It’s fair to say Debbie Wosskow OBE didn’t join in the euphoria around the launch of Project Europe.
Podcaster-turned-investor Harry Stebbings is one of the people behind the fund, which has been backed by 150+ of the best European founders to nurture the cream of Europe’s tech talent.
“In 10 years’ time, there will be several 10,000 person companies that stem from Project Europe,” claimed Stebbings, who is the host of the hit 20VC podcast. “This is our time.”
The entrepreneur started 20VC as an 18-year-old from a bedroom in London and is now one of the most influential names in the venture capital world.
“It is time to change the narrative that Europe cannot build massive companies,” he said.
“Europe can and will build the most defining companies of our time. Enter Project Europe.”
Project Europe is aimed at entrepreneurs and offers €200,000 in exchange for 6.66 per cent equity.
However serial entrepreneur Wosskow, who is co-chair of the UK’s Invest In Women Workforce, wasn’t joining in the hoopla and took to LinkedIn to make her feelings clear.
“Disappointed to see the lack of female representation in Project Europe,” she wrote.
“At a time when the investment ecosystem in Europe requires re-focus and collaboration…launching a new fund that lacks diversity is a massive missed opportunity.
“Out of the hundreds of GPs, VCs, founders, operators and angels in Europe, they missed the opportunity to create an exciting, inspiring and diverse group.
“The three fund sponsors are exclusively men. The mentors are eight of nine men. The investors are almost all men. Where are all the women?
“We can do better than this Harry Stebbings, 20VC and Point Nine.
Debbie Wosskow, co-chair of the UK’s Invest In Women Workforce
“Backing young founders is a mission many of us will get behind.
“But if you only go to your close circle, you miss the chance to create a broad movement.
“Young women, please do apply, and let’s change the conversation together!”
Her comments quickly went viral on social media.
Zara Nanu MBE called it a ‘missed opportunity’ while Erika Rushton wrote ‘Man Project Europe’.
Eshita Kabra, founder and CEO at By Rotation wrote: “The lack of diversity (gender and racial) and these tech bro outfits unfortunately also promotes how they envision and frame the future generation of entrepreneurs too.”
The full story of how Innovate UK messed with the wrong women
If Wosskow hoped her LinkedIn post would spark a conversation it certainly did that with more than 200 comments – some in support of Stebbings and some against.
Jack Dwyer, CEO and founder of Vyra, spoke out in support of the podcast host. “What about 20Sales?” he asked. “An exclusively women-led GTM agency co-founded by Harry Stebbings and a team of eight of the best female entrepreneurs in the world?
“It serves as a backbone to the support 20VC provides companies and will have major cross over with Project Europe.
“Harry is doing so much for the EU ecosystem and seeing the peanut gallery light up here is all the more energy and fuel for the amazing men and women who are founding and leading many of Europe’s best companies. I’m one of them. Do your due diligence people.”
Wosskow replied: “I, and others have done, their DD on this important project which has barely any women involved. As co-chair of the Invest in Women Taskforce it’s my job to call out lack of female representation in VC.”
However, Vanessa Jacobs, co-founder of Circulo, focussed on the lack of female guests on Stebbings’ 20VC podcast, which is described as taking listeners inside the world of venture capital, startup funding and the pitch.
Jacobs wrote: “The one consistent theme in the 20VC podcast is all male guests.”
Harry Stebbings with his mum
I did some research and the last 60 guests on the 20VC podcast – which stands for the 20 Minute VC podcast – have all been men.
In fact, you have to go back all the way to October 4th, 2024 to find a female guest in Maria Angelidou-Smith, chief product officer at of Personio.
I contacted Stebbings on Saturday morning and he came back to me within 40 minutes to explain he was with his mum, who has multiple sclerosis.
The podcaster speaks a lot of about his mother, and shared a touching photo of the pair of them on social media over the weekend.
She was diagnosed with the neurological disease 14 years ago and every Sunday mother-and-son walk a marathon together.
Writing on Sunday, Stebbings wrote: “Very special moment when during the weekly marathon walk with mum, three students stopped us outside of LSE to pitch their new synthetic bio company to Project Europe. Small groups of people with big dreams can achieve incredible things. We can build great companies in Europe.”
In the first 24 hours after its launch, Project Europe had 600,000 site views and 1,000+ applications.
According to its manifesto, a core pillar of Project Europe is to ‘encourage the next generation to take greater risks and make entrepreneurship a worthwhile endeavour in Europe’.
Stebbings directed my inquiry to Kitty Mayo, CEO of Project Europe, who previously spent six years at Entrepreneurs First.
She said: “I see diversity and representation as absolutely vital, and I’m grateful to Debbie (Wosskow) for raising this important issue, and heartened by the response to it from the wider community.
“As a woman deeply involved in this ecosystem, I feel the effects of the lack of female representation in these spaces – but the exciting thing is that I am also here to change it, and have lots of resources to do so. We aren’t yet where we need to be, but it will get better.”
Famously, only two per cent of VC funding goes to female founders and Mayo invited more women to join the fund.
“Firstly, to Debbie’s point about Project Europe: this announcement was the first close on the fund,” she said.
Kitty Mayo, CEO, Project Europe
“We have ample remaining spaces and we want – and need – more women founders involved. Since announcing, we’ve already had over 150 people reach out expressing interest, but we are actively seeking more amazing women to join us.
“We would like to encourage and female founders to reach out and get involved. I want to hear from them, Project Europe is not in its final form and it’s not too late for them to be part of this.
“Additionally, 20Sales, which was created by Harry although in which I have not yet played an active role, is a powerful initiative with eight extraordinary female sales leaders at its core.
“These women are aligned, excited, and ready to mentor our founders and talent within Project Europe. Their involvement is integral to how we support and elevate diverse leadership.”
Mayo also stressed that Project Europe operates independently of the 20VC podcast, which has its own distinct mission and leadership.
She said: “As CEO of Project Europe, I’m committed to huge change in the European ecosystem. I’ll be on the ground as the key point of contact and mentor for all cohort members, actively pulling in support from our network of partners and investors, so all cohort members will get a lot of face time and support from me, and other women in the Project Europe team.
“In addition, my vote is required for all investment decisions, so our investment committee will always have a female decision maker (and often more than one).
“Talent is the thing I care most about and, much as I did in my role at Entrepreneur First, I will be dedicating a huge amount of time to getting deeply embedded within grassroots communities and early-stage builder networks – particularly prioritising groups where female representation is strong or growing.
“My commitment to this mission is grounded in my previous experience, which includes running female-focused founder bootcamps, hackathons, office hours, and targeted community events.
“Over the years, I’ve dedicated significant time to identifying, enabling, and advising female founders at the earliest stages of their careers. I’ve built and continue to cultivate a powerful group of exceptional early-career female founders who I actively support and champion.
“This really is just the beginning. We’re building a movement – and female founders will play a huge and pivotal role in it. Our team will work tirelessly to find, invest in and support the most promising young female founders, and in doing so, we aim to fundamentally change the narrative around the founding career path in Europe.
“If there is anyone who wants to be part of that change – reach out and get involved. We need you, and we want to hear from you.”
- What do you think? Email [email protected]