Spotify Technology CEO intends to invest 1 billion of his own funds in European startups

Daniel Ek, CEO of Swedish music streaming service Spotify Technology SA, intends to invest 1 billion ($ 1.2 billion) of his own funds in European startups, writes CNBC.

According to Forbes, Eck’s fortune is estimated at $ 3.6 billion.

Speaking at an online event for startups hosted by Slush, Ek noted that he plans to invest in companies from knowledge-intensive industries, including medicine, education, machine learning, and biotechnology.

“I want to do my part. We all know that one of the main challenges is access to capital”, – he said, adding that he wants to achieve “a new European dream” in the next decade.

He noted that he was disappointed with the acquisition of many European technology companies by competitors from the United States, as well as the leak of talented entrepreneurs to Silicon Valley.

“We need more super companies to raise the bar and be a source of inspiration”, – Ek added.

The creation of the $ 1.2 billion fund will allow the Spotify CEO to compete with established venture capital funds such as Atomico, founded by former Skype CEO Niklas Zennström, Balderton Capital and Northzone.

European tech startups raised a record $ 34.3 billion from investors last year, data from Atomico show.

Source: fixygen.ua