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. Crunch Network : MobileCrunch Mobile Gadgets and Applications, Delivered Daily.

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