ISAI closes maiden fund on €35m

The FCPR vehicle was launched in 2008 and reached first close on €24m earlier this year. It was oversubscribed, which prompted ISAI to shorten the fundraising period and refuse additional commitments.

ISAI Développement will look to invest in about 15 internet-related startups, providing on average €1m of early-stage funding. The remaining capital will finance follow-on investments in portfolio companies.

Around 60% of the commitments came from 70 software and internet entrepreneurs, including the founders of e-commerce platform PriceMinister. Institutional investors included Crédit Mutuel Arkéa, CDC Entreprises, and a fund-of-funds managed by Idinvest Partners (formerly known as AGF Private Equity).

The fund has already made two investments this year, with at least another one in the pipeline for the rest of 2010. It will then aim to complete one investment per quarter over the next three years.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

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