Investing as a multi-stage fund into Europe's top startups with Deepka Rana, Principal @ Northzone
Deepka Rana from Northzone offers a rare insider's view into managing a billion-dollar multi-stage fund while navigating Europe's challenging startup landscape. She argues that AI's transformation is happening at an unprecedented pace that makes even experienced VCs uncomfortable, while European policymakers lack the courage to create the tax incentives needed to retain top talent and compete globally.
Key takeaways
- •Raising a massive fund fundamentally alters your investment strategy, requiring changes to portfolio construction and platform services beyond just writing bigger checks.
- •AI adoption is following the cloud computing playbook but accelerating across every industry simultaneously, creating both opportunities and discomfort for investors.
- •European startups face a structural disadvantage because politicians avoid making unpopular decisions about tax incentives that would help retain talent and encourage company formation.
- •Patience becomes exponentially harder to practice when you're surrounded by wildly ambitious people, yet it remains critical for proper founder evaluation and deal timing.
- •Multi-stage funds must balance the speed of early-stage investing with the thoroughness required for later rounds, fundamentally changing how you approach each deal.
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