How to Raise Your First Check in Europe

European Fundraising Is Different

If you're coming from the US, forget what you know about fundraising norms. Europe moves differently. Rounds are often smaller, relationships matter more, and the legal instruments vary by country. But the upside? Less competition for capital, deeper founder-investor relationships, and government co-investment programs that don't exist in the US.

Pre-seed in Europe typically means €200K–€1M. Seed means €1M–€4M. The bar for traction is often lower than in the US, but the bar for team and market understanding is higher.

Where the Money Is

European VC is concentrated in a few hubs, but the best investors operate cross-border. Use Dealroom and OpenVC to find investors who back companies at your stage and sector. The city playbook has curated links.

• •London: Europe's deepest VC pool. EIS/SEIS makes angel investing uniquely attractive — lead with this in your pitch.
• •Berlin: Strong B2B SaaS focus. Active angel scene. Dealroom has comprehensive DACH funding data.
• •Paris: Bpifrance co-invests alongside VCs. La French Tech grants add non-dilutive capital.
• •Stockholm: The Nordics punch above their weight. Tight-knit angel community — warm intros matter.
• •Pan-European: Many top funds invest across EU hubs. Check the main playbook for investor directories.

• Dealroom – European Startup Funding Data
• Atomico State of European Tech
• OpenVC – Free Investor Database

Legal Instruments: SAFE vs ASA vs Convertible

The US runs on SAFEs. Europe is more fragmented. The instrument you use depends on where you incorporate. Check the city playbook for local legal resources.

• •UK: Advance Subscription Agreements (ASAs) are the standard — similar to SAFEs but with UK legal nuances. SeedLegals is the go-to platform.
• •Germany: Convertible loans (Wandeldarlehen) are common at pre-seed. The INVEST grant subsidizes angel investments — check BAFA for current terms.
• •France: BSA-AIR is the French SAFE equivalent. Bpifrance and La French Tech offer grants and co-investment.
• •Netherlands: Convertible notes are standard. Dutch BV structure is straightforward for investment.
• •Pan-European: Estonian e-Residency or UK Ltd are common for cross-border fundraising.

• SeedLegals – ASA & SEIS/EIS Docs

The EIS/SEIS Superpower (UK)

If you're raising in the UK, EIS and SEIS are your secret weapons. These government schemes give angel investors significant tax relief on their investments, making it easier to close angel rounds.

SEIS applies to seed-stage investments; EIS applies to later stages. Both offer capital gains tax exemption if shares are held for 3+ years. Check GOV.UK and SeedLegals for current limits and eligibility.

• •Apply for SEIS/EIS advance assurance BEFORE you start raising — it takes several weeks
• •Lead with SEIS/EIS status in your pitch to UK angels — it's a major selling point
• •SeedLegals can handle the entire SEIS/EIS compliance process
• •Check current limits — they are updated periodically

Building Your Investor Pipeline

European fundraising is relationship-driven. Cold emails work, but warm intros convert far better. Here's how to build your pipeline.

• •Start 3–6 months before you need money — European VCs often move slower than US funds
• •Use Crunchbase and Dealroom to find investors who back companies at your stage and sector
• •Attend demo days and accelerator events even as an audience member — the investor density is high
• •Build in public on X/Twitter and LinkedIn — European VCs are very active on both
• •Ask portfolio founders for intros — this is the #1 way to get a meeting
• •Apply to pitch competitions: Slush, Web Summit, South Summit. Even losing gets you exposure

The Unwritten Rules

European fundraising has cultural norms that nobody tells you about. Here are the ones that matter.

• •Europeans value humility over bravado — show ambition through substance, not hype
• •Follow-up is expected and respected — European investors often need 3–5 touchpoints before committing
• •Government grants and co-investment are not 'charity' — top European founders stack them strategically
• •Valuations are often lower, but so is dilution — European founders often retain more equity through exit
• •Many EU investors want to see European traction first — tailor your pitch to the market