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.
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.