If you map the raises of post-accelerator/incubator startups in Europe, you see a fascinating trend which suggests that the vast majority raise almost no money

If you map the raises of post-accelerator/incubator startups in Europe, you see a fascinating trend which suggests that the vast majority raise almost no money of any consequence (to the point where there's just one, Transferwise, in Europe which has raised significant external investment to my knowledge). Capital clearly is not the best proxy for success or trajectory, but it's a visible and widely available (usually) metric. Could be that Techstars are smart about picking startups which have low working capital. More likely is that the best startups in London and elsewhere are run by people who have access to mentorship by hustling in their own network, and raise money by being good at execution.