James McHugh

But I don't think that's a reason to close it down.

I think it's there, it exists, and we should embrace that stuff and use it and learn from it.

Correct.

I've got something there for you, which I think is really important.

So we just saw the Series C at u.com.

So u.com is run by a German guy, CEO, brilliant guy, ex-Berkeley professor.

They just raised $100 million at a $1.4 billion valuation.

They have 20 million revenue in 2025 with the ambition of going to 60, 70 million revenue in 26.

Their technology is really good.

I have seen a similar business in Europe run by two or three guys that don't want to fundraise so they can stay in majority control of the company.

They will lose.

The guys with 100 million in the bank that can accelerate their growth, Richard and his team, will win.

I think that that's one of the fundamental differences that I see between the US and Europe.

I'll give you another great example.

So we're working very closely with N8N, a company that I think is a brilliant company out of Germany.

They have just raised, again, they've just raised, I want to say it's about a hundred million bucks, but it's on a 2.4 billion valuation, but they've raised from Sequoia in the US.

I believe it's Sequoia.

50 plus percent of their growth, even though they're a German company, 50 plus percent of their growth is coming from the US.

So the customer's take up of technology is faster.

The capacity to put money into companies that are scaling is faster.