Prime Ventures injects €15m into SlimPay

Prime has yet to disclose the stake it secured in SlimPay, but sources close to the deal revealed the VC is to become a minority shareholder in the business.

The firm drew equity from its fourth fund, which raised €170m at final close in January 2015. Following the SlimPay deal, the vehicle is understood to have made around seven investments and deployed approximately €60m of its capital, according to market sources.

Prime stated its interest in SlimPay stems from the business's strong position in the recurring payments segment. Opportunities for growth are forecast following the successful launch of the Single Euro Payments Area (SEPA) –  a payment-integration initiative across the EU.

As part of the changes, Prime managing partner Sake Bosch will become a member of SlimPay's board, which will also include Ron Vollebregt, the co-founder of Prime-backed business Global Collect.

The funding round is the latest in a string of investments by Prime in recent months. In March, the VC led a $16 series-B round for Copenhagen-headquartered social media manager Falcon Social alongside VCs Northcap Partners and Target Partners.

This was followed by two additional expansion deals in April, as the firm injected €5m into Dutch health software developer Forcare and then joined Rocket Ventures for a €8m round for online second-hand car marketplace Dealerdirect, according to unquote" data.

Company
Founded by Jérôme Traisnel and Jean-Louis Hoenen in 2009, SlimPay is an online payment platform. The business specialises in recurring payment transactions such as subscriptions and repeat purchases. Its 2,000-strong client base includes Deezer, Nespresso and PriceMinister, among others.

The Paris-headquartered company claims to have been the largest direct debit provider in France in 2014 after managing €2.4bn worth of transactions, according to its estimates.

People
Prime Ventures was represented by founder and managing partner Sake Bosch. Jérôme Traisnel and Jean-Louis Hoenen are SlimPay's co-founders. In addition, Traisnel is currently CEO of the company.

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