This article is an interview between Connie Loizos, Editor in Chief and General Manager of TechCrunch, and two unnamed venture capitalists (VCs) who are based in Europe. The conversation covers various topics related to the European tech industry, including its growth, funding gaps, and differences from the US market.

Here’s a summary of the key points:

1. European tech industry growth: The VCs acknowledge that the European tech industry is growing rapidly, with many startups achieving significant milestones.
2. Funding gap: However, they also highlight a significant funding gap in Europe, particularly for late-stage deals (Series B and C rounds). They estimate that there’s a $35 billion gap between the Bay Area and the UK in terms of available capital.
3. Leaner market: The VCs suggest that this funding gap has led to a more lean market in Europe, with companies having to be more cautious with their spending and not getting overpriced or overheated.
4. Lower volatility: They also argue that this leads to lower volatility in the European market, making it a more attractive option for investors who prefer symmetric risk-reward profiles.
5. Less focus on scale: The VCs express concerns that European companies are often focused on achieving scale rather than focusing on innovation and growth.
6. Policy efforts: They mention that there are policy efforts underway in the UK, France, and Brussels to address the funding gap, but ultimately believe that solving this issue will require great regional companies for people to invest in.

Some of the key quotes from the interview include:

• "We’re basically where the Bay Area was in 2014. There’s lots of activity from a policy side… but at the end of the day, none of this gets solved by policy."
• "If you are in the companies that end up compounding at scale, you can get 20,000x returns in the public market."
• "The European market has lower volatility. It doesn’t get overpriced and overheated as much on the way up… and it’s symmetric on the way down."