Building a startup in Europe presents a unique set of challenges, like fragmented markets, cultural differences in risk-taking, and a VC ecosystem that’s still maturing compared to Silicon Valley. But things are changing fast.

For this episode of Fund/Build/Scale, I sat down with Lucile Cornet, partner at Eight Roads, a global VC firm that invests across Europe. We dive into:

🚀 How European founders are breaking away from Silicon Valley’s playbook
📈 The real signals VCs look for when deciding to fund a startup
🌍 Why Europe’s fragmented markets create both challenges and opportunities
💡 The alternative paths to scaling beyond the seed → Series A → Series B treadmill
🤖 How AI is reshaping vertical SaaS, fintech, and legacy industries in Europe

Lucile also shares the biggest mistakes founders make when fundraising and scaling, plus the one question she’d ask a CEO before joining an early-stage startup.

If you’re building — or thinking about building — a startup in Europe, this episode is for you.

(3:22) Building long-term relationships with founders – “We really track to get to know people, entrepreneurs early and track their success.”
(4:53) The reality of venture capital – “People glamorize the VC job, but sometimes I just think we're enterprise AEs.”
(6:54) What happens after the first meeting with a founder team – How Eight Roads evaluates potential investments.
(11:04) “There are definitely huge differences between investing in Europe, and in the US, and especially Silicon Valley.”
(16:31) Cultural perceptions of job security in Europe – “If you get fired in France, you've, you've done something wrong, right?”
(18:26) How the European mindset around risk-taking is shifting – More founders are embracing entrepreneurship.
(22:14) How Eight Roads fosters founder communities across Europe – The playbook for strengthening a fragmented ecosystem.
(27:34) The gap between startup reality and media narratives – “Journalism and social media paint a very romanticized, idealized version of a temporary shape.”
(31:34) Beyond the VC treadmill: Alternative growth paths for European startups – What’s working outside the standard fundraising model.
(34:45) Is grind culture universal? – “Frankly, if you want to be a successful entrepreneur, the grind is everywhere.”
(39:03) The reverse talent flow: Europeans returning from Silicon Valley are reshaping the ecosystem.
(43:21) The tech trends Lucile is watching for 2025 – Where the next opportunities are emerging.
(46:34) Why consumer tech could make a comeback – “The comeback of consumer, I think at some point is going to be one to watch.”
(48:05) A key lesson she wishes more entrepreneurs understood earlier – Insights from 13 years in VC.
(52:07) The question she’d ask before joining a European startup – The ultimate founder test.

• Lucile Cornet
• Eight Roads
• Raft
• Juro
• poolside

🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/fund-build-scale/id1719488387

🎧 Spotify: https://open.spotify.com/show/0EbC8PTUSfpZ4USPC9ErnN

📥 LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/

📸 Instagram: https://www.instagram.com/fundbuildscale/

Thanks for listening!

– Walter.