sifted.eu Open in urlscan Pro
2606:4700:20::681a:b1a  Public Scan

Submitted URL: https://link.mail.beehiiv.com/ls/click?upn=u001.MsaCUCS0pcui-2BG6OQgSt3l340uM8dvuO0JXvViRLZBjDIbwodINXug30NRytwxcYJ-2Bicm2wlaZ...
Effective URL: https://sifted.eu/articles/quality-startups-funding-vc?utm_source=readingunicorns.beehiiv.com&utm_medium=newslette...
Submission: On August 12 via manual from IN — Scanned from DE

Form analysis 6 forms found in the DOM

<form>
  <fieldset>
    <legend class="visuallyhidden">Consent Selection</legend>
    <div id="CybotCookiebotDialogBodyFieldsetInnerContainer">
      <div class="CybotCookiebotDialogBodyLevelButtonWrapper"><label class="CybotCookiebotDialogBodyLevelButtonLabel" for="CybotCookiebotDialogBodyLevelButtonNecessary"><strong class="CybotCookiebotDialogBodyLevelButtonDescription">Necessary
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        <div class="CybotCookiebotDialogBodyLevelButtonSliderWrapper CybotCookiebotDialogBodyLevelButtonSliderWrapperDisabled"><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonNecessary"
            class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelButtonDisabled" disabled="disabled" checked="checked"> <span class="CybotCookiebotDialogBodyLevelButtonSlider"></span></div>
      </div>
      <div class="CybotCookiebotDialogBodyLevelButtonWrapper"><label class="CybotCookiebotDialogBodyLevelButtonLabel" for="CybotCookiebotDialogBodyLevelButtonPreferences"><strong class="CybotCookiebotDialogBodyLevelButtonDescription">Preferences
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        <div class="CybotCookiebotDialogBodyLevelButtonSliderWrapper"><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonPreferences" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox"
            data-target="CybotCookiebotDialogBodyLevelButtonPreferencesInline" checked="checked" tabindex="0"> <span class="CybotCookiebotDialogBodyLevelButtonSlider"></span></div>
      </div>
      <div class="CybotCookiebotDialogBodyLevelButtonWrapper"><label class="CybotCookiebotDialogBodyLevelButtonLabel" for="CybotCookiebotDialogBodyLevelButtonStatistics"><strong class="CybotCookiebotDialogBodyLevelButtonDescription">Statistics
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        <div class="CybotCookiebotDialogBodyLevelButtonSliderWrapper"><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonStatistics" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox"
            data-target="CybotCookiebotDialogBodyLevelButtonStatisticsInline" checked="checked" tabindex="0"> <span class="CybotCookiebotDialogBodyLevelButtonSlider"></span></div>
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      <div class="CybotCookiebotDialogBodyLevelButtonWrapper"><label class="CybotCookiebotDialogBodyLevelButtonLabel" for="CybotCookiebotDialogBodyLevelButtonMarketing"><strong class="CybotCookiebotDialogBodyLevelButtonDescription">Marketing
          </strong></label>
        <div class="CybotCookiebotDialogBodyLevelButtonSliderWrapper"><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonMarketing" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox"
            data-target="CybotCookiebotDialogBodyLevelButtonMarketingInline" checked="checked" tabindex="0"> <span class="CybotCookiebotDialogBodyLevelButtonSlider"></span></div>
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</form>

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonNecessaryInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelButtonDisabled" disabled="disabled" checked="checked"> <span
    class="CybotCookiebotDialogBodyLevelButtonSlider"></span></form>

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonPreferencesInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonPreferences"
    checked="checked" tabindex="0"> <span class="CybotCookiebotDialogBodyLevelButtonSlider"></span></form>

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonStatisticsInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonStatistics"
    checked="checked" tabindex="0"> <span class="CybotCookiebotDialogBodyLevelButtonSlider"></span></form>

