Odyssée et al. back eNovance

Ellie Pullen
01 July 2013

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Odyssée Ventures and Entrepreneur Venture have backed eNovance, a provider of open-source cloud computing, with a €6m investment alongside banks BNP Paribas and Oséo.

The fresh funding will be used by eNovance to increase its workforce to 150 staff by 2014, as well as expand the company internationally by accessing the Asian and US markets.

The company has also just appointed a new operational management team of six, to take up roles including CFO, HR director and a number of development, sales and product positions.

Previous funding
Odyssée previously invested €1m in eNovance in November 2011, alongside Oséo.

Company
Founded in 2007, eNovance is headquartered in Paris with an additional office in Montreal, Canada. The company recorded turnover of €1.6m for 2011.

The business provides 24-hour managed services for a number of public clouds, such as Google Compute Engine and Cloudwatt, and also integrates and operates open-source cloud computing infrastructures. It currently has a client base of 200, including Warner, Cloudwatt and Canal Plus.

People
CEO Raphaël Ferreira, CTO Nicolas Marchal and project director Pierre Molin are the co-founders of eNovance. Odyssée director Julien Andrieux sits on eNovance's board of directors and worked on the deal alongside Mathieu Boillet.

Entrepreneur Venture associate Bertrand Folliet and investment officer Eric In worked on the deal for the GP. Jean-Marie Fabre and Anne-Laure Herbinet represented BNP, while Benjamin Py represented Oséo.

Advisers
Equity – Apparius Corporate Finance, Jérôme Pascal, Henri de Lalande (Corporate finance); Cabinet de l'Orangerie, Valérie Léger (Legal); Ideact Avocats, Maud Partouche (Legal); Groupe Exelmans, Richard Dahan (Financial due diligence).