In this economic climate, when large venture rounds are scarce and acquisitions even rarer, it’s fortunate that the depression has not had an impact on entrepreneur innovation and drive.
Today, we’d like to announce a new initiative, lead by European tech blog ArcticStartup along with ourselves, Techcrunch Europe, Techcrunch France. The initiative is called MicroFundr and is focused on providing investments up to €14,000 Euros (USD $18,500). Another interesting spin is that all applications will only be accepted via Twitter (follow @microfundr), by simply submitting a link to your site.
To be eligible, start-ups are required to have a turnover of no more than €140,000 Euros per year (USD $185,000), and should aim at an exit worth no more than €14 million (USD $18.5m).
Full details of the fund are available at over at ArcticStartup, but needless to say we’re very excited and proud to be involved.
The announcement was officially made yesterday evening, our very own Boris had the opportunity to discuss the fund with none other than Andrew Keen. We’ve embedded the video for your viewing pleasure below: