Innovacom to launch €50m digital fund in early 2016

Speaking to unquote", a source familiar with the situation explained that the process was initiated by the Île-de-France authorities. In September 2014, the regional government announced plans for a new fund targeting digital startups in the area; the vehicle, run by an external manager, would be provided a €15m state-funded contribution.

Having been chosen out of a number of candidates in December 2014, French VC Innovacom began working towards a fund launch for early 2016, unquote" understands. To reach the €50m target, contacts were established with additional LPs such as banks and insurers. However, a focus was placed on corporate investors, historically a prominent group among backers of Innovacom's earlier funds.

Innovacom Île-de-France will look to make 15-20 investments across its 10-year lifespan. It will focus on Parisian digital companies, particularly those operating within the robotics, mobility, healthcare and sustainable building segments.

The vehicle features a post-seed approach as it seeks businesses that have made it past the €250,000 revenue mark. Following the recent rise in the number of seed funds in France, the goal is to capitalise on the opportunity that lies in backing companies having evolved from the seed phase, according to unquote" sources.

The fund will be managed by the whole of Innovacom's investment team, with plans to add an additional professional in the future.

The VC-focused fund is the latest in a flurry of launches and closes witnessed by unquote" in France in October. First to make headlines was HI Inov's maiden fund, which closed on €40m early in the month. This was followed by Breega's first VC fund, reportedly nearing a final close. Last to join the group was SNCF Digital Ventures, a €30m HI Inov-managed vehicle launched earlier this week.

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