France has no shortage of wealthy individuals and families. With the French startup scene booming over the past few years, several of them — from luxury conglomerate LVMH to telco billionaire Xavier Niel — have taken to investing in tech.
Family offices — private companies that handle the investments of high-net-worth individuals and families — are increasingly appearing on startup cap tables, with some developing a dedicated tech strategy. Agache, the family office that controls the wealth of LVMH owner Bernard Arnault, launched a VC-focused branch in 2017 dubbed Aglaé Ventures.
A poll carried out by the French association for family offices (AFFO) found that in 2023 private equity — both direct investments in startups and indirect investments in VC funds — was the preferred asset of family offices, representing nearly a quarter (23%) of the money deployed.
Using data from PitchBook and numbers reported by the organisations, Sifted looked at how many investments (both new and follow-on) French family offices made in startups and scaleups globally in the past 12 months. These were the nine most active.
Kima Ventures
Number of deals in the past 12 months: 128
Number of active portfolio companies: 1,361
Although it describes itself as a ‘business angel’, Kima Ventures operates more like a family office. The firm is dedicated to investing the fortune of Xavier Niel into startups, and backs two companies per week with €150k tickets, in all sectors. Bloomberg estimates that Niel’s net worth is nearly $10bn.
Notable investments include France’s buzzy AI scaleups Mistral and Poolside as well as cybersecurity platform Filigran.
Motier Ventures
Deals in the past 12 months: 34
Active portfolio companies: 92
Launched in 2021, Motier Ventures manages startup investments for the Moulin-Houzé family, who own upmarket department store chain Galeries Lafayette. It invests up to €300k at early-stage and writes follows on tickets of up to €3m across all sectors, with a strong focus on AI.
Notable investments include Paris-based H Company, which builds AI ‘agents’, as well as AI animated content creator Animaj and AI visuals generation startup Omi.
Evolem
Deals in the past 12 months: 22
Active portfolio companies: 57
Evolem is the family office of Bruno Rousset, a French entrepreneur who created insurance company April. It has multiple investment strategies, including property and SMBs, and launched a venture unit dedicated to backing startups in 2018.
Notable investments include French edtech La Solive, legal services platform LegalPlace and food waste management system Smartway.
Cléry
Number of deals in the past 12 months: 17
Number of active portfolio companies: 19
Created less than two years ago, Cléry invests the wealth of David Guinard and Robin Ucelli, the cofounders of Paris-based solar energy company Photosol, which was acquired by French energy distributor Rubis in 2022. Cléry backs impact companies, with a focus on climate tech.
Notable investments include UK-based NotPla, which creates sustainable packaging, French wine tech My Bacchus and Primaa, which builds AI-powered cancer detection software.
Financière Saint-James
Deals in the past 12 months: 16
Active portfolio companies: 140
Financière Saint-James is the family office of Michael Benabou — who in 2001 cofounded one of France’s early unicorns, online retailer Veepee, which is now valued at €3bn. The venture arm of the organisation invests from pre-seed to Series A, across all sectors and almost exclusively in France. Tickets start at €200k, with follow-on rounds up to €5m.
Notable deals include Paris-based GenAI startup Adaptive ML, as well as fintechs Alma and Defacto.
Creadev
Deals in the past 12 months: 15
Active portfolio companies: 20
Creadev manages the investments of the Mulliez family — who own some of France’s most famous high-street brands such as sporting goods retailer Decathlon, supermarket chain Auchan and household electronics shop Boulanger.
The firm doesn’t have a dedicated VC strategy but backs companies from Series B onwards, with revenues between €10m-100m. It focuses on businesses in the food sector, as well as sustainable consumption and healthcare.
Notable investments include French insect protein scaleup Innovafeed, home care platform Ouihelp and smart workplace canteen Foodles.
Aglaé Ventures
Deals in the past 12 months: 15 (according to PitchBook)
Active portfolio companies: 78 (according to PitchBook)
The tech-focused investment arm of LVMH owner Bernard Arnault backs startups and scaleups globally and at all stages, with tickets ranging from €100k-100m. Its portfolio includes big-hitters such as Airbnb, Netflix and Spotify; the firm targets ‘asset-light’ companies like marketplaces, SaaS and consumer tech startups.
Bloomberg estimates that Arnault’s net worth totals $165bn.
Notable investments include French AI startups H Company and Photoroom, as well as US-based data analytics platform Proxima AI.
Purple
Deals in the past 12 months: 11
Active portfolio companies: 38
Founded in 2022, Purple invests the wealth of Laurent Ritter, cofounder of mobile gaming company Voodoo — another one of France’s earlier unicorns. The firm invests across sectors at early-stage.
Notable investments include French insurtech Neat, sustainability compliance management platform Beavr and Woodoo, which builds alternatives to materials like steel and aluminium from wood.
Holnest
Deals in the past 12 months: 10
Active portfolio companies: 40
Holnest is the family office of Jean-Michel Aulas — an entrepreneur who owned French football club Olympique Lyonnais until 2022 — and his family. It has multiple investment strategies, including sports, entertainment and real estate as well as startup-oriented divisions in VC and growth.
Notable investments include French AI legaltech Jus Mundi and battery diagnostics software provider Entroview.
Figures have been confirmed by the respective companies unless reported otherwise.
Read the orginal article: https://sifted.eu/articles/france-family-office-most-active/
