Blisce eyes USD 250m final close for Fund II by Q1 2023

Blisce II, established last year, has so far received USD 220m in commitments.

With a mandate to invest in B2C companies start-ups from Europe and the US, the vehicle focuses on sustainable ecommerce, health consumerism, edtech, fair finance and future of work, Mars said. It invests USD 10m-30m in Series B and Series C funding rounds, he added.

Blisce I was launched in 2019 and held a final close the following year on USD 145m. It was invested in six companies, including French content producer for social media Brut and US-based guided meditation sessions provided Headspace.

Main investors in the sponsors’ funds are family offices, institutions such as France’s Bpifrance, insurer MAIF, and corporates, including personal care specialist L’Oréal and household goods manufacturer Seb, Mars said.

Investments
Blisce II targets companies with a growth rate above 50%, revenues of USD 10m-100m and with operations in more than one country, Mars said.

The vehicle has deployed around 35% of its target size in seven investments, including in US-based affordable credit provider Empower. An eighth investment will take place this year in Europe, he said, declining to give further details.

Blisce aims to complete 15 investments with the new fund, with a view to have it entirely invested by 1Q24. It plans to exit its portfolio companies after a five-year investment period for two to three times money, he added.

A third fund is to be expected in early 2024 he added, declining to give further details.

The sponsor mainly invests in exchange for a seat on the company’s board as a lead or co-lead investor, he said.

Established in 2013, Blisce has 17 employees in Paris and New York. It has included ESG track reporting in its portfolio, with an evaluation carried out every 12 to 18 months. Targets’ management also have to commit to interviewing at least one diverse profile for every open senior leadership position.

The firm, which has a B Corp certification, remits 20% of the carried interest in Mars’ charity organization, the Epic foundation. Blisce signed the Sista pledge for more diversity in tech and around 40% of its employees are women.

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