Idinvest Partners, a private equity firm specialising in French and European SMEs, has held the initial close of its Idinvest Digital Fund II at EUR60m.
The fund is exclusively dedicated to financing the growth of developing businesses in the digital and new technology segments (web-based, media, mobile, e-commerce services and software) in France and across Europe. The ultimate target for the fund is to reach EUR100m.
The fund’s first closing includes Bpifrance at EUR15m, as well as Allianz France, an historic Idnvest partner, and other blue-chip insurance companies and family offices. Discussions are under way with other financial partners.
The Lagardère Group will be an active partner in this new fund, investing EUR11m.
Christophe Bavière and Benoist Grossmann, Idinvest’s managing partners, say: “Following the success of our first fund’s strategy in the digital industry, which gave some real French gems the chance to become leading businesses in Europe and worldwide, like Deezer, Dailymotion, Criteo and Meetic, we are happy to have gained the trust of Lagardère and our other partners such as Allianz France and Bpifrance. This means that we can continue to support the growth of new European businesses over the coming years.”
Matthieu Baret, partner at Idinvest, adds: “Idinvest has also had the special privilege of supporting many serial entrepreneurs, and of playing an active role in its portfolio companies’ expansion abroad, especially in the US with such companies as Talend, Curse, and Scality.”