<form><input type="checkbox" id="CybotCookiebotDialogBodyLevelButtonMarketingInline" class="CybotCookiebotDialogBodyLevelButton CybotCookiebotDialogBodyLevelConsentCheckbox" data-target="CybotCookiebotDialogBodyLevelButtonMarketing" checked="checked"
    tabindex="0"> <span class="CybotCookiebotDialogBodyLevelButtonSlider"></span></form>

<form class="CybotCookiebotDialogBodyLevelButtonSliderWrapper"><input type="checkbox" id="CybotCookiebotDialogBodyContentCheckboxPersonalInformation" class="CybotCookiebotDialogBodyLevelButton"> <span
    class="CybotCookiebotDialogBodyLevelButtonSlider"></span></form>

Text Content

Powered by Cookiebot
 * Consent
 * Details
 * [#IABV2SETTINGS#]
 * About


THIS WEBSITE USES COOKIES

We use cookies to personalise content and ads, to provide social media features
and to analyse our traffic. We also share information about your use of our site
with our social media, advertising and analytics partners who may combine it
with other information that you’ve provided to them or that they’ve collected
from your use of their services.

Consent Selection
Necessary

Preferences

Statistics

Marketing

Show details
 * Necessary 73
   
   Necessary cookies help make a website usable by enabling basic functions like
   page navigation and access to secure areas of the website. The website cannot
   function properly without these cookies.
    * Airtable
      6
      Learn more about this provider
      __Host-airtable-sessionContains a specific ID for the current session.
      This is necessary for running the website correctly.
      Expiry: 1 yearType: HTTP Cookie
      __Host-airtable-session.sigContains a specific ID for the current session.
      This is necessary for running the website correctly.
      Expiry: 1 yearType: HTTP Cookie
      AWSALBRegisters which server-cluster is serving the visitor. This is used
      in context with load balancing, in order to optimize user experience.
      Expiry: 7 daysType: HTTP Cookie
      AWSALBCORSRegisters which server-cluster is serving the visitor. This is
      used in context with load balancing, in order to optimize user experience.
      Expiry: 7 daysType: HTTP Cookie
      brwDetects and logs potential errors on third-party provided functions on
      the website.
      Expiry: 1 yearType: HTTP Cookie
      login-status-pThis cookie is necessary for the login function on the
      website.
      Expiry: SessionType: HTTP Cookie
    * Albumizr
      1
      Learn more about this provider
      PHPSESSIDPreserves user session state across page requests.
      Expiry: SessionType: HTTP Cookie
    * Canva
      5
      Learn more about this provider
      cf_clearanceThis cookie is used to distinguish between humans and bots.
      Expiry: 1 yearType: HTTP Cookie
      ASIThe cookie is necessary for secure log-in and the detection of any spam
      or abuse of the website.
      Expiry: SessionType: HTTP Cookie
      CCKThe cookie is necessary for secure log-in and the detection of any spam
      or abuse of the website.
      Expiry: 1 dayType: HTTP Cookie
      CDIThe cookie is necessary for secure log-in and the detection of any spam
      or abuse of the website.
      Expiry: 1 yearType: HTTP Cookie
      CPANecessary for the website security.
      Expiry: 1 dayType: HTTP Cookie
    * Cookiebot
      3
      Learn more about this provider
      1.gifUsed to count the number of sessions to the website, necessary for
      optimizing CMP product delivery.
      Expiry: SessionType: Pixel Tracker
      CookieConsent [x2]Stores the user's cookie consent state for the current
      domain
      Expiry: 1 yearType: HTTP Cookie
    * Google
      4
      Learn more about this provider
      
      Some of the data collected by this provider is for the purposes of
      personalization and measuring advertising effectiveness.
      
