Partech Ventures announced today the final closing of its first growth fund, Partech Growth, with a total of 400 million euros.
Partech Growth intends to invest between €10M and €50M of capital infast-growing technology and digital companies that have already achieved significant revenues.
Partech Growth is a direct response to the relative lack of availability of European funding in this segment, despite a fast growing number of large start-ups achieving sustainable growth from London to Paris, and from Berlin to the Nordics. “When we launched Partech Growth at the beginning of 2015, we aimed at raising a 300millioneurofund,” said OmriBenayoun, General Partner, Partech Ventures. “Faced with strong demand from LPs and start-ups alike, we decidedto increase our capacity to 400 million euros which will enable us to fund the ambitious global expansion plans of the best start-ups across Europe and the US.”
Partech Growth received support from some of the largest European insurance companies and institutional investors, as well as from major global industry investorsand entrepreneurs.
The fund is managed by a dedicated team led by OmriBenayoun and Bruno Crémel in Europe, and Mark Menell in the US. In less than 18 months, Partech Growth has already invested €120Min 5 European and U.S. West Coasttech companies:
• Brandwatch, the UK-based Saas leader in Social media intelligence;
• FreedomPop, a freemium US mobile virtual network operator withmore than one million subscribers in the US and the UK, and soon launching Spain;
• Made.com, an online home furnishing brand, headquarteredin London and now active in the UK, France, Italy, the Netherlands and Germany;
• M-Files, the Finnish software company that revolutionizes enterprise content management;
• RockYou, the San Francisco-based world’s largest in-game advertising network.
“Partech Growth backs companies which, after having successfully proven their model, wish to scale up their international expansion” said Bruno Crémel, General Partner, Partech Ventures. “Our first investments boast an average annual growth of more than 50% with over 500 million euros of combined revenues, and more than 1,200 employees”.
The success of this initiative is also due to the unique model pioneered and fine-tuned by Partech Ventures over the past 30 years. The current generation of partners extended its investment capacity, while deepening its transatlantic and pan-European footprint.The Berlin office was opened in 2012to complement the rest of the team based in San Francisco and Paris. “The transatlantic value proposition of Partech goes both ways: helping European firms grow in the US, and helping US firms address the different European markets”, said Mark Menell, General Partner, Partech Ventures.
“Partech was the perfect matchfor us, given the cultural fit in the US andthe networks and reach of their teams in Europe, where we are focusing our initial international expansion after demonstrating success in the US” said Stephen Stokols, founder and CEO, FreedomPop.
“With the support of Partech Growth, we have now funding andunique industryknowledge in the boardroom to fully execute on our ambitious international growth plans, especiallyin France and Germany, and to become Europe’s number one destination for home design”, said Ning Li, Made.com, co-founder and CEO.
“We had choices when we signed up with Partech in October last year” said Giles Palmer, founder and CEO,Brandwatch.“We chose them for two reasons: 1. they did more work than anyone else in the process and that showed us they were a serious, highly professional outfit. 2. their people are world-class. And since they invested, our opinion of them has, if anything, increased. I feel lucky to have them in the company”.
With Partech Entrepreneur Fund providing seed capital, Partech International VentureFund for early stage and Partech Growth for growth stage, Partech Ventures covers the entire funding chain for start-ups.