AVP announced today it has completed a €250 million first closing of AVP Growth Fund II, a fund dedicated to supporting future technology leaders. The final closing will bring the fund to €500 million at the end of the year.
Launched in 2015, AVP is a global venture capital firm with equal presence in Europe and in the US, which has deployed +€400 million capital in 5 years in more than 45 technology companies in early stage and in growth stage. Originally backed by AXA, AVP raised a €150 million vehicle in 2016 (AVP Growth Fund I). Five years later, the fund has been successfully deployed, already with some unicorns like Phenom People and one exit (One Inc). While AVP Capital I was focused on companies in their early growth stage, AVP Capital II will invest in all segments of growth equity, from early growth to late growth. The launch of this second vintage confirms AVP’s ambition and commitment to Growth investing strategy.
This second vintage of the Growth strategy managed by AVP has received the “Late Stage” label from the French government (known as “Tibi initiative”). The background behind this decision is that in September 2019, the French government announced an initiative to develop an industry of Growth funds focused on technology in France by directing €6 billion from institutional investors towards tech focused funds, investing either in the private market or in the public market. Over €3 billion of this initiative will be invested in Growth funds that have been awarded the ‘late stage’ label, such as AVP Growth Fund II.
Francois Robinet, Managing Partner of AVP, commented: “Similarly to what happened in the US, the emergence of a strong ecosystem of tech companies in Europe will have to be supported by, among other things, the emergence of a strong investment ecosystem. We are convinced Europe needs now global investment players to support global technology leaders. To be part of it, we have in less than 5 years created a unique global investment platform, investing in North America and in Europe, dedicated to entrepreneurs in the tech space with a privileged access to our LPs to accelerate growth and generate business development opportunities”.
Robinet continued: “We are very happy and proud to have received the ‘Tibi label’ and to have been recognized by the investment community and the French government as a leading growth fund headquartered in France. Like what we have successfully done with our first Growth fund, AVP Capital I, we will continue to strive to be ‘best-in-class’ and to invest in the best possible tech companies in Europe and in the US”.
To support its strategy and accelerate on its ambition, AVP also reinforced its leadership team at the end of 2020 and appointed Benoit Fosseprez as Partner of the Growth Fund strategy, a successful serial entrepreneur (Veepee.com) and C-level executive, who has a 12-year investment banker background.
“On behalf of the AVP team, I am extremely happy to welcome Benoit as a Partner of the Growth Fund. Benoit will reinforce our leadership team and will bring a solid operational experience of the tech ecosystem in a period of acceleration of the growth Fund strategy” commented François Robinet.