      test_cookieUsed to check if the user's browser supports cookies.
      Expiry: 1 dayType: HTTP Cookie
      rc::eThis cookie is used to distinguish between humans and bots.
      Expiry: SessionType: HTML Local Storage
      rc::hThis cookie is used to distinguish between humans and bots.
      Expiry: PersistentType: HTML Local Storage
      docs/common/netcheck.gifNecessary for the general functionality of the
      website.
      Expiry: SessionType: Pixel Tracker
    * Instagram
      1
      Learn more about this provider
      csrftokenHelps prevent Cross-Site Request Forgery (CSRF) attacks.
      Expiry: 1 yearType: HTTP Cookie
    * LinkedIn
      3
      Learn more about this provider
      bcookiePending
      Expiry: 1 yearType: HTTP Cookie
      li_gcPending
      Expiry: 180 daysType: HTTP Cookie
      bscookieThis cookie is used to identify the visitor through an
      application. This allows the visitor to login to a website through their
      LinkedIn application for example.
      Expiry: 1 yearType: HTTP Cookie
    * Piano
      3
      Learn more about this provider
      AWSELBUsed to distribute traffic to the website on several servers in
      order to optimise response times.
      Expiry: SessionType: HTTP Cookie
      AWSELBCORSRegisters which server-cluster is serving the visitor. This is
      used in context with load balancing, in order to optimize user experience.
      Expiry: 1 dayType: HTTP Cookie
      ch_sidThis cookie is necessary for the login function on the website.
      Expiry: 1 dayType: HTTP Cookie
    * Stripe
      3
      Learn more about this provider
      __stripe_midThis cookie is necessary for making credit card transactions
      on the website. The service is provided by Stripe.com which allows online
      transactions without storing any credit card information.
      Expiry: 1 yearType: HTTP Cookie
      __stripe_sidThis cookie is necessary for making credit card transactions
      on the website. The service is provided by Stripe.com which allows online
      transactions without storing any credit card information.
      Expiry: 1 dayType: HTTP Cookie
      mDetermines the device used to access the website. This allows the website
      to be formatted accordingly.
      Expiry: 400 daysType: HTTP Cookie
    * Typeform
      5
      Learn more about this provider
      #.#-#-#-#-#.ackUsed to contain user’s survey and quiz answers in Local
      Storage.
      Expiry: PersistentType: HTML Local Storage
      #.#-#-#-#-#.inProgressUsed to contain user’s survey and quiz answers in
      Local Storage.
      Expiry: PersistentType: HTML Local Storage
      #.#-#-#-#-#.queueUsed to contain user’s survey and quiz answers in Local
      Storage.
      Expiry: PersistentType: HTML Local Storage
      #.#-#-#-#-#.reclaimEndUsed to contain user’s survey and quiz answers in
      Local Storage.
      Expiry: PersistentType: HTML Local Storage
      #.#-#-#-#-#.reclaimStartUsed to contain user’s survey and quiz answers in
      Local Storage.
      Expiry: PersistentType: HTML Local Storage
    * YouTube
      1
      Learn more about this provider
      GPSUsed to determine whether the user is logged in on a YouTube account,
      when watching embedded videos.
      Expiry: 1 dayType: HTTP Cookie
    * airtable.com
      embed.typeform.com
      
      2
      AWSALBTG [x2]Registers which server-cluster is serving the visitor. This
      is used in context with load balancing, in order to optimize user
      experience.
      Expiry: 7 daysType: HTTP Cookie
    * airtable.com
      typeform.com
      
      2
      AWSALBTGCORS [x2]Registers which server-cluster is serving the visitor.
      This is used in context with load balancing, in order to optimize user
      experience.
      Expiry: 7 daysType: HTTP Cookie
    * blog.orderchamp.com
      canva.com
      
      2
      __cfruid [x2]This cookie is a part of the services provided by Cloudflare
      - Including load-balancing, deliverance of website content and serving DNS
      connection for website operators.
      Expiry: SessionType: HTTP Cookie
    * blog.orderchamp.com
      canva.com
      glassdoor.com
      hsforms.com
      piano.io
      vimeo.com
      wearetechwomen.com
      
      9
      __cf_bm [x9]This cookie is used to distinguish between humans and bots.
      This is beneficial for the website, in order to make valid reports on the
      use of their website.
      Expiry: 1 dayType: HTTP Cookie
    * canva.com
      glassdoor.com
      hsforms.com
      medium.com
      prima.it
      vimeo.com
      
