If there is one thing Europeans have mastered over the centuries, it is making an elegant entrance. Think of the Renaissance, the Industrial Revolution, or the arrival of espresso. But when it comes to exits – especially in the venture ecosystem – let’s just say we’re still fumbling for the door handle. 

European tech founders today face a paradox worthy of Kafka: they can build globally competitive companies, but when it is time to cash out, the exit options are as limited as Ryanair legroom. The public markets are shallow puddles compared to the deep pools of liquidity across the Atlantic. The US exchanges – Nasdaq, NYSE, even the SPAC circus – have become the global stage, while European bourses are still tuning their instruments. The result? Smaller floats, thinner analyst coverage, and valuations that would make an American founder choke. 

Meanwhile, our acquirers tend to be the sensible, Volvo-driving sort – steady and cautious. Unlike the bold, acquisitive Americans, European corporates often prefer to wait until startups have both revenue and wrinkles before showing interest. The consequence is fewer strategic exits and modest multiples that barely nudge the champagne cork. 

Then there’s the growth capital gap. Between €50 and €200 million, European startups often find themselves stranded – too big for VCs, too small for public markets. It is like trying to cross the Channel on a pedal boat. Add to that a patchwork of regulations, tax quirks, and reporting standards across 27 jurisdictions, and suddenly M&A feels more like a bureaucratic triathlon than a business transaction. 

Finally, liquidity remains the silent killer. Secondary markets are thin, LPs are patient (perhaps too patient), and recycling capital takes longer than an Italian lunch. Until Europe cracks the exit code, we will keep building great companies – just without an obvious way to leave the party. 

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