The CFO’s Role in Building Europe’s First Trillion-Dollar Company

It’s one of the boldest questions in European tech: Can Europe build a trillion-dollar company? And if so, what role will CFOs play in making it happen?

This was the central theme of a recent CFO Connect webinar, sparked by Cherry Ventures’ announcement of a new $500M fund — raised with a clear ambition: to help build Europe’s first trillion-dollar company.

To unpack what that journey might look like, we brought together:

• Raluca Ragab, Managing Director @ Eurazeo (host & moderator)

• Alexander Langholz-Baikousis, CFO & Operating Partner @ Cherry Ventures

• Philip Dipner, CFO @ Cognigy

The conversation was packed with investor insights, operator perspective, and practical takeaways for finance leaders looking to scale smarter, build with ambition, and help shape the future of European tech.

Why the Trillion-Dollar Dream Is No Longer a Fantasy

Alexander kicked off by explaining why Cherry Ventures is doubling down on this ambition. The early-stage VC firm recently raised a $500M fund to back the next generation of European tech giants. In their view, Europe is finally ready.

Why now?

• The technical talent pool has exploded, even outpacing the U.S. in growth rate

• Deep tech expertise — from AI to nuclear fusion to space — is stronger than ever

• The early-stage funding ecosystem has matured significantly

• And crucially, the founder mindset has shifted from local wins to global category leadership

Alexander and his team are seeing European startups tackling complex verticals with global ambition from Day One — and believe the pieces are finally in place.

“We think Europe is ready. There’s no reason the next generational company can’t be built here.” — Alexander, CFO & Operating Partner @ Cherry Ventures

Scaling in Europe: Why It’s (Still) Harder Than the U.S.

Philip brought a real-world view from the front lines. As CFO at Cognigy, a conversational AI startup with global clients from the U.S. to Australia, he’s seen firsthand the structural barriers to scaling across Europe.

His verdict?

“It’s actually easier to expand into Australia or the U.S. than into France or Italy,” he shared.

Why? Fragmented languages, regulatory complexity, and local go-to-market nuances make intra-European expansion tough — especially in the early stages. That slows down momentum just when scale matters most.

And yet, to reach a trillion-dollar valuation, European companies will have to break out of their home markets and become global leaders. Philip argued that this is not just about winning market share — it’s about playing in industries that pay the kinds of multiples that make a trillion-dollar valuation possible.

“To get there, you need to lead in a category that commands high multiples. And we have to be willing to invest long-term to earn that right.” — Philip, CFO @ Cognigy

What’s the CFO’s Role in All of This?

Both speakers agreed: finance plays a central role in the journey from scrappy startup to trillion-dollar titan.

But it’s not about controlling spend. It’s about enabling efficient growth.

Philip stressed that CFOs must go beyond reporting and become architects of growth. That means:

• Building driver-based business cases for every major investment

• Using capital efficiency metrics (like cash burn multiples) to prioritize

• Focusing investment on focused GTM strategies, not just expanding into every possible market

He gave a concrete example from his own org: by shortening AE ramp time from seven to six months, they could significantly increase ARR. But instead of just pitching a hiring plan, his finance team modeled out the ROI of investing in more GTM support to make that efficiency gain possible.

Meanwhile, Alexander offered the investor view. He pointed out that too many startups still treat finance as a back-office function rather than a strategic partner. When that happens, growth becomes reactive and inefficient.

“You’re the quarterback. You need to clearly articulate where capital goes, why it matters, and how it fuels the mission. That’s how you attract more capital — and better capital.” — Alexander, CFO & Operating Partner @ Cherry Ventures

CFOs Are Evolving — from Navigators to Innovators

As the conversation turned to AI, Philip made a bold claim: CFOs have the opportunity — and responsibility — to lead enterprise-wide innovation.

From automation to decision-making, finance has access to the data, the context, and the incentive to drive smarter growth. AI is no longer just a cost-saving tool — it’s a revenue driver.

“The CFO should be an internal consultant. We have the numbers, but more importantly, we have the big picture. That puts us in the perfect position to lead innovation — especially with AI.” — Philip, CFO @ Cognigy

And it’s not just about tools or automation. It’s about perspective. The finance team is one of the only functions that touches every department — and sees the levers for both efficiency and expansion.

What’s Still Missing in Europe?

There’s no doubt: Europe has the talent and ambition. But there are still gaps.

Two key ones stood out:

1. Senior GTM Talent

European scaleups struggle to hire experienced CROs, CMOs, and global heads of sales. The U.S. still has a deeper bench of execs who’ve seen the “movie” of scaling from Series B to IPO and beyond. That experience is hard to replicate — and crucial for crossing the €1B to €10B to €100B thresholds.

2. Investor Mindset

European VCs (and boards) often push for profitability too early. Alexander contrasted this with the Amazon playbook: investing for 15+ years before hitting profitability — and reaping the long-term valuation upside.

“Growth now is profit later. But we have to be willing to wait — and build — for that outcome.” — Alexander, CFO & Operating Partner @ Cherry Ventures

Final Thought: You Need Ambition at the Top

As the webinar closed, Raluca asked a pointed question: Can CFOs push companies to dream bigger?

Philip answered with humility.

“If the founder wants to build a trillion-dollar company, my job is to support them with the strategy, modeling, and numbers to do it. But if the ambition isn’t there? It’s hard to inject it from the finance seat.”

Ambition starts at the top. But the CFO’s influence is real. By bringing clarity to capital allocation, by showing what efficient growth looks like, and by pushing the company toward innovation — CFOs can be a driving force in building the next great European champion.

Recap: What CFOs Can Do Right Now

• Align early with ambitious founders — and support their vision with data

• Invest in GTM — not just product

• Build clear ROI models and capital efficiency benchmarks

• Embrace AI as a growth enabler, not just a cost-saver

• Hire senior finance earlier — and be the internal driver of scale

Thanks again to these three speakers for stopping by and sharing their insights on this compelling topic.