      7
      _cfuvid [x7]This cookie is a part of the services provided by Cloudflare -
      Including load-balancing, deliverance of website content and serving DNS
      connection for website operators.
      Expiry: SessionType: HTTP Cookie
    * cdn.cxense.com
      cdn.tinypass.com
      
      5
      _cookie_test [x5]This cookie determines whether the browser accepts
      cookies.
      Expiry: 1 dayType: HTTP Cookie
    * m.stripe.com
      3
      Learn more about this provider
      _abThis cookie is necessary for making credit card transactions on the
      website. The service is provided by Stripe.com which allows online
      transactions without storing any credit card information.
      Expiry: SessionType: HTML Local Storage
      _mfThis cookie is necessary for making credit card transactions on the
      website. The service is provided by Stripe.com which allows online
      transactions without storing any credit card information.
      Expiry: SessionType: HTML Local Storage
      idPending
      Expiry: SessionType: HTML Local Storage
    * nr-data.net
      summit.sifted.eu
      tinypass.com
      www.linkedin.com
      
      4
      JSESSIONID [x4]Preserves users states across page requests.
      Expiry: SessionType: HTTP Cookie
    * pitch.com
      1
      unleash:repository:repoUsed to determine whether the cache function should
      be running. This process is called dynamic caching and is used to optimize
      website speed.
      Expiry: PersistentType: HTML Local Storage
    * www.exentriq.com
      1
      SameSiteEnsures visitor browsing-security by preventing cross-site request
      forgery. This cookie is essential for the security of the website and
      visitor.
      Expiry: SessionType: HTTP Cookie
    * www.insoore.com
      2
      ARRAffinityUsed to distribute traffic to the website on several servers in
      order to optimise response times.
      Expiry: SessionType: HTTP Cookie
      ARRAffinitySameSiteUsed to distribute traffic to the website on several
      servers in order to optimise response times.
      Expiry: SessionType: HTTP Cookie

 * Preferences 13
   
   Preference cookies enable a website to remember information that changes the
   way the website behaves or looks, like your preferred language or the region
   that you are in.
    * Airtable
      1
      Learn more about this provider
      internal/page_viewStores data entered with a form so that when you return
      to the website you don't have to fill in the data again.
      Expiry: SessionType: Pixel Tracker
    * LinkedIn
      3
      Learn more about this provider
      langNecessary for maintaining language-settings across subpages on the
      website.
      Expiry: SessionType: HTTP Cookie
      lidcPending
      Expiry: 1 dayType: HTTP Cookie
      li_alertsUsed to determine when and where certain pop-ups on the website
      should be presented for the user and remember whether the user has closed
      these, to keep them from showing multiple times.
      Expiry: 1 yearType: HTTP Cookie
    * Piano Software
      3
      Learn more about this provider
      LANGRemembers the user's selected language version of a website
      Expiry: 1500 daysType: HTTP Cookie
      LANG_CHANGEDNecessary for maintaining language-settings across subpages on
      the website.
      Expiry: 1 dayType: HTTP Cookie
      weird_get_top_level_domainThe cookie determines the preferred language and
      country-setting of the visitor - This allows the website to show content
      most relevant to that region and language.
      Expiry: SessionType: HTTP Cookie
    * Typeform
      2
      Learn more about this provider
      tf_random_idUsed to implement forms on the website.
      Expiry: PersistentType: HTML Local Storage
      tf_respondent_ccUsed to implement forms on the website.
      Expiry: 6 monthsType: HTTP Cookie
    * datawrapper.dwcdn.net
      1
      #/datawrapper.gifCounts the total number of views for embedded
      visualizations.
      Expiry: SessionType: Pixel Tracker
    * m.stripe.com
      1
      Learn more about this provider
      1This cookie is used in conjunction with the payment window - The cookie
      is necessary for making secure transactions on the website.
      Expiry: SessionType: HTML Local Storage
    * summit.sifted.eu
      2
      CFTOKENThis cookie is used to determine which type of device the visitor
      is using, so the website can be properly formatted - This information is
      stored in the "CFID" cookie.
      Expiry: 30 daysType: HTTP Cookie
      DEFAULTLOCALEThis cookie is used to determine what country the visitor
      comes from - This allows the website to set the language accordingly, if
      possible. The information can be determined through the visitor’s
      IP-address.
      Expiry: SessionType: HTTP Cookie

