The Index Ventures Playbook to win in the US from Europe 🌍🇺🇸
How Index Ventures-backed startups like Revolut, Adyen, Scale AI, Mistral, Wiz broke into the U.S.—and how you can too.
I’ve been a massive fan of Index Ventures for years. Not just because of their portfolio—which includes Revolut, Adyen, Scale AI, Mistral, Wiz —but because they think like founders.
Last week I went by their offices in London to say hi and the gave me access to their latest book: Winning in the US.
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In 1948, a Swiss engineer went for a walk in the woods and came back with burrs stuck to his dog.
That annoying moment became the spark for one of the most successful global inventions of all time: Velcro.
It took 8 years of iteration to mimic nature’s fastening system. But by the 1960s, NASA had adopted it, and soon Velcro was everywhere—from hospitals to airplanes.
The product “stuck,” but only because its creator crossed the Atlantic and committed to the U.S. market.
This story opens Winning in the US, a founder guide by Index Ventures—investors in Revolut, Adyen, Scale AI, Mistral, Wiz and countless other great companies.
Their thesis: today’s European founders are in the same position as that Swiss inventor. Building brilliance locally is not enough.
You need to make it stick globally—and that means breaking into the U.S.
Only 27% of European unicorns make meaningful revenue in the U.S.—yet the U.S. still accounts for more than half of global tech spend.
Cracking the U.S. is the single highest-leverage move European founders can make. But most underestimate the cost, complexity, and commitment it demands.
Index Ventures—investors in Revolut, Adyen, Scale AI, Mistral, Wiz —have seen this movie play out hundreds of times.
They've built the ultimate playbook after analyzing 500+ startups and going deep with 40 category-defining European companies.
Here’s your detailed roadmap to building a global company from Europe, directly from their guide:
1. Know Your Archetype
Not every company should expand the same way. There are 5 proven models for scaling from Europe to the U.S.:
Magnet: You relocate commercial ops to the U.S. fast, keeping R&D in Europe (e.g., UiPath, Collibra).
Pendulum: You balance both markets—dual leadership hubs, heavy travel, long-term complexity (e.g., Spotify, Klarna).
Anchor: Europe-first growth with a modest but strategic U.S. presence (e.g., Adyen, Revolut).
Telescope: Bottom-up, self-serve products with minimal U.S. footprint (e.g., King, Supercell).
Transplant: Founders move to the U.S. early and go all in (rare, risky, not the focus of the book).
The two questions that define your archetype:
How big is the U.S. relative to your total addressable market?
Do you need boots on the ground to win and serve customers?
2. Time It Right
64% of startups now launch in the U.S. by seed or pre-seed—up from 33% just a few years ago. But you need PMF before planes. Don’t overthink it: most founders are never “ready.” The winners are the ones who go early, then adapt fast.
3. Raise Like You’re Serious
Expanding in the U.S. without capital is a death wish.
U.S. salaries, real estate, and customer expectations are brutally high.
Index recommends raising a large round before expansion—ideally with a U.S. or transatlantic investor who can help you hire, sell, and learn the market faster.
U.S. investors offer more capital and market access—but they expect more. Many EU startups only gained U.S. validation once they had American VCs on the cap table.
Tips:
Align fundraising with your expansion phase.
Look for investors who can actively help with hiring, GTM, and customer intros.
4. Build a Transatlantic Team
This is the hardest part:
Your first 5–10 U.S. hires are make-or-break.
Avoid the mistake of hiring only individual contributors or flashy candidates who oversell.
Eventually, you’ll need a CRO, CMO, and possibly a U.S. CTO or CPO—especially if you’re serving enterprise customers.
Many founders try to avoid relocating—but the data is clear: founders who spend real time in the U.S. close more deals, hire better, and scale faster. Still, it's possible to win while staying in Europe—Spotify and Adyen did it by mastering dual-office leadership.
5. Pick the Right Beachhead
Your U.S. city matters.
Bay Area: Unparalleled for AI, early adopters, top investors.
New York: Best for fintech, enterprise, marketing, and time zones.
Boston: Deep in life sciences and B2B tech.
Secondary cities: Often more affordable, but risk limiting your scale and network.
Most founders start in SF or NY, then open secondary hubs once product-market fit is strong.
6. Operate Like One Global Company
You need a shared mission, clear roles, and strong cultural alignment across continents. That means:
Unified P&L to avoid local fiefdoms.
Strong internal communication and travel budget.
Local leaders empowered but culturally integrated.
Regular offsites to bond globally (many companies use “neutral” cities like Lisbon or Vancouver).
Spotify, Adyen, and Collibra all emphasize one thing: culture eats timezone for breakfast.
7. Don’t Default to a U.S. IPO
Adyen raised from top U.S. VCs, built massive U.S. revenue—but listed in Amsterdam.
Their logic: European listings can attract U.S. investors without the pressure of Wall Street.
Go where it aligns with your customers, regulation, and narrative.
Learn from the best:
Magnet: UiPath (enterprise automation from Romania to NYSE)
Anchor: Revolut (hypergrowth across Europe before U.S.)
Pendulum: Miro (distributed teams, global leadership)
Telescope: Supercell (minimal U.S. presence, massive U.S. users)
8. Culture and Communication
The hardest part to get right—and the easiest to ignore.
