We see a clear flight to quality; a concentration of capital matched with the dearth of growth more broadly. There is significant liquid capital in private markets and essentially zero growth outside of technology. This capital is seeking signal out of noise. Start-ups across health, education, remote work, online events, ecommerce are seeing staggering growth and are this signal. Capital is competing at a fierce level to latch onto their coattails.
It's the most exciting time yet for European companies at the growth stage. There's more talent and capital in the ecosystem than ever before, with more companies across Europe reaching growth stage and then achieving increasingly large market caps. A good recent example is Poland's Allegro. Europe really is now and the fact Europe is no longer a “secret” is a great positive for entrepreneurs. Investors will be spending more time investing in their own capabilities to add value beyond capital.