Project Europe, launched in March 2025 with a bold mission to reshape the continent’s tech landscape, is already stirring heated debates. Billed as a €10 million fund to back Europe’s youngest tech talent, the initiative’s male-heavy leadership and strict age limit have raised serious concerns about diversity and inclusion in the venture capital world.
Despite positioning itself as the next big leap for Europe’s startup scene, Project Europe stumbled right out of the gate. Critics quickly pointed out its glaring “diversity blindspot” — most of its sponsors, mentors, and investors are men. Making matters worse, the program only accepts founders under 25, a rule many believe excludes valuable talent and reinforces harmful tech stereotypes.
Still, the momentum was undeniable. Within just 24 hours, Project Europe racked up 600,000 site visits and over 1,000 applications. More than 200 founders even expressed interest in investing, signaling strong support from Europe’s tech elite.
The €10 Million Bet Backing Europe’s Young Tech Dreamers
The driving force behind Project Europe is Harry Stebbings, the former podcaster-turned-VC behind 20VC. Stebbings describes his project as “if the Thiel Fellowship and Y Combinator had a baby,” setting out to inject fresh energy into Europe’s founder pipeline.
Selected entrepreneurs receive €200,000 for 6.66% equity, plus direct mentorship from Europe’s top tech leaders, including founders from Klarna, Mistral, Delivery Hero, Wolt, Silo, FloHealth, and Canva. The fund aims to back 10 to 20 promising young founders annually.
Kitty Mayo, who previously worked at Entrepreneur First, now leads Project Europe as CEO. The initiative has backing from VC firms 20VC, Point Nine, and Adjacent, alongside 150+ notable European founders.
Diversity Critics Call Out Project Europe’s Blind Spots
But beneath the flashy numbers, industry veterans have voiced serious concerns. The most pressing? A troubling lack of gender diversity.
Debbie Wosskow from the UK’s Invest In Women Taskforce revealed that men dominate every layer of the program — from sponsors to mentors to investors. This reflects a broader European VC issue: in 2022, just 1% of funding went to all-female teams, and only 15% of VC general partners are women.
Nora Bavey of Unconventional Ventures didn’t hold back: “When only 6% of the team is women, it’s not just a gap — it’s a missed opportunity. Representation should be a priority from day one, not an afterthought.”
Eleanor Kaye from the Newton Venture Program echoed these frustrations. She questioned why the team failed to involve talented women or investors of color from Europe’s rich ecosystem, calling it a strategic misstep that limits the talent pool and reinforces a vicious cycle.
In response, CEO Kitty Mayo said feedback was heard loud and clear. “We now have 21 female founders who’ve invested in Project Europe, and that number keeps growing,” she shared.
Age Limit Draws Mixed Reactions — Exclusion or Focus?
The other hot-button issue is the program’s age cap. Founders must be under 25 — a rule some critics call the “Leonardo DiCaprio metric,” comparing it to the actor’s preference for dating younger women.
Stebbings defended the decision, arguing that starting young maximizes impact: “The earlier we meet these founders, the more we can shape their journey.”
Mayo added that early-career founders often lack networks and resources, and Project Europe is designed to be rocket fuel for them.
However, others see the age limit as exclusionary. Sam Nasrolahi of InMotion Ventures argued that this outdated Silicon Valley model glorifies college dropouts while sidelining older, more experienced entrepreneurs.
“Innovation doesn’t come with an expiration date,” Bavey added. “By restricting age, they’re narrowing the pipeline and shutting out exceptional talent.”
Yet, Bogdan Iordache of Underline Ventures offered a counterpoint: focusing on younger founders allows the program to tailor its support, increasing their chances of success.
Still, experts like Kaye warned that narrowing the age pool could reduce overall talent. “Ambition knows no age,” she stressed. Nangia from Speedinvest agreed that while she isn’t overly concerned about the age cap, the equity terms feel steep for such young founders.
Can Europe Fix Its VC Diversity Problem?
At the heart of the controversy lies a deeper, systemic issue: Europe’s tech and VC scene remains overwhelmingly male and white. Statistics are grim — only 2% of funding went to all-female teams in 2022, while Black founders in the UK received just 0.25% of VC funding over a decade. Meanwhile, 84% of European founders are white, and 75% come from privileged backgrounds.
VCs like Flavia Levi from Join Capital say Europe’s true weakness isn’t early-stage funding but scaling deeptech startups into global players. “We need serious follow-on capital, not just seed funding,” she warned.
Still, some believe there’s reason for optimism. Nangia pointed out that female representation in VC has improved over the past decade, and firms like Speedinvest now actively track female founder investments.
For Kaye, the debate over Project Europe is a necessary wake-up call. “It’s a tricky time for DEI. Some are ready to ditch it. But this shows why we must double down. If Europe gets this right, we could lead the world.”
Mayo agrees. “The proof will be in the pudding. From here on, I’ll spend my time finding and supporting diverse founders. I’ve always backed women and underrepresented founders — and that work continues.”
Can Project Europe Still Deliver Impact?
The heated conversation around Project Europe has put a spotlight on the urgent need for a more inclusive approach to tech funding. Can Europe create a thriving, global tech ecosystem while ensuring fair access to capital? The answer may determine whether Project Europe becomes a turning point — or just another missed opportunity.
