Yaron Valler, Founder of Target Global, a European venture capital firm managing more than €3 billion. With over three decades of experience as an engineer, entrepreneur and investor, Yaron has backed more than 15 unicorns, including companies such as Delivery Hero and DocPlanner.

Yaron shares the lessons he's learnt from decades of investing, why understanding people is the most important skill in venture capital and what he looks for in exceptional founders. His ideal combination is simple: low ego, high energy and an obsessive attention to detail.

The conversation also explores Yaron's new book, The New Europeans, which examines the relationship between immigration, entrepreneurship and economic growth. Yaron argues that outsiders often make exceptional entrepreneurs because they see problems differently, challenge established assumptions and take risks others might avoid.

James and Hector discuss what this means for Europe's future, the importance of integration and how governments can better harness the economic potential of migration. Yaron illustrates his thinking through investments in DocPlanner and Delivery Hero, where international founders helped build businesses across borders.

The conversation then turns to artificial intelligence. Yaron explains why he's become more cautious about traditional enterprise software, the challenges of building defensible AI applications and his growing interest in frontier technologies beyond conventional large language models.

Topics Covered

Yaron's journey from engineering and entrepreneurship into venture capital
Building Target Global into a €3 billion investment firm
Lessons from backing more than 15 unicorns
Why understanding people is the most important skill in investing
Identifying founders with low ego, high energy and attention to detail
The thesis behind Yaron's new book, The New Europeans
Why immigrants and outsiders can make exceptional entrepreneurs
Immigration, integration and European economic growth
How DocPlanner and Delivery Hero expanded across borders
Why Yaron is becoming more cautious about enterprise software
Building defensible businesses in the AI era
Opportunities in frontier AI and next-generation semiconductors
Yaron's Future Unicorn prediction, Axonic Labs
His dream dinner party guests: Mark Twain, Neil Armstrong and Elon Musk

After decades of investing across multiple technology cycles, Yaron's perspective brings together two important ideas: exceptional companies are built by exceptional people, and some of the biggest opportunities emerge when founders approach familiar problems from an entirely different perspective.

A fascinating conversation about venture capital, immigration, European competitiveness and the future of technology investing.

Yaron Valler, Founder of Target Global: Backing 15+ Unicorns, Why Outsiders Win and the Future of AI

Riding Unicorns: Venture Capital | Entrepreneurship | Technology

Yaron Valler, Founder of Target Global: Backing 15+ Unicorns, Why Outsiders Win and the Future of AI