 * Statistics 33
   
   Statistic cookies help website owners to understand how visitors interact
   with websites by collecting and reporting information anonymously.
    * ASP
      2
      Learn more about this provider
      _pk_id#Collects statistics on the user's visits to the website, such as
      the number of visits, average time spent on the website and what pages
      have been read.
      Expiry: 1 yearType: HTTP Cookie
      _pk_ses#Used by Piwik Analytics Platform to track page requests from the
      visitor during the session.
      Expiry: 1 dayType: HTTP Cookie
    * Apple
      1
      Learn more about this provider
      geoSaves the user's current geographical location based on the user's IP
      address.
      Expiry: SessionType: HTTP Cookie
    * Canva
      3
      Learn more about this provider
      dv_last_interactionStores data on the time spent on the website and its
      sub-pages, during the current session.
      Expiry: PersistentType: HTML Local Storage
      analytics_event_v2#analytics_event_metadataAllows queries from third-party
      database for implementation of visual content.
      Expiry: PersistentType: IndexedDB
      analytics_event_v2#analytics_event_v2Allows queries from third-party
      database for implementation of visual content.
      Expiry: PersistentType: IndexedDB
    * Cxense
      1
      Learn more about this provider
      _ls_ttlContains the expiry date for other cookies.
      Expiry: PersistentType: HTML Local Storage
    * Hubspot
      4
      Learn more about this provider
      __hsscIdentifies if the cookie data needs to be updated in the visitor's
      browser.
      Expiry: 1 dayType: HTTP Cookie
      __hssrcUsed to recognise the visitor's browser upon reentry on the
      website.
      Expiry: SessionType: HTTP Cookie
      __hstcSets a unique ID for the session. This allows the website to obtain
      data on visitor behaviour for statistical purposes.
      Expiry: 180 daysType: HTTP Cookie
      hubspotutkSets a unique ID for the session. This allows the website to
      obtain data on visitor behaviour for statistical purposes.
      Expiry: 180 daysType: HTTP Cookie
    * Linkedin
      1
      Learn more about this provider
      browser_idUsed to recognise the visitor's browser upon reentry on the
      website.
      Expiry: 5 yearsType: HTTP Cookie
    * Piano
      1
      Learn more about this provider
      _pcidRegisters statistical data on users' behaviour on the website. Used
      for internal analytics by the website operator.
      Expiry: 13 monthsType: HTTP Cookie
    * Twitter Inc.
      1
      Learn more about this provider
      personalization_idThis cookie is set by Twitter - The cookie allows the
      visitor to share content from the website onto their Twitter profile.
      Expiry: 400 daysType: HTTP Cookie
    * Typeform
      6
      Learn more about this provider
      rl_anonymous_idRegisters statistical data on users' behaviour on the
      website. Used for internal analytics by the website operator.
      Expiry: PersistentType: HTML Local Storage
      rl_group_idRegisters statistical data on users' behaviour on the website.
      Used for internal analytics by the website operator.
      Expiry: PersistentType: HTML Local Storage
      rl_group_traitRegisters statistical data on users' behaviour on the
      website. Used for internal analytics by the website operator.
      Expiry: PersistentType: HTML Local Storage
      rl_traitRegisters statistical data on users' behaviour on the website.
      Used for internal analytics by the website operator.
      Expiry: PersistentType: HTML Local Storage
      rl_user_idRegisters statistical data on users' behaviour on the website.
      Used for internal analytics by the website operator.
      Expiry: PersistentType: HTML Local Storage
      tracking_session_idDetermines when the visitor last visited the different
      subpages on the website, as well as sets a timestamp for when the session
      started.
      Expiry: 1 dayType: HTTP Cookie
    * Vimeo
      1
      Learn more about this provider
      vuidCollects data on the user's visits to the website, such as which pages
      have been read.
      Expiry: 2 yearsType: HTTP Cookie
    * cdn.cxense.com
      cdn.tinypass.com
      
