Isai holds second closing on €40m and makes new hire

The VC has also hired Jean-François Rivassou as investment director. The new hire spent five years at Banexi Ventures Partners, focusing on the healthcare and digital sectors.

The latest closing follows the first closing on €30m in June 2012. The fund is expected to hold a final close in June 2013 on €45-50m.

Isai Expansion is the second FCPR vehicle raised by Isai. The VC had originally intended to hold a final close by the end of 2012.

Isai 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
Of the 70 or so software and internet entrepreneurs that committed to the VC's previous fund, the majority contributed to the latest vehicle. Several new entrepreneurs invested in the vehicle.

Crédit Mutuel Arkéa and CDC Entreprises renewed their commitments to this new vehicle, contributing a third of the capital raised. The institutional investors were joined by publishing company Groupe Amaury.

Investments
The fund will make later-stage investments primarily in internet companies, committing development capital or funding for acquisitions. The average deal size will be €1-5m spread across around 15 transactions.

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

People
The newly hired investment director Jean-François Rivassou will manage the vehicle alongside Pierre Martini and Guillaume Monin.

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