Summary:

Well, what else were they going to do with their millions? Bebo co-founder Michael Birch and Lastminute.com co-founder Brent Hoberman have t…

Well, what else were they going to do with their millions? Bebo co-founder Michael Birch and Lastminute.com co-founder Brent Hoberman have teamed with friends to start European Founders’ Fund, a self-financed venture fund aiming to plug what they see as a “funding gap” in early-stage investment. The fund has £20 million, aiming to reach £50 million, all from cashed-out entrepreneurs, not banks. Its investments are pitched between the level of angel investors and institutional VCs.

Times Online says investment levels are “plummeting” and TCUK says European investment lags behind US. But where’s the gap really? Leading VC house Index Ventures just <a href="http://www.paidcontent.co.uk/entry/419-index-gathers-another-350-million-for-tech-startups/&quot; title="opened a

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