BPI France and Emertec invest €2.6m in Ijenko

Ellie Pullen
19 February 2014

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BPI France and Emertec Gestion have injected €2.6m into Ijenko, a French provider of home energy management technology.

Emertec invested via its Fonds Emertec 4 vehicle, which held its first close on €50m in February 2008 and counts Edmond de Rothschild and AGF among its subscribers.

BPI France backed the company through the €150m state-backed Fonds Ecotechnologies, which was launched in 2012 to invest equity tickets of €1-10m in companies operating within France's environment and energy sectors.

Emertec has also this week taken part in a €2m funding round for French smart-grid specialist Qualisteo, investing alongside Demeter Partners.

Previous funding
Ijenko first received funding in January 2010, securing €2m from I-Source Gestion and corporate investors Direct Energie and Bouygues Telecom Initiatives, according to unquote" data.

This was followed by a second funding round in May 2011. I-Source once again led the €3.5m round, which saw the same two corporate backers up their investments in the company.

In February last year, BPI France led a €3.7m third round of funding for Ijenko, contributing €2m via the Ecotechnologies fund. The state-backed investor was joined by I-Source and Bouygues Telecom Initiatives.

Company
Founded in 2008 and headquartered in Boulogne-Billancourt, Ijenko has developed a home energy management solution, designed to aid in the deployment and operation of wide-scale energy management services in the residential market for utilities and internet service providers, specialised retailers and system integrators.

Ijenko's software offering allows its clients' customers to measure and control energy consumption, and is designed to improve energy efficiency.

The company employs approximately 20 staff.

People
Serge Subiron is the CEO and a co-founder of Ijenko. Eric Marty, an investment director at Emertec, worked on the deal. BPI France investment director Gilles Schang and Laurent Arthaud worked on the deal.

Advisers
Equity – Jones Day (Legal).
Company – LS Avocats (Legal).