Spotify co-founder and CEO Daniel Ek will invest around € 1 billion of his personal assets to finance European startups.
With the objective of supporting the European technological ecosystem, the financing is destined to so-called moonshots, projects at a too early stage, to obtain venture capital financing.
Spotify, a music, podcast, and video streaming service, is considered one of the few major technological successes in Europe.
Ek co-founded the company in 2006, which grew to 299 million active monthly users. Spotify went public in 2018 and now has a market value of around $43 billion, although it is not yet profitable.
According to the Bloomberg Billionaires Index, a ranking of the world’s 500 largest fortunes, Ek is worth about $3.7 billion.
This Thursday, Spotify joined Match Group, Epic Games and ten other organizations to launch Coalition for App Fairness to pressure Apple and Google to change their app store rules.