For decades, European tech insiders have looked across the Atlantic with a mix of admiration and frustration. Casting envious eyes on the deep-pocketed VCs, an enormous consumer market, and a pipeline of elite talent, they often view the US as a promised land for business growth.

The sentiment fuels calls for Europe to replicate Silicon Valley’s model. But Vidya Peters, CEO of Dutch unicorn DataSnipper, argues this approach is flawed.

Rather than merely mimicking US tech, she urges startups and scaleups to embrace Europe’s strengths. A key one is sustainable, long-term growth.

“Five years ago, it wasn’t very fashionable to be profitable,” Peters tells TNW. “But I think this is where the European sensibility is a strength, because European companies have always taken this approach, and now it’s hugely valued in the current economic climate.”

This sharply contrasts with Silicon Valley’s growth-at-all-costs mentality. European businesses are already benefiting from this distinct approach. “When you watch some of these companies come out, they are much more durable in their growth and competitive advantage,” Peters says.

DataSnipper is a prime example. The company was profitable early on, scaled rapidly, and recently hit a $1bn valuation. Ahead of her headline talk at TNW Conference in June, Peters shared a few secrets behind the company’s success.

One is based on another European trademark: data protection. Privacy and security are integral features of DataSnipper’s core product, an AI-powered platform that automates repetitive finance and audit procedures. 

 “It’s been super important to our customers that we’re not training on their documents and data — and that’s been a central piece of how we built our AI products,” Peters says. “We review and look at their data to provide insights, but that data is theirs.”

The company must also abide by the EU’s stringent data laws. Critics argue that these rules stifle innovation, but Peters points to the advantages.

 “Europe really has the opportunity to lead in this space by balancing innovation with customer data protection,” she says.

By embedding safety and transparency into AI, she continues, startups and scaleups can carve out a competitive edge over US rivals.

“Doing it from a base of trust can help European companies win customers in a different way than their American counterparts can.”

DataSnipper also has roots in another European hallmark: a bar in Amsterdam. 

From Amsterdam to the world

In 2017, Maarten Alblas and Jonas Ruyter were having a beer. Joining them was a friend who worked in auditing for KPMG. He faced a common affliction in his profession: an enormous spreadsheet that required painstaking scrutiny. He had to search through the document for invoices, bank statements, and receipts — all the while cross-checking the data. 

Alblas and Ruyter believed software could ease his suffering. They settled on a solution: an intelligent automation platform that would dramatically increase the quality and efficiency of common audit procedures. The idea led to the founding of DataSnipper.

Their software proved a hit with auditors. Soon, their user base had spread from the Netherlands to the UK and Germany. After finding success in Europe, they targeted new markets beyond the continent.

To further fuel the growth, the company appointed Vidya Peters as CEO in 2023. She joined with expertise honed in Silicon Valley, most recently as Chief Marketing Officer of MuleSoft. During her time at the software giant, the company went public on the NYSE before being acquired by Salesforce for $6.5bn. 

She later gained extensive experience of Europe’s tech landscape. In 2019, she served as Chief Operating Officer of Marqeta, a payment processing firm. Again, she helped her company go public. In 2022, Marqeta made its market debut on the Nasdaq. The company ended the day with a market cap of over $16bn.

At DataSnipper, she set her sights on accelerating growth and global expansion.

The strategy has reaped rewards. In 2024, Deloitte named DataSnipper the fastest-growing tech company in the Netherlands for the second year in a row. Last month, the business reached the coveted unicorn status after raising $100mn at a $1bn valuation. Over 500,000 audit and finance professionals across more than 125 countries now use the software.

As DataSnipper scaled, the company benefited from another European advantage: access to international talent. 

DataSnipper’s talent pipeline

“People undervalue the ability to hire from across the world here,” says Peters.

DataSnipper has directly benefited from this access. From the Netherlands, the company can hire global talent on a visa with greater ease than in the US. Peters describes this as “a secret weapon” for European startups and scaleups.

“It is much easier to do so with the visa opportunities that you have in Europe, the ability to issue work visas is significantly easier in Europe than it is in the US.”

A diverse range of people now work for DataSnipper. In the company’s Amsterdam headquarters, 70% of employees are from outside the Netherlands.

“That’s incredibly valuable because we have every language that you could possibly want to sell in Europe, and you can attract them right here to Amsterdam,” says Peters.

DataSnipper’s global outlook has been instrumental in its expansion. After establishing itself in Europe, DataSnipper opened offices in New York, Tokyo, Kuala Lumpur, and Mexico City.

Despite its global expansion, DataSnipper remains firmly rooted in the Netherlands. One of the country’s many attractions is a simple matter of time.

“People forget that America is not the heart of the world,” says Peters. “You can wake up in Europe and sell to Asia Pacific. And after your lunch, you can sell to the US.”

Europe’s pros and cons

Despite the advantages of life in Europe, startups here still face substantial challenges. One is the diverging regulations, tax laws, and banking systems, which present roadblocks to growth across the continent.

“We’re not taking full advantage of being part of one European Union and allowing companies to expand within the continent,” Peters says. “It would be tremendously beneficial if we could open locations within Europe, just like you would in the US, in a different state.”

Funding is another hurdle. European VCs tend to be more risk-averse, making capital harder to secure. “We had conversations with probably every major venture capital firm in the US — they were pounding on our door,” says Peters. “Yet the European VCs were not reaching out.”

For DataSnipper, that wasn’t a big problem. The US firms alone had produced an oversubscribed round. Nonetheless, Peters was surprised: where were the European investors? With curious timing, they started reaching out after the funding was announced.

“Was it the risk appetite?” Peters wonders. “What was it that made them a little bit more cautious?”

These are common questions in European tech. But startups and scaleups don’t need to wait for the answers.

Peters advises them to think beyond borders. “Don’t be limited to the country you are in or to Europe,” she says. “Reach out to VCs all over the world.”

When that happens, Peters hopes that Europe’s investment landscape will shift to a braver funding model. But even if it doesn’t, companies across the continent can forge their own paths to success.