Hello and welcome back.

This week Europe saw its biggest ever seed round, Jeff Bezos is expanding his $40bn AI startup to London, Vinted sold $880 million worth of shares, and Anthropic is buying AI chips from a UK startup.

Read on.

My first EVER event is in June. It’s aimed at the 30-40 of the best Heads of Sales (or similar) in London and will be about how to scale from $1m to $20m of ARR. It’s in collaboration with Seedcamp.

Thanks to those who filled out the poll last week - I’ll be in contact in the next couple of weeks. Anyone else keen fill in below!

Delaware Still Calling: Why EU Innovators Keep Looking West 

By Chris Driscoll, Partner (US Qualified) 

The European Commission's long-awaited EU Inc. proposal formally published in March 2026 is arguably the most significant structural reform for European startups in a generation. By aiming to streamline incorporation, modernise corporate structures and ease cross-border operations, it promises to make scaling across Europe faster and simpler. On paper, it's exactly what founders have been asking for. 

And yet, the pull of US incorporation isn't going anywhere. 

The trend of European startups redomiciling to the United States shifting their legal homes to Delaware or other US jurisdictions for simplicity and investor familiarity has accelerated in recent years. That's not irrational. Delaware offers something EU Inc. cannot yet guarantee: certainty. Investors know it. Term sheets are built around it. Legal costs are predictable. 

EU Inc. still faces real headwinds. It remains a voluntary system that countries are not obligated to implement, sitting alongside national laws rather than replacing them. The Commission's target of political agreement by end of 2026, with application projected for 2028, is an ambitious timetable and the outcome of negotiations across 27 member states is far from certain. 

For EU innovators chasing venture capital and dreaming of scale, the US remains the path of least resistance. EU Inc. is a promising step, but promising steps don't close funding rounds. Until the framework is live, tested, and trusted, founders will keep looking west. 

Mishcon Vantage Point 

My practice is rooted in supporting European innovators select the US for both commercial and venture capital opportunity. Last month, we completed our inaugural US Expansion Programme, with 17 growth stage companies who all are looking to the US in the next 12 months. Across three months, we have brought together our network of investors and advisors to deliver practical learnings to support their ambitions. The resounding message has been that the opportunity remains substantive and a driving force of growth. 

Book 30 minutes free with Mishcon

This week I launched the Scaling 50 - the definitive list of the fastest growing companies across Europe.

Here are the top 5, ranked by YoY revenue growth:

And the top 5 investors backing the fastest growing companies of 2025 are: Balderton, Accel, Visionaries, General Catalyst and Plug and Play Tech Center.

Check the full site here as well as my new job board, here.

Vinted has been valued at €8bn valuation after selling $880m of secondaries.

Investors including EQT Ventures & Growth and Schroders Capital have acquired €880m of Vinted shares in a secondary sale.

Existing investors and employees have been able to sell shares.

This follows their stellar 2025 results which were releases recently:

Read more here.

German AI Startup Prior Labs has been acquired by SAP just 14 months after their $9m pre-seed.

The company has built a state-of-the-art foundation model for tabular data.

Tabular data, i.e. structured data in tables, spreadsheets, and databases, plays an essential role is many critical industries, but was neglected in the early advances in AI that focused on text and images.

Today SAP has announced that it is acquiring the company in a deal, that according to someone who worked on the deal, is worth over €1bn+.

SAP has said it will be investing €1bn in the company over the next four years.

Check out the announcement here.

The US AI lab is in talks to buy AI chips from Fractile, is one of the UK's most exciting companies at the moment.

Its chips rely on a different kind of memory technology to Nvidia’s GPUs, which is called static random access memory or SRAM. It is meant to improve the speed and cost of AI inference.

The supposed deal comes as Anthropic is looking to reduce its reliance on Nvidia. Fractile is currently raising $200m at a $1bn+ valuation, and no doubt this news will help.

Read more here.

Jeff Bezos' $40bn AI lab is looking to expand to King’s Cross as yet another AI company expands into the capital.

Project Prometheus is building AI that can understand the physical world and transform engineering and manufacturing and just closed a $10bn fundraising round at a $38bn valuation.

The Financial Times has now reported that the company is looking at a 38,000 sq ft lease in King's Cross.

It joins Anthropic, OpenAI and DeepMind which are all set up there.

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Check it out here.

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Thank you.

Seb