European scaleups score 86/100 for commercial strength but just 17/100 for US readiness

The ranking draws on more than 500 US readiness assessments, alongside ongoing monitoring of European companies. It includes 50 businesses from 15 countries, with Germany and the UK each contributing 12.

It is supported by Wilson Sonsini Goodrich & Rosati and ecosystem partners HSBC Innovation Banking, Carta, Frazier & Deeter, Dealroom.co and London & Partners.

I spoke with Matt Oxley, Co-Founder and President of USXP, and Daniel Glazer, Founding Partner of Wilson Sonsini's London office, about the findings and what European founders need to consider before crossing the Atlantic.

Strong at home, unprepared for America

According to USXP, 96 per cent of the scaleups assessed lack the US corporate entity, employer identification number (EIN), banking or payroll infrastructure needed to transact locally.

More than 80 per cent have no US-based employees, while more than 80 per cent have no US trademark or patent filings.

The assessment also identifies differences between sectors, with fintech and cybersecurity companies lagging behind SaaS and deeptech businesses in establishing US operations.

How are the startups scored and ranked?

The Scaling Stateside 50 uses two separate scores:

Foundation Score:

Measures commercial strength across product, finance, marketing, metrics and sales.

US Readiness Score:

Evaluates intellectual property, talent readiness, site selection, US operations, go-to-market strategy and market traction.Importantly, companies are ranked primarily by their Foundation Score, with US Readiness used only to break ties.

The ranking therefore identifies commercially strong European scaleups rather than necessarily those best prepared to enter America.

The scores are based entirely on publicly available information, including company filings, funding announcements, hiring activity, named customers and product releases.

Companies need a Foundation Score of at least 55 to qualify.

Milan-based Lexroom tops the ranking with a Foundation Score of 96 but scores just eight for US readiness. Meanwhile, London-based poq and Cambridge-based Onthos/Theia Insights, ranked 49th and 50th, have US readiness scores of 61 and 58, respectively, putting them among the furthest along in their American preparations.

From Portland to US Expansion Partners

Matt Oxley, Co-Founder and President of USXP, has spent more than 25 years building and scaling technology companies. In 2011, he co-founded Opal, a marketing collaboration platform that went on to serve enterprise customers including Nike, Microsoft and Apple.

"I describe it as being pulled to America. It was the talent, the opportunities, the economics, the purchasing power and where the money was."

In 2013, he sold his possessions, rented out his flat and moved to Portland, Oregon, with two suitcases. Opal subsequently raised funding from investors including Madrona and Accel. After returning to the UK in 2023, Oxley spoke with between 300 and 400 founders, investors and other ecosystem stakeholders.

"The question I couldn't get out of my head was: why weren't more European founders making the journey I'd made?"

That question led him to co-found USXP. Over 18 months, the team developed a proprietary readiness assessment to help European startups evaluate their preparations for US expansion, which now underpins the Scaling Stateside 50. When should European startups make the move?

Oxley argues that European startups often focus so much on their domestic markets that preparing for the US becomes an afterthought.

"I made that move myself, and I know the timing and the build make all the difference: go too early, too late, or without the right foundations, and it costs millions."

He frequently encounters founders who regret waiting.

"We interview founders all the time who tell us they wish they'd gone to America two years earlier. They wish they'd started the journey sooner."

Relocation versus expansion

Glazer distinguishes between relocating an early-stage startup to the US and expanding an established European business after achieving product-market fit.

"Relocation typically happens at an earlier stage, when a founding team in the UK or Europe decides that the market it wants to win is the US."

This may involve moving founders to attract American investors and customers while retaining operations in Europe. Expansion, by contrast, is often driven by growing US customer demand.

"If the ambition is to win the US market, that might justify relocating senior leadership. But if America is one strong market among several, the company might choose to remain headquartered and managed from Europe." ​

Winning in the US requires a different playbook

For Oxley, success in America depends on having the right go-to-market strategy.

"To succeed in America, you need a strong go-to-market function that understands the local market, with the right talent and people in place."

Glazer argues that European founders need to recognise they're playing an away match, where the rules of business are different.

"The first question is: what are you trying to accomplish? Are you trying to win the US market, or are you looking at America as one additional revenue source among ten different markets?"

Companies seeking a leading position may need to relocate senior executives and adapt their approach to American business practices.

"You're the visitor entering a new market, and it's up to you to adapt."

For Glazer, the key is to define the desired outcome, work backwards to identify the necessary resources and regularly reassess whether the opportunity justifies the investment.

Building bridges across the Atlantic

European founders can also draw on a growing network of US-based startup hubs and communities. In Silicon Valley, GBx connects British entrepreneurs and investors, while Entrepreneurs First's Bridge programme offers European founders an eight-week San Francisco residency.

Ukrainian initiatives include GOORT, a proposed physical hub, and Ukrainian Valley, a network of founders, technology professionals and VCs, and YEP Academy.

Meanwhile, the European Startup Embassy provides a shared base for European founders and investors, particularly those from Central and Eastern Europe, offering workspace and local connections without the immediate commitment of a permanent US office.

Check out our interview with Vladimira Činčurová, CEO of the European Startup Embassy, and Petr Šmíd, a General Partner at Rockaway Ventures and a founding participant.

For Oxley, the Scaling Stateside 50 is intended to empower founders: "We want to celebrate the companies on the list, but also educate, inform and hopefully inspire founders as they prepare for their own US expansion."

However, scoring based on publicly available information may not capture a company's internal plans or preparations. A low readiness score could reflect a deliberate decision not to prioritise the American market rather than a failure to prepare.

At best, the Scaling Stateside 50 offers European startups a useful framework for assessing their readiness to enter the US market and identifying gaps in their preparations. At worst, it risks becoming a promotional tool for US Expansion Partners and its market-entry services. Its longer-term value will depend on whether it offers meaningful insights into how European companies prepare for expansion.

Nevertheless, by encouraging European founders to think more strategically about US expansion, the initiative could help more promising startups turn their domestic success into international growth.

The ranking will be updated quarterly, with plans to track which companies are making the fastest progress towards US readiness from the first quarter of 2027.