US Expansion
Raising from US VCs as a non-US startup
On this page
- Overview
- Key takeaways
- How do non-US startups get in front of US VCs?
- How do non-US founders stay warm with US VCs before a raise?
- What four boxes do US VCs look for at seed and Series A?
- How do seed, Series A and Series B differ for non-US companies?
- When does a small US check help, and when should you skip it?
- Should you move people to the US to raise, or to sell?
- Checklist: US raise readiness for a non-US company
- Talking with other leaders who expanded into the US
- FAQ
- Sources
- Further reading
Part of US expansion for non-US founders. Non-US founders raising into the United States usually face three separate questions: can you get a warm introduction, can you look like a credible US bet at seed or Series A, and do you actually need US capital now. A November 2026 VEN session with a US expansion practitioner walked Europe- and Asia-based leaders through those choices. The patterns below are how people in that room framed the problem. They are not a prescription for your raise.
Key takeaways
Section titled “Key takeaways”- Warm introductions are how most early US meetings start.
- Seed and Series A US leads often want a US story or clear superiority to US alternatives.
- A small US participation check can help US hiring brand; it is optional when the local round is full.
- Series B and later are more metrics-driven. One member chose to deepen home-market traction before a US Series B.
- Past seed and Series A, the practitioner framed US moves as commercial decisions first, with capital following.
How do non-US startups get in front of US VCs?
Section titled “How do non-US startups get in front of US VCs?”Warm introduction is the currency of the realm.
The practitioner described large US firms as seeing far more deals than they fund. The first cut, in that framing, is whether the company can get into the firm’s network in a way the partners trust. Related process pages: How seed VCs decide and Running the raise.
How do non-US founders stay warm with US VCs before a raise?
Section titled “How do non-US founders stay warm with US VCs before a raise?”The practitioner’s answer was simple: send periodic investor updates to the US firms you want to know, and travel to the Bay Area regularly and ask for coffee when you are in town. Firms want to stay close to companies they like before those companies are in their range.
What four boxes do US VCs look for at seed and Series A?
Section titled “What four boxes do US VCs look for at seed and Series A?”you usually need to tick one of four boxes. With number one, put your CEO in the US before the round.
The session framed the remaining boxes as substantial US traction, prior experience building a US business or raising from US investors, or being materially better than American alternatives:
are you materially better than American alternatives?
The first three boxes together were described as a US story. Without one, geography risk sits on top of ordinary early-stage risk. That is why a company with no US footprint can still raise, but usually under harder scrutiny.
How do seed, Series A and Series B differ for non-US companies?
Section titled “How do seed, Series A and Series B differ for non-US companies?”Series B and beyond, those are metric, metrics-driven rounds. But seed and Series A, those are still the hopes and dreams rounds.
Seed was described as locally led in many markets, Series A as more national or regional, and Series B and beyond as more global. Lead checks set terms and often take a board seat. Participation checks follow the lead’s terms and are easier for a US firm to write without those four boxes. Instrument choice still matters: see SAFEs, notes, and priced rounds.
When does a small US check help, and when should you skip it?
Section titled “When does a small US check help, and when should you skip it?”One reason founders take a modest US check even when the round is already covered locally is US hiring. Startup employees in the US often weigh option outcomes and the investor roster more heavily than peers elsewhere. If the US firm does not help hiring, customers or partners, and the local round is full, the practitioner saw little reason to force it.
One member in the same session decided to close the current round at home and focus on stronger metrics with existing customers before attempting a US Series B.
Should you move people to the US to raise, or to sell?
Section titled “Should you move people to the US to raise, or to sell?”At seed and Series A, companies sometimes move senior people or go-to-market capacity into the US to make a US lead possible, even when that is not the cleanest operating plan. At Series B and later, the practitioner argued for optimizing those moves for commercial expansion and customer acquisition, with capital following when the company is ready. The near-term reason for going to the US, in that framing, was customers rather than the raise itself.
Entity choices that often travel with that decision are covered in Setting up a US subsidiary and The Delaware flip for non-US founders. Founders who need to spend time on the ground also read Founder immigration.
Checklist: US raise readiness for a non-US company
Section titled “Checklist: US raise readiness for a non-US company”| Question | Why it matters |
|---|---|
| Who will make a warm introduction to the specific partners you want? | Meetings usually start with trusted vouching, not cold volume. |
| Do you have a US story (CEO in US, US traction or prior US experience)? | Early US leads often look for one of those boxes. |
| If not, is the product clearly stronger than US alternatives? | The fourth box when there is no US story. |
| Are you asking for a lead or for participation? | Participation is easier without the full US story. |
| Does a US check help hiring, customers or partners beyond the label? | Otherwise a full local round may be enough. |
| Is this seed/A fundraising optimization, or Series B+ commercial expansion? | Early leads can push a US move; later, the session framed it as a commercial choice. |
| What is the US lead for: hiring, valuation or signal? | The session’s test for whether a US-led A is worth the cost. |
Talking with other leaders who expanded into the US
Section titled “Talking with other leaders who expanded into the US”This page comes from a members-only VEN session where founders brought their own US raise questions to a practitioner. Thousands of venture-backed leaders and hundreds of advisors are part of VEN. If you are deciding between a US lead, a US participation check and closing your round at home, tell us what you are weighing or see upcoming sessions.
How do non-US startups raise from US VCs?
Section titled “How do non-US startups raise from US VCs?”Warm introductions matter first. For a US-led seed or Series A, founders in the session heard four common boxes: CEO in the US, US traction, prior US company or investor experience, or a product that is clearly stronger than US alternatives. Participation checks are easier than leads.
Should a European or Asian startup take a small US check?
Section titled “Should a European or Asian startup take a small US check?”In the session, the case for a small US check was that the investor adds something the local round does not, such as a brand that helps recruit US employees who weigh option outcomes, or doors into customers and partners. Where none of that applied, the practitioner saw little reason to take it, and one member decided to close the round at home and aim for Series B.
Do US VCs require a Delaware company at Series B?
Section titled “Do US VCs require a Delaware company at Series B?”Later rounds are more metrics-driven. The session described US investors more often tolerating a strong non-US parent at Series B, while early seed and Series A investors more often prefer Delaware familiarity. Timing, tax and the flip-versus-subsidiary choice are on The Delaware flip for non-US founders.
Sources
Section titled “Sources”November 2026 VEN session on US expansion and fundraising. Practitioner attributed by role only. Related process pages: How seed VCs decide, Running the raise, SAFEs, notes, and priced rounds, Exits and M&A. See the session index and our sourcing policy.