Europe is home to a thriving startup ecosystem, but it has long struggled with significant inefficiencies in venture capital funding. Think about this: only 0.02% of U.S. VC funding goes to women of color (WOC) founders. Imagine how much lower that figure might be in Europe. Then, ask yourself: how much untapped potential is here? As a serial entrepreneur bootstrapping my own ventures out of the Netherlands, these inefficiencies resonate deeply. That’s why I’m particularly inspired by the emergence of Growathon Ventures, a women-led €100 million VC fund aiming to reshape how venture capital works in Europe.
Let’s talk about what it is, why it matters, and the lessons we, as entrepreneurs, can take from it.
What Is Growathon Ventures?
Growathon Ventures is Europe’s first WOC-led venture capital fund, targeting founders who don’t fit the typical mold of startup funding. The €100 million fund focuses on “pattern-breaking” entrepreneurs, those who operate outside the narrow profiles favored by traditional VCs. The fund isn’t about impact for its own sake; its focus is financial returns. The key thesis here is that overlooked founders frequently outperform because they are capital-efficient, resilient, and hyper-focused on product development.
This fund stands apart with its innovative LP structure: Growathon is crowding in 100 founding limited partners (LPs), offering a relatively low entry point of just under €8,000. The goal? Democratize access to venture capital investing while building a pipeline of diverse founders.
What’s Broken in European Venture Capital?
Europe’s venture capital sector has a reputation for being conservative. Unlike in the U.S., where high-growth and high-risk often define the game, European investors have traditionally favored modest returns and "safe bets." And while the European ecosystem has made some progress recently, cross-border deals still dominate only 82% of VC activity, a 2023 study attests to this, but structural biases persist.
Statistically, we also know:
- All-female founding teams outperform male teams by 63% in valuation and achieve 2.5x higher capital efficiency. Yet, only 1% of venture capital in the U.S. is allocated to them.
- Women-led startups earn $0.78 revenue for every $1 received in funding, compared to $0.31 by male-only startups.
These numbers are global in nature, but they make you wonder how much potential is left untapped in Europe due to similar bias issues.
Lessons for European Entrepreneurs
What Growathon Ventures is doing is more than just raising a fund. It’s a disruption of complacent market habits. I’ve seen these dynamics firsthand as the founder of Fe/male Switch, a company designed to help women enter and thrive in the tech world. Here’s what founders like yourself and I can take away from this.
1. You Don’t Need to Fit a Stereotype to Win
Far too often, VCs fund founders who match an established idea of “success.” This restricts opportunity to those with specific backgrounds or networks. Growathon proves that betting on so-called outsiders isn’t risky, it’s smart. If you’re building a business and you’re “not the norm,” own it.
2. Target Resilience and Efficiency
One thing that unites “overlooked” founders is their proven ability to make the most of every euro. For bootstrapped entrepreneurs like myself, this is our second language: building minimum viable products, testing ideas, and working sustainably without drowning in unnecessary venture funding.
3. Build Community, and Leverage It
Nothing beats the power of networks. Growathon’s plan to recruit 100 LPs isn’t just financial; it's about creating an ecosystem of advocates, mentors, and a valuable network for its portfolio companies. Founders, surround yourself with the right people, whether through accelerators, incubators, or peer groups.
4. Know How to Communicate Value
Blind optimism about “changing the world” doesn’t win funding. Data, efficiency, and solid execution plans do. Growathon’s strength lies in its ability to articulate that funding WOC or otherwise unconventional founders isn’t charity, it’s profit. Show investors why your company delivers returns.
How to Approach Funding as a Bootstrapped Entrepreneur
Although I’ve bootstrapped my own businesses, I often advocate for having a mix: bootstrap where it makes sense, venture fund where it adds real value. Here’s how to prepare if you’re considering external funding:
- Hone your numbers. Show how your lean business generates revenue or where the returns potential lies.
- Understand your target investor. Not every fund is Growathon. Many are still stuck in traditional models, so research LP criteria.
- Always be prepared to pitch, but know when to walk away. Every startup doesn’t need VC funds, especially if giving up equity is unnecessary at early stages.
- Focus on timing. With funding trends beginning to shift, the opportunity for unconventional founders is growing, but it won’t last forever.
Mistakes to Avoid
While pursuing funding, or even bootstrapping, these common errors can hold you back:
- Failing to prioritize revenue. Venture capitalists respond to growth and clarity in income streams. If you can’t prove it, they won’t invest.
- Pitching too early. Burnout chasing seed funding before proving your product-market fit is real.
- Spending before solid proof. It’s tempting to go big fast, but smart, gradual growth pays more in the long run.
