Hi Inov, Axeleo form strategic partnership

Axeleo general partner Mathieu Viallard disclosed to Unquote that the VCs have agreed that a €10m compartment of fund Hi Inov 2 will be managed by the Axeleo team.

Hi Inov held a first close on €90m for its second generation Hi Inov vehicle this month, nearing its €100m target.

The rationale behind the creation of the €10m compartment is that Axeleo's fund, Axeleo Capital 1, focuses on seed investments, while Hi Inov 2 mostly backs series-A rounds but also takes part in series-B rounds, providing up to €15m per business. Hi Inov is delegating the allocation of €10m to Axeleo to focus on seed investments, which already has a team in place to source and manage such investments, Unquote understands.

For Axeleo, the partnership means the firm will be able to provide tickets of €700,000-1m instead of €300-400m, and therefore be more competitive. Axeleo Capital 1 launched in July 2017 with a €50m target.

The two VCs have already taken part in some funding rounds together, investing in French software publisher Ermeo in 2018 alongside Partech; and in energy-efficiency specialist Deepki,  alongside Emertec Gestion in 2016. The VCs are both based in Paris and Lyon.

While Hi Inov was on the fundraising trail, it presented the partnership option with Axeleo to LPs, which it said welcomed it as a strong diversification strategy, according to Viallard.

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