Partech closes third seed fund of $100m

Launched in June 2018, the fund surpassed its original target of $80m. Its previous generation, Partech Entrepreneur II, closed on €100m in December 2016, also exceeding the €80m hard-cap.

Partech has raised $300m in total for its three seed funds, eventually making 160 investments in 22 countries across Europe, the US and Asia. Partech's seed funds are run by a team of 10 investors, including former founders and startup employees, located in San Francisco, Paris and Berlin.

Despite the lockdowns still in place across most of the world, the vehicle is actively investing in post-Covid-19 trends in Europe, the US and Asia. "Startups closing seed rounds at the moment are ideally positioned to seize the opportunities lying ahead in the new 'normal' world, while incumbents are dealing with old infrastructure and massive cost-cutting plans," the GP said in a statement.

Investors
The fund's investor base is composed of previous Partech backers  and new investors from around the world, including entrepreneurs, CEOs of large companies, and institutional investors. Public investors represent 15% of the fund. Among others, LPs include Henkel, Lyreco, SNCF and BPI France.

Investments
Partech Entrepreneur III invests at various seed stages, from pre-seed rounds of up to $200,000 to pre-series-A rounds of up to $2m. The vehicle commits to new companies for two years at the seed stage, with a possibility of later reinvestment, as the fund is able to invest pro-rata (or more) in follow-on series-A and -B rounds led by other funds.

Investments are focused on six verticals likely to be in good stead even in the current environment: health, work, commerce, finance, transport and computing.

The fund has already completed 40 investments in total. Since the beginning of the Covid-19 crisis, the vehicle has closed eight new investments and committed to an additional two, according to the VC. The fund notably backed performance management platform Kaizo, digital coaching platform Coachhub, online procurement platform CollectivFood and cloud infrastructure service provider Acorus Networks.

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