France-based venture capital firm Daphni is launching a $165m fund backed by communications equipment maker Nokia, insurance firm MAIF and retailer Fnac-Darty, TechCrunch reported yesterday.
Daphni employs a model whereby limited partners can co-invest with the firm on deals, meaning they can avoid paying a management fee. They can co-invest any amount up to the amount of capital they provided for the fund.
The fund’s other LPs include state-owned investment bank Bpifrance, financial services firms Crédit Mutuel Arkéa and Société Générale, asset manager Swen Capital Partners, pension fund ProBTP and various business angels.
Daphni will typically invest between €300,000 ($330,000) and €3m in each company at seed or series A-stage. It is yet to disclose any deals.