Concept Ventures is Europe's largest dedicated pre-seed fund with nearly $200m across two funds, refusing to drift into later stages and positioning themselves as outsiders to VC who hunt four specific founder archetypes (PhDs, big-tech spinouts, unicorn spinouts, second-time founders) through proprietary founder research. The fund operates as a founders backing founders platform where ~70% of portfolio founders became LPs in Fund II, and they open-source their entire investment process including publishing their standard term sheet and criteria while pledging 1% of carry to charities chosen by founders.