The Dealflow by Founders Capital - Edition 10

Key News and Trends

Call it the Thiel Effect - Europe’s courting its youngest dreamers with chequebooks in hand. EWOR has launched a €60 million “founder fellowship” to back early-stage European entrepreneurs with €500,000 in exchange for a 7% stake. The move comes just weeks after Harry Stebbings unveiled Project Europe, a $10 million initiative supporting founders under 25. Read more here.

​If ChatGPT hadn’t collected enough of your personal data, Sam Altman’s Worldcoin is now after your eyeballs too. This week, Sam Altman’s crypto project Worldcoin officially launched in most of the U.S., introducing its eye-scanning orbs in six cities, including Atlanta and San Francisco. The project also unveiled the Orb Mini, a portable device for on-the-go identity verification. Additionally, Worldcoin announced a partnership with Visa to release a debit card that converts its WLD tokens to fiat currency at checkout. Despite ongoing privacy concerns, Worldcoin has verified over 12 million users across more than 100 countries. Read more here.

The billionaire space race enters round two, this time, it’s personal broadband. Amazon has officially entered the satellite internet race with the launch of its first 27 Project Kuiper satellites, marking the start of a $10 billion plan to deploy over 3,200 low-Earth orbit satellites. Positioned as a direct rival to SpaceX’s Starlink, Kuiper aims to deliver high-speed broadband to underserved regions, with full service expected to begin later in 2025. Read more here.

A91’s record fund signals that India’s VC winter might be finally thawing. Founded in 2018 by former Sequoia Capital India executives, A91 has closed its third fund at $665 million, marking its largest fund to date. This milestone reflects a broader resurgence in India's startup ecosystem, with increased investor confidence in mid-stage ventures. Read more here.

Founder’s Take: Founders, Ask These Questions Before You Sign Away 7%

There’s growing recognition that Europe needs more dedicated support in early-stage innovation, and initiatives like EWOR’s and Project Europe are stepping up to meet that need. But as with any bold promise, the proof is in the pudding. Press releases and vision statements only go so far. The real test is: what’s the calibre of the founders being backed, and how much meaningful support are they receiving?

While EWOR is offering more than just capital, the 7% equity ask is certainly on the punchier side. That raises the bar for what founders should expect in return. The real question is how long it will take before we start seeing tangible results - companies that not only survive but scale, and founders who come out of these programmes stronger and more investable.

There’s also a practical limit to how hands-on these initiatives can be. Programs like these tend to require deeper involvement, but they’re working with time-poor individuals in most cases. So how scalable is this model? How many companies can they meaningfully support at once before quality starts to slip? And critically, does participating in something like EWOR give founders real credibility when raising from institutional investors down the line?

Ultimately, this is a two-way street. It’s a qualifying-out process for the founders just as much as it is for the investors. Founders need to go into these programmes with eyes wide open - understanding both the value that Project Europe and EWOR bring to the table, and the limitations. Then they can make a clear-eyed comparison against traditional accelerators or VC partners to decide what’s best for their journey.

Open to chatting more - feel free to ping me on LinkedIn!

Top Venture Deals

True Anomaly –  $260M Series C (Accel)

• True Anomaly builds autonomous spacecraft and a space-based operating system designed for national security missions in orbit. This fresh capital will help the company scale its team, boost production capabilities, and support future missions. Read more here.

Persona – $200M Series D (Founders Fund, Ribbit Capital)

• San Francisco-based Persona offers identity verification and fraud prevention tools for industries like fintech, healthcare, and online marketplaces. It has raised a $200 million Series D at a $2 billion post-money valuation. Read more here.

Apex – $200M Series C (Point72 Ventures)

• Apex is a spacecraft manufacturer developing productised, configurable satellite bus platforms for commercial and government customers. The funds will help scale production to support rising demand, including potential contracts under the U.S. Golden Dome initiative. Read more here.

Upcoming Public Offerings

Metlen

• Greek energy and metals conglomerate Metlen has reaffirmed its intention to pursue a primary listing on the London Stock Exchange later this year. With a current market capitalisation of €6.15 billion, the company is poised for potential inclusion in the FTSE 100. Metlen's decision is seen as a significant endorsement of London's financial markets, especially amid global market volatility. Read more here.

Circle

• Circle, the issuer of the USDC stablecoin, filed to go public on the NYSE earlier this year. This week, the company reportedly rejected a $4-5 billion acquisition offer from Ripple, viewing the bid as undervaluing the business. While Circle hasn’t commented due to SEC quiet period rules, the move signals confidence in its path to a public listing. Read more here.

See you in the next edition,
Sam Scott and the Founders Capital Team