This year has so far been somewhat surprising on the VC hiring front, with many funds still looking to add investors to their team.

The background of these funds are robust platforms, pre-seed to seed as their primary investment strategy with a good history of exits. Growth funds have been much more quiet but the nature of seed investing is to our minds “market neutral”. If only 19% of companies get to Series A in Europe as the statistics suggest, then the low probability of a seed-stage company becoming successful means that regardless of what is happening in the public markets, VCs must continue to invest.

The tougher environment will ensure that only the truly phenomenal founders survive. We should expect to see some of the most exciting companies for the next decade and beyond being created during this time.

After speaking to one Head of Talent at a top-tier multi-billion dollar VC a couple of weeks back, she mentioned that in her four years with the firm they have never stopped hiring associates. Associate hiring will never slow down, for the good ones are too hard to come by. When they do get hired by top-tier funds, they then raise the bar for the next batch to come on board. What we are seeing now is more of a focus at the associate level on the need for a computer science or technology-focused background. Being a superstar consultant or investment banker will hold you in great stead but if you can marry an authentic curiosity for technology trends with a passion for business models, there should not be a short supply of funds looking to hire you.

European VCs are continuing to build on the platform side too. LocalGlobe recently hired a Head of Talent from Meta, who also completed stints at Gousto and Neuralink on the West Coast. Atomico has hired a Go-To- Market operating partner in the form of Thibaut Ceyrolle, who was Snowflake’s first employee in Europe. It is an interesting time for the industry where funds such as Hoxton, 83North, Point Nine stick to a lean structure, predominantly Partner only, and firms such as Atomico, EQT Ventures and LocalGlobe really build out across their platform and positions that directly support their portfolio. It’s not an exact science, it’s the Benchmark school of thought vs. Andreesen, both have had phenomenal returns but approach the industry in a different way.

We imagine founders will want both types of funds on their cap table. It’s more a matter of scale than anything. If we see European institutional LPs allocate more than the sub 1% currently to venture capital over the next 10-15 years, we are sure to see more platform and portfolio value creation hiring across the industry.

Armstrong International

Armstrong International is a financial services focused executive search firm. Founded in 1989, the firm built it’s reputation hiring for Goldman Sachs and SG Warburg throughout the 90s before broadening into areas such as Hedge Funds, Infrastructure, Real Estate and Private Equity. Hugh leads the VC team focused on hiring investment and platform professionals for VC funds across Europe.

Where The VC Markets Are Building Their Teams

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