SNCF launches HI Inov-managed €30m fund

José Rojo
20 October 2015

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French state-owned railway operator SNCF has launched a €30m digital startup-focused vehicle to be managed by VC HI Inov, with a maiden deal foreseen before the end of 2015.

SNCF Digital Ventures comes as part of Plan Digital, a digital investment roadmap outlined by the railway company in February 2015.

SNCF is currently an investor in Ecomobilité Ventures, a vehicle specialised in sustainable mobility startups such as OuiCar; the business was backed with a €3m round in February 2014 and then bought by the railway operator for €28m in June.

SNCF Digital Ventures is the latest in a series of French VC funds recently covered by unquote". Notable developments include the upcoming final close for €40m Breega Capital Venture One and the close of €40m HI Inov 1 after two years.

Investors
All commitments in SNCF Digital Ventures will come from the state-owned railway company.

Investments
SNCF Digital Ventures will seek digital companies operating within segments such as software, internet-of-things, drones, big data and information-related apps.

The fund, which will write €500,000-4m cheques, will prioritise businesses based in Europe but will also consider investments in the US and Israel.

According to SNCF, preparations are being made for the vehicle to carry out its maiden investment before the end of 2015.

People
SNCF Digital Ventures will be managed by HI Inov, the VC investment arm of holding Dentressangle Initiative. The fund will be headed by HI Inov CEO Pierre-Henri Dentressangle and managing director Valérie Gombart, also in charge of their recently closed maiden fund.