Galileo Partners, the French venture capital firm launched in 1998 as part of the Worls & Cie group, has added Régis Saleur to its roster of senior investment professionals.
Saleur is the co-founder and former chief executive officer of SEEFT Ventures, a French venture capital firm focused on the software and high-tech markets. The firm was launched in 1998 and raised E23m for seed investments in the French market, and counted the EIF and FPCR (the French government-sponsored fund of funds) among its LPs.
At SEEFT, Saleur oversaw the funding of more than 20 companies, including Marcopoly, Fimasys, SmartTrade, and Idealx. At Galileo, he will be responsible for funding new projects and monitor portfolio companies.
In a statement, Galileo partner Joël Flichy said the appointment concluded the firm’s strategy of building an investment team of “seasoned partners”. The team also includes François Duliège, Jean-Michel Guichot, and Christophe Viet.
The appointment is the first since the firm cut back the size of Galileo Fund III last October from E250m to E160m as a result of a fall in deal activity and the departure of Bernard Maître, one of France’s eminent investors in the technology sector. The co-author of ‘The business models of the New Economy’, published in 1999, Maître was one of the most well-known exponents of internet-related investment in France.
In April 2002, Galileo closed Galileo IIB, a ‘side funds’, designed to make follow-on investments in portfolio companies that have been unable to achieve exits due to the shrinking of the technology sector. The firm raised E12m for the side fund, with all of Fund II’s existing LPs committing fresh capital.
Galileo had previously been seen as one of the success stories of European technology investment, achieving an IRR of 60 per cent on its Galileo I fund. The firm has continued to invest in internet and software companies throughout the technology slump.
Galileo Partners invests in IT, communications and electronics start-ups, investing between E1m and E10m per investment.