Project Europe: Funding Young Tech Founders

A New Fund Aims to Foster European Tech Innovation

A common sentiment within Europe’s technology sector is the need for a homegrown equivalent to industry giants like Google or Microsoft. Now, a new fund has been launched with the explicit goal of supporting this ambition.

Introducing Project Europe

Project Europe, a fund dedicated to supporting founders who are “solving hard problems with technical solutions,” has secured an initial investment of $10 million. This capital comes from 128 founders and technology executives representing startups across Europe and beyond.

The fund’s investor list, available for review here, boasts founders from prominent companies such as Klarna, Mistral, and SoundCloud. Successful applicants will be awarded €200,000 – approximately $200,000 – to further develop their concepts.

Eligibility and Application

While companies must be established in Europe, there are no restrictions preventing relocation at a later stage. Furthermore, applicants are not required to possess fully-fledged startups; submissions are welcome based on initial ideas or even preliminary research.

However, a specific age criterion applies. Individuals over the age of 25 are ineligible to apply for funding.

Focus on Young Founders

An investor involved in the funding round explained the age limitation as a commitment to “supporting the next generation of founders.” This approach echoes the principles of the Thiel Fellowship, which provides $100,000 to college students in the U.S. who choose to forgo traditional education. Notably, Project Europe does not require applicants to drop out of school.

Europe’s Tech Landscape

There has been considerable debate regarding Europe’s inability to cultivate a technology company on par with Meta, Apple, or Google in recent decades. This situation often presents a classic dilemma – a cyclical problem with no clear starting point.

One frequently cited obstacle is the limited availability of growth-stage funding, which can compel founders to relocate to the U.S. or consider early acquisition offers.

Risk Appetite and Growth

Others suggest the issue stems from a lower tolerance for risk. Ian Hogarth, a founder-turned-VC and vocal advocate on this topic, has argued that the most promising companies often exit or are sold prematurely. Consequently, it remains uncertain whether a lack of growth funding is the primary impediment. (Hogarth is not listed as a backer of Project Europe.)

The absence of a trillion-dollar technology company originating from Europe is likely attributable to a combination of factors, and the significance of seed funding as a limiting factor is debatable.

Investment Terms and Mentorship

Project Europe will acquire 6.66% equity in the new venture if leading the investment, with a reduced stake if participating alongside other investors.

Beyond financial support, selected cohorts will receive personalized mentorship from one of the fund’s nine partners. These include Victor Riparbelli of Synthesia, Mati Staniszewski from ElevenLabs, and Rina Onur Sirinoglu of Spyke Games – the fund’s sole female partner.

Additional Benefits

Participants will also gain access to the fund’s network of 119 investors for guidance and advice. Harry Stebbings, the creator of Project Europe and a prominent podcaster and investor at 20VC, is offering access to his media platform as part of the package.