Partech's second seed-only fund closes on €60m

The new vehicle will push the value of Partech's seed assets up to €90m. The firm closed its predecessor fund seed-focused Partech Entrepreneur I on €30m in October 2013. Commitments were drawn from 40 LPs, led by cornerstone investors BPI France, BPI France-managed Fonds National d'Amorçage and Econocom.

The previous fund injected capital into 30 start-ups including software developer Pricematch, which received €1m in capital in a 2013 seed round, according to unquote" data.

Investors
Partech Entrepreneur II investor base features BPI France, which will be contributing via its Fonds National d'Amorçage. The vehicle is also backed by seven French corporations: Carrefour; Econocom; EdenRED; Groupama; Ingenico; Neopost; and Renault-Nissan. Furthermore, commitments have been drawn from 60 entrepreneurs including Eric Carreel, Marc Ménasé and Olivier Goy.

Investments
Partech Entrepreneur II is targeting 70 seed capital investments in the technology and internet sectors. The fund will aim for average deal sizes between €300,000-€1m. It expects to make three deals each month, in each of its prefered geographies: France; the rest of Europe; and Silicon Valley.

According to Partech, the first five transactions are already in the pipeline and are expected to take place in April. 

People
The Paris-based deals will be overseen by partner Romain Lavault and Boris Golden, the fund's investment director. Otto Birnbaum and Jai Choi will be in charge of the Germany and US transactions, respectively.

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