Camel Startups in DACH: The STS Ventures Playbook with Stephan Schubert
- Jörn Menninger
- Nov 26, 2025
- 20 min read
Updated: Apr 8
What Is This About?
Investor Stephan Schubert from STS Ventures explains the camel startup playbook — how capital-efficient companies in DACH use disciplined KPIs, sustainable growth, and bootstrapping principles to build durable businesses without the unicorn-or-bust mentality that dominates Silicon Valley.
Introduction
Not every successful startup is a unicorn — and investor Stephan Schuber of STS Ventures is betting on "camel startups" that prioritize sustainable growth over hypergrowth. This interview unpacks the STS Ventures playbook for identifying and backing DACH startups built for resilience rather than blitzscaling, exploring why the capital-efficient model may produce better long-term returns for founders and investors alike.
Executive Summary
STS Ventures investor Stephan Schuber advocates for "camel startups" — companies built for sustainable growth rather than hypergrowth blitzscaling. The fund's thesis prioritizes capital efficiency, unit economics, and long-term resilience over rapid market capture funded by burn. Schuber argues that camel startups produce better risk-adjusted returns for both founders and investors. The playbook includes specific metrics and milestones that differentiate sustainable growth companies from those dependent on continuous fundraising.
Investor Stephan Schubert explains how camel startups in DACH use capital efficiency, KPIs, and profitable growth to win without unicorn hype.
Investor Stephan Schubert explains how camel startups in DACH use capital efficiency, KPIs, and profitable growth to win without unicorn hype. Startuprad.io brings you independent coverage of the key developments shaping the startup and venture capital landscape across Germany, Austria, and Switzerland.
This founder interview is part of our ongoing coverage of Scaleup Founder Interviews from Germany, Austria, and Switzerland.
Key Takeaways
Atomic Answer
Management Summary
There’s a quiet revolution happening in the German startup ecosystem — and it’s not unicorn-shaped. It’s a movement defined by capital efficiency, early profitability, niche dominance, and founders who grow because they choose to, not because they must. In this long-form guide, we unpack the camel startup model with Stephan Schubert, serial founder (OnVista, Ligatus) and Investor & Managing Director at STS Ventures. His playbook blends Mittelstand pragmatism, strong unit economics, and KPI discipline with a contrarian stance toward hype-driven investing.
This isn’t just another interview recap. It’s a pillar blueprint for founders and investors in the DACH region who prioritize control, resilience, and profitable exits. You’ll learn:
Why niche, high-margin markets are the hidden engine of scalable, cashflow-funded growth
How camel founders raise funding on their terms — not out of emergency
The KPI frameworks STS Ventures uses with every founder
Why avoiding hype cycles (NFTs, quick commerce, LLM infrastructure) can outperform in the long run
Why non-unicorn exits often create far richer founders than billion-dollar ones
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Table of Contents
What Is a Camel Startup?
The STS Ventures Origin Story
Why Capital Efficiency Beats Hype in DACH
High-Margin Niches: The Camel Growth Engine
KPI Discipline: How STS Ventures Works with Founders
Fundraising on Your Terms (Not Because You Must)
The Mathematics of Non-Unicorn Wealth
AI Without the Bubble: Tool, Not Religion
Real Founder Patterns from Audibene, Emma, JustWatch
The Camel Mindset: Are You This Type of Founder?
FAQ (12–15 questions)
What Is a Camel Startup?
Stephan Schubert didn’t invent the camel metaphor, but he perfected it.
In his words, a camel is a startup that:
Doesn’t require constant watering (capital)
Carries reserves (cash discipline)
Survives hard conditions (market downturns, funding winters)
Still runs fast when needed (scalability once the engine is found)
This is not about being slow. Camel startups can grow very quickly — once their economics justify it. What they don’t do is scale prematurely, burn money to chase vanity metrics, or rely on pitch-deck storytelling to compensate for unit economics that don’t work.
Unlike unicorns, camels don’t win because of speculative future value.They win because they become profitable businesses in realistic timeframes.
The STS Ventures Origin Story
Stephan’s entry into investing wasn’t planned. After selling OnVista in 2007 — an online trading platform he co-founded in the early internet era — founders began calling him for advice and capital.
