In Partnership with
&
01

Key Findings

CCE0B547-8741-413C-87E1-6A66D227929BCreated with sketchtool.
04

Investors

CCE0B547-8741-413C-87E1-6A66D227929BCreated with sketchtool.
07

Purpose

CCE0B547-8741-413C-87E1-6A66D227929BCreated with sketchtool.
09

Policy

CCE0B547-8741-413C-87E1-6A66D227929BCreated with sketchtool.
11

Appendix

CCE0B547-8741-413C-87E1-6A66D227929BCreated with sketchtool.

Budgeting for your (Series) A Team

'Cheat sheet'

How much does it cost to start and build a team in different European cities? It should be an easy question to answer. Of course, it really isn’t.

We don’t have a perfect answer, but to help we’ve put together an illustrative org chart for a Series A stage software-as-a-service (SaaS) company. No two teams are the same, but we think it provides a reasonable benchmark on what a team might look like for this type of business at that stage.

We then enriched our ‘dream team’ dataset with data from Aon's rewards data (covering base salary and actual incentives) and CBRE’s dataset on the prime rent cost of office space. We then built this out to give cost benchmarks for ten key European tech hubs, as well as providing a comparison with the equivalent cost to build the team from the Bay Area.

No methodology is ever perfect, but this should help founders (and others) to understand what it costs to set up and build in different European tech hubs.

Explore the breakdown by city and by function for the overall cost base:

Annual cost base ($k) for 20-30 people Series A team per city

Legend

  • Engineering team salary
  • Product team salary
  • Operations team salary
  • Sales & Marketing team salary
  • Finance team salary
  • Office space cost
Note:
'Salary cost' based on rewards data from Aon. 'Office space cost' based on CBRE estimates per city and an estimated 8 sqm/headcount. We estimated a total headcount of 40-60 people for space required to accommodate for growth.

Although London is the most expansive European city overall when taking into account both office space and talent, Copenhagen and Munich come first when accounting for talent alone.

Annual salary cost ($k) for 20-30 people Series A team per city

Legend

  • Engineering team salary
  • Product team salary
  • Operations team salary
  • Sales & Marketing team salary
  • Finance team salary
Note:
'Salary cost' based on rewards data from Aon.

Share this article