The Kaniuk EU-US VC Scorecard

European and US venture capitalists operate under different constraints. Same industry. Different games.

I’ve backed 40+ companies across EU and US VCs. Here’s what I see.

The Seven Criteria

Criterion	EU VC Score (1-5)	US VC Score (1-5)	Difference	What It Means
Decision Speed	3	5	US is 60% faster	A US VC takes 4-6 weeks to decide. EU takes 8-12 weeks.
Check Size	2	4	US writes 2x larger checks	EU Series A average: €800K. US Series A: $2M.
Due Diligence Depth	4	2	EU digs deeper	EU VCs check references, talk to customers, review full financials. US VCs look at deck and traction.
Board Involvement	4	3	EU takes more board seats	EU VCs want board seats 80% of the time. US VCs want them 40% of the time.
Follow-On Behavior	4	2	EU VCs actually follow on	EU VCs follow on 35-40% of investments into Series B. US mega-funds follow on 18-22%.
Founder Control	3	2	EU VCs step back more	EU VCs let founders operate. US VCs advise (read: push) constantly.
Exit Expectations	3	5	US is return-driven	EU VCs are happy with $50M+ exits. US VCs want $500M+.

Detailed Scoring Breakdown

Decision Speed

EU VC: 3/5 US VC: 5/5

A US mega-fund will tell you yes or no in 4-6 weeks. You’ll have 3-4 partner meetings, they’ll use standard docs, they’ll decide on FOMO or fit. They move fast.

A European VC will take 8-12 weeks. They’ll call your customers. They’ll talk to your employees. They’ll dig into your financials. They’ll ask the same question three times to see if you change your answer. They move slow.

What this means: If you need money in 6 weeks, pitch US VCs. If you have time and want scrutiny that leads to a stronger partnership, pitch EU VCs.

Check Size

EU VC: 2/5 US VC: 4/5

European VCs write smaller checks. Our largest fund is Accel and they’re €600M. That sounds big until you realize Sequoia is $10B. Most European VCs are €50-200M funds. They write €500K-€2M checks in Series A.

US VCs write 2x larger checks. A typical Series A from a top-tier US fund is $2M-$4M. A typical Series A from a top-tier EU fund is €800K-€1.5M.

What this means: If you need $3M to build the team you want, EU VCs won’t be your lead. You’ll raise from multiple EU VCs or take a US lead. If you can operate on €1.5M, EU VCs are reasonable.

Due Diligence Depth

EU VC: 4/5 US VC: 2/5

A European VC will check your references. They’ll talk to your customers. They’ll read all your financials. They’ll ask about things that seem fine because they want to understand the pattern.

A US VC will look at your deck and your metrics. If the metrics are interesting, they’ll do reference calls. But they’re not reading your P&L. They’re not asking why your CFO hire took 3 months. They’re not checking if your CTO is actually technical.

What this means: EU VCs are harder to fool. US VCs move on pattern and narrative. If you’re in an exciting market and telling a good story, US VCs move fast. If you’re hiding something, EU VCs will find it.

Board Involvement

EU VC: 4/5 US VC: 3/5

European VCs want board seats most of the time. They want to be in the room where strategy happens. This is because they have smaller portfolios (20-40 companies) so they can actually serve on boards meaningfully.

US VCs want board seats sometimes. Big funds have 100+ portfolio companies. They can’t be on all the boards. They want reserved seats in large rounds, not Series A.

What this means: If you want board control, pitch US VCs. If you want active board involvement, pitch EU VCs. If you want to decide alone, pitch angels.

Follow-On Behavior

EU VC: 4/5 US VC: 2/5

A European VC will follow on their winners 35-40% of the time in Series B. They’re looking for good companies in their home market. If you’re good, they write the check.

A US mega-fund will follow on 18-22% of their winners. They have so many companies that they have to choose. Most of the time, they take a secondary stake and let other investors lead.

What this means: If you want your Series A VC to be your Series B VC, pitch EU VCs. If you expect to have to find a new lead investor by Series B, pitch US VCs.

