Exclusive: EQT’s €5bn Scaleup Fund in talks to lead Mistral round
THE SO WHAT
If EQT’s €5B scaleup vehicle is circling Mistral, late-stage European capital is signaling it’s willing to underwrite frontier-model burn, not just SaaS multiples. For founders, that raises the bar on defensibility — you’re now competing for euros against foundation-model bets, not just other software.
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