Isai raises €50m for second fund

Isai Expansion had reached a first close on €30m in June 2012, followed by a second close on €40m in April this year. At the time of the second close, the GP was expecting to hold a final close in June on €45-50m, although Isai had originally intended to hold a final close by the end of 2012.

Isai Expansion is the second FCPR vehicle raised by Isai. The VC closed its first vehicle, Isai Développement, on €35m in October 2010. The maiden fund targeted internet businesses in seed stage, while the latest vehicle will focus on larger equity tickets.

Investors
Around 80 software and internet entrepreneurs committed to the fund, the majority of which had already contributed to Isai's first vehicle.

Existing Isai backers Crédit Mutuel Arkéa and CDC Entreprises had contributed a third of the capital raised at the time of the second close. Retail group Galleries Lafayette contributed in time for the final closing, joining publishing company Groupe Amaury and media group M6 as corporate LPs in the fund.

Investments
The vehicle will make later-stage investments primarily in internet companies, committing development capital or funding for acquisitions. Isai Expansion will also be able to back owner buyouts.

The GP will provide equity tickets in the €1-7.5m range when investing alone, or up to €15m in co-investments. The sweet spot will remain at around €2-3m. It will target unlisted, profitable businesses with a turnover exceeding €3m.

The vehicle has already completed one investment, with a €2m capital commitment to medical information website Hospimedia in February this year.

People
The VC hired Jean-François Rivassou as investment director around the time of the second close in April. The new hire spent five years at Banexi Ventures Partners, focusing on the healthcare and digital sectors.

Rivassou will manage the vehicle alongside Pierre Martini and Guillaume Monin.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• France
• Venture
• France
• ISAI