Paris-based AXA Venture Partners or AVP, a venture capital firm investing in high-growth technology companies, has announced that it has closed €250M in the first closing of AVP Growth Fund II. The fund is dedicated to supporting future technology leaders.
The final closing will bring the fund to €500M by the end of the year.
Originally backed by AXA, AVP raised €150M in 2016 – AVP Growth Fund I. The firm has deployed the funds successfully with some unicorns like Phenom People and one exit (One Inc).
Use of the fund
While AVP Capital I focused on companies in their early growth stage, AVP Capital II will invest in all segments of growth equity, from early growth to late growth.
This second fund managed by AVP has received the “Late Stage” label from the French government (known as “Tibi initiative”). In September 2019, the French government announced an initiative to develop an industry of Growth funds focused on technology in France by directing €6B from institutional investors towards tech-focused funds, investing either in the private or public market.
About €3B of this €6B-initiative will be invested in Growth funds that have been awarded the “late stage” label, such as AVP Growth Fund II.
Growth in Europe
Francois Robinet, a Managing Partner of AVP, comments, “Similarly to what happened in the US, the emergence of a strong ecosystem of tech companies in Europe will have to be supported by, among other things, the emergence of a strong investment ecosystem. We are convinced Europe needs now global investment players to support global technology leaders. To be part of it, we have in less than 5 years created a unique global investment platform, investing in North America and in Europe, dedicated to entrepreneurs in the tech space with privileged access to our LPs to accelerate growth and generate business development opportunities.”
He further added, “We are very happy and proud to have received the “Tibi label” and to have been recognised by the investment community and the French government as a leading growth fund headquartered in France. Like what we have successfully done with our first Growth fund, AVP Capital I, we will continue to strive to be “best-in-class” and to invest in the best possible tech companies in Europe and in the US.”
Benoit Fosseprez to take charge for expansion
To support AVP’s strategy and ambition, in 2020, it appointed Benoit Fosseprez as Partner of the Growth Fund strategy.
Fosseprez was previously the CFO of Veepee.com, then CEO of Veepee.com in France, a €4B sales digital-native e-retailer in 14 markets. Prior to that, he accompanied the first generation of French tech entrepreneurs as a TMT investment banker. As CFO of Veepee.com, Benoit invested in several growth tech companies.
Fosseprez has more than 12 years of experience in investment banking in France and as a C-level executive at Veepee.com. He will join the existing global growth team led by Francois Robinet in Paris, Alex Scherbakovsky in New York, and Iman Akram in London.
The team will be shortly reinforced by the recruitment of several senior profiles.
About AXA Venture Partners
Founded in 2015, AVP has already invested more than €400M capital in more than 45 technology companies in the early- and growth stages. AVP’s three pillars of investment expertise include early stage, growth stage, and fund of funds.
The firm claims to have built an investment platform specialised in tech investments with $800M (approx €677.68M) of assets under management. Out of which $425M (approx €360M) is for direct investments and $375M (approx €317.66M) for the Fund of Funds activity.
AVP invests in enterprise software, fintech/insurtech, consumer tech, and digital health, as well as other relevant technologies. The team currently operates globally with offices in San Francisco, New York, London, Paris, and Hong Kong.
Besides investment, the company also offers access to business development opportunities helping portfolio companies to scale globally and accelerate their growth.
In May 2020, AVP completed a €200M first closing of AVP Diversified II. It was the second vintage of AVP Fund of Funds strategy. The final close of this fund was expected before the end of 2020 with a target of €250M.
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