360 closes seed fund on €35m

360 Square features a 10-year lifespan and follows industry standards with regards to management fees, hurdle and carried interest. Fundraising for the vehicle involved a Paris-based legal firm but no placement agent, unquote" understands.

The fund is the sixth to be launched by 360 since its inception in 1997. Together with two active 2007- and 2012-vintage early-stage predecessors, 360 Square brings 360's assets under management to €300m.

360 Square represents the latest addition to a crowded French VC fundraising scene. In response to the mounting appetite for the country's digital startups, up to six local vehicles have made announcements in recent weeks. The group comprises €30m SNCF Digital Ventures, €40m HI Inov 1 and €120m Elaia Delta.

Investors
360 Square drew capital from state investor BPI France, insurer MAIF, Societe Generale, corporates Groupe Rocher and Thuasne, as well as Europe- and US-based entrepreneurs.

Investments
360 Square will provide €300,000-1m tickets to young digital startups. A source close to the situation told unquote" the fund will back 5-10 businesses per year, in France and abroad.

The fund will not be inking its maiden deal until early 2016, when a couple of investment opportunities 360 is currently working on should be finalised.

According to the VC, seed investments represent a fourth of the 80 deals it has done in Europe to date. Notable transactions by 360 include online payment service Leetchi.com, backed by a €1m injection in February 2010.

People
360 Square will be managed by Paul Degueuse, who is one of 360's five general partners. Working alongside Degueuse will be partner François Collet, who left his investment director role at CM-CIC Capital Privé for the VC in October.

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