Jade Williams, Director at GP Bullhound, on concentrated capital, the strategic buyers behind Europe’s exits, and is the Rule of 70 the new Rule of 40?
For 24 years, the GP Bullhound Allstars shortlist has been a snapshot of European tech’s health. Darktrace, Revolut and Synthesia were all shortlisted before they became household names, and last year Darktrace founder Poppy Gustafsson collected the Allstars Hall of Fame award. This year’s verdict: capital is back, but only for the very best.
Speaking to Katy Trost on a special Allstars edition of PERA The Podcast, days after the 24th awards, Jade Williams, Director and Head of Business Development at GP Bullhound, set out what this year’s shortlist says about raising and selling in 2026.
The middle is being squeezed
“There’s the exceptional and then there’s the rest, and it’s the middle part that’s actually being squeezed.”
European startup funding hit 25 billion in Q3, up from 14 billion a year earlier and the region’s best quarter in four years. But the money is concentrated: fewer companies, larger rounds.
The shortlist recorded more than 90 exits, including Runna and Urban Sports Club. Most went to strategic buyers, over half of them from outside Europe. With the IPO window highly selective, a healthy M&A market matters more than ever.
Deep Tech scales up, Sports Tech breaks out
Deep Tech stood out. OQC raised £260 million this year in what Williams called the largest European quantum round to date, led by Bullhound Capital with the British Business Bank participating. Sports Tech was the surprise, from WeWard to MAGIC AI.
“People are craving this human connection in an AI world.”
Rule of 70 is the new 40
GP Bullhound’s sale of Origo to iPipeline, led by Matt Stamp, Partner and Head of Fintech and Software, shows a strong software exit is still possible in the so-called SaaSpocalypse. Origo ran at rule of 70 plus, and its network effects made it an AI winner, not an AI victim. The process took six weeks, built on months of quietly testing the market.
Three things to get right
- Be exceptional. The market rewards the best, and only the best.
- Prove your defensibility. Show what you own that AI can’t replicate, and back it with evidence.
- Prepare early. Build buyer relationships long before a process, and plan a US go-to-market from the start.
Listen to the full conversation on PERA The Podcast.
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