The French Alven VC launches a 6th fund with a hard cap of €350m
With a heritage stretching back to the storied days of 2000 AD (since when it has backed 160 European teams), the Paris-based start-up fund Alven, has something of a reputation to uphold. After investing in unicorns such as Qonto, Dataiku, Algolia, Stripe and Ankorstore, it now has €2 billion in assets under management.
But that was yesterday. And today it is releasing its sixth fund, having hit a cap of €350m after surpassing the initial target of €300m, making it one of the largest startup funds operating out of France. The fund will write checks for €100k to €15m and has plenty of reserves to track investments.
After more than 70 releases, these include the sale of Sqreen to Datadog, Cardiologs to Philips and Frichti to Gorillas.
Although Alven is mainly known as a Franco-Hile fund, he now also has a London office which he plans to expand. Part of the fund will be deployed across Europe, as well as supporting European founders in the US in relevant sectors.
Charles Letourneur, co-founders of Alven said: “We pride ourselves on building long-term relationships with entrepreneurs, and this also applies to investors in Alven. Not only have our existing LPs continually invested in us, but we have also welcomed a number of new investors who want to be part of the French Tech success story.
Alven recently launched Operation3, a talent program for web3 entrepreneurs.
The fund will also now focus on new growth areas in crypto (it has invested in Kaiko, a market data provider for digital assets), developer and data tools (it has invested in Mindee, a document analysis tool for developers), climate technology, MyTraffic (analysis of physical location data), Carbonfact (a carbon footprint API) and Stoik (data-driven cyber insurance).
During a call, partner François Meteyer told me: “We are regularly recruiting what we believe will be the next generation of successful VCs, first in France, then in Europe. Thus, our LPs trust us and each backer of our previous fund has invested again in this new fund. And then we decided to expand the bases of LPs and integrate more global institutions as LPs.
I asked him, given that they’re out of Frichti for Gorillas, and given the potential recession looming, if just-in-time groceries have a future. He said: “We have seen many mergers and acquisitions in the past and we will see more and more of them. We believe that just-in-time groceries will continue to matter – it will be a matter of price. »