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Spotify founder Daniel Ek is investing over $1 billion of his own money into European startups to push Silicon Valley from the center of the tech world

Spotify founder and CEO Daniel Ek said Thursday he planned to put €1 billion (about $1.2 billion) of his personal fortune into funding European startups. His goal is to create "super-companies" that can make Europe a rival to to the U.S. tech scene. Ek plans to invest in risky early stage companies working in health care, education, machine learning, biotechnology, material sciences and energy. Ek said he was frustrated at the lack of European venture capital, blaming it for a lack of innovation and a brain drain of promising European companies to U.S. buyers. Spotify founder and CEO Daniel Ek said he's pouring €1 billion (about $1.2 billion) of his own money into funding European startups in a bid to create "super-companies" that can push the U.S. from the center of the tech world.

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