Idinvest holds $220.8m first close for Digital Fund III

Idinvest Partners, a mid-market European private equity firm, has held a first close for its third digital fund on $220.8m.

The first close of Idinvest Digital Fund III has exceeded that of its predecessor, Idinvest Digital Fund II, which raised €154 million, and the fund is targeting a final close of €300 million. To date, Fund III has raised capital from a number of existing and new European LPs.

Digital Fund III will be used to invest in enterprise software, FinTech and Insurtech, Deeptech (artificial intelligence, big data, virtual reality, IoT, cybersecurity) and Healthtech according to private equity firm.

Its fund, managed by a team of nine investors, has already identified two target companies in which to invest. However, Idinvest are yet to reveal the details of the companies.
Benoist Grossmann, managing partner of Idinvest, said: “Over the past 20 years, Idinvest Partners has grown its network of European entrepreneurs through its proven expertise and dedication to this segment of the market. Thanks to our long-term approach and wish to help back the European tech sector’s ambitions, Idinvest now has access to all companies within the European digital sector, working with the best and brightest entrepreneurs of today and tomorrow.”

Idinvest has backed over 130 B2B and B2C digital start-ups over the past 10 years, including Talend, Social Point and Zenly. In 2017, the Venture Capital team invested €190m in 21 companies and exited 12 businesses, generating €260m.

Earlier this year, Idinvest Partners took part in a $22m funding round for people analytics company Peakon. The round was led by Balderton Capital and featured EQT Ventures fund and Sunstone.

Peakon uses machine learning technology to drive employee satisfaction to boost engagement and retention, by understanding and addressing issues. For financial services, Peakon’s GDPR compliant platform can help institutions ensure the protection of their data and help to promote and manage compliance.

In December, Indinvest also took part in NGDATA’s $19m Series C funding round. The company provides a big data solution for customer relations management. It implements its customer data platform ‘Lily’ to help organisations with greater data and insights on their consumers, to help make informed decisions.

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