For ten years, he invested only his own money. Then he noticed a pattern:
There was a gap in the German ecosystem: capital-efficient founders with a Mittelstand mindset — people who wanted to build profitable companies fast.— paraphrased from interview
This is how STS Ventures was born — not as a hype-driven venture firm, but as a private equity mindset at the earliest stage. They invest €200k–€1M early, then double down up to €5M once the camel traits show up.
Why Capital Efficiency Beats Hype in the DACH Region
The camel model is particularly well-suited to Germany, Austria, and Switzerland.
Reason 1: The Mittelstand DNA
Founders here are comfortable with long-term thinking, cost discipline, and product-centered businesses.
Reason 2: Smaller Funding Markets
Unlike Silicon Valley, DACH founders don’t have endless capital to burn. Nor do they want to.
Reason 3: Rich Exits Without Unicorn Valuations
When a founder sells 50–60% of a €200M company, they can walk away wealthier than a unicorn founder with 1% — and far less exhausted.
Reason 4: More Exit Options
Profitable companies can be bought by:
Mittelstand corporates
Private equity
Strategic buyers
You don't need IPO windows that are rarely open in Europe.
High-Margin Niches: The Camel Growth Engine
Camel startups almost always play in niche markets.
Why?
Because niches give you pricing power — which creates high margins — which fund sales, marketing, and product expansion without external capital.
Why Niche Markets Matter
Fewer competitors
Faster customer feedback
Lower CAC
More defensible positioning
Potential to dominate before anyone notices
If the whole market is charging 8%, charge 20%. If everyone else is slow, be fast. If others are manual, automate.
Camel founders treat niche markets like stepping stones: dominate one, expand to the next.
KPI Discipline: How STS Ventures Works with Founders
This is one of STS’s biggest differentiators.
Immediately after investing, Stephan sits down with founders and co-defines the KPIs that will drive growth for the next 12–24 months.
Then they build a simple Looker Studio dashboard and check:
Contribution margin per unit
Payback periods
CAC vs LTV
Sales pipeline health
Fixed vs variable cost behavior
Profitability timing
Camel is not a type of company. Camel is a mindset.— Stephan Schubert
Honesty is non-negotiable. Founders who “creatively” define KPIs are politely shown the exit door.
Fundraising on Your Terms (Not Because You Must)
One of the most powerful insights from the interview:
There’s a huge difference between raising because you can and raising because you must.— paraphrased
Most founders live in permanent fundraising mode. They enter every round with:
Low runway
High stress
Weak negotiation power
Camel founders flip this script.
They raise when:
They don’t urgently need the money
They already have growth engines working
They want to accelerate, not survive
This is how they achieve:
Better terms
Less dilution
Bigger ownership at exit
More leverage when choosing investors
The Mathematics of Non-Unicorn Wealth
Let’s compare:
Unicorn founder scenario
€1B exit valuation
You own 1%
Outcome = €10,000,000
Camel founder scenario
€200M exit valuation
You own 55%
Outcome = €110,000,000
This is what Stephan means when he says:
You can get very rich without ever building a unicorn.— paraphrased
Camel startups focus on value creation, not valuation creation.
AI Without the Bubble: Tool, Not Religion
A highlight from the interview:
Stephan openly dismisses LLM infrastructure startups. Why?
Because OpenAI and Meta are spending $40–60 billion per year on the space.
A seed-stage European founder cannot compete with that.
Instead, STS Ventures invests in companies applying AI as an enabler — not a core technology. Example:
AI used for waste-processing improvements.
Camel founders ask:
“Where does AI make this niche 10x better?”
“How can we use LLMs without building them?”
This is how you build moat — not burn rate.
Real Founder Patterns from Audibene, Emma, JustWatch
Across his hits, Stephan noticed consistent traits:
1. Early revenue with high unit margins
Audibene, Emma, KAUFTA — all sold products with solid contribution margin.
2. Extremely efficient marketing engines
Not “spray and pray”, but measurable, repeatable, predictable growth.
3. Founders who seek profitability
Not as an afterthought, but as part of the founding philosophy.
4. Relentless KPI tracking
Daily dashboards. Bi-weekly reviews. No vanity metrics.
5. Clear exit options
Corporate, PE, and strategic buyers — not IPO-only dreams.
The Camel Mindset: Are You This Type of Founder?
A camel founder:
hates waste
respects every euro
loves dashboards
prefers control over hype
picks markets they can realistically dominate
raises smart money, not desperation money
plays the long game with strategic clarity
If this sounds like you, you’re already one of Stephan’s people.
