Hi Andy thanks for sharing. One of the USPs of European tech vs US tech (not sure about Asian tech) has always been capital efficiency — i.e. the ability of European startups to achieve more with less capital financing.

These trends you mention seem to be bringing upon Europe the issues that are faced in the US — i.e. large rounds and later exits.

Other than availability of more cash, what are the benefits you see from these trends for Europe?
Also, will this extra cash be deployed in later stage rounds? or will it be spread across alternative countries in Europe with emerging early stage startup hubs (like south Europe and Eastern Europe)?