      2
      _pctx [x2]Registers statistical data on users' behaviour on the website.
      Used for internal analytics by the website operator.
      Expiry: 13 monthsType: HTTP Cookie
    * metamanager.io
      2
      _hjSession_#Collects statistics on the visitor's visits to the website,
      such as the number of visits, average time spent on the website and what
      pages have been read.
      Expiry: SessionType: HTTP Cookie
      _hjSessionUser_#Collects statistics on the visitor's visits to the
      website, such as the number of visits, average time spent on the website
      and what pages have been read.
      Expiry: SessionType: HTTP Cookie
    * open.spotify.com
      sifted.eu
      
      2
      sentryReplaySession [x2]Registers data on visitors' website-behaviour.
      This is used for internal analysis and website optimization.
      Expiry: SessionType: HTML Local Storage
    * pitch.com
      1
      unleash:repository:sessionIdUsed in connection with phased release which
      allows the website owner to assign a certain number of users to a specific
      version of the website.
      Expiry: PersistentType: HTML Local Storage
    * pitch.com
      sifted.eu
      form.typeform.com
      
      3
      dd_cookie_test_# [x3]Registers data on visitors' website-behaviour. This
      is used for internal analysis and website optimization.
      Expiry: SessionType: HTTP Cookie
    * sifted.eu
      1
      _dd_sRegisters the website's speed and performance. This function can be
      used in context with statistics and load-balancing.
      Expiry: 1 dayType: HTTP Cookie
    * summit.sifted.eu
      1
      CFIDThis cookie is used in context with the "Cftoken" cookie. The cookie
      stores a specific ID for the visitor and the visitor's device and browser.
      Expiry: 30 daysType: HTTP Cookie

 * Marketing 91
   
   Marketing cookies are used to track visitors across websites. The intention
   is to display ads that are relevant and engaging for the individual user and
   thereby more valuable for publishers and third party advertisers.
    * Meta Platforms, Inc.
      3
      Learn more about this provider
      lastExternalReferrerDetects how the user reached the website by
      registering their last URL-address.
      Expiry: PersistentType: HTML Local Storage
      lastExternalReferrerTimeDetects how the user reached the website by
      registering their last URL-address.
      Expiry: PersistentType: HTML Local Storage
      _fbpUsed by Facebook to deliver a series of advertisement products such as
      real time bidding from third party advertisers.
      Expiry: 3 monthsType: HTTP Cookie
    * ASP
      1
      Learn more about this provider
      piwik.phpSets a unique ID for the visitor, that allows third party
      advertisers to target the visitor with relevant advertisement. This
      pairing service is provided by third party advertisement hubs, which
      facilitates real-time bidding for advertisers.
      Expiry: SessionType: Pixel Tracker
    * Cxense
      8
      Learn more about this provider
      _cX_atfrCollects information on user behaviour on multiple websites. This
      information is used in order to optimize the relevance of advertisement on
      the website.
      Expiry: PersistentType: HTML Local Storage
      _cX_lastP1TimeCollects information on user behaviour on multiple websites.
      This information is used in order to optimize the relevance of
      advertisement on the website.
      Expiry: PersistentType: HTML Local Storage
      _cX_lstCollects information on user behaviour on multiple websites. This
      information is used in order to optimize the relevance of advertisement on
      the website.
      Expiry: PersistentType: HTML Local Storage
      _cX_SCollects information on user behaviour on multiple websites. This
      information is used in order to optimize the relevance of advertisement on
      the website.
      Expiry: SessionType: HTML Local Storage
      Repo/rep.gifCollects data on user behaviour and interaction in order to
      optimize the website and make advertisement on the website more relevant.
      Expiry: SessionType: Pixel Tracker
      gckpRegisters a unique ID that identifies a returning user's device. The
      ID is used for targeted ads.
      Expiry: 1 yearType: HTTP Cookie
      cX_GCollects information on user behaviour on multiple websites. This
      information is used in order to optimize the relevance of advertisement on
      the website.
      Expiry: 13 monthsType: HTTP Cookie
      cX_PRegisters a unique ID that identifies a returning user's device. The
      ID is used for targeted ads.
      Expiry: 13 monthsType: HTTP Cookie
    * Giphy Support
      1
      Learn more about this provider
      giphyPingbackIdUsed to track the visitor's usage of GIFs - This serves for
      analytical and marketing purposes.
      Expiry: SessionType: HTML Local Storage
    * Google
      17
      Learn more about this provider
      
