The core message of the session is that, in a venture market where capital is concentrated into fewer rounds and many investors can offer similar term sheets, founders should choose the investor who proves differentiated value before price is even discussed. The moderator framed the paradox: VC fundraises were at their lowest level in a decade last year, at just under US$120 billion, while deal value was the second highest on record; in Europe, the first half of the year saw the fewest venture deals since 2020, with more than half of the money going into rounds above €100 million valuation. Against that backdrop, Rupert asked why a founder should choose one identical cheque over another.

Rob argued that Balderton’s strongest proof is founder references, especially references founders source themselves from companies where things went badly. His point was that VCs earn deal preference by being consistently useful across the portfolio, so every founder can credibly say who stayed with them “all the way through.” Evgenia, speaking for Dawn Capital, said the answer is research and relationships. Dawn’s specialist focus on B2B software, now including B2B AI, allows the firm to understand customers, communities, and hiring needs deeply; the relationship side comes from doing only a handful of deals per fund and making each one matter.

Evgenia’s proof point was Enforcer, a business selling Microsoft AI and security products through managed service providers. Before Dawn even had the right to speak with CEO Jamie, the team interviewed 50 customers and produced research that closely matched Enforcer’s product roadmap. That depth, combined with Dawn’s relevant network of companies, advisors, and potential hires, meant they were highly favored before pricing entered the conversation. Rob’s proof point was more operational: he spends more than half his week helping portfolio companies, from introductions and financial models to hiring, structure, M&A thinking, and access to partners who have built large public software businesses.

The rapid-fire section tested where the two investors draw hard lines. Both preferred to lead rounds, though Rob described a co-lead with Northzone in Stream when the founder wanted both investors involved. Both preferred board seats, but also supported smaller, more balanced boards with operators, advisors, customer advisory boards, and time-limited investor seats. They disagreed on specialist versus generalist: Evgenia defended specialization while acknowledging the need for paranoia and avoiding blind spots; Rob defended generalism through partner depth and warned that being too pigeonholed can become risky when a sector, such as parts of fintech, goes quiet. On brand versus price, Evgenia chose brand, especially personal brand, while Rob chose price and cited 2021 and SoftBank as examples of investors winning deals by paying up.