What VCs Now Expect from B2B Scale-Ups Going Global

Investor conversations are shifting, and growth alone no longer gets you very far. For B2B scale-ups expanding into Europe, MENA, and Asia, discussions with investors have become far more focused and region-specific.

Having supported over 40 clients through expansion during the past six years, we’ve seen a few different cycles play out. Between 2022 and late 2024, many of the VCs backing our clients pushed their portfolio companies to scale back and prioritize cash flow almost at any cost. The rationale made sense for that period.

In the past three quarters, however, the tone has changed. International expansion is firmly back on the agenda, but with much tighter expectations. What VCs want to see now can be summed up in three themes:

Stronger GTM Structure and Planning

The days of entering new regions with loose plans and inflated business cases are behind us. Today, VCs and PEs expect detailed, well-grounded GTM strategies that account for local market nuances. We strongly believe in combining bold moves with disciplined planning, built on actual prospect conversations and early-stage sales activity to validate PMF before committing further.

Data-Backed Decision Cycles

Investors want to see clear evidence of how local sales cycles perform: from conversion rates, deal stages, number of decision makers involved, to AOV, churn, upsell potential, NRR, and procurement processes. Over the years, we’ve gathered a large base of client data that helps build much stronger, evidence-based assumptions for business cases and budgets. Of course, even with data, there will always be some trial and error. One of the key lessons we have seen across regions is the value of doubling down quickly once a winning formula starts to take shape.

Waterfall Approach to Team Buildout

Compared to the expansion cycles of 2020-2022, we now see investors favor a more staggered, entrepreneurial approach to team buildout. there’s now a much stronger push for a staggered, step-by-step approach to building teams. In this waterfall model, clear KPIs serve as triggers for hiring and further investment. Commercial teams often need to prove traction before headcount grows. It keeps risk under control while allowing companies to stay flexible and responsive.

For both scale-ups and investors, these shifts are a positive development. Expansion is still very much on the table, but sharper planning, better data, and faster iteration now separate the companies that can truly scale from those that stall.