Building the European standard for backability, so founders and investors can trust each other faster.
We measure what founders and investors currently guess, and we show the path that works for both.
Europe does not have an innovation problem. It has a backing problem.
A venture doesn’t die of a no. It dies because it runs out of gas.
The rules changed for ventures
15% to 92%
Time from seed to Series A in the UK. 2019, then today.
Source: Wing Venture Capital, V21, 2024
18 to 29 months
Share of companies raising a Series A that already had revenue. 2010, then 2023.
Source: Beauhurst, 2026
Investors are losing capital
71%
of European venture funds fail to return capital. 2002 to 2020 vintages, outside the UK. 70% inside it. In the US, 57%.
6x
Capital goes in at 6 times the rate it comes back out. 2025: 19.7bn euro invested into 4,827 companies. 3.2bn euro realised at cost from 1,211.
The founder spends those months answering the same questions and learns nothing that carries to the next room. The investor spends the same months forming a private opinion nobody else will ever see.
One failure, two victims.
The founder acts. The investor decides. The board governs.
So, what are we doing about it?
One read of a venture against one method, applied the same way every time. Where it stands on its own evidence, what is missing, what closing each gap is worth, and the order to close them in. Then it recalculates when the evidence changes, because a company at this stage moves every week.
What we never do: advise, prepare, broker, invest. We introduce nobody.
We take no fee from any transaction, no carry from any fund, and no payment that moves with a finding.
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We take no fee from any transaction, no carry from any fund, and no payment that moves with a finding.
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Milestones that carry forward, instead of being rebuilt for every new reader. A named position, a named route, and a record of what was known and when.
Not a score. A navigation system.
Where we are going.
By 2030, a serious European raise carries a Trust Exchange assessment, and its absence is what raises the question.
