Idinvest Digital Fund III holds €180m first close

Idinvest Digital Fund III has already exceeded the amount raised by its predecessor, Idinvest Digital Fund II, which closed on €154m. The fund is targeting a final close on €300m and is managed by a team of nine investors.

Fundraising for the vehicle started in the summer of 2017, and a final close is expected by the end of 2018. 

In 2017, Idinvest's venture capital team invested €190m in 21 companies and exited 12 businesses, generating €260m in proceeds.

The investor has a diversified approach to direct venture and growth investments, with a range of focused funds. In late 2016, Idinvest held a first close on €250m for its second growth capital fund, Idinvest Growth Fund II. More recently in 2017, the GP raised €150m towards a new vehicle, Idinvest SME Industrial Assets (ISIA), which will aim to help companies modernise their production equipment.

Idinvest had partially put on hold its fundraising efforts as the merger with Eurazeo was being arranged towards the end of last year and early 2018, Unquote understands. The firm is now looking forward to concluding a set of closings for its opened funds, including Idinvest Growth Fund II, Idinvest SME Industrial Assets, AFI IV and Electranova Capital II, by the end of 2018. A person familiar with the situation disclosed that the firm expects the sum of final closes held in 2018 to total more than €1bn.    

Investors 
Idinvest Digital Fund III is backed by a number of existing and new European LPs. Institutional investors (banks, insurance companies, pension funds), corporates and family offices have backed the vehicle. 

Investments
The new fund will finance European businesses operating in the fields of enterprise software, fintech and insurtech, cybersecurity, health technology and other sub-sectors, including artificial intelligence, big data, virtual reality and Internet of Things.

Idinvest Digital Fund III will invest between €3-10m, completing 20-30 VC investments, mostly as part of series-A and B rounds, and opportunistically as seed backing and series-C or later growth stages.   

The team has already identified two target companies in which the fund will invest.

People
Idinvest – Benoist Grossmann (managing partner); Matthieu Baret (partner).

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