Relationship Map
Jörn "Joe" Menninger → Host of → Startuprad.io
Automated Transcript
1 Foreign. 2 Your podcast and YouTube blog covering the German 3 startup scene with news, interviews and 4 live events. 5 If you're a founder chasing your first round or early 6 stage looking to scale, resilience and 7 traction, this conversation is for you. Meet Stephan Schubert, 8 serial entrepreneur turned super angel whose fund 9 STS Ventures backs hidden champion 10 tech startups in the dark region. From Building On 11 Vista, that's an online trading website. I also do 12 have an account and Ligatos to investing in Emma we 13 interviewed in the past Audio Bine and just watch. He brings 14 real operator DNA to early stage capital. Stay tuned. 15 Right after this break, we'll jump into the decision that turned a founder 16 into into one of Germany's most connected seed investors. 17 Hello and welcome everybody. This is Joe coming to you straight from
18 startup land in Cologne together with Deutsche Startups on today's 19 startup land from Cologne we welcome Stephan Schubert. As the 20 founder of leading Internet companies like On Vista 21 and Ligatos, Stephan has more than 15 years of 22 hands on experience in founding, scaling and existing tech 23 firms. Today he leads STS Ventures, a colonial 24 early stage fund known for investing 200,000 25 to 1 million in resilient camel 26 startups. In the pre seed and seed phase, he's backed some 27 of the strongest names in German startup history. 28 Audiobene. Just watch. And he's here to unpack the 29 metrics, mindset and matchmaking behind the investments 30 that really matter. Let's welcome him. Welcome. Thanks. 31 Thanks for having me here. Stephan, you've been both founder 32 and investor. What's your once upon 33 a time moment that made you leave 34 building companies and focus on investing?
35 Yeah, the answer might be disappointing. It wasn't a real strategic 36 decision. We sold our company after building it for 10 years. 37 And then a lot of people called and said, you know, you 38 have experience and you want to look at my company, invest in my 39 company. And the reason is we founded on Vista in 1998, so the very early 40 stages of the Internet era. So at 41 that time we sold it in 2007. A lot of people just 42 valued the experience we had. And so I step by step 43 came into investing in startups. What was 44 the thing you've seen the ecosystem and what were you going to 45 disrupt there? Yeah, 46 I think for almost 10 years I invested only with my own 47 money and did that more occasionally whenever, as I said, 48 deals came. And then after a while I
49 started realizing that there is a gap in the German ecosystem 50 which we think is what we call camels and I think we 51 will talk about that later. So startups that are 52 more have a Mittelstand, nice German word, 53 a Mittelstand mindset and try 54 to build companies that are capital efficient and that try to 55 reach profitability after a couple of years and then grow out of their cash 56 flow. And that's something that is pretty unique in the, 57 I would say the European ecosystem. So what we our 58 mission was to bring private equity mindset into the 59 early stage startup world in the 60 DAF region. You've invested in well 61 known companies like our guest Emma. We'll link it somewhere here. Just 62 watch an audiobena what was the aha moment that confirmed 63 your investment thesis there? Well,
64 with Emma and Audibene and some of the others in Kafta, I found 65 founders who from the beginning on tried 66 to generate cash. And with generating cash, I mean they had 67 a product which they sold at a price that they had a nice margin. So 68 every additional revenue meant additional margin. And they did that with a 69 very efficient marketing and sales process. And 70 you could see that the company, when it grew, 71 would sooner or later become profitable because it scaled. 72 And having founders that had this mindset trying 73 to become profitable within the next three, four 74 years really taught me that this is 75 possible because that's what we did with On Vista without thinking, thinking about it at 76 the time, 1998, we didn't have VCs in the German ecosystem that much. 77 The German VC ecosystem just started at that time
78 and we simply didn't have VC funding and we didn't have 79 other cash sources than our revenue. And I found later on that there's other 80 people out there who have the same mindset and who actually 81 managed to do that and still grow very impressively. 82 So that was the moment when we said, okay, this might be something we can, 83 we can grow and we can start to 84 scale in a larger system where we don't do just one or two investments per 85 year, but maybe five to 10. You 86 are investing in very, very early stage pre seed seed. 87 How do you deal with this uncertainty, 88 evaluating the growth potential and so on and so forth. Like the 89 camel you've been talking about. And wasn't there a better name than 90 Camel for this concept? Well, 91 yeah, it's always hard if you have a strategy, it's always hard describing
