Idinvest Partners, a France-based private equity firm specialising in French and European small and medium-sized enterprises, made an initial close of its Idinvest Digital Fund II at €60m at the end of October, and is target a final close at €100m.
The fund is dedicated to financing the growth of businesses in digital and new technology segments (web-based, media, mobile, e-commerce and software).
Investors is the fund include media company Lagardère Group (investing €11m), state development bank Bpifrance (€15m) and insurance company Allianz France.
Christophe Bavière and Benoist Grossman, managing partners at Idinvest, said: “Following the success of our first fund’s strategy in the digital industry, which gave some real French gems the chance to become leading businesses in Europe and worldwide, we are happy to have gained the trust of Lagardère and our other partners such as Allianz France and Bpifrance.”