Emerging VCs are building the future of European tech - so why is raising a fund still so hard?

Scale & Grow Partner Mountside Ventures are Europe's leading accelerator and early-stage advisory firm, optimising all levels of the Venture value chain - from Startups to Funds & Limited Partners.

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There are thousands of startup accelerators across Europe. But almost nothing equivalent exists for VCs—despite raising a fund often being more complex, more opaque, and more expensive than raising a startup round.

The European VC landscape is shifting. More founders are becoming investors. Operators are spinning out of established funds. Family offices are launching their own vehicles. Yet the infrastructure to support these managers hasn’t caught up.

Most first-time and emerging GPs find themselves navigating:

  • A fragmented LP ecosystem with little visibility on who’s actually active;

  • An institutional fundraising process that’s slow, relationship-driven, and often closed to outsiders;

  • A lack of practical support on fund structuring, pitch materials, and regulatory navigation;

  • The bias of capital flowing to known brands and familiar faces, despite data showing new firms often outperform.

What’s changing

A new wave of initiatives is starting to address these gaps—bringing more transparency, tools and networks to the fundraising process for VCs. One of the most comprehensive is the Emerging VC Manager Programme, a fully funded, pan-European accelerator helping managers close their next fund.

It’s designed for GPs raising Fund I–III, and includes:

  • Warm intros to LPs across Europe through in-person events;

  • Targeted mentoring from VCs and LPs who’ve raised over $11bn;

  • Templates, models and toolkits for everything from fund economics to reporting;

  • Workshops based on feedback from 200+ LPs on what actually matters in a pitch;

  • Zero fees. No GP stake. No pay-to-play.

Why it matters

Emerging managers have consistently delivered outsized returns. According to Cambridge Associates, 72% of the top-performing VC firms globally were “new” when they raised their breakout fund. But too many struggle to get off the ground.

This isn’t about capability—it’s about access. Institutional capital still flows to the familiar. LPs are open to new managers, but the funnel is inefficient. The right connections and materials can change everything.

This programme, led by Mountside Ventures and backed by VC-experienced partners like Blue Future, HFL and Osborne Clarke, aims to level the field. Applications are now open for the next 2025 cohort. VCs based anywhere in Europe (including the UK) and raising Funds I–III can apply.