BtoV holds USD 135m final close for Digital Technologies II

BtoV Digital Technologies II was registered in April 2020, according to Unquote Data. The fund had a target in the USD 100m-150m range and held a first close in June 2020.

YPOG and Van Campen Liem advised on the fundraise.

The fund is the successor vehicle to its 2015-vintage BtoV Digital Technologies I fund and will follow the same strategy, backing rounds for B2C and B2B startups focused on artificial intelligence, software as a service, logistics, digital health and marketplaces.

The Digital Technologies team comprises Florian Schweizer, Jochen Gutbrod and Luca Martinelli, as well as new strategy partner Andreas Goeldi.

BtoV is headquartered in St Gallen in Switzerland, with additional offices in Berlin, Munich and Luxembourg. As well as its Digital Technologies strategy, the firm invests via its Industrial Technologies strategy, which typically sees the GP deploy EUR 1m-3m, with up to EUR 10m available per company, focusing on Series A rounds but with the option to invest at seed or Series B stage.

BtoV said in a statement that investments will adhere to the Rose (Return on Society and Environment) ESG framework, which sees the GP identify and monitor ESG targets. The Rose framework was developed with HV Capital, student-run entrepreneurship organisation Start Global, and the St Gallen Symposium.

Investors
The European Investment Fund (EIF) is the vehicle's anchor investor. The fund has additional institutional and corporate LPs, as well as several family offices. The fund is also backed by 70 individuals from BtoV's Private Investor Network. These include Scout24 founder Joachim Schoss.

The LP base is focused on the DACH region, but includes LPs from the US, the UK, France, Benelux and Hong Kong. The majority of LPs from BtoV's previous Digital Technologies fund have committed to the second vehicle.

Investments
BtoV's Digital Technologies strategy makes initial investments of EUR 250,000-3.5m, with up to EUR 20m available over the lifecycle of each company. The fund invests in European startups but can invest outside Europe on a case-by-case basis. BtoV generally makes 7-10 investments per year via the strategy.

BtoV Digital Technologies II made its first investment in October 2020. The vehicle has made 11 investments to date, one of which has not yet been announced. The fund expects to make 35-40 investments in total, targeting early-stage investments at seed and Series A stage.

The fund's investments so far include remote working culture software Remi, as well as SME expense management startup Finway.

People
BtoV Partners – Florian Schweizer, Jochen Gutbrod, Luca Martinelli, Andreas Goeldi (partners).

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