Making the Implicit Explicit
At Seed, the question isn't "does this work?"—it's "can you figure out what works?" VCs are betting on your ability to discover, iterate, and execute faster than the competition.
We decode what VCs actually look for but rarely say out loud. This blueprint makes implicit expectations explicit: fund math and defensibility in 2025, Europe's unique capital stack (equity, grants, bank guarantees, venture debt), and the verbatim scripts, checklists, and tools you can implement this week.
What this guidebook delivers:
Written in collaboration with Sofinnova Partners and based on XAnge's 100+ portfolio companies, exclusive interviews with dozens of successful founders, and battle-tested frameworks from operators who've navigated Europe's complex capital landscape.
✓ The Funding Decision Framework – Determine if you should raise VC at all, bootstrap, or stack non-dilutive capital (EU grants, bank guarantees, venture debt) using real case studies from European founders
✓ The New Defensibility Playbook – Move beyond features to build real moats through distribution, integration, and privileged access in a world where AI can clone any product in weeks
✓ Founder-Led Sales System – Discovery scripts, ICP precision tools, and pricing experiments that helped portfolio companies close their first 5 customers without over-customizing
✓ The 24-Month Series A Path – Plan for the new reality where Seed to Series A takes 2+ years, with metrics tracking, runway management, and the €2.5M ARR target you actually need
Written in collaboration with Sofinnova Partners and based on XAnge's 100+ portfolio companies, exclusive interviews with dozens of successful founders, and battle-tested frameworks from operators who've navigated Europe's complex capital landscape.
“Whether you raise now, later, or never, the key is intentionality. Stay anchored to your product, your customers, and your funding strategy. Test, pivot, repeat—and raise only when it truly serves your long-term goals.”
“In 2023 and 2024, the pendulum swung firmly back. Inflation stuck, rates rose, and geopolitical shocks unsettled energy and supply chains. Suddenly, the same stories no longer cleared the bar. And now, by mid-2025, the dust is settling. Venture hasn’t collapsed. But it has been reset.”
Strategic partners
Built from candid conversations with founders and operators across Europe's startup ecosystem. Special thanks to Dealroom for exclusive access to the market data and benchmarks that ground reccomendations in reality.
At a Different Stage in Your Journey?
The Complete European Scaling Playbook
Further along in your journey?
- Scaling to €10M? The Series A Blueprint maps the 24-month path from Seed to A
- Beyond €10M ARR? The Series B Blueprint masters efficient scaling and international expansion
Based on 100+ XAnge portfolio companies, 50+ founder interviews, and proven frameworks from Europe's fastest-growing startups.
