Bebo's Michael Birch launches $49m startup fund for Europe

Well it appeared to be signed and sealed when news leaked back in April that two icons of the UK’s tech startup world were joining forces to create a new fund to address the so-called ‘equity gap’ in Europe. But it gradually emerged that the actual name of the project would change and there were no real details, not even a web site to explain how it would work. But at last night’s Europas Awards in London, Bebo co-founder Michael Birch and Brent Hoberman (Lastminute and mydeco) announced the launch of the fund they’ve now set up together: PROfounders Capital. It’s understood that Birch, who exited from Bebo when it sold to AOL last year for $850m, is the prime investor, however they hope to double the “founder-lead” £30m fund over the next few months.