Allianz France and Edenred joined other LPs to back the investment firm’s Partech Venture fund, which is halfway through its target.
The Partech Venture team. Image courtesy of Partech
Insurance firm Allianz France and payment services provider Edenred are among the limited partners that backed French investment firm Partech’s latest fund, dubbed Partech Venture.
BNP Paribas, Bpifrance, CDP Venture Capital, FDJ Ventures, JCDHolding and Lombard Odier Investment Managers also invested in the fund, which has completed half of its €180m ($197m) target.
Founded in 1982, Partech has €2.5bn of capital under management and some 220 portfolio companies across 40 countries. It provides funding for online and emerging technology developers.
Partech’s previous fund, the $455m Partech International Ventures VII, included commitments from corporate investors Accenture, Cisco, Nokia, Adecco, L’Oréal, Unibail and Renault.
The latest initiative will continue to back enterprise and digital transformation software companies. Some specific areas of focus include data and AI infrastructure, cybersecurity, business-to-business platforms, and fintech and insurtech apps.
The fund intends to invest in 22 to 24 European companies at series A and B stages that have between €1m and €10m in recurring revenue.