      Some of the data collected by this provider is for the purposes of
      personalization and measuring advertising effectiveness.
      
      __Host-GAPSCollects data on the user's visits to the website, such as the
      number of visits, average time spent on the website and what pages have
      been loaded with the purpose of generating reports for optimising the
      website content.
      Expiry: 2 yearsType: HTTP Cookie
      GFE_RTTUsed to implement the content through Google Docs.
      Expiry: SessionType: HTTP Cookie
      punchv-e-fUsed to implement the content through Google Docs.
      Expiry: PersistentType: HTML Local Storage
      punchv-e-nUsed to implement the content through Google Docs.
      Expiry: PersistentType: HTML Local Storage
      punchv-e-vUsed to implement the content through Google Docs.
      Expiry: PersistentType: HTML Local Storage
      IDEUsed by Google DoubleClick to register and report the website user's
      actions after viewing or clicking one of the advertiser's ads with the
      purpose of measuring the efficacy of an ad and to present targeted ads to
      the user.
      Expiry: 400 daysType: HTTP Cookie
      pagead/landingCollects data on visitor behaviour from multiple websites,
      in order to present more relevant advertisement - This also allows the
      website to limit the number of times that they are shown the same
      advertisement.
      Expiry: SessionType: Pixel Tracker
      receive-cookie-deprecationCollects information on user behaviour on
      multiple websites. This information is used in order to optimize the
      relevance of advertisement on the website.
      Expiry: 180 daysType: HTTP Cookie
      NIDPending
      Expiry: 6 monthsType: HTTP Cookie
      pagead/1p-user-list/#Tracks if the user has shown interest in specific
      products or events across multiple websites and detects how the user
      navigates between sites. This is used for measurement of advertisement
      efforts and facilitates payment of referral-fees between websites.
      Expiry: SessionType: Pixel Tracker
      collectUsed to send data to Google Analytics about the visitor's device
      and behavior. Tracks the visitor across devices and marketing channels.
      Expiry: SessionType: Pixel Tracker
      pagead/gen_204Collects data on visitor behaviour from multiple websites,
      in order to present more relevant advertisement - This also allows the
      website to limit the number of times that they are shown the same
      advertisement.
      Expiry: SessionType: Pixel Tracker
      pcs/activeviewUsed by DoubleClick to determine whether website
      advertisement has been properly displayed - This is done to make their
      marketing efforts more efficient.
      Expiry: SessionType: Pixel Tracker
      pcs/viewPending
      Expiry: SessionType: Pixel Tracker
      csiCollects data on visitors' preferences and behaviour on the website -
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Analysis

August 2, 2024


IS VC’S ‘FLIGHT TO QUALITY’ A GOOD THING?


VCS ARE PILING INTO 'QUALITY' COMPANIES — AND IT'S CREATING A NEW CHALLENGE IN
THE MARKET

Anne Sraders

4 min read

A version of this article first appeared in Sifted’s Daily newsletter, sign up
here.

