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"There are 150,000 venture backed companies ("surfers") who are are riding the innovation wave. Of those 150,000 surfers, only 1.3% become the unicorns." It’s a brutal reality of the market: not every company is built to last. Phoenix Court focuses on the ones that are. Learn more by downloading Phoenix Court’s new White Book, an exclusive investor resource exploring competitiveness, capital flows and the emerging venture landscape from the perspective of Europe’s VC firm ranked #1 in EMEA by Dealroom.

Europe has mastered the art of building $100m+ revenue scaleups, more than 700 and counting. What remains unsolved? Capitalisation. As Saul Klein puts it: “The evidence is there. The capital is not meeting the opportunity.” Phoenix Court backs the companies Europe grows best - the Colts, Unicorns and now 700+ Thoroughbreds powering the continent’s next decade. Learn more by downloading Phoenix Court’s new White Book, an exclusive investor resource exploring competitiveness, capital flows and the emerging venture landscape from the perspective of Europe’s VC firm ranked #1 in EMEA by Dealroom.

"We are absolutely brilliant at inventing in this country... but when it's time for that airplane to fly around the world, take off, we're only prepared to pay for 15% of the fuel." Saul Klein doesn't hold back on this episode of The Rest Is Money. He joins Steph McGovern and Robert Peston to discuss why Britain is world-class at inventing the engine, but fails to provide the fuel needed to reach a global scale. Learn more by downloading Phoenix Court’s new White Book, an exclusive investor resource exploring competitiveness, capital flows and the emerging venture landscape from the perspective of Europe’s VC firm ranked #1 in EMEA by Dealroom.

AI is evolving fast. But the real question isn’t what’s possible, it's what will actually matter next. In January, Ziv Reichert, Phoenix Court's investor in AI-native companies, mapped out the shifts founders and investors should watch in 2026. Three months in, several are already playing out.

AI isn’t just another tech cycle. It’s reshaping how companies are built, scaled and financed. Ziv Reichert, Phoenix Court's investment partner breaks down the key developments likely to define AI in 2026. From emerging startup opportunities to the infrastructure and ecosystems enabling the next generation of innovation.

Is the UK’s biggest problem a lack of ambition or a lack of fuel? Saul Klein explains the "scale-up gap" perfectly on The Rest Is Money: "We are absolutely brilliant at inventing in this country. You know, we can invent an engine. Think Rolls-Royce. We can put that engine on an airplane. We can take that airplane onto the runway, but when it's time for that airplane to fly around the world, take off, we're only prepared to pay for 15% of the fuel." It’s time for a serious conversation about how we fund British winners. Watch the full podcast here.