CapHorn Invest announces €100 Million first closing of its 2nd fund

CapHorn Invest announces €100 Million first closing of its 2nd fund

VC Fund CapHorn Invest, specialized in startups who can help Industrial players transition to digital, has announced the first closing of its second fund at €100 Million, with a goal of reaching €125 Million for their final closing. This comes on the success of their first €50 Million fund, which invested in the likes of connected toothbrush Kolibree, among others.

CapHorn invest is backed by the industrial sector – companies, but also their CEOs directly – and their investments always have an angle of “Can this startup help industrial companies – retailers, manufacturers, logistics companies, etc. – become digital-first companies (products, services, etc.). With their new fund, CapHorn has already made their first investment in Lille-based Critizr, a service currently available only in French, which allows consumers to give feedback on retail locations.

I’ve known CapHorn since their first fund, and have often talked with the team – notably Romain Vidal – and I must say I’m hesitant about the idea that industrial LPs and an industrially-driven strategy can lead to investing in the very startups that will help Industrial companies change (as it implies that Industrial players know what they need in order to adapt & evolve, which has been shown time & time again to be false). For example, many of CapHorn’s investments today break the mold of investing in increasingly global-first companies, showing the same France-first tendency that newer funds & founders reject.

Nonetheless, CapHorn is not the first fund to be backed by Industrial players – Partech is backed by BNP Paribas (as in, bnpPARibasTECH), Xange by LaPoste, and so on – and the investment team is hungry, with a discourse that is clearly seducing LPs to jump on board. Their €125 Million fund will be among the largest early stage funds in France, ahead of Elaia & Partech. Let’s hope all these Seed Funds spawn new Growth funds, which is where the real investment gap lies in France.