Innovacom, the Franco-US information technology investor, has held a first close of its latest fund on E50m.
Innovacom 5 has raised E50m ahead of a projected E100m final close. Investors in the fund include Access Capital Partners, AGF Private Equity, CIC Finance, the European Investment Fund, the FPCR (Caisse des Depots Group), and France Telecom, which in 1988 sponsored the firm at launch.
As with the firm’s previous funds, Innovacom 5 will target investment in information technology companies, including businesses providing materials and components, telecom hardware and software, enterprise software, and services and content. 75 per cent of the fund’s capital will be invested in Europe, with the remainder going to North America, where the firm has a San Francisco headquarters.
“We have convinced prestigious investors from France, as well as from England, Germany, and Denmark, reinforcing our position among the leading venture capital firms in Europe. The Innovacom team will be focused on the key sectors and geographies that have sustained our track record over the past 15 years,” said Denis Champenois, general partner at Innovacom, in a statement. “We will continue to take a long-term approach in helping our entrepreneurs build great companies.”
Innovacom claims to have completed more than 75 M&A transactions and over 20 successful IPOs, including Micronas, Soitec, and Highwave (materials and components); Algety, Bintec, and Com1 (telecom hardware); Netbricks, Four11, and Coheris (telecom software); Apsylog, Tumbleweed, and SLP (enterprise software); Alapage, Integra, and Sandpiper Networks (services & content).
The firm’s most recent investments include participation in a E10.5m round for Telisma, a French company developing voice recognition and synthesis software last October. Last July the firm joined a £9.5m round for Norwood Systems, a UK developer of Bluetooth technology.