To win, you need:
Intentional communication infrastructure (Slack + rituals)
Travel budgets (Index says T&E is the second-biggest cost after salaries for Adyen)
Shared culture, not just "U.S. vs. EU"
Blend European excellence with American ambition.
Final Thought:
You don’t need to become American to win in America. But you do need to play on their level.
More ambition. More speed. More resilience.
Or as Felix Van de Maele, CEO of Collibra, put it:
"You have to make it impossible for yourself to fail."
Check out the full book at Index Ventures Website!
Hope this was valuable!
Talk soon
- Guillermo
📘 WINNING IN THE US – Comprehensive FAQs
INTRODUCTION
Q1. Why did Index Ventures create this guide?
Index Ventures created this playbook to help European startups navigate the complexities of expanding into the U.S. market. After backing 100+ European companies expanding globally (like Revolut, Supercell, and Figma), they recognized common pitfalls and repeatable patterns that could help other founders scale successfully.
Q2. Who is this guide for?
Primarily for European startup founders and executives considering or executing U.S. expansion, especially at Series A or later stages.
Q3. What’s the story behind Velcro and its relevance to expansion?
Velcro’s early sales were stalled in Europe due to cultural resistance. But in the U.S., its growth took off rapidly once introduced through the right commercial channels. The lesson: the U.S. market often offers faster adoption if approached correctly.
1. EXPANSION ARCHETYPES
Q4. What are the most common U.S. expansion models?
Index outlines three primary archetypes:
Sales-led expansion: Common in enterprise SaaS. Sales org lands first.
Product-led expansion: Product naturally gains traction with U.S. users before local hiring.
Founders move early: One or more founders relocate to drive growth personally.
Q5. How do I know which model fits my company?
Your go-to-market motion, customer base, and internal capabilities will determine the right archetype. For example, enterprise companies usually benefit from a sales-led motion.
2. SIZING THE OPPORTUNITY
Q6. Why is the U.S. market important for European startups?
It often represents over 50% of global TAM in most B2B and consumer categories, with faster decision-making, higher contract sizes, and a talent-rich environment.
Q7. How do I calculate if the U.S. is a big enough opportunity for us?
Conduct a top-down TAM analysis using public comps and bottom-up validation by talking to local customers and evaluating inbound signals.
Q8. What metrics indicate you’re ready for U.S. expansion?
Signs include:
10-30% of revenue or user base already coming from the U.S.
Consistent inbound interest from U.S. customers
Product-market fit established in Europe
3. TIMING YOUR EXPANSION
Q9. When should we start thinking about U.S. expansion?
Many successful companies begin exploring U.S. expansion shortly after Series A or B—once PMF is established at home.
Q10. What happens if we expand too early or too late?
Too early: Diluted focus, resource waste, and risk of failure due to lack of PMF.
Too late: Missed market share and investor momentum.
Q11. Should a founder move to the U.S.?
In many cases, yes. Especially for founder-led sales or hiring. U.S. customers and investors often expect to work directly with the decision-makers.
4. FUNDRAISING FOR U.S. EXPANSION
Q12. Should I raise money from U.S. investors before expanding?
It helps, especially if your expansion is imminent. U.S. VCs can offer local expertise, hiring networks, and validation. But you don’t need them before proving traction.
Q13. How do U.S. VCs view European startups?
They’re increasingly open, especially if traction is visible in the U.S. However, they expect you to think and operate with global ambition.
Q14. How do I pitch a U.S. expansion during fundraising?
Be specific. Show market size, customer interest, timing, and how the new capital will support expansion.
5. HIRING IN THE U.S.
Q15. What roles should we hire first in the U.S.?
Typically:
GTM roles (Sales, Marketing, CS)
A U.S. GM or VP if the founder won’t relocate
Product roles only once the customer voice in the U.S. is strong
Q16. Should I hire a U.S. country lead or send someone from HQ?
Sending a trusted person from HQ ensures cultural alignment. External hires bring local experience but require time to ramp up.
Q17. How do I avoid mis-hiring in the U.S.?
Don’t rush. Over-index on cultural fit, alignment with your stage, and references. Many startups hire a “big name” who doesn’t scale with them.
6. LOCATION STRATEGY
Q18. What U.S. cities are best for expansion?
Top picks include:
San Francisco Bay Area: Tech hub, especially for deep tech, AI, and design tools.
New York City: Ideal for fintech, consumer apps, media.
Boston: Great for healthcare, life sciences, academia.
Austin, Miami, LA: Emerging hubs with growing talent pools.
Q19. How do I choose a city?
Base it on where your early customers are, your hiring needs, and your cultural alignment. Start where you can get early wins and build momentum.
Q20. Should I open an office immediately?
No need for a big office from day one. Many start remotely or with flexible coworking setups. Focus first on traction and assembling the right team.
7. FINAL WORDS
Q21. What’s the biggest mistake European founders make in the U.S.?
Waiting too long or not committing deeply enough. Dipping a toe often leads to slow growth or failure.
Q22. What mindset is required to succeed?
You need ambition, adaptability, and speed. The U.S. rewards bold execution and speed to market.
Q23. Where can I learn more or get support?
Besides this playbook, Index Ventures offers regular events, founder meetups, and content tailored to global expansion.