French venture capital company Partech Ventures has raised a new €400 million (£354 million) fund to invest in US and European startups, The Financial Times reports.
The Paris-based VC has reportedly raised the money from the European Investment Fund — an EU organisation that has recently stopped funding UK VC firms as a result of Brexit — as well corporates like Nokia, Cisco, Accenture, and L’Oreal.
Two thirds of the fund will be used to back European startups developing emerging technologies such as virtual reality and drones, the FT reports. The remainder will be invested in US startups.
“We make 70% of our exits in the US and so [it is important to have a presence there] so we can find exit opportunities,” said Partech co-managing director Jean-Marc Patouillaud, according to the FT. “It is very important to select the best deal by benchmarking on a worldwide basis rather than just focusing on a single continent or country.”
Partech has raised a total of seven funds and it has €1.2 billion (£1 billion) under management. The investor has backed the likes of Peanut, an app that aims to connect lonely mums, as well as online furniture website Made.com.