Robotics-focused fund holds €80m first close

Ellie Pullen
05 March 2014

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Entrepreneur Bruno Bonnell and the management of Orkos Capital have held the first close of their joint robotics-focused venture fund, Robolution Capital, on €80m.

Having originally had a target of €60m, the fund is now targeting €100m and hopes to close by year-end.

Robolution was established in January 2012 by Primnext, the management of Orkos and entrepreneur Bruno Bonnell. The fund had already garnered the support of CDC Enterprises when it officially announced its launch. "LPs were enthusiastic to know more about the sector," said Orkos partner Pierre-Eric Leibovici.

Orkos will manage the fund, which has a 10-year lifespan with a five-year investment period. Terms and conditions are European standard.

Orkos says the fund is the first of its kind – namely a vehicle dedicated exclusively to investing in service robotics.

Investors
The European Investment Fund, CDC and BPI France are main investors in the fund, alongside corporates AG2R La Mondiale, Orange, EDF and Thales.

Around 50% of commitments came from government initiatives EIF and BPI. The remainder was supplied by corporate and private investors, as well as financial institutions. AG2R La Mondiale was a key corporate investor in the fund, said Leibovici.

The first close included a GP contribution, which includes funds supplied by Bonnell, who invested both as a partner of the fund and as a private investor.

Investments
Robolution will invest €300,000-10m in European companies that operate within the sector of service robotics. Service robotics covers integrated products, hardware, software, components, services and smart products for the robotics industry.

Around 50% of the fund's capital will be deployed in France, with the balance distributed throughout the rest of Europe.

The fund will seek co-investors and plans on mainly taking minority stakes in its portfolio companies, though it reserves to option to acquire a majority shareholding. Robolution will invest across all stages from early-stage to growth capital.

The fund will announce its first investment in the coming weeks, Leibovici said.

People
Bruno Bonnell is a partner of the fund alongside the partners at Orkos, including Leibovici.