Digital-related technologies are spreading far beyond the pure IT sector, expanding into every traditional sector of the economy: finance, manufacturing, medical and services. The process of constant evolution and development in these technologies, coupled with the increase in power and miniaturisation of electronics, will drive massive innovation in all sectors of the economy.




Our strategy aims at identifying such innovations, where associated with talented teams and relevant business models, and making sure that ambitious entrepreneurs of this type can leverage on our experience and our expertise.

Our focus and the variety of models and markets which we explore contribute to enhancing the quality of our team expertise and network, as well as to meeting our objectives in terms of portfolio diversification based on three risk analysis:

• Maturity-related risk: our investment policy is to cover late-stage and early-stage investments (from seed money to expansion capital). This multi-stage approach generates a broad range of risk/reward profiles and different exit perspectives
• Diversification by sector and by economic model to address the widest range of opportunities within the digital-related field:
  • reaching a large mix of targeted markets through our portfolio: consumer electronics, web-new media, manufacturing, banks, pharmaceutical labs and healthcare, BtoB (blue chip companies or SMEs), BtoBtoC (indirectly addressing the consumer market)
  • achieving exposure to a variety of revenue models: licensing, OEM, subscription based (SaaS), royalties, services, web affiliation
• Diversification by geographical zone: our target is to allocate circa 20 % of the portfolio to European opportunities outside France, with a special interest in Spain, which gives us better access to an international network and enlarges our understanding of the markets.

We can participate in a financing round as lead investor or as co-investor in a syndicate, but in any case our policy is to play an active role, committing ourselves to adding value to the management team. In general we take a board position to accompany the management team through the key stages of the company’s development.

We look for ambitious projects in which we can identify a majority of the following criteria:

• highly innovative offer, within an appealing market, meeting customer’s needs, possibly with an existing customer base
• visionary, experienced, pragmatic and close-knit management team
• high growth, large market
• realistic and sustainable business model
• sensible company valuation.

We make ourselves available, proactively and openly during the whole investment process, which generally comprises the following steps:

1. Pre-selection of projects after reading the presentation documents (info memo, business plan)
2. First meeting with the management team and understanding of the global strategy
3. In depth analysis with a particular focus on:
   • market assumptions, competitors, prospects, existing clients
   • technology and IP rights
   • team experience, profiles and balance
   • current financial position and forecasts
4. Negotiations, possibly leading to a term sheet
5. Due diligence, legal documentation and investment

We try our best to be proactive throughout the investment process and being an independent team enables us to give a quick answer with reasoning for our decision. We like to follow best practice by assigning a two person team to every opportunity and teaming up when possible with a relevant market expert or former entrepreneur from our network.

We are committed to giving you initial feedback as quickly as possible, so that you as entrepreneurs do not waste your time. On average, the entire progress will take between 8 and 12 weeks from the first meeting to an agreement on a term sheet. We aim at concluding a well balanced deal, upon which we can build a long lasting and trustworthy relationship with the management team and, moreover, a deal which appropriately encourages their motivation and commitment.