The Paris-based venture capital (VC) firm, Frst, is in the process of raising its second fund. The company has already reached a first closing of €72 million (approximately $80 million at today’s exchange rate). This new development marks another milestone for Frst, which aims to continue its tradition of investing in innovative startups.
Business as Usual
As the name suggests, Frst strives to be the first VC firm to invest in a tech startup. The company has maintained this approach since its inception and continues to do so with its new fund. In fact, around half of the VC firm’s term sheets are sent before the startups are even incorporated.
The decision to keep the same formula with some fresh capital is indicative of Frst’s commitment to its core strategy. This is a testament to the company’s confidence in its ability to identify and support promising startups.
A Look Back at Frst’s History
Frst was founded by Pierre Entremont and Bruno Raillard, who originally met while working for Otium Venture as part of Pierre-Édouard Stérin’s family office. In 2019, the duo created their own VC firm and raised the initial Frst fund (called Frst 2), securing €90 million (approximately $100 million at today’s exchange rate).
With the new fund, called Frst 3, the investment firm expects to reach an upper limit of €100 million ($110 million). This significant increase in funding is a clear indication of Frst’s growth and success.
Key Investors
Frst has secured funding from several prominent investors, including:
- The European Investment Fund
- Bpifrance’s Fonds National d’Amorçage 2
- Axa Venture Partners
- Isomer
- Several individual investors, such as entrepreneurs working for PayFit, Owkin, Shippeo, Pigment, Electra, Supercell, Wolt, Aiven, and Homa Games
A Focus on Artificial Intelligence
Frst doesn’t focus on a particular vertical but believes that there will be plenty of interesting investment opportunities in the coming years due to the rise of artificial intelligence (AI). The company’s co-founders are optimistic about the potential for AI-driven innovation.
"From work to medicine, defense, education, or natural resource management, the economy and society as a whole are preparing to undergo unprecedented changes," said Pierre Entremont. "The rapid developments observed in the field of Artificial Intelligence make it an exciting time for investors."
Impact and Future Plans
Frst’s commitment to investing in AI-driven startups is expected to have a significant impact on the industry. The company’s focus on supporting innovative companies will undoubtedly contribute to the growth and development of the sector.
As Frst continues to raise its second fund, it is clear that the company is well-positioned for future success. With a strong track record and a solid strategy in place, Frst is poised to make a significant contribution to the world of venture capital.
Conclusion
Frst’s decision to raise its second fund with a €100 million target is a testament to the company’s commitment to supporting innovative startups. With a focus on AI-driven innovation and a strong track record, Frst is well-positioned for future success. As the VC firm continues to grow and evolve, it will undoubtedly play an increasingly important role in shaping the industry.
About the Author
Romain Dillet is a venture capital expert with a deep understanding of the industry. With years of experience covering venture capital news and trends, he provides valuable insights into the world of startup investing.
Subscribe to TechCrunch Daily News for the latest updates on the industry’s biggest tech news.
