Idinvest Partners, an investor in SMEs across Europe, has held the first close of its third digital fund – Idinvest Digital Fund III – at EUR180 million.
The first close of the fund has exceeded that of its predecessor, Idinvest Digital Fund II, which raised EUR154 million, and the fund is targeting a final close of EUR300 million. Idinvest Digital Fund III is backed by a number of existing and new European LPs.
The new fund, managed by a team of nine investors, will finance European businesses with high growth potential and support serial entrepreneurs in the following sectors: Enterprise Software, Fintech and Insurtech, Deeptech (artificial intelligence, big data, virtual reality, IoT, cybersecurity) and Healthtech.
The team has already identified two target companies in which the fund will invest.
This successful fundraise reflects Idinvest’s long-standing presence in the European technology sector, which has seen the team invest in over 130 B2B and B2C digital start-ups over the past 10 years, including Talend, Social Point and Zenly. In 2017, the Venture Capital team invested EUR190 million in 21 companies and exited 12 businesses, generating EUR260 million.
“Over the past 20 years, Idinvest Partners has grown its network of European entrepreneurs through its proven expertise and dedication to this segment of the market. Thanks to our long-term approach and wish to help back the European tech sector’s ambitions, Idinvest now has access to all companies within the European digital sector, working with the best and brightest entrepreneurs of today and tomorrow,” says Benoist Grossmann, Managing Partner of Idinvest.
Matthieu Baret, Partner at Idinvest, adds: “We are delighted at the success of this first closing, which has at its foundations Europe’s leading institutional and corporate investors. The unprecedented interest in this fund demonstrates both the huge growth potential of the digital sector and the attractive investment proposition it continues to offer our investors.”
