A group of 150+ top European tech founders—including leaders from Klarna, Mistral, and Eleven Labs—have launched Project Europe, a €10 million fund to support young entrepreneurs (18-25 years old) in building Europe’s next €100 billion companies.
Led by Harry Stebbings, founder of venture capital firm 20VC, the initiative will invest €200,000 annually in 10 to 20 entrepreneurs. Each founder will be paired with a top European entrepreneur, such as Andrey Khusid (Miro) and Tobias Lütke (Shopify), to help them tackle hard technical problems.
Backed by 20VC, Point Nine, and Adjacent, as well as hundreds of veteran founders, the fund will take a 6.66% equity stake in the startups.
Massive early traction
Since its launch on March 12th, Project Europe has seen explosive growth. In just the first 24 hours, the initiative saw 600,000 site views and 1,000+ applications.
Harry Stebbings shared on his LinkedIn that more than 200 founders have requested to invest in Project Europe so far. Just today, “seven founders of $150M+ revenue companies have cold-approached me to get involved,” he added.
Stebbings, who started 20VC at 18 from his bedroom in London, said he is on a mission to change the narrative that Europe cannot build global giants:
“Europe can and will build the most defining companies of our time.”
Changing Europe’s startup narrative
With geopolitical tensions rising, there are concerns that Europe is falling behind the US and China. ” There is a doom loop around Europe, and we need to change that, “Stebbings emphasized for the Financial Times. The brain drain to the US is very real, and it’s going to really damage the future of Europe unless something changes.”
Project Europe started as a way to counteract Europe’s negative economic outlook, similar to the stellar rise of the EU Inc initiative, which we recently witnessed.
Project Europe states in its manifesto that it will operate independently of any political movements and focus on grassroots entrepreneurship. Its goal is to incentivize risk-taking and innovation in Europe, countering the narrative that European startups struggle to scale globally.
Let’s change the narrative 👀https://t.co/CArzKKkO0j pic.twitter.com/L8Vb2f0Kr6
— Project Europe (@ProjectEurope_) March 12, 2025
Project has four key criteria for founders who want to get funded through it: they have to be under 25 years old and living in Europe at the time of starting the company, they need to solve complex problems through technology, and there is no prior education or funding required.
Participants will gain funding, mentorship, and access to an elite founder network. Kitty Mayo (formerly Entrepreneur First) has been brought on as CEO to lead the program.
Stebbings describes Project Europe as a mix of the Thiel Fellowship and Y Combinator, designed to help young founders tackle hard technical problems and build globally impactful companies. Unlike the Thiel Fellowship, which takes the form of a grant, Project Europe will take stake in the companies it invests in. “Investments are treated with much more respect, accountability and consciousness than grants,” Stebbings said for FT.
Community perspective
Many founders, investors, and ecosystem organizations immediately supported the initiative, emphasizing the need to break free from negative perceptions of Europe: “For too long, we’ve been brainwashed into believing Europe is all doom and gloom. It’s time to shift the narrative!”
While Project Europe has been widely celebrated, community members have raised important questions about diversity, sustainability, and accessibility. Swedish founder Daniel Lapidus urges Project Europe to encourage startups that contribute positively to society:
“This is an opportunity to create future brands that contribute so much good in the world. Please challenge young entrepreneurs to look beyond just building flashy tech and instead define business models that are fair and win-win for people and the environment.”
German founder Julia Holze also calls for a stronger commitment to Sustainable Development Goals (SDGs) and diversity in leadership: “Where are the women, non-binary people, BIPOC, and underrepresented founders? Innovation thrives on diverse perspectives.”
Project Europe has been receiving many comments about stakes as well: some pointed out that giving 6.66% for €200k seems a bit expensive. However, as Martyn Eeles, Managing Partner at Clarma Capital purports:
“For an early-stage founder, it’s not just about the money. It’s about getting 125+ of Europe’s top founders in your corner—mentors, investors, and a network that can open doors you didn’t even know existed.”
Why only the young?
Several community members questioned Project Europe’s age restriction (under 25), arguing that entrepreneurship isn’t limited to youth: “Amazing initiative! But why is the first criterion ‘You must be under 25’? You’re unintentionally alienating experienced individuals who could also build great companies.”
It shouldn’t be surprising if we trace back that Project Europe took inspiration from the project of the US tech investor Peter Thiel. His Fellowship pays $100,000 to people aged 22 and under to start companies instead of going to university. Stebbings also mentioned briefly his resolution to the FT:
“When we think about building the next generation of great European founders, we have to start with youth.”
This is further proved by the ambitions Stebbings shared online. He is not talking about changes in a year or two. His projections are on a decade basis… In 10 years, Stebbings predicts, Project Europe will have produced multiple 10,000-person companies.
While the initiative has gained strong early traction, its long-term success may depend on how it responds to community feedback and ensures its investments drive meaningful global impact.
