IdInvest Partners, the France-based private equity firm backed by insurance conglomerate Allianz, closed its IdInvest Digital Fund II at €140m ($157m) today.
The fund will target European development-stage digital technology companies operating in the web-based, media, mobile, e-commerce services and software sectors.
Allianz’s France-based subsidiary once again contributed to the fund, along with media group Lagardère, which is participating in the fund as an active partner, recruitment firm Up Group, state-backed fund Bpifrance and undisclosed insurance companies, banks, family offices and corporates.
Idinvest Digital Fund II has already committed around a third of its capital, having invested in 10 companies including internet of things technology developer Sigfox, social intelligence platform Synthesio and online advertising technology provider Twenga.
Christophe Bavière, IdInvest’s CEO, and Benoist Grossmann, its managing partner, said in a joint statement: “Idinvest’s first digital fund offers a 3.5x return multiple and has already delivered 222% to its investors.
“It has given French gems, such as Clear2Pay, Sarenza, Criteo or Talend the opportunity to become European or even global leaders. We are highly delighted to be supported by some of our longstanding institutional investors, but also by various industrial players within the fund.”