible AI is where the real value gets created

Europe used to build strong local companies. Now founders are building global winners from day one, with a much higher ceiling than before.

Filip Dames, Founding Partner at Cherry Ventures, says ambition across Europe has shifted, early stage funds are staying focused even as rounds get bigger, and more companies are being built in deep tech as Europe moves into harder problems.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

0:00 - Introduction to the Scaling Europe show

0:32 - Filip Dames on how Europe’s startup ecosystem has changed

2:46 - Why Cherry raised a $500M fund and kept its early-stage focus

5:04 - Why Cherry does not want a billion-dollar early-stage fund

6:00 - Competing with US firms for Europe’s best founders

7:22 - How Cherry has adapted to founders moving to the US earlier

10:40 - Berlin, Munich and the state of the German startup ecosystem

13:03 - Why Europe is seeing a deep tech renaissance

16:32 - How Cherry evaluates deep tech companies like Proxima Fusion

20:00 - What Cherry looks for in deep tech founders

23:41 - Where Europe is still underfunded compared to the US

25:42 - How Cherry’s LP base and fundraising have evolved

28:21 - How Filip’s founder and operator background shapes how he invests

Credo Ventures has raised an $88m Fund V to continue backing pre-seed founders from Central and Eastern Europe, keeping the fund size unchanged even with strong performance and LP demand.

Maciek Gnutek and Jakub Krikava, Partners at Credo Ventures, say staying disciplined on fund size is key to returning top outcomes, with the focus on backing the best founders early across the region and its diaspora.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

0:00 - Introduction to Scaling Europe show

0:32 - Credo announces new $88M fund

1:31 - Investment strategy and focus on pre-seed in CEE

2:25 - Why Credo kept fund size disciplined

4:00 - Fund economics and return strategy

6:23 - Competition and evolution of CEE ecosystem

9:25 - Local advantage in sourcing and evaluating founders

12:12 - Key markets and emerging regions in CEE

15:09 - Diaspora strategy and global deal flow

17:31 - ElevenLabs case study and sourcing approach

20:09 - Leadership transition and future of Credo

Dash0 has raised a $100m Series B at a $1bn valuation after hitting over $10m ARR and growing faster than expected, becoming a unicorn just months after its Series A.

Mirko Novakovic, CEO of Dash0, says the shift to agent-generated code is driving this change, as software is deployed faster than it can be reviewed and observability becomes essential to keep systems running in production.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

00:00: Introduction and Guest Announcement

00:44: Series B Funding and Unicorn Status

02:15: Market Challenges and Dash Liver’s Solution

03:30: Shift to Agentic Technology and AI

05:44: OpenTelemetry Foundations and Contextual Data

09:06: Customer Adoption and Retention

10:27: Customer Profile Evolution and Enterprise Focus

11:49: Expansion Plans and US Market Focus

13:10: Go-to-Market Strategy

15:04: AI-driven Product and Marketing Investment

17:13: Future Market Predictions and AI Challenges

0TO9 is aiming to build 1,000 profitable fintech companies, based on the idea that founders should not have to rebuild licensing and compliance from scratch.

Jessica Holzbach, Partner at 0TO9 and former Co-founder of Penta, says fintech has become harder to start at the earliest stage, even as build times have dropped from years to weeks with AI.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

00:00: Introduction and Guest Background

02:00: Transition to Venture Building and Role at 0TO90

5:10: 0TO9’s Mission, Expansion and Fintech Challenges

10:40: European Fintech Ecosystem and AI Impact

15:15: From Founder to Investor and Lessons Learned

18:40: Future Fintech Opportunities and Market Differences

UK startups raised around $23.6B last year, bringing venture funding back close to previous highs and signalling renewed momentum in the ecosystem. At the same time, investment is concentrating around larger rounds and AI companies, while the long-standing challenge of helping UK startups scale into global companies remains.

Jenny Edwards is Head of Venture Banking at NatWest, working with founders and investors as the bank builds out its venture offering to support companies through the next phase of growth.

If you want to go deeper into the data behind this, NatWest has published the Future of UK Innovation report:

https://www.linkedin.com/posts/natwest-commercial-and-institutional_a-pivotal-moment-for-growthpdf-activity-7434925234081828864-C3RR

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

0:00 - Introduction

3:16 - 2026 outlook and AI enablement

5:56 - Key bottlenecks for founders

8:37 - Impact of IPOs on the UK market

12:37 - AI vs. non-AI founders

18:10 - Fast-growing tech hubs in the UK

Build Weeks take scientists from idea to investment readiness in seven days, allowing Wilbe to work with hundreds of researchers each year instead of a handful of cohorts.

Devika Thapar and Ale Maiano, Co-founders at Wilbe, say the shift is driven by a new generation of researchers who want to move faster and build companies earlier, as scientists increasingly think and operate more like engineers.

The Scaling Europe show is presented by Deel - check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

SurrealDB: The multi-model database for AI agents. Check them out here: https://surrealdb.com/

Omni: The AI analytics platform trusted by fast-growing companies like Perplexity, Synthesia, and dbt Labs. Check them out here: https://omni.co/

Venture Comet: The platform that gives startups and scale-ups real-time equity tracking, daily business insights and automated management information. Check them out here: https://venturecomet.com/

Timestamps:

00:00: Introduction

00:33: Guest Introduction and Overview of Wilbe

01:41: Build Week Process and Experience

04:07: Motivation Behind Build Weeks and Scaling Up

06:52: Early Results and Deployment

08:33: Identifying Top Founders and Impact of Build Weeks

10:11: Operational Challenges and Team Execution

11:51: Challenges of European Academic Commercialization and University Roles

16:07: Changing Focus of Scientific Founders and Emerging Trends

19:59: Positioning Within the VC Ecosystem and Deep Tech Investment Risks

22:59: Wilbe’s Future and Fundraising Challenges

26:53: Closing Remarks