Scaling Europe

Dwelly is acquiring traditional lettings and real estate agencies across the UK and integrating them into an AI-enabled platform to automate workflows and scale them more efficiently.

Dan Lifshits and Ilia Drozdov, Co-founders of Dwelly, talk about Dwelly entering the London market, which represents around 40% of the UK rental market, marking a major step in scaling their model and consolidating the largest part of the market.

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/

Timestamps:

0:00 - Introduction

0:28 - Entering the London market

0:58 - What Dwelly acquires and why

1:21 - Why London and why now

3:24 - The first acquisition and moving to Hull

5:42 - Why AI-driven consolidation is getting attention

9:40 - The first priority after an acquisition

11:00 - Building culture across acquisitions

13:27 - London and UK expansion

19:19 - Building an AI-native company

23:09 - How Dwelly deploys capital and operates

Eka Ventures has just closed its second fund at £80m, doubling down on early-stage investing across health, wellbeing and sustainability.

Jon Coker, Founding Partner at Eka Ventures, says the firm’s edge comes from backing companies before they become obvious, using a data platform that has sourced around half of its deals and a founder assessment approach focused on how quickly founders can develop as they scale.

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/

Timestamps:

0:00 - Introduction

0:20 - Closing £80m second fund

1:01 - Fund thesis and focus areas

2:28 - Data platform and sourcing edge

4:04 - Investing before companies become obvious

5:38 - Runner case and founder selection

8:23 - Assessing founder potential

11:23 - Fundraising for Fund II

14:17 - Building an impact VC

16:39 - How impact investing has changed

19:15 - Advice for emerging managers

Technology is becoming a bigger part of how art is created and experienced, from immersive formats to AI-driven tools.

Mark Ball, Artistic Director at the Southbank Centre, says artists are increasingly using technology to create new types of experiences, with a new Creative Intelligence festival exploring how AI is shaping creative work and raising questions around ownership and copyright.

Image credit: David Levine

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/

Timestamps:

0:00 - Introduction

0:42 - What the Southbank Centre does

1:55 - The 75-year anniversary and Festival of Britain

3:16 - Why optimism matters again today

4:11 - Key projects and collaborations

6:08 - Reinterpreting the spirit of 1951

8:48 - Technology in art and culture

11:32 - Bringing experiences to new platforms

14:02 - Creative Intelligence festival and AI focus

16:10 - AI and concerns from the creative community

Investing has shifted from backing products to backing teams, and now increasingly to backing execution, as building products becomes easier.

Carlos Eduardo Espinal, Managing Partner at Seedcamp, says the focus today is on founders who can attract strong teams and execute clearly from the start.

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/

Timestamps:

0:00 - Introduction

1:08 - How Europe’s ambition has changed

2:07 - Where Europe still lags: growth capital and liquidity

5:11 - Why Seedcamp stayed early-stage

7:06 - Key decisions that shaped Seedcamp

10:29 - Adapting to faster markets and AI

12:04 - Generalist vs specialist investing

15:00 - Moving into deep tech, space and robotics

20:03 - How Carlos’ investing approach evolved

23:27 - New founder profiles in the AI era

The UK has updated its EMI stock option scheme, bringing more companies back into eligibility as startups raise larger rounds and stay private longer.

Isaiah Baril-Dore, Reward and Talent at Index Ventures, says stock options remain the main lever for hiring, with secondary sales becoming more common as employees look for liquidity before an IPO.

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/

Timestamps:

0:00 - Introduction

1:14 - UK EMI changes

3:48 - Why EMI matters

5:00 - Stock options as a hiring edge

7:06 - UK vs Europe

10:27 - Stock options and ecosystem

12:39 - Secondary sales

15:10 - Compensation strategy

18:00 - Compensation and culture

Planet A Ventures is an early-stage fund investing in companies building within planetary boundaries, using internal scientists and lifecycle assessments to analyse the real impact of each investment.

Nick de la Forge, Co-founder and General Partner at Planet A Ventures, highlights that angel money is returning to European startups and that companies are getting better at monetising.

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 - Planet A overview

2:10 - Using science in investment decisions

3:26 - Lifecycle assessments explained

5:50 - When Planet A passes on investments

7:35 - Rebound effects

11:14 - Overlap of climate, energy and AI

15:16 - AI vs traditional venture

17:55 - European ecosystem outlook

19:43 - Key trends: robotics, space, AI

Armis Security builds software that helps organisations understand and secure everything connected to their environment, from devices to critical infrastructure.

The company has grown past $300 million in ARR, with customers expanding usage as new products are added, and was acquired by ServiceNow in a $7.75 billion all-cash deal, at a time when AI is increasing both the scale of what needs to be secured and how quickly attacks are carried out.

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 and Armis acquisition

0:57 - What Armis does

1:48 - The ServiceNow acquisition

3:21 - How the deal came together

5:43 - Growth and scaling to $300M+ ARR

8:01 - AI changing cybersecurity

10:26 - Security for AI and AI-driven attacks

12:57 - ServiceNow and the AI opportunity

14:50 - IDF background and founder mindset

17:18 - Israeli ecosystem and networks

19:08 - Investing and supporting founders

Orrick has just released its latest Deal Flow report, analysing over 400 venture and growth deals across Europe worth more than $10 billion.

Liquidation preferences have moved back to 1x, and secondaries are now happening more often from Series B as a way to take liquidity before exit.

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 - What Deal Flow 6.0 covers

1:56 - Market stabilisation after 2021–2024

2:45 - More realistic valuations and better deal terms

3:31 - What changed at seed stage

4:03 - Liquidation preferences returning to normal

5:22 - Founder-friendly governance structures

6:44 - Rise of secondaries and liquidity

8:15 - When secondaries are happening

10:02 - Founder liquidity and repeat secondaries

12:07 - What founders should get right early

13:56 - Sector trends beyond AI

15:20 - Predictions for 2026

16:48 - Venture debt and alternative financing

17:56 - Biggest surprises from the data

American funds are moving fast in the Nordics, with some flying in and pushing term sheets within 24 hours, forcing European investors to keep up.

Sara Rywe, General Partner at byFounders, says speed and community now decide the best early-stage rounds. More experienced founders are also paying closer attention to values alignment and local support, not just brand.

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 - Sara Rywe on her path into venture

5:02 - How byFounders won the Lovable deal

6:41 - Why speed and community now decide rounds

8:40 - Why American funds are competing harder in the Nordics

11:32 - Why some founders choose local, values-aligned investors

13:51 - Why the Nordics keep outperforming

17:00 - Why Finland stands out in deep tech

18:46 - Verda’s growth and the case for a European hyperscaler

20:37 - Sovereignty and why enterprise demand is rising

IQM reported around $30 million in revenue and $100 million in bookings, and announced plans to become the first listed European quantum company, showing how far quantum computing has moved into real commercial use.

Jan Goetz, Co-founder and CEO of IQM, says the company builds full-stack quantum computers with its own chip factory, assembly line and data centre. That makes access to capital a central part of the story, especially in Europe where private funding for deep tech is still harder to secure.

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 - IQM, commercial traction and the public listing decision

1:41 - Why access to capital and credibility mattered

3:34 - $30m in revenue, $100m in bookings and who buys quantum computers

5:24 - From academia to building a company

6:44 - Why quantum is such an important category

8:21 - Why IQM came out of Finland

9:28 - Why IQM chose a dual listing in Europe and the US

13:04 - Balancing scientific breakthroughs with commercialisation

16:07 - Europe’s challenge in funding deep tech at scale

18:06 - What Europe needs to unlock more frontier tech companies