Innov8 raises €24m from CM-CIC et al.

The funding round, carried out alongside individual investors, marked the entry of CM-CIC Investissement, BNP Paris Principal Investments and BNP Paribas Développement into the company's capital structure.

Innov8 intends to use the capital increase to reinforce its presence in France and abroad, with a focus on supporting ‘FrenchTech' start-ups such as telecoms, food and specialty retailers and e-commerce platforms on the distribution side.

Created in 2011, following the sale of the distribution operations of telecoms business ModeLabs to Bigben Interactive, the business was hitherto solely owned by its founder and CEO Stéphane Bohbot.

In November 2012, Bohbot merged ModeLabs' remaining assets, operating under the brand Atelier Haute Communication, with Extenso Telecom, which he acquired from Bouygues Telecom.

Further acquisitions by Innov8 under Bohbot's shareholding include 17 ThePhoneHouse stores in France and French mobile accessories distributor Ascendeo Group, picked up in April 2015.

Company
Innov8 Group is a telecommunications company focusing on the distribution of connected products and services. Its subsidiaries include smartphone distributor Extenso Telecom, mobile accessories provider Ascendeo, retail network Lick and premium telecommunications brand Unplug.

Headquartered in Paris, Innov8 employed a workforce of 340 and posted €360m in pro forma consolidated sales in 2014.

People
Stéphane Bohbot is founder and CEO of Innov8 Group.

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• Expansion
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