Axègaz raises €3.7m from 123Venture et al.

José Rojo
06 July 2015

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VC firm 123Venture has taken part in a €3.7m funding round for French liquefied natural gas producer Axègaz.

Although 123Venture's contribution remains confidential, press reports place it around the €3m mark.

The VC, having secured an approximate stake of 10%, will join Axègaz's existing shareholders, including the business's founders, who held a 55% interest prior to the round. The founders are understood to have retained a 41.5% stake in the company and will remain as the largest shareholder group.

Additional shareholders include energy-focused investment holdings Gravitation, Energipole and several business angels, each controlled a 15% stake in the business prior to 123Venture's investment.

The fresh funds will finance Axègaz's industrial development and expansion across France and into additional European countries. With 123Ventures as a shareholder, the business will consider the deployment of up to 70 new energy projects and forecasts €3m in revenues for 2015.

The VC expects growth for the liquefied natural gas (LNG) sector within the French market. According to 123Venture's estimates the fuel's carbon dioxide emissions, which are 25% lower than its counterparts among fossil energy sources, could see LNG play a defining role in the energy transition as French local authorities seek alternatives for diesel-running transportation vehicles.

Company
Established in 2012, Axègaz is a liquefied natural gas supplier working with clients in the industrial, transportation and local distribution markets.

Headquartered in Levallois-Perret, the business currently manages six production sites and is understood to have most recently generated €1.5m in revenues.

People
123Venture was represented by director Eric Philippon and project manager David Dellery. Alfonso Moriello is founder and CEO of Axègaz, while Jérôme Moitry is the business's CFO.

Advisers
Equity – Gramond et Associés, Corinne Cousseau (Legal); Premier Monde, Franck Rossi (Financial due diligence).