Highland Europe Research
Investment Thesis
Highland Europe backs exceptional teams in Europe and Israel building the next generation of technology leaders. Spun off from Highland Capital Partners in 2012 to focus entirely on European-rooted scale-ups, the firm leans on three decades of transatlantic investment experience across Europe, China, and the US. Highland Europe describes a founder- and team-centric ethos, committing to collaborative, long-term partnerships and stating that it "invests only when we believe deeply in your strategy and will respect your timelines." The firm targets product-led software and consumer companies that show organic growth with strong customer momentum, clear product-market fit, compelling unit economics, and capital discipline.
Sector Focus
Highland Europe is a broad, growth-stage generalist across software and consumer technology, with concentrated exposure to: enterprise software and workflow automation (Camunda, n8n, Bitmovin), cybersecurity (Cobalt, Malwarebytes, Zero Networks, SoSafe, Alice/ActiveFence), martech and analytics (Adjust, Brandwatch, Supermetrics, Jellysmack), fintech and credit data (9fin, Modulr, Fundment), HR/workforce tech (Combo, TalentSoft, JobTeaser), consumer and marketplace businesses (GetYourGuide, Wolt, MatchesFashion, LoveCrafts, ME+EM, Outfittery), climate/sustainability software (Ecorobotix, Deepki, PVcase), and legal/insurance tech (Wordsmith, Descartes Underwriting).
Stage Focus
Growth-stage. Highland Europe invests in companies raising roughly €20-80 million to accelerate expansion, typically well past product-market fit with meaningful revenue traction. They are rarely a company's first institutional check; more commonly a Series B/C or later growth round.
Check Size
Typical investment range is approximately €20M-€80M (roughly $20M-$90M), scaled to the size of the round and the firm's target ownership in growth-stage deals.
Lead Tendency
Highland Europe frequently leads or co-leads growth rounds — for example leading Unframe's $50M Series B (May 2026) and Nexthink's earlier Series B and Series D rounds — while also participating alongside strategic investors, as with SAP's strategic investment into n8n (May 2026).
Recent Activity
2026 has been an active year for both new capital and portfolio liquidity:
- Closed a €1.1B Fund VI (July 29, 2026), the firm's sixth fund, bringing cumulative capital raised since 2012 to roughly €3.75B across six funds.
- Led Unframe's $50M Series B (May 19, 2026), surpassing $100M TCV in under 12 months.
- Backed Wordsmith's $70M raise (June 3, 2026) for AI-driven in-house legal work.
- n8n's valuation doubled to $5.2B on a strategic investment from SAP (May 12, 2026).
- 9fin raised a $170M Series C at a $1.3B valuation (March 31, 2026).
- Major exits generated over €1B in liquidity for the fund in the past year, including Nexthink's ~$3B acquisition by Vista Equity Partners (October 28, 2025), Huel's acquisition by Danone (March 23, 2026), and the ~$7.5B EGYM/Playlist (ClassPass) merger (January 15, 2026).
- Portfolio company Bending Spoons completed an $18B IPO on Nasdaq (July 2026), one of the largest European tech listings of the year.
Portfolio Highlights
Highland Europe has backed 80+ companies since 2012, with $6B+ in aggregate portfolio revenue, 20K+ portfolio employees, 30 exits, and $4B+ in assets under management. Notable names span unicorns and category leaders: Wolt, GetYourGuide, Nexthink (exited, ~$3B), Bending Spoons (IPO'd, ~$18B), Huel (exited to Danone), EGYM, Camunda, ContentSquare, Malwarebytes, Featurespace, Adjust, WeTransfer, Zwift, Podimo, n8n, 9fin, and Unframe among the newer growth bets.
Team
Highland Europe operates from London and Geneva with a large partner group and full investment/operations bench:
- Jacob Bernstein, Partner
- David Blyghton, Partner
- Sam Brooks, Partner
- Laurence Garrett, Partner
- Irena Goldenberg, Partner
- Stan Laurent, Partner
- Fergal Mullen, Partner
- Gajan Rajanathan, Partner
- Helena Richardson, Partner
- Ronan Shally, Partner & CFO
- Jean Tardy-Joubert, Partner
- Tony Zappalà, Partner
- Abhishek Lahoti, Head of Platform
- Rebecca Nordström-Manna, Head of HR & Operations
- Hannah Meehan, Finance Director
- Josephine Healy, General Counsel
- Sam Meijer, Investment Analyst
- Several Senior Associates and Associates supporting deal teams (Efosa Ayanru, Will De Quant, Eoghan Dorman, Aude Flecchia, Lucinda Maxwell, Tom Neuberger, Harry Williams, Tyrone Tee)
Decision Process
The firm operates as a broad partnership (12+ named partners) rather than a solo-GP structure, consistent with a high-touch, collaborative growth-investing model. Values emphasized on the website include team orientation, equality, integrity, reliability, humility, respect, optimism, enthusiasm, focus, and commitment.
Founder Preferences
Highland Europe seeks founders with organic growth and strong customer momentum, clear product-market fit, disciplined capital use, and long-term vision, rather than growth-at-all-costs profiles. They position themselves as respectful of founder timelines and strategy rather than imposing an external playbook.
Geographic Focus
Europe and Israel, with a historical concentration in the UK, Germany, and France. Offices in London (30 Golden Square) and Geneva (18, rue du Marché).