Europe’s most active venture funds are harnessing scout networks and fellowship cohorts to spot the continent’s next generation of high‑growth founders.
Venture capital in Europe is increasingly a game of networks. As the region’s startup investment rebounded to $15.6 billion in Q2 2024—up 12 % year‑on‑year and higher than every pre‑2021 quarter—funds are racing to discover talent earlier and more inclusively. Scout and fellowship programmes have become the preferred tool: they channel capital and know‑how through operators, founders and emerging investors embedded in local ecosystems that the flagship funds cannot reach alone.
A scout (or “angel” in Atomico’s terminology) typically receives a fixed allocation—often US $100‑200k—to write small pre‑seed cheques. In return, scouts earn carried interest and provide their sponsoring VC with privileged deal flow. In a fragmented market of 40 countries and dozens of tech hubs—from Tallinn to Barcelona—this distributed model mitigates distance, language and sector gaps better than a central investment team ever could. Sifted counted more than 25 active European scout schemes by late 2021, and the number has only grown since, with Hedosophia, EQT Ventures and Peak launching cohorts in the past three years.
Atomico Angel Programme
12‑18 “angels” per year, each given $100k; now on its 4th cohort.
Pioneered European model in 2018; 25 % carry plus “Angel Pool” that shares wins across the class, fostering collaboration and diversity of bets.
Sequoia Capital Scout (Europe)
European arm launched 2020; ~24 scouts backed by Sequoia’s $195 m seed fund.
Extends Silicon Valley’s original scout playbook to hubs such as Paris, Berlin and Stockholm, pairing capital with Sequoia’s operator‑heavy network.
Accel Starters Europe
21 senior operators invest $200k each; average cheque $20k.
Structured education and shared upside across the $20 bn global Accel platform make it a fast‑track into venture for later‑stage founders.
Hedosophia Scout
20 scouts, £20‑30k cheques, 30‑40 % carry plus pooled pot.
Focus on fintech and growth‑stage signal leverage; recruits founders like Glovo’s Oscar Pierre to keep pulse on scaling talent.
Ada Ventures Scouts
~100 UK‑centred community leaders; £5k finder’s fee or option to co‑invest; 10 % carry above 5× return.
Explicit diversity mandate—over half of 2022 deals backed female or under‑represented founders.
Flashpoint Venture Scout
Started 2021, 90+ scouts across CEE, Baltics, Finland & Israel.
Combines regional specialism with B2B SaaS focus; three‑month trial weeds out inactive participants.
Peak Scouts
€100k per scout, first cohort of five spanning DE/NL/BE/SE.
Early‑stage SaaS specialist; monthly peer sessions reinforce investment rigour.
Scout cheques alone do not solve the talent bottleneck inside VC firms, so several structured fellowships teach venture skills while broadening access:
These programmes address a persistent gap: only ~15 % of European VC partners identified as women and <10 % hailed from minority backgrounds in 2024 industry surveys (Dealroom / DiversityVC). By lowering financial barriers and offering structured curriculum, fellowships create a pipeline of future associates and principals able to deploy the record levels of European capital more equitably.
Critics note that scouts can create “signalling risk” when their sponsoring fund passes on follow‑on rounds, and compensation models vary wildly—from flat £5k fees at Ada to 40 % carry at Hedosophia. Some founders also worry that cheap option‑like cheques crowd cap tables. Nevertheless, Europe’s relative capital scarcity at pre‑seed keeps demand high, and programmes are evolving to offer clearer governance and education.
With AI now representing 18 % of all European venture dollars—triple its share a decade ago—technical domain know‑how is more valuable than geographical proximity. Expect the next wave of scout cohorts to recruit specialised data‑science and climate‑tech operators, while fellowships such as Included VC scale to 100‑plus seats per year. For founders and aspiring investors alike, Europe’s scout and fellowship programmes are no longer edge cases; they are fast becoming the default on‑ramp into a maturing, €50 billion‑a‑year venture asset class.
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