European tech leaders launch €10M fund to cultivate next generation of startup founders 😤🚀; Green Dot explores sale 😳🏦; Varo Bank bets on AI to drive profitability 🤖💸
FinTech is Eating the World, 13 March
Hey Everyone,
Good morning & happy Thursday! Today’s issue is the best one yet as we’re looking into European tech leaders who just launched €10M fund to cultivate next generation of startup founders (what it’s all about & why it matters + lots of bonus resources for you to build and scale your startup in 2025), Green Dot, which now is exploring a sale (what it’s all about & what it tells us about the future of BaaS), and Varo Bank that’s betting on AI to drive profitability (quick recap of Varo’s strategy and what it indicates us + more bonus reads & resources on AI inside). Let’s jump straight into the fascinating stuff 🌶️
European tech leaders launch €10M fund to cultivate next generation of startup founders 😤🚀
The news 🗞️ A coalition of over 150 prominent European tech entrepreneurs has launched Project Europe, a €10 million initiative designed to nurture young tech talent and create the continent's next wave of major technology companies.
The fund will invest €200,000 in 10-20 entrepreneurs under the age of 25 annually, taking a 6.66% equity stake in exchange.
Let’s take a quick look at this and see why it matters.
More on this 👉 Led by British podcaster-turned-venture capitalist Harry Stebbings of 20VC, Project Europe brings together founders from some of Europe's most successful tech companies, including Klarna, Mistral, Delivery Hero, and Shopify SHOP 0.00%↑. The initiative is backed by three venture capital firms: 20VC, Berlin-based Point Nine, and New York-based Adjacent.
The program will pair each young entrepreneur with an established European founder who will provide mentorship focused on "solving hard problems with technical solutions." Stebbings describes the initiative as what would result "if the Thiel fellowship and YC had a baby," referring to Peter Thiel's grant program for young entrepreneurs and Y Combinator, the renowned Silicon Valley accelerator.
Unlike the Thiel Fellowship, which provides grants, Project Europe takes an equity stake, with Stebbings noting that "investments are treated with much more respect, accountability and consciousness than grants."
Zoom out 🔎 The initiative comes amid concerns about Europe's competitive position in the global tech landscape. Stebbings characterizes the current situation as a "doom loop" causing a "brain drain" of top talent to the United States, emphasizing that "the world thinks that we can't build great companies anymore."
Project Europe doesn't require participants to have fully formed startups or co-founders to apply. The program will identify talent through both network outreach and direct applications. Kitty Mayo, who previously ran programs at Entrepreneur First, has been appointed CEO.
✈️ THE TAKEAWAY
What’s next? 🤔 Project Europe represents a significant shift in Europe's approach to tech entrepreneurship, potentially addressing several critical challenges facing the ecosystem. The initiative's focus on youth could help counter the talent exodus to Silicon Valley by cultivating a stronger sense of possibility among Europe's next generation of founders. The program arrives at a pivotal moment, as regulatory tensions between Europe and American tech giants intensify and concerns about the region's innovation capacity grow. By focusing on early-stage technical talent, Project Europe may help address the pipeline problem that has historically limited Europe's ability to produce trillion-dollar tech companies. Looking ahead, the initiative's success will likely depend on its ability to not just provide funding but build a truly supportive ecosystem. The involvement of so many successful founders signals a meaningful commitment to mentorship that could prove transformative. If Project Europe can establish a pattern of successful homegrown companies that remain in Europe through their growth stages, it could fundamentally alter the continent's tech trajectory. Let’s make Europe Great Again! 🇪🇺🚀
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