Simple thing, yes as stated in the article, European VCs are very picky and strict about who to fund and also have a lot less cash, so they just invest in fewer

Simple thing, yes as stated in the article, European VCs are very picky and strict about who to fund and also have a lot less cash, so they just invest in fewer, more carefully picked ventures, so their success rate is higher. It's like a typical business that works well while it's small and only captures the best corner of a market but has it's returns deteriorate once it tries to serve virtually everyone. Trick is to get same or better returns while having same or better deal volume, EU is far away from that.