Idinvest leads €11m round for Famoco

New investors in the round included BNP Paribas Développement as well as corporate venture groups Orange Digital Ventures and SNCF Digital Ventures.

Previous backers Hi Inov, BPI France and Aurinvest also recommitted capital on this occasion.

Currently covering around 30 countries worldwide with its services, the group is planning to continue expanding into new regions, which could include India, the US and south-east Asia.

BNP Paribas intends to help Famoco develop its digital and contactless banking branch.

Previous funding
In 2013, Fast Forward and Aurinvest led a $1m round of funding for Famoco. In 2015, this was followed by a €4m round led by Hi Inov and complemented by BPI France (via the Ambition Numérique fund) and Aurinvest. The second round was aimed at helping the group expand abroad.

Company
Founded in 2010, Famoco provides an Android-based near-field communication (NFC) reader aiming to facilitate the development of contactless transactions and exchanges. Famoco's system connects contactless cards and NFC-equipped phones, and can be used in a B2C and B2B context.

People
Idinvest Partners – Pierre-Edouard Bérion (investment director).
Orange Digital Ventures – Pierre Louette (managing director).
SNCF Digital Ventures – Benoît Tiers (chief digital and information officer).
Hi Inov – Valérie Gombart (CEO).
BPI France – Véronique Jacq (digital investments director).
Aurinvest – Geoffroy Bragadir (managing director).

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• Topics
• Expansion
• France
• Technology
• France
• Venture
• BPI France
• IDInvest Partners (AGF Private Equity)