French VC firm Frst reaches major milestone with $80 million first close for its new seed fund.
A New Era for Frst: Business as Usual with €72 Million First Closing
The Paris-based venture capital (VC) firm, Frst, is gearing up to raise its second fund, marking another milestone in the company’s journey. With a first closing of €72 million (approximately $80 million at today’s exchange rate), Frst is set to continue investing in French startups, solidifying its position as one of the leading seed funds in the country.
A Fresh Fund with a Proven Formula
Frst has announced that it will be maintaining the same investment strategy as before, which has proven successful over the years. The VC firm has stated that around half of their term sheets are sent before the startups even incorporate. This approach allows Frst to establish itself as an early mover in the startup ecosystem.
A Team with a Proven Track Record
The team behind Frst consists of Pierre Entremont and Bruno Raillard, who met while working at Otium Venture as part of Pierre-Édouard Stérin’s family office. In 2019, they left to create their own VC firm and raised the initial Frst fund (Frst 2), which reached a staggering €90 million (approximately $100 million at today’s exchange rate). The success of this fund has paved the way for the new Frst 3 fund, which aims to reach an upper limit of €100 million ($110 million).
Strong Support from European Investment Fund and Other Investors
Frst has secured funding from prominent investors, including the European Investment Fund, Bpifrance’s Fonds National d’Amorçage 2, Axa Venture Partners, and Isomer. Additionally, several individual investors have committed to investing in the fund, such as entrepreneurs from PayFit, Owkin, Shippeo, Pigment, Electra, Supercell, Wolt, Aiven, and Homa Games.
Focus on Artificial Intelligence and French Startups
Frst has stated that they do not focus on a specific vertical but rather look for exciting investment opportunities across various sectors. However, the firm believes that there will be plenty of interesting investments in the coming years due to the rapid advancements in artificial intelligence (AI). As Entremont mentioned in a statement:
"The rapid developments observed in the field of Artificial Intelligence over the past few months and the disruptions they are creating make an extremely favorable context for startups. From work to medicine, defense, education, or natural resource management, the economy and society as a whole are preparing to undergo unprecedented changes."
A Strong Presence in the French Startup Ecosystem
Frst has invested in dozens of startups, including Timekettle’s new earbuds that offer real-time translation on calls and Robotics’ tiny robot cat that blows on coffee to cool it off. The company has solidified its position as one of the leading seed funds in France.
A Bright Future for Frst
With a proven track record, a strong team, and significant funding from prominent investors, Frst is well-positioned to continue investing in French startups. As the company looks to the future, it’s clear that business will remain as usual – with a focus on innovative ideas and disrupting markets.
Key Takeaways
- Frst has raised its second fund with a first closing of €72 million (approximately $80 million at today’s exchange rate).
- The VC firm will maintain the same investment strategy, which includes sending term sheets before startups even incorporate.
- Frst has secured funding from prominent investors, including the European Investment Fund and individual entrepreneurs from various startups.
- The company focuses on AI-driven investments but looks for opportunities across various sectors.