92 it. And we found that the camel actually is something people understand 93 very well. Let's define what's a camel. Camels don't eat a lot of water. 94 Camels always have reserve on their back. Camels are very 95 resistant and can survive in a dangerous environment 96 for a long time and they can still run very fast if you look at 97 camel races. So transforming or translating that into the startup 98 world, we found that 99 people understand very quickly what we're looking for. Capital, efficiency, 100 cost control, so that you can survive 101 harder times. And once you have found the 102 metrics of growing and the scalability formula, 103 they can still grow very fast. So actually, I think the camel might be a 104 funny picture, but it works very well. People understand it very well. 105 And coming back to your question, this means
106 we look at business models typically that are in a niche 107 market. So we don't try to disrupt the 108 auto market or the food market because these markets are really large, but 109 they need a lot of capital to win in there. We like companies that operate 110 in niche market, bring a new idea to the niche market where 111 there's not a lot of competition. Therefore you have high margins. High 112 margins mean you can afford marketing, you can afford sales 113 processes, and with each sales, you generate 114 a contribution margin that actually helps covering your costs. And 115 what we look at in the first place is business models where we 116 think that eventually, with a total investment of something between 1 and 117 10 million euro, they can become profitable and grow out of their 118 operating cash flow. And of course, we look for founders who share this
119 vision and who are willing to build a company like this. 120 You typically, before we head into that, 121 I do understand the founder who founds the 122 next big LLM model and wants to compete with ChatGPT. 123 They're not the right person you would talk to? 124 Yes, I think that's something you could say. And the reason is 125 very simple if you look at just taking that example, and this has 126 been true for over 25 years now. But if 127 we look at the current AI world, 128 I mean, companies like Meta and 129 OpenAI, they invest 40, 130 60 billion dollars per year 131 into building LLMs. And I just don't think that 132 is something we as STS Ventures and probably the 133 entire European VC ecosystem can do. So we 134 have to find smarter ways to build companies and make money.
135 And yes, that's true. We wouldn't be able to look at 136 these kind of companies. Doesn't work for us. Just to tease you a little bit. 137 Because there was a lot of talk around town and in the 138 blogosphere recently. How high do you think is the 139 probability that the current AI market is a bubble? 140 You know, I've been in this market for 25 years now and 141 we could actually draw a chart and show you 142 the topic of the year for the last 25 years. Now it's AI 143 LLMs. Two years ago it was NFT, before it was 144 blockchain, before that it was E commerce, before that it was circularity. 145 And then, oh, don't forget quick delivery. Quick delivery, yeah, 146 you know, so there's a new story in town 147 every year and that's okay. That's momentum investment. And some of these
148 companies really grow very, very fast and become very 149 big. But at the end, it's a very small percentage to succeed in these 150 markets. And therefore, whenever one of these trends comes up, 151 we tend to specifically not look at that, 152 but look at the value that is creating behind these trends. 153 So LLM and all these new tools we see in AI 154 are big change in the entire tech 155 ecosystem, but it's just a tool. 25 years ago it 156 was the Internet, TCP, IP and CGI 157 bin and nobody knew how to use it. And then we invented all kinds of 158 languages and I don't want to downgrade that. But at the end, it's a tool 159 that we can use in different environments and that's what we look at. How can 160 we use AI and LLMs in new environments?
161 Like, for example, we invested in one company that 162 uses AI technology for the waste 163 processing industry. And that's a very nice case where we 164 think AI has a lot of value, but I don't have to create the 165 base technology underneath, which is very, very competitive and needs 166 a lot of cash to be successful. Talking 167 about being successful, you invest with STS around 168 200,000 to 1 million and then follow up up to 169 5 million. What is your decision framework 170 to decide, double down or exit a startup? Yeah, I 171 think it's finding out the metrics that drive growth and 172 finding out if a company or a team is 173 able to generate growth with positive 174 contribution margin cash flow. Once we have understood and once 175 the team has found a way to scale, 176
so build the engine and then scale from there with 177 positive contribution margins, meaning, you know, you 178 subtract your costs of goods sold, 179 the marketing costs, the sales costs and everything. 180 Once you find out that you have a scaling way of growing and 181 still have a positive contribution margin, I think that's when we become 182 exciting, become excited, and 183 what you say, double down and talk to the team if there's a way to 184 invest more money and scale growth. 185 Right after the break, we'll talk about how you manage 186 founders, investors relations and red flags you're watching out for. 187 How do you view the ideal relationship 188 between founders and investors, especially in the very early 189 seed phase? What behavior from 190 founders excites you and what behavior actually consists, 191 let's say red or an orange flag.
