Idinvest injects €10m into Twenga

Already active in markets including France, Germany and the UK, Twenga will use the capital injection to expand internationally and has plans to establish new offices in several European countries before the end of Q2 2015.

The company also aims to make 50 new hires within engineering, data science, and marketing and sales, to add to its current workforce of 150 employees.

Idinvest drew equity from its second digital fund, which held a final close on €140m in May 2015. Launched with a €100m target, Idinvest Digital Fund II reached a first close on €60m in October 2013.

Calling on commitments from BPI France and the Lagardère Group, among others, the vehicle targets growth capital investments in start-ups in the digital, internet, telecommunications and e-commerce sectors. The fund has already deployed 30% of its capital, having made 10 investments in total.

Previous funding
Twenga's first institutional round took place in December 2007, when it was the recipient of €2.6m from 3i Group. The capital injection followed a €600,000 investment in 2006 by business angels Jean-Noel Lebrun and brothers Alain and Christophe Cremer.

Company
Founded in 2006 by Bastien Duclaux and Cédric Anès, Twenga is an e-commerce search engine. It uses crawl technology to locate products and retailers available online and sort them by relevance. In addition, the business provides e-retailers with a conversion engine helping them maximise returns on online advertising.

Headquartered in Paris, the business is also present in Germany, the UK, Italy, Spain, Poland, the Netherlands, Belgium, Sweden, Brazil, Russia, the US and Australia. It currently employs a workforce of 150 people.

People
Idinvest's managing partner Benoist Grossman led the deal for the GP. Bastien Duclaux is CEO and co-founder of Twenga.

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• Topics
• France
• Expansion
• Technology
• France
• IDInvest Partners (AGF Private Equity)
• Start-up