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Ginko leads €100m series-C round for Devialet

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Ginko Ventures has led a €100m funding round for high-end speakers maker Devialet, supported by BPI France, CM-CIC Investissement and other backers.

The series-C round, one of the biggest ever for a start-up in France, was led by Ginko, Foxconn's European investment arm, with a €30m investment. Future French Champions (a partnership established between CDC International Capital and the Qatar Investment Authority), as well as CM-CIC Investissement and BPI France acted as co-investors in the round. It is the fifth investment made jointly by Future French Champions.

Other investors included Foxconn Technology itself, Renault, Sharp Corporation (now owned by Foxconn), Andy Rubin's incubator Playground Global, Jay Z's Roc Nation, and Korelya Capital – an investment fund headed by Fleur Pellerin, France's former secretary of state for digital affairs, in partnership with South Korea-based Naver Corporation.

With the fresh funding, the company will continue to expand its brand with proprietary products, and also keep fostering business partnerships with other brands to embed its technology within other devices. In 2015, the company notably struck a deal with Apple to sell its Phantom speakers in Apple stores. It will now place a particular focus on the Asian market.

Devialet will keep adding to the 107 patents that it has so far filed. Other plans include the addition of new vending points in retail shops. According to specialist tech website Techcrunch, the group could currently be worth around $300m.

Previous funding
This latest round brings the total raised by Devialet to date to around $155m. Previous rounds included a $19.1m series-A in 2012 and a $20m series-B in 2015.

Previous investors in Devialet have also included French high-net-worth individuals Xavier Niel (who founded Free), Jacques-Antoine Granjon (venteprivee.com) and Marc Simoncini (Meetic); however, they did not recommit capital on this occasion.

Company
Founded in 2007, Devialet manufactures hi-fi systems with integrated amplifiers. The company is based in Paris and also has flagship stores in London and New York City. The group's business partners include Sharp, Renault and Jay Z's Roc Nation.

Devialet notably manufactures two high-end speakers, both made in France: the Expert and the smaller version Phantom. According to French website Capital Finance, the group currently generates €65m in revenues. It employs 230 people.

People
Ginko Ventures – Jean-François Baril (founder, managing partner); Dominique Pitteloud (managing partner).
CDC International Capital – Marc Auberger (partner); Antoine Emmanuelli (managing director); Laurent Piccoli (investment director).
CM-CIC Investissement – Alain Benisty (executive director); Caroline Giral (investment director).
Korelya Capital – Fleur Pellerin (founder/CEO).
BPI France – Maïlys Ferrere (investment director large-cap); Nicolas Herschtel (investment director); Charlotte Corbaz (associate).

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