Riding Unicorns: Venture Capital | Entrepreneurship | Technology

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

2026-10-28

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 capitalBuilding Target Global into a €3 billion investment firmLessons from backing more than 15 unicornsWhy understanding people is the most important skill in investingIdentifying founders with low ego, high energy and attention to detailThe thesis behind Yaron's new book, The New EuropeansWhy immigrants and outsiders can make exceptional entrepreneursImmigration, integration and European economic growthHow DocPlanner and Delivery Hero expanded across bordersWhy Yaron is becoming more cautious about enterprise softwareBuilding defensible businesses in the AI eraOpportunities in frontier AI and next-generation semiconductorsYaron's Future Unicorn prediction, Axonic LabsHis 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.

No. of episodes

254

Latest episode

2026-10-28

Where can you listen?

Meet the people building the future.Hosted by investors James Pringle and Hector Mason, Riding Unicorns goes inside the companies, ideas and decisions shaping the future of technology. Each episode features candid conversations with leading founders, operators and investors about what it really takes to build and back category-defining companies. From finding product-market fit and raising capital to hiring exceptional teams, scaling globally and navigating the moments that can make or break a company, we explore the lessons you rarely find in the playbooks. Whether you're building, investing or simply interested in how great technology companies are created, Riding Unicorns gives you a front-row seat to the people doing it.