Today on BILLIONS, I’m sitting down with one of Europe’s youngest General Partners — Jonathan Userovici from Headline, a global venture firm that spots the next billion-dollar companies before anyone else.
Jonathan’s already backed some of Europe’s fastest-growing unicorns and he’s quietly redefining what it means to invest with both data and instinct.
In this episode, I want to talk about the behind-the-scenes of fundraising, how he spots future billion-dollar founders, and where the biggest opportunities in AI are.
And of course, we’ll talk cash — secondaries, cap tables, and the real economics behind staying hungry once you’re rich on paper.
If you’ve ever wondered how the next generation of billion-dollar investors think — this episode is your blueprint.
Jonathan, thanks a lot for joining!
TIMELINE :
00:00:00 - 00:01:09 : The rise and fall of unicorns
00:01:09 - 00:03:42 : Backing founders who build long-term compounders
00:03:42 - 00:08:48 : Speed of iteration: The ultimate founder advantage
00:08:48 - 00:12:46 : Unicorn playbook:
00:12:46 - 00:20:35 : Deal flow secrets: Scoring, signals, and global sourcing with AI
00:20:35 - 00:26:34 : Headline’s global roadmap strategy and industry watchlist
00:26:34 - 00:34:08 : The true trillion-dollar AI opportunity
00:34:08 - 00:42:20 : Secondaries, incentives, and cash: De-risking without losing hunger
00:42:20 - 00:49:12 : VC exits, liquidation prefs, and cap table traps to avoid
00:49:12 - 00:55:40 : Valuation games in the AI world
REFERENCES :
- Arthur Mensch
- Loïc Soubeyrand
- Daniel Nathan
- Christian Miele
- Arthur Waller
- Mistral AI
- Black Forest Labs
- Bioptimus
- Harvey
- Legora
- Lovable
- Grok
- Swile
- Pennylane
- Homa Games
