Exclusive: Project Europe cofounders step down as fund readies next chapter

The Core Development

London‑based venture firm Project Europe, the brainchild of serial investor Harry Stebbings, announced yesterday that its two founding partners, Marta Llorente and Johan van der Meer, will leave their operational roles by the end of the quarter. The move comes as the €250 million fund, launched in 2021 to back Europe's "youngest entrepreneurs", prepares to close its first investment cycle and pivot toward a broader, sector‑agnostic strategy.

Llorente, who previously led the fund's early‑stage scouting network across Spain, Italy and the Nordics, and van der Meer, the architect of Project Europe's "Founder‑First" mentorship model, will remain on the advisory board for a transitional period. Their departures are described by Stebbings as "a natural evolution" that will allow the fund to "double‑down on scaling the companies we already back while opening the door to new thematic bets in AI, climate tech and health‑tech."

The announcement follows the fund's recent exit from NeuroPulse, a Berlin‑based neuro‑imaging startup that fetched a €120 million acquisition by a US med‑tech giant. The exit, which delivered a 4.5× return for limited partners, is being hailed as a proof point for Project Europe's thesis that Europe can nurture world‑class deep‑tech ventures without relying on Silicon Valley capital.

Supply Chain Realities & Strategic Shifts

Project Europe's early portfolio was heavily weighted toward consumer‑facing SaaS and fintech, sectors that benefitted from relatively low capital intensity and rapid go‑to‑market cycles. However, the post‑pandemic environment has exposed supply‑chain bottlene‑cks and talent shortages that are reshaping investment calculus across the continent.

"Europe's manufacturing renaissance is finally catching up with its digital ambitions," notes Dr. Anika Schmidt, senior analyst at the European Innovation Observatory. "Venture funds that can bridge the gap between software and hardware — think AI‑driven robotics, advanced materials, and clean‑energy infrastructure — are positioned to capture the next wave of growth."

In response, Project Europe is reallocating roughly 30 % of its capital reserve to "hard‑tech" opportunities, with a particular focus on cross‑border supply‑chain platforms that can mitigate the lingering effects of the 2022 energy crisis. The fund's new "Strategic Infrastructure" sub‑vehicle, slated for launch in Q1 2027, will target companies building modular manufacturing cells, digital twins for logistics, and low‑carbon freight solutions.

The shift also reflects a broader trend among European VCs to diversify beyond the traditional "unicorn‑chasing" playbook. According to PitchBook, hard‑tech deals in Europe grew 42 % year‑on‑year in H2 2025, outpacing the overall VC market's 18 % growth. Project Europe's rebalancing mirrors this momentum, signaling confidence that the continent's deep‑tech pipeline — bolstered by EU research grants and the Horizon Europe programme — has matured enough to attract private capital at scale.

Investor Perspectives

Limited partners have reacted positively to the leadership transition, citing Stebbings' reputation for "founder empathy" and a clear roadmap for the fund's next phase. EurCap Partners, a sovereign‑wealth‑backed LP, issued a statement:

"Project Europe has consistently demonstrated an ability to identify and nurture talent that can compete globally. The departure of Marta and Johan, while bittersweet, is a testament to the strength of the firm's governance. We look forward to supporting the next chapter, especially the strategic pivot toward hard‑tech, which aligns with our long‑term allocation targets."

Founders within the portfolio echo the sentiment. Lena Kovács, CEO of EcoGrid, a Hungarian smart‑grid startup that secured a €12 million Series A from Project Europe last year, said:

"Harry and the team have always been hands‑on, but they also give us the space to iterate. Knowing that the fund is now doubling down on infrastructure gives us confidence that our next funding round will find a sympathetic partner."

Industry observers, however, caution that the fund's success will hinge on execution. Marco Bianchi, partner at SeedBridge Capital, warned:

"Transitioning from a founder‑centric, early‑stage model to a broader, sector‑focused strategy is not trivial. It requires different deal‑sourcing mechanisms, deeper technical diligence, and patience from LPs. Project Europe's track record gives it a runway, but the next 12‑18 months will be the true test."

Long‑Term Outlook

Project Europe's evolution arrives at a pivotal moment for European tech. The EU's "Digital Compass" and "Fit for 55" climate agenda are creating policy tailwinds that could unlock €300 billion in private investment by 2030. If Project Europe can successfully bridge early‑stage founder support with later‑stage capital for capital‑intensive sectors, it could become a template for hybrid funds across the region.

Stebbings remains optimistic:

"Our mission has always been to prove that Europe can build the next generation of global tech leaders. Marta and Johan laid the foundation; now we're building the superstructure. The next chapter is about scaling impact, not just scaling capital."

As the fund prepares to close its first fund and launch the new infrastructure vehicle, the European venture ecosystem will be watching closely. The leadership change may be a signal that the continent is ready to move beyond the startup hype cycle and invest in the deep, systemic innovations required to sustain long‑term growth. If Project Europe can deliver on this promise, it could cement its place as a cornerstone of Europe's emerging tech renaissance.