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Five Seasons launches second fund

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Paris-based venture capital house Five Seasons Ventures has launched a new vehicle, Food Tech Opportunity II, to target the European food technology sector, according to a regulatory filing.

Five Seasons declined to comment when approached by Unquote.

The vehicle will make investments across the European foodtech industry, targeting series-A and series-B rounds, and deploying equity tickets of around €4m per company, according to a person familiar with the situation.

The fund is expected to be larger than its predecessor, which closed on €77m in 2019 and is currently invested across 10 companies based in Germany, the UK, France, Italy and Switzerland.

Noticeable deals inked by the fund included participation in a €10.1m series-A round for German company Yamo, which sells organic baby food via a subscription-based model; a €34m series-C round for online fresh food marketplace Cortilia; and an €18m financing round for aroma bottle producer Air Up.

Like Five Seasons Fund I, the new vehicle is expected to build an LP base mainly composed of institutional investors, including the European Investment Fund and BPI France, the person familiar added.

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