- Ignoring the cultural fit between you and your funders. Growathon Ventures, as an example, clearly states its “returns-first” mission, ensuring compatibility with cash-focused LPs.
The Bigger Picture
Growathon Ventures aligns perfectly with what Europe needs today: problem-solvers who tackle structural blind spots. By essentially flipping the “risk” narrative around overlooked founders, Growathon is creating a blueprint for Europe’s next level of competitiveness.
As someone who’s spent years navigating the highs and lows of startup life, and designing my game-based entrepreneurship model, I find it reassuring that funds like this are stepping up. Europe excels when it stops leaving behind its most resourceful and underfunded founders.
Europe’s startup foundation is ready. The smart money? It’s waking up to the fact that alpha returns are often hiding in plain sight, just beyond the norm. If a fund like Growathon can succeed, it’s not just a win for women, WOC, or outsiders, it’s confirmation that venture capital can work better, for everyone.
Feel inspired to rethink your own funding strategy? Learn more about Growathon Ventures, or get your own business building journey started with tools like the F/MS Startup Game for tailored strategies and real-world validation. Who knows, you might just be Europe’s next underestimated success story.
FAQ
1. What is Growathon Ventures?
Growathon Ventures is Europe’s first WOC-led VC fund, aiming to mobilize €100 million to support overlooked, “pattern-breaking” founders, especially women and women of color, who are underfunded despite strong performance. Learn more about Growathon Ventures
2. What makes Growathon’s funding model unique?
Its LP structure includes 100 Founding Limited Partners (LPs), each contributing around €8,000 to democratize venture capital access. The fund is designed to unlock untapped potential in overlooked founders while delivering high financial returns. Explore Growathon’s funding model
3. How does this fund plan to target market inefficiencies?
Growathon focuses on mispriced returns that traditional VCs miss, reframing “pattern-breaking” founders as assets rather than risks. It challenges the biases within European venture capital funding. Read about Growathon’s strategy
4. Why does Europe have venture funding inefficiencies compared to the U.S.?
European VCs are traditionally risk-averse and tend to favor modest returns, leaving many high-potential founders, particularly women and underrepresented groups, unfunded despite data showing their higher capital efficiency. Learn about VC inefficiencies in Europe
5. Do women-led companies outperform in venture returns?
Yes, studies show all-women founding teams outperform male-led ones by 63% in valuations and generate $0.78 revenue for every $1 funded compared to only $0.31 by male founders. Discover why women-led teams excel
6. How can diverse LP participation benefit Growathon Ventures?
The goal of 100 LPs brings not only financial contributions but also diverse networks and resources, creating a stronger ecosystem for founders and future funds. Understand Growathon’s LP strategy
7. How is Growathon different from traditional impact funds?
Growathon focuses on financial returns first, rather than purely social impact, flipping the narrative to show that addressing bias and funding diversity is also highly profitable. Explore Growathon’s approach
8. What industries could benefit from funding overlooked founders?
Europe’s AI, climate-tech, and B2B infrastructure sectors are areas where diverse talents, often underestimated, can drive superior innovation and competitiveness. Learn more about Europe's growth potential
9. Why does Growathon emphasize “pattern-breaking” founders?
These founders often bring unique solutions, resilience, and capital efficiency due to the challenges they face, resulting in higher returns relative to their more traditional counterparts. Read about pattern-breaking founders
10. How does Growathon inspire European entrepreneurs?
Growathon proves that success isn’t tied to fitting stereotypes or traditional profiles. By disrupting biases in VC funding, it encourages all founders to capitalize on their abilities and build resilient ventures. See how Growathon inspires change
About the Author
Violetta Bonenkamp, also known as MeanCEO, is an experienced startup founder with an impressive educational background including an MBA and four other higher education degrees. She has over 20 years of work experience across multiple countries, including 5 years as a solopreneur and serial entrepreneur. Throughout her startup experience she has applied for multiple startup grants at the EU level, in the Netherlands and Malta, and her startups received quite a few of those. She’s been living, studying and working in many countries around the globe and her extensive multicultural experience has influenced her immensely.
Violetta Bonenkamp's expertise in CAD sector, IP protection and blockchain
Violetta Bonenkamp is recognized as a multidisciplinary expert with significant achievements in the CAD sector, intellectual property (IP) protection, and blockchain technology.
CAD Sector:
- Violetta is the CEO and co-founder of CADChain, a deep tech startup focused on developing IP management software specifically for CAD (Computer-Aided Design) data. CADChain addresses the lack of industry standards for CAD data protection and sharing, using innovative technology to secure and manage design data.
