Europe’s tech landscape has long yearned for its own Google or Microsoft. Now, a new fund is launching with the ambitious goal of making that vision a reality. Project Europe, a newly established fund dedicated to supporting founders who are “solving hard problems with technical solutions,” has secured an initial $10 million from 128 founders and tech executives across Europe and beyond.
Successful applicants will each receive €200,000 to develop their concepts. Companies must be based in Europe, although there are no restrictions on relocating later. Founders can apply with just an idea or a developing thesis.
One key aspect of Project Europe is its focus on young founders. Awards are limited to individuals aged 25 and under. An investor explained that this age restriction is intended to “support the next generation of founders.”
This focus on young founders echoes the Thiel Fellowship, which grants $100,000 to U.S. college dropouts. Unlike the Thiel Fellowship, there’s no requirement for founders to abandon their education to participate in Project Europe.
Over the last few decades, Europe’s failure to produce a tech giant comparable to Meta, Apple, or Google has been a topic of extensive discussion. The reasons are complex. Some point to a shortage of growth-stage funding, which drives founders to relocate to the U.S. or sell their companies prematurely. Others cite a difference in risk appetite.
Ian Hogarth, a founder-turned-venture capitalist, has extensively written about how promising European companies are moving or selling too early. However, it’s likely a combination of factors that has prevented Europe from developing a trillion-dollar technology company akin to U.S. and Asian hyperscalers.
Project Europe states that it will receive 6.66% equity in the new venture if it leads the investment round, and less if it doesn’t. In addition to funding, recipients will receive 1:1 mentorship from one of the fund’s nine partners. Notable partners include Victor Riparbelli from Synthesia, Mati Staniszewski from ElevenLabs, and Rina Onur Sirinoglu from Spyke Games.
Furthermore, recipients gain access to the collective knowledge and advice of the other 119 participants in the fund. Harry Stebbings, the podcaster-turned-investor from 20VC, is one of the key figures behind Project Europe, and is also offering access to his media assets as part of the overall package.
