The core message of the session was that European founders should treat buy-side M&A as a practical growth path alongside venture funding, especially in a market where capital is increasingly centralized among fewer companies. The moderator framed the topic as adjacent to the previous liquidity and DPI discussion, noting that M&A is highly international but that in Europe about 85% of acquisitions are done by corporates rather than startups and scaleups. Valerie from XAnge positioned the session around a less visible growth mechanism: companies growing by buying other companies rather than relying only on funding rounds.

Valerie illustrated the point with Quantum Systems, the German drone maker and defense unicorn. She said the company raised 1,200,000,000 in July at an 8,000,000,000 valuation, but emphasized that what is less widely known is that it had acquired 10 companies beforehand. She then connected this to her own background, describing experience across different funding models: a bootstrapped fitness-club company funded with €1,000,000 from family and friends and grown to around 100,000,000, then later companies financed through venture capital, including HV Capital, and bank loans. Her point was that company growth has historically been funded in multiple ways, not only through venture rounds.

The session then shifted to Europe’s current funding environment. Valerie said that although more capital is deployed in Europe each year, it is becoming more centralized, meaning fewer companies receive funding in number. For companies that do not or cannot raise, she framed the available paths as growing with funding or growing with acquisitions. XAnge has published materials on raising seed, Series A, and Series B funding, but has now also published “the game of M and A” because Valerie argued M&A could also be part of the future of growth.

Her practical playbook focused on preparation and selectivity. Founders should define what they want to acquire, why they want it, and who would be the right match, rather than acting opportunistically because a company is cheap or a manager is likeable. They should run a full pipeline process, similar to investment deal flow, because only by speaking with many potential opportunities can they judge fit. Valerie also warned that an acquirer buys not only a company, product, and team, but also its investors, who may later influence documents, boards, or even the CEO’s position. Finally, she stressed that deal structure matters: acquisitions can involve call options, operational trial periods, deferred payment, next-round proceeds, or cash, depending on negotiation and preparation.