Partech raises $750 million progress fund – TechCrunch

Paris-based VC agency Partech has introduced the closing of the fundraising of its new progress fund. Partech Development II is the agency’s second progress fund. And the workforce managed to lift $750 million.

As a reminder, Partech Development I used to be a smaller fund with €400 million beneath administration, which represents $460 million at right this moment’s change fee. Partech closed Partech Development I again in 2015.

Relating to right this moment’s fund, backing comes from 45 institutional buyers, similar to endowments, foundations, pension funds, life insurers, asset managers and fund-of-funds. Round 40 household places of work, entrepreneurs and enterprise angels additionally participated immediately within the new fund.

Partech has already began deploying a number of the fund in tech firms. Portfolio firms embrace Rohlik, a grocery supply firm from Czech Republic (extra particulars in Ingrid Lunden’s article), Skello, a piece scheduling software-as-a-service device (extra particulars in my separate article), Studocu, a observe sharing platform for school college students (Ingrid additionally coated it right here) and recurring cost platform Billogram (extra from Ingrid).

“We’re humbled and grateful for the assist of, and dedication from, our international buyers. It permits us to proceed to ship significant and strategic help to the excellent group of European tech entrepreneurs who determine to welcome us on their journey,” Partech Development Common Accomplice Omri Benayoun mentioned in a press release.

Partech plans to take a position throughout many alternative verticals, each enterprise and shopper firms, throughout a number of industries. The agency plans to spend money on 12 to fifteen firms with a mean test starting from $22.4 million to $78.4 million (€20 million to €70 million).