A group of prominent European tech founders has collaborated to support and invest in young entrepreneurs. To foster innovation and encourage new business ventures, these tech leaders aim to provide financial backing, mentorship, and strategic guidance to budding entrepreneurs across the continent. The initiative, spearheaded by a consortium of successful industry veterans, seeks to create a nurturing environment for startups, particularly those in their nascent stages.
These tech founders believe that pooling their resources and expertise can significantly impact the European startup ecosystem, encouraging more innovation and economic growth. Despite ongoing economic uncertainties and market challenges, the founders remain optimistic about the potential of Europe’s tech sector. They emphasize the importance of innovation and entrepreneurship in driving future economic recovery and growth.
The group plans to work closely with educational institutions, industry groups, and government bodies to identify and support promising new ventures. Details about the specific investments and companies involved will be announced in the coming months. However, the founders have already strongly committed to fostering a robust and vibrant European startup scene.
By uniting under a common cause, these European tech innovators hope to inspire the next generation of entrepreneurs and set a precedent for successful collaboration in the tech industry. The 100+ founder-led fund has drawn criticism in startup and VC circles. On Wednesday, British podcaster-turned-VC Harry Stebbings of 20VC announced the launch of “Project Europe,” a €10 million fund aimed at supporting the next generation of young entrepreneurs.
The fund, backed by 20VC, Berlin-based Point Nine, and New York-based Adjacent, along with over 120 tech founders from companies like Klarna, Mistral, ElevenLabs, and Shopify, has set the European VC community buzzing. The fund will support founders under 25 by providing mentorship and investing in 10 to 20 of them, offering €200,000 in exchange for 6.66% equity. Stebbings’ motivation for the fund is to “change the narrative” around how Europe builds companies and fosters innovation, aiming to fuel Europe’s next €100 billion company.
He described the initiative as a cross between the Peter Thiel Fellowship and Y Combinator.
Project Europe fund gains mixed reviews
The project has sparked conversations on social media, with several VCs showing enthusiastic support.
I absolutely love Project Europe,” said Martin Mignot, partner at Index Ventures. He believes that Europe needs more than innovative companies; it needs active political engagement from entrepreneurs and investors to sustain momentum. Deepali Nangia, a partner at Speedinvest, also showed support, commenting, “Absolutely love this! Giving back Silicon Valley style. “
However, not everyone is full of praise.
Nicolas Colin, co-founder of French startup incubator The Family, expressed his concerns, comparing the project to situations in emerging countries where high investment in education does not translate into high-skilled jobs, potentially leading to brain drain and social unrest. Others criticized the project’s structure as just another accelerator. Lucas Bédout, founder of French B2B SaaS startup Hyperline, questioned the necessity of more seed capital for young entrepreneurs in Europe.
He argued that the continent needs fewer but higher-quality companies to compete with US players. Some critics also decried the project’s strict age limit and the 6.66% equity stake required from participating startups. Additionally, the size of the fund has been a point of concern.
One founder highlighted the contrast between the project’s ambitious vision and its relatively modest financial backing of €10 million. Despite the criticism, Stebbings has not yet commented on these concerns. The announcement has opened a dialogue within the VC community about the adequacy of the fund’s size and aim of boosting Europe’s tech ecosystem.
Questions remain—what additional measures are necessary to support Europe’s startups? Is an age limit appropriate? The conversation continues as VCs and founders alike weigh the potential impact of Project Europe on the continent’s tech scene.
Whether this fund will be a game-changer or just another player in the ecosystem remains to be seen.
Photo by Nick Night on Unsplash