The Inflection
The Inflection is MAAN's analysis of European scaling patterns between Seed and Series B. Each edition examines one structural pattern through six named companies — three where proof stood before capital moved, three where it did not — and draws one lesson for founders and investors.
THE INFLECTION #4
Capital before readiness
Between Seed and Series B, capital decisions harden what the company is becoming. A well-timed round amplifies a system that already works. A mistimed one commits the company to a scale the unit beneath it cannot yet support.
Six European companies between Seed and Series B. Three that raised against proof already visible at smaller scale. Three that raised against ambition — and found capital outran the unit economics beneath it. One question every founder and investor should answer before the next round closes.
THE INFLECTION #3
Regulation before scale
Between Seed and Series A, regulatory decisions harden what the company is becoming. A product classified correctly at Seed carries cleanly through scale. A classification left open becomes a compliance problem before the Series A closes.
Six European companies in regulated sectors. Three that treated regulation as a design choice at Seed. Three that treated it as a timeline — and ran out of runway before certification closed. One question every founder and investor in regulated tech should answer before the next round closes.