For European founders, raising venture capital is only half the battle. At some point, the question changes from “Can this business grow?” to “Can it become a global company?”

That is the stage Highland Europe is targeting with its new £950 million Fund VI.

The growth-stage technology investor has closed its sixth fund to back European founders building businesses with ambitions well beyond their home markets. The timing is notable, particularly with AI changing how investors think about growth, productivity and what a category-leading technology company can look like.

Founded in 2012, Highland Europe has now invested in more than 80 companies and supported 30 exits, according to the firm. Its portfolio includes names such as Huel, Wolt, GetYourGuide, n8n and Bending Spoons.

But a big fund does not automatically mean easy money for founders.

In fact, I'd argue the opposite.

A £950m fund gives Highland Europe significant firepower, but growth-stage investors are looking for companies that have already demonstrated something. The pitch is no longer simply about an interesting idea or an enormous theoretical market. Founders need evidence that customers want the product, the economics can work and the business can scale.

That distinction matters for startups sitting somewhere between venture capital and private equity.

Highland's recent investments include Wordsmith, Unframe and Ecorobotix, while previous funds have backed businesses across enterprise software, consumer technology and healthcare.

The firm's recent exits also show what it is looking for. Nexthink was sold for £2.2 billion, while EGYM agreed a £5.5 billion merger with Playlist. Bending Spoons has also reached a public market valuation of more than £13 billion.

There is another interesting signal here.

Highland has promoted Helena Richardson and Jacob Bernstein to Partner, both having spent roughly a decade helping build the firm. For founders, continuity matters. Raising from an investor is not just about the cheque. It is about who will be sitting around the table when things get difficult.

The European tech market has become much more demanding.

For founders, that may be frustrating. But perhaps it is also healthy.

The next generation of billion-pound European companies will need more than capital. They will need exceptional execution.

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