Elaia Partners holds €115m first close for latest fund

Elaia is aiming to reach its €150m hard-cap in "the next few months", according to a statement. It is being assisted on its fourth fundraising effort by Paris-based placement firm Axonia Partners.

Elaia launched the fund in late 2015 with a €120m target – according to an unquote" report at the time, it was aiming to reach a first close in Q1 2016.

The VC firm stated it has returned €300m to its investors, equating to a net return in excess of 3x, since inception in 2002.

Investors
The fund has seen long-standing Elaia backers returning, including publicly-funded organisations BPI France and the European Investment Fund, through the InnovFin mandate. Newcomers include Sabadell Asset Management, MGEN, BNP Paribas, EDF, Nexity, Financière Saint-James, Groupe ADP, Cepac Investissement & Développement and BRED Banque Populaire, among others.

Investments
At the time of launch, Elaia Delta was planning to back 25-30 early-stage startups based in France and Europe over its lifespan. The fund targets companies from the digital sector, with a focus on those within the data segment.

The fund has already made five investments: Containo.us, an open source telecommunications business; FretLink, a software company providing software-as-a-service and apps linking up shippers to carriers; Realytics, an ad tech company focused on TV advertising; as well as two other deals that are yet to be made public.

People
Elaia Partners – Xavier Lazarus, Philippe Gire, Marc Rougier (partners).

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