In parts 2 and 3 of CP’s Tech & High Growth team’s Scaling Stateside series, two seasoned founders – Barney Hussey-Yeo (Cleo AI) and Paul Fifield (Guerrilla, Ceros, Sales Impact Academy, In This Together) – shared the hard-won lessons of building, scaling and raising funds for UK-born companies in the U.S. market.
From mindset shifts to capital strategy, their insights offer a roadmap for ambitious founders looking to go global.
Below, you’ll find a summary of the most valuable takeaways from both nugget-packed sessions.
THINK GLOBAL FROM DAY DOT
Barney was blunt in his take: the UK’s biggest challenge isn’t talent – it’s ambition. “Too many founders build ‘nice’ local businesses instead of aiming for global dominance.” Cleo, now a $250 million, profitable U.S.-based business, was built with global intent from the start.
Paul Fifield echoed this, noting a dramatic shift in founder ambition over the past decade. “I coach founders who genuinely believe they can build trillion-dollar companies. That mindset didn’t exist in 2010.”
This ambition is increasingly supported by a maturing UK ecosystem, but both founders stressed that global thinking must be embedded from day one – not bolted on later.
Key takeaway: If you’re solving a global problem, don’t wait to “prove” yourself in the UK. Go early. Think big.
FUNDRAISING: UK VS. U.S. – A TALE OF TWO MINDSETS
Both Barney and Paul highlighted stark differences in fundraising culture.
- UK VCs are improving, especially at seed and Series A stages, but still tend to be more cautious and focused on detailed forecasts – even at pre-revenue stages.
- U.S. VCs, particularly on the West Coast, are driven by radical optimism and the power law of venture capital. They’re looking for outliers – companies that can return $10B+ outcomes.
Paul explained the math: a $1B fund needs to return $4B to be considered successful. If a VC owns 10% of a company, even a $5B exit only returns $500M – barely enough to break even. That’s why U.S. VCs often pass on “just” billion-dollar ideas.
Barney’s advice? “Be radically un-British. Say, ‘We’re building a trillion-dollar company. You’re in or you’re out.’”
Key takeaway: Tailor your pitch to the fund size and ambition level. Understand your “ideal VC profile” just like you would your ideal customer.
THE U.S. ADVANTAGE: MARKET SIZE, SPEED & CAPITAL DEPTH
The U.S. isn’t just attractive because of its capital – it’s the scale and maturity of its ecosystem.
Paul noted that the U.S. has a fully integrated funding pipeline: early-stage funds, multi-stage giants and deep public markets. “Europe doesn’t have that end-to-end system,” he said. “That’s why so many UK startups hit a ceiling and sell early.”
The numbers back this up. In Q1 2024, U.S. startups raised $44.5B, compared to just $3.9B in the UK. The U.S. also leads in unicorn creation, with over 600 unicorns in 2025 – compared to just 134 across all of Europe.
Key takeaway: If you want to scale beyond Series B, the U.S. is often the most viable option.
THE RISE OF U.S. VCs IN LONDON
There’s good news: the U.S. is coming to Europe.
Over 60 U.S. funds now operate in London, including Sequoia, Bessemer, Insight, General Catalyst and Accel. These firms are no longer just scouting from afar – they have partners on the ground and are actively investing in European startups.
This shift is changing the game. “You no longer need U.S. traction to raise from these funds – just a big vision,” Paul said. “The playbook has changed.”
Key takeaway: You don’t always need to move to the U.S. to raise U.S. capital – but you do need to think like a U.S. founder.
SHOULD FOUNDERS MOVE TO THE U.S.?
Barney hasn’t fully relocated, spending about four months a year in the States. But Paul was more direct: “If you’re building a mid-market or enterprise company and want category dominance in the U.S., you have to go.”
He emphasised the importance of proximity – not just to investors, but to customers, culture and speed. “You need to wake up in the U.S., watch U.S. news, and be immersed in the scale of the opportunity.”
He also warned against “pretending” to be local by flipping to a Delaware Topco without real U.S. traction. “It doesn’t fool anyone.”
Key takeaway: For B2C, remote can work. For B2B or enterprise, founders need boots on the ground.
BUILDING CULTURE ACROSS BORDERS
Cleo runs a distributed team across the U.S. and UK. Barney is a strong advocate for remote work, calling return-to-office mandates “nonsensical.” For Cleo, flexibility has accelerated growth.
Paul added that speed of execution is critical – and proximity helps. “If your U.S. team only gets four hours a day with the CEO, you’re slowing down.”
Key takeaway: Remote-first works – but don’t underestimate the power of in-person leadership when scaling in the U.S.
STRUCTURAL FIXES NEEDED IN THE UK
Both speakers called for urgent reform in the UK’s funding ecosystem:
- Unlock pension fund capital: The U.S. VC boom began with pension reform in 1979. The UK is only now catching up. The 2025 Pension Schemes Bill aims to unlock £160B in surplus capital and create £25B “megafunds” to support long-term investment.
- Create real growth funds: Without late-stage capital, UK startups will keep selling early.
- Fix the IPO environment: Make it attractive to list in the UK, not just the U.S.
- Incentivise founders to stay: Tax policy must support long-term entrepreneurship. Rising capital gains tax could trigger a “talent exodus,” with founders relocating to low-tax jurisdictions like the Isle of Man or UAE.
Key takeaway: The UK has world-class talent – but without structural reform, it risks becoming a feeder system for U.S. giants.
UK FOUNDERS CAN STILL WIN
Despite the challenges, both Barney and Paul ended on a hopeful note.
“You can be a British founder and build a globally dominant company,” Barney said. “You can raise from U.S. VCs, scale in America, and make a huge impact.”
Paul agreed: “The ambition is there. The talent is there. The ecosystem is maturing. But we need to move faster.”
PLOTTING OUT YOUR U.S. EXPANSION?
CP’s Tech & High Growth team support fast-growth companies through the opportunities and challenges of expanding in the U.S. every day.
So, if you have any questions about how to turn your journey across the pond into a flying success, don’t hesitate to get in touch.
Thank you to Barney and Paul for their brilliant insights, and if you missed Scaling Stateside part 1 (How to Avoid Finance / Tax Mistakes when Scaling in the U.S.), head here.