In 2021, investors ploughed a record $675bn into startups globally, double the
haul of the year before. Many companies didn’t need revenue, or customers, or
perhaps even a clear business model, to attract eye-watering amounts of capital.
In hindsight, it was clearly a bubble.

In 2024, VCs with large funds and impatient LPs might be creating a different
kind of challenge for the ecosystem. I’m talking about the ‘flight to quality’ —
the big cheques being written for, and big valuations being awarded to, a select
few ‘quality’, often growth-stage, startups. The concentration of capital in
these companies puts extra pressure on them to succeed, and could potentially
limit future exit opportunities should they not deliver.

‘Quality’ startups are those with really strong founding teams, solid business
models and, often, some (or a lot of) revenue traction. These days, one VC
recently told me, investors still have a lot of capital to deploy, but are wary
of investing in anything but startups that tick those boxes. That means that
when there is a hot deal of a quality company, they go big and pile in.

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Some recent examples: defence tech startup Helsing, which raised €209m just last
September, secured another €450m at a reported €4.95bn valuation last month.
Mistral, the Paris-based OpenAI challenger, raised a whopping €468m equity round
in June after having just raised €385m in December. UK neobank Monzo raised
$610m at a now-$5.2bn valuation across two funding rounds earlier this year.

“There's not a lot of Helsing-like companies in the world, and if VCs have
capital to deploy, they're probably going to chase those few ones. You see the
same thing with DeepL, right? This was also a very competitive round,” says
Andreas Goeldi, partner at b2venture and an investor in AI language startup
DeepL, which raised a $300m round in May.

Of course, it helps that many of the above businesses are also in the AI sector
— and likely saw their valuations get an extra bump as a result.


LP PRESSURE

A key undercurrent to all of this is that VC firms have managed to raise large
sums for their own coffers in recent years: European funds raised a record
$28.9bn in 2022, according to Dealroom data — and need to deploy that capital.
“There's also, frankly, probably some LP pressure, because some funds maybe
raised a large fund in 2022 and [didn't do much investment] in 2023. LPs are
also saying, 'Well, why are we paying management fees if you don't invest'?”
says Christian Saller, general partner at German VC HV Capital.


VALUATIONS ARE INCREASING

The market has recently grown more concentrated in hot areas like software, AI
and robotics, suggests Saller — and valuations are quickly rising again. “What
you're seeing in strong SaaS companies, AI companies, is valuations are 15x to
20x [annual recurring revenue], which is significantly higher than it was in
2023 and it's also higher than what you see in the public markets,” he says,
adding that it is still below 2021’s high water mark. “I wouldn't say it's crazy
valuations,” but they’ve “come up again quite a bit.”

“Funds are still relatively disciplined” about price tags, Saller says, but
“there’s no real value deals anymore.”

The median size of European Series B and C deals increased nearly 15% and 2%,
respectively, from 2023 through the end of May this year, according to PitchBook
data provided to Sifted. The median pre-money valuations for Series B and C
deals, meanwhile, increased 23% and nearly 10%, respectively, over the same
period. The median valuations are also higher than pre-Covid days.

Making big bets is, after all, the name of the VC game: when you see these
supposed once-in-a-generation companies, it makes sense not to be stingy. But
will this concentration of capital put these companies in a tricky spot when
they go on to try and raise at a premium in their next round — or look for an
exit?

“It will all depend on how exit markets are going to shape up,” notes Goeldi.
“If and when the IPO market comes back, then all these high valuations will
probably make sense, because these are tremendously successful companies that
certainly will see a lot of traction in public markets. But right now it's hard
to predict when that's going to happen.”

VCs, I’d love to get your take: do you think these quality startups are getting
valued a little too highly? Or are they making enough money to justify the price
tags? How competitive are these rounds, and how is that impacting the
valuations? Are you feeling pressure from your LPs to invest more this year? I’m
all ears.

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Anne Sraders

Anne Sraders is a senior reporter based in Berlin. She writes the Daily
newsletter, which you can sign up to here. Follow her on X and LinkedIn

# Venture Capital# Daily Big Story

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