France-based investment firm BlackFin Capital Partners achieved a first close of its Tech Fund 1 on Tuesday, having secured more than €100m ($117m) with the support of several insurance companies.
The insurers, which included Vaudoise Assurances Group, Groupama Group, Sogecap, Natixis Assurances and Swiss Life, were joined by France’s public investment bank Bpifrance, which contributed directly and through its MultiCap Croissance fund, and unnamed financial services firms and family offices.
The fund has a target size of more than €150m and will identify opportunities in the financial sector, including pure-play fintech, insurance technology and regulation technology.
The vehicle will be led by BlackFin investment director Julien Creuzé, while investment manager Maxime Mandin will be responsible for deals in German-speaking countries. BlackFin plans on hiring three additional investment professionals in the coming months.
BlackFin was founded in 2009 and closed a €220m buyout fund in 2011, followed by a €400m buyout fund in February 2016. The firm was launched after its partners sold Fortuneo, an online bank, to financial services firm Crédit Mutuel Arkéa.
Laurent Bouyoux, managing partner of BlackFin Capital Partners, said: “As entrepreneurs and founders of Fortuneo we feel particularly connected to the fintech opportunity and are able to relate to all the great entrepreneurs that are making this opportunity happen.
“Our experience and networks will enable them to move ahead faster and transform the face of the industry.”