Investment firm 360 Capital Partners launched a €35m ($38m) seed fund on Wednesday backed by a consortium including insurance provider Maif, consumer goods conglomerate Groupe Rocher and medical device manufacturer Thuasne.
Financial services firm Société Générale, France’s public investment bank BPIfrance and unnamed angel investors also contributed capital to the fund, dubbed 360 Square.
360 Square will invest between €300,000 and €1m each in startups and has already selected its first commitments. Details about the investments will be made public next year.
The fund will be led by Paul Degueuse, general partner at 360 Capital Partners. He is joined by François Collet, a partner at the firm.
360 Capital Partners was founded in 1997 and now has more than €300m under management across six funds. Its portfolio includes more than 80 Europe-based businesses, with over a quarter backed at seed stage.
Degueuse said: “360 Square aims at growing young businesses from seed stage onwards in France and across Europe. Seed investment requires a local expertise, and it is essential to have a presence on the grounds.
“With this new fund, 360 Capital Partners is allocating additional resources to very early stage startups and adapting our offering, our responsiveness, and our investment terms to the needs and requirements of a new generation of budding entrepreneurs.”