VC firm BGV kicks off fundraise for second growth fund

Myriam Mariotte
15 December 2021

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BGV, a venture capital firm based in Palo Alto, Paris and Tel Aviv, is currently pre-marketing a new growth fund, BGV Opportunity Fund II.

A first close is expected by mid-2022, founder and chairman Eric Benhamou told Unquote. The upcoming fund, which plans to raise USD 250m-300m, will invest 80% of its target size in BGV's existing portfolio companies.

It will invest an average ticket of USD 10m-30m in companies with annual revenues in excess of USD 10m. Geographies targeted include France, Germany, the UK, Italy, Spain, Israel, India, the US, and Scandinavia.

Founded in 2004, BGV used to be Benhamou's family office before it pivoted to operating as a VC firm in 2013. Headquartered in Palo Alto, California, the company has 15 employees across offices in Paris, Tel Aviv and an incubator in Bangalore.

The first BGV Opportunity Fund was launched in 2018 and secured USD 75m, Benhamou said. BGV Opportunity Fund II will be BGV's first fund not only based in the US, but also in France, he added.

BGV closed its BGV 4 fund on USD 110m in September. That vehicle focuses on earlier-stage investments, with an average initial investment of USD 2m-4m and a total investment of USD 6m-7m per company, Benhamou said. Launched in 2020, BGV 4 plans to carry out a total of 15 investments by 2024, with eight already completed, he added.