European Startups. Time to start applying for Seedcamp 2009.

Seedcamp, a European focused incubator and seed capital venture firm, not unlike the very popular US based YCombinator, is accepting applications once again. Founded by Saul Klein of Index Ventures and Reshma Sohoni, Seedcamp is an annual treat for European startups and entrpreneurs seeking funding and expertise.

How it works? Well, applicants apply initially for a place on Seedcamp Week. This year, that takes place between the 21st and 25th September at UCL in Central London. During the week, entrepreneurs are handed a diverse mentor network of serial entrepreneurs, venture capitalists, marketing specialists and lawyers that help the selected teams put together the foundations of a viable business.

At the end of the week, SeedCamp and its board members (listed below) will make the funding decision to invest up to €50K each in 5 teams for a small equity stake (5%-10%).

• Fred Destin, partner at Atlas Ventures
• Charles Grimsdale, co-founder of Eden Ventures
• Alex Hoye, co-founder of GoIndustry plc
• Christoph Maire, Head of Maps & Explore Unit, Nokia Services
• Dave McClure, Founders Fund
• Richard Moross, founder and CEO, Moo.com

This amount, intentionally small to ensure you are left with the majority of your startup, is enough to entice you over to London for a few months to further develop your product and further establish connections.

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Previous winners include the likes of Soup.io, uberVU, Zemanta and Toksta.