Venture capital firm Partech Ventures reached the €200m ($227m) first close of its Partech Growth fund with backing by corporate limited partners including automotive company Renault and retail chain Carrefour.
Backers also included insurance companies CNP Assurances and AG2R La Mondiale, payment services provider Ingenico Group and France’s public investment bank, Bpifrance, which invested specifically on behalf of the French government’s Future Programme.
The tranche was raised over four months, and the fund will make individual growth equity investments between €10m and €45m in established technology and digital companies with significant revenue.
Partech hopes to change the current status quo of Europe-based startup funding, mainly attracting capital from non-European, and primarily US-based, investors.
Partech already oversees the Partech Entrepreneur Fund, which provides seed funding to startups, and the Partech VI Fund, which invests in early-stage companies. In total, it has $650m of capital under management.