We come across unique and versatile people every day. Most of them, we forget by evening.
But then there are the ones who stick.
I kept meeting founders in Berlin coffee shops, in Zoom calls that ran long past midnight, in the margins of conferences and all of them having stories that stuck but they are not that viral as they should be.
The founder who Raised €8.6M for a Deeptech hardware company, in Greece, during an economic meltdown.
The woman who sent 200 cold emails, got ghosted by half of them, and still closed over $1M without a single warm intro.
The two non-technical guys building proptech from a kitchen table in Munich, getting rejected for years, until one family office bet on them. Today they're 25 people strong, growing 10%+ month-over-month.
These aren't unicorn stories.
They're not going to be case studies at Stanford.
But they're real.
So, I thought, Let’s highlight the stories and the narrative of people building great things.

And if you're raising right now, or about to, they matter more than any viral funding announcement.
Jessica's breakthrough came when she stopped trying to convince people who were never going to say yes.
Berlin-based female founder building Intriq, an AI platform automating up to 87% of manual consulting work. She had everything on paper except warm intros, so she sent 200 cold emails.
Most got ignored.
Some led to meetings where the energy shifted the moment she walked in, not because her deck was weak, but because the room had already decided.
"You learn quickly which investors see you as a founder, and which ones see you as a checkbox," she told me. She raised over $1M pre-seed, but not before learning that fundraising in the US and Europe are two entirely different sports, and if you're a woman in the room, sometimes they change the rules mid-game and don't tell you.
Jessica didn't let that stop her. She just started playing a different game, one where she controlled the narrative.

Then, I met Lars, who didn't even have a technical co-founder when he started DeepImmo.
Two non-technical guys in Munich building complex proptech from a kitchen table, eating instant noodles and getting told "Interesting idea. Not for us" for years.
Most founders would have quit or blamed investors.
But, he treated every rejection as free consulting, every "no" became data, every skeptical question became a feature prioritization meeting. Then they found one family office that thought in decades.
They raised multiple times from the same partner.
Today? A 24–25 person team growing north of 10% month-over-month, with features still in production that were hacked together at 2 a.m. in those early days.
I am not saying this because He is my School Buddy, but I can assure he didn’t get lucky. He became stubborn and refused to play a game He couldn't win and built his own board instead.
Then came a man, whose story shouldn't exist.
Hardware. Deeptech. Greece, where 10-year bonds were paying 18% when he started.
Not Silicon Valley. Not Berlin. Just Nick, a wild idea, and a country that had been economically carpet-bombed.
He put €1.2M of his own money into Brite Solar, not because he was rich, but because he was convinced. He stacked nearly €10M in grants to validate the tech before raising a single euro in equity. When he finally did raise, he closed €8.6M, becoming the first Greek company ever backed by the EIC Fund.
Today, Brite Solar operates in 15+ countries with a full manufacturing line built from scratch.
He won because he understood something most founders miss: investors don't fund ideas. They fund inevitability. And he made his company feel inevitable.
Different sectors. Different geographies. Different paths. But the same pattern.
None of them won because they had perfect decks or connections. They won because they understood who to raise from, when to raise, and why certain investors were a bad fit, even if the logo looked good.
They stopped auditioning for people who were never going to say yes. And they started building leverage with the people who actually saw them.
EU-INC is coming. This might be the first EU policy founders actually want to use... and I'm still not sure if I trust it.
Let me tell you what used to happen.
A French founder builds a SaaS company. Gets traction. Starts talking to US investors. The pitch goes well. Then someone asks: "So, where are you incorporated?"
"Paris."
Long pause.
"We'll need you to reincorporate in Delaware before we write the check."
That one sentence became the unofficial tax every European founder paid to play the global game. €30K–€50K in legal fees. Months of paperwork. A cap table that looks like a legal thriller. And the founder hadn't even raised yet.
That's the friction EU-INC is trying to kill.

If this works, the upside is real:
→ Incorporation drops from a €50K nightmare to a standardized process
→ Hiring across borders stops requiring a legal team in every country
→ Cap tables finally look clean enough that US investors don't flinch
From that angle, it's huge progress.
But let's stay sober.
EU-INC gives founders better infrastructure. But it doesn't fix the deeper problems:
Capital is still shallow. LP depth doesn't come from policy, it comes from risk culture and returns. European pension funds treat VC like a rounding error. American ones treat it as core strategy.
Taxes and labor laws are still national. Equity compensation in France vs Estonia? Completely different. Try explaining to a Danish engineer why their RSUs are taxed at grant instead of exit.
Culture still plays defense. Founders hesitate. Investors hesitate. That's Europe's loop. We optimize for "not losing" instead of "winning big."
So here's where I land: cautiously optimistic.
If US acquirers start accepting EU-INC in M&A without demanding Delaware flips... if institutional VCs begin writing Series B checks into it without hesitation... if European exchanges recognize it for IPOs... then this matters.
Until then, it's potential, not impact.
But here's what's different:
For once, Europe built something for founders, not around them.
If EU-INC works, it won't just change incorporation. It'll signal that Europe is finally ready to compete on the terms that matter, not by building better protections, but by building better launchers.
Before you go.
I know fundraising can feel isolating.
You're expected to be confident while questioning everything. Optimistic while managing risk. Certain while operating with incomplete information.
If this newsletter does one thing, I hope it reminds you: None of this is strange. And none of it means you're failing.
I'm learning alongside you, through conversations with founders, investors, and operators still very much in the arena.
If you want to hear from me more often, reply to this email. Tell me what you're building, what you're struggling with, or what you want covered next. I read every response.
And if this resonated, share it with someone you actually care about. A founder raising quietly. An investor who wants to understand what founders are really up against. Someone you want to see win.
Until next time,
I'm rooting for you.
— Niclas Schlopsna
Partner, spectup