192 So immediately after investing, what we like to do is sit down with the founders 193 and define the KPIs that we think 194 lead to growth. And we means the founders in us. So we sit together 195 and we discuss what will be the drivers for the next one or two years 196 that might lead growth. And we build up a KPI system, typically 197 a very easy bi tool looker studio or something where 198 the team tracks these KPIs typically on a real time or daily basis. 199 And every other week we just look at these KPIs together 200 and say, is it developing in the right direction? Every once in a while we 201 find out also the wrong KPIs. We have to find a different way to do 202 sales and stuff. So people that build a number driven company 203 is one thing that excites us and
204 the other thing is, and we are often 205 misunderstood, Camel is not a type of company. Building a 206 Camel is a mindset. So founders that have the mindset 207 of using these KPIs and looking at the 208 same time at their cost structure, you know, not growth 209 at any price, but growth at a, at a 210 decent cost structure. And having the mindset 211 of fundraising is not a KPI that exciting. That's exciting for 212 them, but profitable growth is in the KPI that's exciting for them. 213 Those are two parameters that we really like and what we 214 typically when we work with founders together, found very quickly, both the 215 founders and us, that it works very well together. 216 Yeah. And if these things are not there, 217 everyone's wild. Find founders who are not really honest to us, who try to create
218 KPIs that are very creative. So 219 look at your company in a very honest way. Talk about the things that don't 220 work. Look at the right KPIs drive these KPIs and be capital 221 efficient. That excites us and the opposite does not 222 really excite us. I wouldn't say it's a red flag, but we would definitely have 223 a conversation then. Looking at exits like 224 audiobene, Kaufta, what patterns 225 do you observe in scaling from seat to 226 exit? What 227 lessons should founders absorb early? 228 Yeah, you know, there's one interesting thing. It's a huge difference 229 if you raise money when you can raise money versus 230 if you raise money because you have to raise money. 231 So we see a lot of startups that are constantly in 232 fundraising mode and are constantly close to 233 running out of cash. And that generates a lot of stress for the
234 entire company and all investors. And there's a lot of 235 time invested in finding the next round, finding the next 236 investors. The examples you just said is 237 most of these companies did not run into that situation. 238 They were able to grow, they were able to run their business. 239 And then if someone came around and said, you know, I would like to invest 240 2 or 5 or 10 million in your company, then 241 we could talk about the terms. And that's a total different situation. Because you take 242 money because you have ideas how you can grow faster, you have ideas how you 243 can go in another country. And you take the money because you have found the 244 right investor in the right situation, but you don't urgently need the 245 money to pay the next payroll. And that
246 has brought these founders into situations where they could 247 invest a lot more time in building their company and outperform a lot of their 248 competitors. I think that's something we really appreciated in these cases. 249 And at the end, these exits were not unicorn 250 exits. But the interesting thing is the founders had 251 much more shares in their own companies because they didn't have that much dilution. 252 And some of these guys became really rich without 253 having a unicorn exit, but Simply still had 50, 60% 254 of their company. And if you sell a company at 100, 200, 255 300 billion euro and you own 50, 60%, that's still a lot of money. 256 And it's more money than if you own 1% at a unicorn exit. 257 And that's a lot of money even in Germany, after taxes. I see. 258
Plus you don't, you don't have been in the spotlight all over because if you 259 want to do unicorn exit, I'm sure for the rest of your life, you get 260 calls, you get emails, you get all this stuff. Do you have money? Do you 261 want to invest? Yeah. Ultimate advantage. And that's one other thing. 262 If you build a profitable company, you have many, many more 263 exit options. You know, some of these huge 264 unicorns, there's only a few companies in the world who can buy 265 them. Or you have to do an ipo. And the IPO window is not open 266 very often in Europe. Actually for the last 25 years 267 we've seen it maybe twice that it was possible to 268 exit fast growing non profitable companies with an ipo. 269 But if you have the other model of a company generating cash,
270 generating ebit, all of a sudden you have the 271 typical strategic company, corporate 272 mittelstands, buyers, PEs who are interested in these kind of 273 business models. And that opens a whole new door of exits. 274 You can proceed there. Let's 275 look a little bit into the future. There's some macroeconomic headwinds 276 in there. How do you adjust your 277 thesis and what contrarian view do you have about the 278 next big tech investment in the German and the Dach market. 279 Yeah. I think the funny thing is we don't think we have to adjust anything 280 because we think this is exactly the time we were prepared for. 281 We had a lot of questions from our investors in 2020 and 21 282 why they had other VCs that have three unicorn 283 investments and we don't have any unicorn valuations in our portfolio.
