OpenFund: A Brand New European Microfund Looking for Startups NOW.

In this climate, it takes drive to put anything together that revolves around funding. Thankfully, the fellas at OpenCoffee Greece have just that and, along with a number of entrepreneurs and VC’s, have set up a micro-fund for European startups.

The OpenFund has big plans, it aims to fund five startups per round of investment, with each startup receiving €20-30k and expected to dish out around 20% in equity.

Like YCombinator and Seedcamp, OpenFund will mentor the successful startups and will give full support to grow, and gain further funding (if needed) or acquisition or yes, even an IPO.

So how do you apply? Well first and foremost, have a good read of the site and its FAQ’s to get a feel for the illustrious individuals involved and the type of companies they’re looking for.

In regard to timeline, this is the schedule for the first round of investment:

• Call for applications: Open, up to September 30, 2009
• Evaluation and selection: October 1 to November 15, 2009
• Seeding: Starts December 1, 2009
• Next call: December 1, 2009

European entrepreneurs, you should be excited.

Here’s a quick slideshow to wet your appetite, or if you’re really keen, visit the OpenFund now and get your applications in…not long to go now.