- She has led the company since its inception in 2018, overseeing R&D, PR, and business development, and driving the creation of products for platforms such as Autodesk Inventor, Blender, and SolidWorks.
- Her leadership has been instrumental in scaling CADChain from a small team to a significant player in the deeptech space, with a diverse, international team.
IP Protection:
- Violetta has built deep expertise in intellectual property, combining academic training with practical startup experience. She has taken specialized courses in IP from institutions like WIPO and the EU IPO.
- She is known for sharing actionable strategies for startup IP protection, leveraging both legal and technological approaches, and has published guides and content on this topic for the entrepreneurial community.
- Her work at CADChain directly addresses the need for robust IP protection in the engineering and design industries, integrating cybersecurity and compliance measures to safeguard digital assets.
Blockchain:
- Violetta’s entry into the blockchain sector began with the founding of CADChain, which uses blockchain as a core technology for securing and managing CAD data.
- She holds several certifications in blockchain and has participated in major hackathons and policy forums, such as the OECD Global Blockchain Policy Forum.
- Her expertise extends to applying blockchain for IP management, ensuring data integrity, traceability, and secure sharing in the CAD industry.
Violetta is a true multiple specialist who has built expertise in Linguistics, Education, Business Management, Blockchain, Entrepreneurship, Intellectual Property, Game Design, AI, SEO, Digital Marketing, cyber security and zero code automations. Her extensive educational journey includes a Master of Arts in Linguistics and Education, an Advanced Master in Linguistics from Belgium (2006-2007), an MBA from Blekinge Institute of Technology in Sweden (2006-2008), and an Erasmus Mundus joint program European Master of Higher Education from universities in Norway, Finland, and Portugal (2009).
She is the founder of Fe/male Switch, a startup game that encourages women to enter STEM fields, and also leads CADChain, and multiple other projects like the Directory of 1,000 Startup Cities with a proprietary MeanCEO Index that ranks cities for female entrepreneurs. Violetta created the "gamepreneurship" methodology, which forms the scientific basis of her startup game. She also builds a lot of SEO tools for startups. Her achievements include being named one of the top 100 women in Europe by EU Startups in 2022 and being nominated for Impact Person of the year at the Dutch Blockchain Week. She is an author with Sifted and a speaker at different Universities. Recently she published a book on Startup Idea Validation the right way: from zero to first customers and beyond, launched a Directory of 1,500+ websites for startups to list themselves in order to gain traction and build backlinks and is building MELA AI to help local restaurants in Malta get more visibility online.
For the past several years Violetta has been living between the Netherlands and Malta, while also regularly traveling to different destinations around the globe, usually due to her entrepreneurial activities. This has led her to start writing about different locations and amenities from the POV of an entrepreneur. Here’s her recent article about the best hotels in Italy to work from.
About the Publication
Fe/male Switch is an innovative startup platform designed to empower women entrepreneurs through an immersive, game-like experience. Founded in 2020 during the pandemic "without any funding and without any code," this non-profit initiative has evolved into a comprehensive educational tool for aspiring female entrepreneurs.The platform was co-founded by Violetta Shishkina-Bonenkamp, who serves as CEO and one of the lead authors of the Startup News branch.
Mission and Purpose
Fe/male Switch Foundation was created to address the gender gap in the tech and entrepreneurship space. The platform aims to skill-up future female tech leaders and empower them to create resilient and innovative tech startups through what they call "gamepreneurship". By putting players in a virtual startup village where they must survive and thrive, the startup game allows women to test their entrepreneurial abilities without financial risk.
Key Features
The platform offers a unique blend of news, resources,learning, networking, and practical application within a supportive, female-focused environment:
- Skill Lab: Micro-modules covering essential startup skills
- Virtual Startup Building: Create or join startups and tackle real-world challenges
- AI Co-founder (PlayPal): Guides users through the startup process
- SANDBOX: A testing environment for idea validation before launch
- Wellness Integration: Virtual activities to balance work and self-care
- Marketplace: Buy or sell expert sessions and tutorials
Impact and Growth
Since its inception, Fe/male Switch has shown impressive growth:
- 5,000+ female entrepreneurs in the community
- 100+ startup tools built
- 5,000+ pieces of articles and news written
- 1,000 unique business ideas for women created
Partnerships
Fe/male Switch has formed strategic partnerships to enhance its offerings. In January 2022, it teamed up with global website builder Tilda to provide free access to website building tools and mentorship services for Fe/male Switch participants.
Recognition
Fe/male Switch has received media attention for its innovative approach to closing the gender gap in tech entrepreneurship. The platform has been featured in various publications highlighting its unique "play to learn and earn" model.
