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I am very excited to share with you Pegafund which provides a strategic growth CFO to seed to pre-Series B European B2B software startups varying in size from 20 to 100 FTEs.

Our mission is to help founders enable predictable growth and global go-to market success.

How the journey started

This business has been a long time in the making.

Before moving across the Atlantic, I worked at institutional financial service firms in the US, namely JP Morgan and Ares, where I was fortunate to have advised US pension plans on their investment strategy including allocation to private funds (e.g. VC, growth, and private equity), raised financing (including East and West Coast roadshows) for over 50 public companies that operate in a diverse range of industries, and invested in mature B2B Software businesses such as Keynote Systems.

Six years ago to this month, I left a comfortable life and followed my intuition in pursuit of an European adventure centred around the second wave of emerging technology entrepreneurship.

A thesis back then is a reality today

Global software companies such as Spotify (NYSE: SPOT, valued at $34BN), Adyen (AMS: ADYEN, $36BN), Zendesk (NYSE: ZEN, $10BN), Unity (private $6BN), Elastic (NYSE: ESTC, $7BN), Medallia (NYSE: MDLA, $4BN) were born in Europe during the last recession.

Unlike their predecessors, today’s generation of European startups no longer need to raise venture funding in the Valley and flip to a Delaware Corporation in the process.

Big and successful venture-backed businesses can be homegrown in Europe.

This pattern is validated by leading global VCs such as Sequoia and Lightspeed setting up offices in London and recruiting local investors to better access the next generation of global winners.

Further, services that support the European venture ecosystem, such as banking (e.g. Silicon Valley Bank) and law (e.g. Wilson Sonsini) have matured significantly in recent years.

European technology is here to stay and a force to be reckoned with on a global scale.

Pattern recognition

While investing in European B2B software startups at Columbia Lake Partners and Dawn Capital, I observed first-hand the rollercoaster journeys of these businesses in scaling to achieve global go-to market success. I experienced how incredibly challenging it is to lead a business to enable predictable growth across a continent that requires localization by region, while at the same time expand into a large, new market across the Atlantic with a fundamentally different culture (yes, even from Canada!) and longer history of buying outsourced software.

Businesses such as AlgomiAmplienceBitmovinBrightpearlClavis Insights (Ascential), Crate.ioConversocialFalcon.io (Cision/Platinum Equity), Global Savings GroupHoxHuntSefaira (Trimble), ShowpadTemplafy, and Pollen are unique, however they faced recurring challenges that time and again follow a similar pattern. The key ones being:

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