Axa Venture Partners wants to ramp up

Posted on Apr 2, 2021 8:27 AM

AXA Venture Partners is ready to think bigger. Created in 2015, the armed wing in the venture capital of the French insurance giant announced, this Friday, that it had achieved a closing of 250 million euros for its new fund (AVP Capital II), dedicated to investments in start-ups. -up.

A first step, since the final closing should be completed by the end of the year and reach some 500 million euros, thanks to the financial contribution of institutional players. “We are discussing with French and European investors. Among them, there are corporates and family offices ”, says François Robinet, managing partner of AVP, without giving more details.

Present on two continents

Axa Venture Partners has injected 400 million euros, since its inception, in more than 45 companies in the start-up or growth phase. In France, the fund has, for example, invested in InsideBoard, a change management platform, Happytal, a specialist in hospital concierge services, or Incepto, a start-up that operates in the field of medical imaging. .

Axa Venture Partners chose, from the start, to be active in Europe and the United States, where the venture capital market is more mature. The fund has offices in New York and San Francisco. This makes it easier for European players to launch in the United States. “The economic models of tech players are by definition global”, observes François Robinet.

Bigger tickets

After six years on the clock, the fund is ready to step up. “Our brand is increasingly credible: we have significant assets under management, and we support companies that have an upward trajectory or that have made exits”, recalls Sébastien Loubry, in charge of the development of AVP. One Inc, an insurtech jealously hatched by AVP, for example was bought in 2020 by Great Hill Partners. Modern Message has been swallowed up by RealPage, and Limelight Health by Fineos.

With its new fund, Axa Venture Partners intends to invest at a later stage in start-ups (from “early growth” to “late growth”), in order to create technological leaders in their field. “For our first fund, we put out tickets of ten million euros on average. With this new fund, we want to invest between 10 and 50 million euros ”, says François Robinet. “Our vocation is to be an active investor and therefore to lead the rounds. “

Four verticals

The venture capital fund wants to take stakes in nuggets operating in four verticals: software, fintech / insurtech, digital health and platforms for consumers. Sectors of activity that have been carried by the health crisis in recent months. AVP recruited Benoit Fosseprez as a partner to move up a gear. This figurehead of French Tech was the financial director, then the boss of Veepee.

“He will bring us his experience”, rejoices François Robinet. The fund team will also increase from 25 to around 30 employees over the course of the year. What to be better equipped to write new chapters. “My vision is that in twenty or thirty years, AVP will be recognized as one of the best investment platforms in the world”, projects François Robinet.

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