Earlier this year, Ryan O’Neill was sitting in a hotel waiting to meet a potential investor when he logged onto the website of Delta Partners, the Irish venture capital firm. LegitFit, the gym and studio software business that O’Neill had co-founded with two childhood friends from Cork, had previously raised €550,000 in pre-seed funding from Techstars, Enterprise Ireland and friends and family. However, to accelerate its expansion in the UK, it was back out in the market looking for further capital. O’Neill had met with VCs in the UK and the US, but, deep down, his company wanted to partner…

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