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I'd say the European funding gap has moved a lot more to later stages than in the past. Today, there are a lot of high-quality investors available from the seed stages until maybe Series B (referring to up to €30-50m rounds). However, from Series C onwards (now talking about €100m+ rounds), there are a lot fewer options available in Europe than elsewhere. For instance, in our case over 2/3 of the investors we spoke with for our Series C came from outside Europe, while we'd mostly focused on speaking with European investors up until our Series B.