Collective aims to get more European AI start-ups to Series A
Together with Antler and Rubio Impact Ventures, we’re launching Backbone, a collective for founders who use AI and deeptech to make critical systems more resilient. Think of AI that keeps the power grid stable, protects digital infrastructure against cyberattacks, or makes supply chains, healthcare and food production less vulnerable. Applications are now open.
Fewer start-ups make it past seed
More AI engineers are starting companies in Europe than ever before, but getting past the first funding rounds has become harder. Of the companies that raised seed funding in 2023, only 9% have raised a Series A so far, compared with 23% between 2008 and 2019. Together, we want to turn those numbers around.
“We’ve studied what sets apart the start-ups that reach Series A. Two things stand out: a strong seed round, and a founder who has seen a company scale before. Most first-time AI founders have neither,” said Ronald Jan Schuurs, Partner at Antler.
“Europe doesn’t lack AI talent. It lacks places where that talent can grow into companies that last. This is how Europe becomes an AI maker, not an AI taker,” said Sebastiaan Vaessen, Head of Europe at Prosus Ventures.
The first teams start in early December
Teams spend eight weeks in the AI House in Amsterdam. Each team gets weekly coaching from the partners and ends the eight weeks with a pitch to all three investment teams. We will select the teams together. Founders must be at inception or pre-seed stage, be based in Europe or willing to move here, and want to build their company from Europe.
“Technology alone doesn’t create impact. Ambitious founders do. By combining Antler’s expertise in company creation, our impact-driven investment approach and Prosus’ ability to scale, we can help build the next generation of AI companies that deliver both meaningful impact and commercial success,” said Ilonka Jankovich, Venture Partner at Rubio.
About Prosus
Prosus is the power behind the world’s leading lifestyle ecommerce brands, across Europe, India, and Latin America, unlocking an AI-first world for our 2 billion customers.
The Prosus technology ecosystem spans food delivery, payments, classifieds, travel, events, and mobility. Our integrated approach enhances user engagement and creates the foundation for unprecedented AI capabilities through proprietary data and cross-service intelligence.
Through Prosus Ventures, we invest in companies which inspire and support the Prosus ecosystem. We search for new opportunities at the leading edge of AI and ecommerce, the digital AI workforce and in frontier technologies, such as robotics, drones and synbio.
The team actively backs exceptional entrepreneurs who are using technology to improve people’s everyday lives.
To find out more, please visit www.prosus.com.
