FRANCE - Ouest Ventures holds EUR 21m first close of Fund II

The new vehicle, which has a final target of EUR 30-50m, has so far secured commitments from the majority of investors in its first fund, including Régions Bretagne et Pays de Loire, CDC Entreprises, and a number of regional banks including Crédit Mutuel Arkea, la Banque Populaire Atlantique and CIC-banque CIO-BRO.

The first fund, which closed in 2003, has thus far backed 21 companies, including Agrauxine, Antennessa/Satimo, Astellia, Atlantic RF, Biofortis/Biomérieux, Bretagne Telecom, JeChange.fr, Mémométal Technologies, Previa, Quertech and TMG, and committed a total of EUR 23m.

Fund II will focus on expansion investments in technology companies within the life sciences, clean tech, energy and environment sectors. Its geographical focus be the west of France, with a particular focus on the Bretagne and Pays de Loire regions. To date, three investments have been made from the fund: IRIS-RFID, TCE Solar and Ecop-Habitat.

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