Isai reaches €55m first close for latest venture fund

The vehicle was launched at the beginning of the year. The fund's hard-cap has been set at €70m.

Isai Venture II is the successor to the firm's first fund, Isai Développement, which closed on €35m in October 2010.

Isai also raised another fund in between these efforts – Isai Expansion held a final close on €50m in 2013. The vehicle had reached a first close on €30m in June 2012, followed by a second close on €40m in April 2013. While the maiden fund targeted internet businesses in seed stage, the Expansion vehicle focuses on larger equity tickets.

Investors
Fundraising has so far targeted existing investors exclusively. The LP base is largely made up of entrepreneurs – around 60 so far – although previous institutional backers BPI France and Crédit Mutuel Arkea also came in at first close. Isai is expecting new investors to come in by Q3.

Investments
Isai Venture II will stick to the strategy of the firm's maiden fund: leading post-seed investments of €750,000-2m in start-ups. The fund will look to make 3-4 investments per year, and will use the larger amount of dry powder compared to the Isai Développement vehicle to further support its portfolio companies.

In addition, Isai has launched the Seed Club initiative, which will see the fund supporting smaller seed rounds alongside business angels. The VC is aiming for 5-6 such co-investments per year.

People
Jean-David Chamboredon leads the Isai team – the firm is currently in the process of recruiting an extra 3-4 staff.

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