Daniel Khachab

But today I have to say, you know, a couple years into our journey, there's not enough capital. Okay. And yes, when we started Choco, that was 2018, there was no way to raise 20 million, even just 20 million euros in Germany. It just did not exist. That kind of funds that you could raise one, you could raise five, maybe 10, 20 just did not exist.

But today I have to say, you know, a couple years into our journey, there's not enough capital. Okay. And yes, when we started Choco, that was 2018, there was no way to raise 20 million, even just 20 million euros in Germany. It just did not exist. That kind of funds that you could raise one, you could raise five, maybe 10, 20 just did not exist.

But today I have to say, you know, a couple years into our journey, there's not enough capital. Okay. And yes, when we started Choco, that was 2018, there was no way to raise 20 million, even just 20 million euros in Germany. It just did not exist. That kind of funds that you could raise one, you could raise five, maybe 10, 20 just did not exist.

But what existed and what still exists today is five times a day a direct plane to London and two times a day a direct plane to JFK. And if you're willing to do a layover, you can get several times a day to San Francisco. And those funds in the US, in the UK, they are happy to invest in Germany as long as you're growing fast enough.

But what existed and what still exists today is five times a day a direct plane to London and two times a day a direct plane to JFK. And if you're willing to do a layover, you can get several times a day to San Francisco. And those funds in the US, in the UK, they are happy to invest in Germany as long as you're growing fast enough.

But what existed and what still exists today is five times a day a direct plane to London and two times a day a direct plane to JFK. And if you're willing to do a layover, you can get several times a day to San Francisco. And those funds in the US, in the UK, they are happy to invest in Germany as long as you're growing fast enough.

So to me, it's like, are we now going to hide away between, oh my God, we don't have enough domestic capital, or are we just going to say, fuck it, I want to build a great company and I'm going to get on the plane?

So to me, it's like, are we now going to hide away between, oh my God, we don't have enough domestic capital, or are we just going to say, fuck it, I want to build a great company and I'm going to get on the plane?

So to me, it's like, are we now going to hide away between, oh my God, we don't have enough domestic capital, or are we just going to say, fuck it, I want to build a great company and I'm going to get on the plane?

Yeah. So regulatory, look, there's certain heavily regulated industries and I don't know them very well, but I'm sure eventually they're at a disadvantage. But that doesn't hold, for example, for most of SaaS and also neither for most of marketplaces.

Yeah. So regulatory, look, there's certain heavily regulated industries and I don't know them very well, but I'm sure eventually they're at a disadvantage. But that doesn't hold, for example, for most of SaaS and also neither for most of marketplaces.

Yeah. So regulatory, look, there's certain heavily regulated industries and I don't know them very well, but I'm sure eventually they're at a disadvantage. But that doesn't hold, for example, for most of SaaS and also neither for most of marketplaces.

Hey, try to start a fintech in the US. You have, what, 52 different states and some of them need a different license as well.

Hey, try to start a fintech in the US. You have, what, 52 different states and some of them need a different license as well.

Hey, try to start a fintech in the US. You have, what, 52 different states and some of them need a different license as well.

Interesting argument. But you know what I thought is that, so for example, about Germany, many people complain about the notarization of everything. And then it's probably 20 to 30 hours of extra work for any funding round that you do. And I think it's unnecessary and it's a burden.

Interesting argument. But you know what I thought is that, so for example, about Germany, many people complain about the notarization of everything. And then it's probably 20 to 30 hours of extra work for any funding round that you do. And I think it's unnecessary and it's a burden.

Interesting argument. But you know what I thought is that, so for example, about Germany, many people complain about the notarization of everything. And then it's probably 20 to 30 hours of extra work for any funding round that you do. And I think it's unnecessary and it's a burden.

But I think, you know, Mark Zuckerberg, would he have said, oh, no, sorry, I can't build Facebook here because my lawyer has to do 20 to 30 hours of extra work to go to the notary? I'm like, fuck no, that guy would have found a way. Like Elon Musk built in Germany the home of car manufacturing right next to the capital, right next to Berlin airport, a factory to produce cars. He made that happen.

But I think, you know, Mark Zuckerberg, would he have said, oh, no, sorry, I can't build Facebook here because my lawyer has to do 20 to 30 hours of extra work to go to the notary? I'm like, fuck no, that guy would have found a way. Like Elon Musk built in Germany the home of car manufacturing right next to the capital, right next to Berlin airport, a factory to produce cars. He made that happen.