Welcoming the next generation of One Peak

At One Peak, one of our top priorities is developing the next generation of growth equity leaders to identify and partner with world-class founders. To that end, we’re thrilled to announce the promotion of François Delmas to Principal and Thibault Mallion to Associate.

Since joining us in 2019, François has played a key role in sourcing, evaluating and supporting scale-ups across the software ecosystem. His experience gained at Société Générale Corporate and Fabernovel, and throughout his five years as an investor at One Peak, have strengthened his strategic acumen and natural ability to build trusted relationships.

Thibault joined us as a Senior Analyst in 2023, and in a short amount of time, has proved himself to be a strong asset to the team and to the entrepreneurs we back. He brings experience from Goldman Sachs and Rothschild & Co, where he advised businesses on a variety of transactions including acquisitions, mergers, and various equity and debt financing operations.

François and Thibault have not only demonstrated their passion for identifying high-potential scale-ups, but also their commitment to helping businesses scale and thrive. We asked them about themselves and their experiences as growth-stage investors.

What initially drew you to growth-stage investing?

Thibault — What I love about growth-stage investing is the opportunity to partner with founders at a pivotal moment. We step in when companies have built strong foundations and are ready for significant growth and transformation. It’s incredibly rewarding to be trusted to play a part in their journey and successes as they grow from venture-stage businesses to IPO-ready category leaders. In a relatively short amount of time, we see not only how the company itself has grown and changed, but also its broader impact across technological advancement, job creation, and contributions to the economy.

What qualities do you look for in growth-stage founders?

François — Building a successful company is extremely challenging. Dedication and hard work are table stakes, but exceptional entrepreneurs also bring a clear vision that they can champion effectively to others, from customers and partners to employees or potential investors.

Going through the startup phase means iterating until being proven right, i.e. achieving a broad product-market fit. To be successful throughout the growth stage, in my opinion, entrepreneurs need to keep challenging the status quo despite their successes to date. This open-minded approach and commitment to continual improvement takes a great deal of humility. It also requires getting the right people on board, be it managers, partners, or investors, who can help introduce new ideas and opportunities. It’s about knowing when to take risks and when to uphold what’s already working and important to maintain.

Where do you see the greatest opportunity?

François — Over the last few years, we have seen an increasing number of European software businesses becoming global market leaders, validating the opportunity for local scale-ups. Countries like the UK, France and Germany have paved the way, but talent is everywhere and we are always on the lookout for tech companies coming from smaller European countries. Constrained by the size of their local economies, founders from smaller countries tend to think internationally from day one, which can make them even more competitive in building truly global businesses. For those entrepreneurs, lack of funding should not be an obstacle and we are committed to supporting them through capital and expertise in scaling software globally.

What do you see as the biggest challenge for building global category-leading businesses from Europe?

Thibault — The biggest challenge for building global category-leading businesses from Europe is navigating the continent’s fragmented market. Europe consists of many countries, each with their own language, culture, and regulatory environment.

One of the key hurdles is achieving a go-to-market strategy across markets that may be fundamentally different. We often see strategies that work effectively in one market but are nearly impossible to replicate in others due to varying consumer behaviors, preferences, and market conditions. Language barriers and cultural differences add another layer of complexity. In that case, communicating effectively with customers, marketing the product, and providing customer support in multiple languages can be quite challenging. Additionally, each country has its own local standards, regulations, and underlying requirements that businesses must adhere to, which can slow down the scaling process.

Companies that can successfully navigate these challenges with a product-market fit that transcends borders are the ones well-positioned to become global leaders.

What is your favorite SaaS metric and why?

Thibault — When evaluating SaaS businesses, we benefit from the wealth of quantitative data they generate, which allows for detailed performance analysis.

As a growth investor, top-line growth is naturally one of the first metrics we consider, but another metric that really stands out to me is the customer lifetime value to customer acquisition cost ratio. CLTV/CAC generally indicates a strong product-market fit, demonstrating that customers find significant value in the product to stay and continue spending. This is a critical milestone for any SaaS business, as it highlights robust customer relationships, loyalty, and the ability to generate incremental value from each customer. It usually means that the current strategies are effective and scalable.

This metric also aligns with our investment strategy at One Peak, where we prioritize growth if the underlying profitability is sound.

What themes shaping the future of software are you most excited about?

François — AI is probably the single most obvious response to this question, but what can be built with today’s models is still primarily limited by the data we can feed them. The ability for any company out there to do more with AI becomes solely dependent on its ability to generate reliable and consistent data, and ultimately its ability to digitize processes.

Take for example how despite ERP being the first software category ever created, it remains the most critical piece of technology any company would use. When thinking about how many businesses still rely solely on Excel or completely outdated systems for finance, HR, and other critical operational processes, enterprise application software is still very much an incredibly exciting market, ripe for transformation.

What can founders expect when they pitch One Peak?

Thibault — When founders pitch One Peak, they can expect to see our strengths through three main lenses: software expertise, value-add initiatives, and a global network.

I’d like to emphasize the value-add initiatives, which I believe are among the most important contributions a fund can make to a company, beyond providing capital. This focus is why we intentionally keep our portfolio concentrated, allowing us to play an active role in supporting each company’s growth and ensuring businesses can scale effectively.

One key area of this value creation exercise is undoubtedly recruitment. We actively help our portfolio companies recruit top-tier talent through a proprietary network we’ve built over the years. Our co-founders and managing partners, Humbert and David, along with the rest of the team, leverage their extensive networks and experience to ensure founders can tap into the best talent available. We’re supported by a dedicated value creation team, including our recent hire, George Hrstic, as Head of Talent, who has over 15 years of experience in recruiting top global talent for large tech companies.

We also focus on strategic product expansion, seeking new market opportunities, inorganic growth, and active country expansion. Founders pitching to One Peak can expect a partner deeply invested in their success, not just financially, but also through hands-on support and strategic guidance.

What’s the best life hack you have learned from a founder or colleague?

François — The best life hack I’ve learned throughout the last few years isn’t actually a hack as such; it’s that consistency is key. On our investment team, we always say to each other that we have a great job. Whether in the office or on the road, we’re spending our days speaking to incredibly smart and passionate people who make you believe that everything can be disrupted and that there is always a smarter way to do things. Yet somewhat counterintuitively, often the biggest improvements come from incremental gains, driven by sticking to basic principles or practices with consistency.

Thibault Mallion (L) has been promoted to Associate and François Delmas (R) has been promoted to Principal.