Partech Ventures, a France-based venture capital firm, has announced the creation of a €60m ($65m) seed fund entitled Partech Entrepreneur II, according to a report on TechCrunch yesterday.
Investors in the fund include supermarket chain Carrefour, business support service Edenred, insurance group Groupama, point-of-sale device company Ingenico and automotive company Renault, all of which are based in France.
Sixty French private investors also invested in the fund.
The fund will invest between €300,000 and €1m in startups and provide follow-up funding even to those companies that gained investment from the first fund.
The fund’s principals in Paris and Berlin will be Boris Golden and Otto Birnbaum who are both new to the firm. Jai Choi will be based in San Francisco as the venture partner for the fund there.
Romain Lavault, general partner at Partech speaking to TechCrunch, said: “This is the biggest dedicated seed fund in Europe focused on digital startups. We plan to invest in 70 startups, representing around one investment per month in the Silicon Valley, one per month in France, and one per month in other European countries.”