Technology investor asks entrepreneurs to 'take risks' in face of coronavirus
A London venture capital firm today launched an investment programme aimed at encouraging budding European technology entrepreneurs “take risks” in the face of the coronavirus crisis.
Blossom Capital has launched Cultivate, an angel investment scheme which plans to make up to 20 investments of $250,000 per startup in the next 12 months, a total of $5 million.
Europe’s technology scene is under threat as travel bans and a potential global recession threaten to deter investors from backing start-ups.
The programme will initially focus on startup founders who have previously worked at successful unicorns – including Checkout.com, Intercom, TransferWise, Farfetch and Spotify. Founders can apply via an online form or an introduction from one of the angels
Blossom’s Ophelia Brown will lead the investment scheme, alongside former employees of tech unicorns, namely Des Traynor (Intercom), Guillaume Pousaz (Checkout.com), Nilan Peiris (Transferwise) and Shakil Khan (Spotify).
Brown, formerly of investors Index Ventures and LocalGlobe, said: “We set up Cultivate with the aim of giving these founders as much access to capital and experience in Europe as they need to scale. Our ambition is to democratise this access and continue to help tech founders punch well above their weight on a global scale.
“Even in these uncertain times, there are visionaries in Europe doing groundbreaking, fundamental work and this is not the time to be scaling back on innovation. Some of the best ideas and opportunities come in times of crisis and dislocation. The pioneers who can rise up in the face of adversity and lead others in a common ambitious mission, will be the ones who win long term.
“Now, more than ever, is the time when such founders should be encouraged to take risks and we hope Cultivate makes a strong statement that we’re here to support those ambitious ideas and the founders and teams behind them.”