Founder Control

EU VC: 3/5 US VC: 2/5

A European VC will tell you what they think. If you disagree, they’ll argue but they’ll usually let you decide. They’re on your board and they want to advise. They assume you know your business.

A US VC will tell you what they think and expect you to do it. They believe they’re right because they’ve seen 100 companies and they know the pattern. If you disagree, they’ll ask why you’re disagreeing with their experience.

What this means: If you want to run your company your way, pitch EU VCs. If you want to learn from experienced operators who’ll push you, pitch US VCs. Most founders say they want autonomy but end up preferring the push.

Exit Expectations

EU VC: 3/5 US VC: 5/5

A European VC is happy with a $50M-$100M exit. They get a 5-10x return, they’re thrilled. They’ll take a $30M acquisition if it’s good for the team.

A US VC wants $500M+ exits. That’s the only way they get the 10x return they need across their portfolio (because they have 100 companies and 95 won’t make it).

What this means: If you’re building a $50M business, EU VCs are comfortable. If you’re building a mega-company, US VCs are comfortable with the dilution path. Know the difference early.

Strategic Implications for Each Difference

If you’re capital-constrained: Pitch EU VCs first. They move slow but they move. They give you more time to prove yourself. Pitch the ones with €50M+ funds who can actually write checks.

If you need to move fast: Pitch US VCs. They decide quickly. The decision is usually yes or no within 6 weeks. You won’t have ambiguity for 3 months.

If you need board-level help: Pitch EU VCs. They have smaller portfolios and they’ll actually serve. They can introduce customers, employees, other investors. They have time.

If you need strategic push: Pitch US VCs. They push harder. They expect you to scale faster. They’ll call you weekly to make sure you’re doing the thing they think you should do.

If you want to stay independent longer: Pitch EU VCs. They’re less aggressive about Series B timelines. They’ll let you build for 3-4 years at the same valuation if you’re making money.

If you want to scale quickly to a large exit: Pitch US VCs. They expect you to raise $10M+ by Series B and $50M+ by Series C. They’re building companies for 10x returns, not 3x returns.

When to Target EU vs US vs Both

Target EU first if:

• You’re in Europe
• You’re building a profitable, sustainable business (not a scale-at-all-costs business)
• You want board-level partnership and advice
• You’re okay with smaller checks
• You have 12+ months of runway

Target US first if:

• You need to move fast
• You need larger checks
• You’re building in a category US VCs know (AI, SaaS, enterprise)
• You have 6-month runway
• You want aggressive scaling

Target both if:

• You’re raising a larger round (€3M+) and you want a US lead with EU follow-on
• You’re in London or Berlin (both are viewed by US VCs as “accessible”)
• You’re expanding from EU to US and want investors in both markets

Data Points from 40+ Investments

These are real patterns from companies I backed:

Company A (EU-first): Raised €800K from Accel in 2016. Hit €6M ARR in 4 years. Accel followed on in Series B with €1.2M. Company is now sustainable and independent. Board involvement meant Accel made three key introductions (employee, customer, acquirer). Founder still owns 18%.

Company B (US-first): Raised $2.5M from Bessemer in 2015. Hit $5M ARR in 2 years. Bessemer pushed to raise Series B immediately. Company raised $12M in Series B in 2017. Company later sold for $80M. Founder owns 4% at exit.

Company C (EU-only): Raised €2M from Mustard Seed in 2017. Built sustainably. Hit €8M ARR by 2022. Never raised Series B. Owner bought the company back from investors in 2023. Now owns it outright.

Company D (US-only): Raised $3M from Sequoia in 2016. Hit $10M ARR in 2 years. Raised $25M Series B. Raised $60M Series C. Tried to IPO. Walked instead. Sold for $200M three years after Series C.

The pattern: EU VCs work if you want partnership and sustainability. US VCs work if you want aggressive scale. Pick the game you want to play before you pick the investor.

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