Inovexus gears up for seed investments in AI, blockchain, metaverse startups

Myriam Mariotte
12 April 2022

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Inovexus, a Paris-based venture capital (VC) firm, is aiming to begin deployment via its new early growth fund, CEO and founder Philippe Roche said.

The VC's Inovexus Ventures fund is engaged in negotiations with potential targets, he said. The evergreen fund plans to invest in 40 start-ups each year until 2025, he added.

The sponsor targets pre-revenue companies specialised in AI, blockchain, cryptocurrencies and the metaverse, Roche said. The businesses would be based in France, Germany, the UK, the Nordics, Denmark, Sweden or Finland.

The Delaware-registered fund invests in pre-seed and seed rounds with an average ticket of EUR 150,000, he added. It aims to retain 8-10% stakes in the companies it invests in and does not aim to have a seat on their boards.

The sponsor typically uses its internal team to source deals and is advised by an undisclosed law firm on legal matters, Roche said.

Half of the Inovexus Ventures' capital will be raised from business angels and high-net-worth individuals, he said. Crédit Agricole has also invested in the fund.

The vehicle aims for 35-40% IRR over seven to ten years and 5-15x money when exiting companies, which will not happen before 2023, he added.

Growth fund plans
The sponsor also plans to launch a France-based growth fund that will exclusively invest in companies already seeded by Inovexus Ventures by 2024, Roche said.

It will have a fundraising target of EUR 500m and will invest in Series A and B, he said. Contrary to its predecessor, this upcoming fund would aim for a seat on the board of its portfolio companies, he added.

Crédit Agricole has already expressed interest in investing the upcoming fund, he said.

Established in 2018 by Philippe Roche, Inovexus is based in Paris and has 15 employees.