284 And we had to explain that why this was the case 285 because some of our larger companies didn't even raise money during that time. 286 Now I think it's the right time for our strategy. And 287 with our portfolio, we have a lot of companies that 288 simply don't need cash. And that's a very good situation we're in right now. And 289 also the founders are in a very good situation to be in. So 290 we don't adjust anything right now and we're very happy with our positioning 291 in the current market. Usually we close our 292 interviews with two questions. 293 Are you open to talk to new investors? In your case, 294 potentially LPs? I mean, yeah. If someone likes this 295 idea of looking at tech startups and investing and building 296 companies. We're always interested in people who 297 support this ecosystem and like our approach.
298 Absolutely. And also usually we ask, are you open 299 to talk to new talented employees? Yes, yes, of 300 course. We link down here in the show notes, your career website. 301 Wonderful. Thank you. Thank you. It was a pleasure talking to you. Thanks, Jiren. 302 It was a pleasure talking to you too. 303 That's all, folks. Find more news, streams, 304 events and 305 interviews@www.startuprad.IO. 306 remember, sharing is here.
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Frequently Asked Questions
1. What is a camel startup?
A capital-efficient, early-profitable company designed to survive funding winters and scale sustainably. 2. Why does STS Ventures prefer camel startups? Because they create real value quickly, reduce risk, and produce richer founders. 3. Are camel startups slower than unicorns? No. They scale fast — but only once metrics validate the opportunity. 4. What markets are best for camel startups? High-margin niches with low competition and strong pricing power. 5. Does STS Ventures invest in AI startups? Yes — but applied AI, not LLM infrastructure. 6. How important is profitability early on? Critical. Camel startups aim for profitability within 3–4 years. 7. What KPIs matter? Contribution margin, CAC payback, LTV, cash efficiency, and revenue quality. 8. Why avoid hype cycles? Because they create unsustainable expectations and poor risk-adjusted returns. 9. What type of founder fits this model? Pragmatic, numbers-driven, long-term thinkers. 10. Can camel startups raise VC? Yes — usually from investors aligned with efficient scaling. 11. What are typical exit options? Mittelstand corporates, PE, strategics, occasionally IPO. 12. Do camel founders become rich? Often richer than unicorn founders, due to higher ownership retention. 13. Are camel startups anti-growth? No — they just scale responsibly. 14. Is Germany better suited for camels than unicorns? In many cases, yes — due to funding dynamics and cultural alignment. 15. What is the biggest camel founder mistake? Confusing frugality with under-investment; efficiency ≠ starvation. Internal & External Linking Inside the Founders Vault | AI-Driven Culture: The Leadership Test No One Is Ready ForThe Rise Of AI Identity Security: Why The Next Cyber Crises Starts With A LoginAI Agents Are Rebuilding Europe’s Construction Industry Authority Sources https://sts-ventures.de/https://www.crunchbase.com/organization/sts-ventures The video is available up to 24 hours before to our channel members in what we call the Entrepreneur’s Vault. The Host & Guest The host in this interview is Jörn “Joe” Menninger, startup scout, founder, and host of Startuprad.io. And guest is Stephan Schubert, Investor & Managing Director at STS Ventures. Joe on LinkedIn Stephan on LinkedIn
About the Host
Joern "Joe" Menninger is the host of the Startuprad.io podcast and covers founders, investors, and policy developments across the DACH startup ecosystem. Through more than 1,300 interviews and nearly a decade of reporting, he documents the evolution of the European startup landscape. Follow Joern on LinkedIn.
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