Episode Details

European AI startups are raising billion-dollar rounds, while defence and deep tech companies are attracting far larger rounds than the market was seeing a few years ago.

Alex McCracken is Head of Venture Capital Relationships, EMEA at J.P. Morgan, where he is seeing US investors move into Europe earlier and more technical AI founders raise capital across the market.

The Scaling Europe show is presented by Deel. Check them out here:

https://get.deel.com/ruynb7o4lfjk

Sponsors:

Mishcon: https://www.mishcon.com/pop-ups/scaling-europe

Chargebee: https://www.chargebee.com/events/beelieve/london/2026

SurrealDB: https://surrealdb.com/

Airwallex: https://www.airwallex.com/uk?utm_source=other&utm_medium=partner_referral&utm_campaign=v01_emea_multi_ib_dg_prtmk_mofu_scalingeurope

Timestamps:

0:00 - Introduction

0:16 - The biggest shifts in European venture

0:48 - Billion-dollar AI seed rounds

2:45 - Why mega rounds are increasing in Europe

3:55 - The impact of large AI rounds

5:37 - Where capital is flowing in deep tech

6:43 - Defence, space and European resilience

8:20 - Why defence investment is accelerating

9:49 - The rise of US investors in Europe

12:25 - How European VCs are adapting

14:43 - Growth at all costs vs sustainable growth

18:24 - New financing structures for deep tech