(Bloomberg) -- Revaia has raised €150 million ($160 million) for its second fund to invest in fast-growing technology companies, the female-founded venture capital firm said.
Revaia Growth II drew investments from sovereign wealth funds, family offices and institutional investors across Europe, the Paris-based firm said in a statement. Investors include existing limited partners such as the French state investment bank, Bpifrance, as well as new backers like mutual insurer Carac and the European Investment Fund.
“It’s getting tougher to raise funds as investors have been more selective,” Founding Partner Alice Albizzati said in an interview, citing the challenges of higher interest rates, inflation and geopolitical uncertainty. “But we have proved our investment strategy and we managed to enlarge and diversify our investor base.”
Revaia Growth II will make about 15 investments in total, the firm said. Fundraising for the fund will be completed by mid-2024, Albizzati said, declining to comment on its eventual size.
“The fund’s focus on growth-stage financing is a good fit,” said Marjut Falkstedt, chief executive of EIF. “We also attach great importance to better gender balance in all the funds in which we invest,” Falkstedt said, referring to Revaia’s gender balance in the firm’s team.
Revaia, founded in 2018 by Albizzati and Elina Berrebi, raised its first fund in 2021 and now manages more than €400 million, with investments focused on business-to-business companies that offer software as a service.
Its holdings include Mews, a cloud-based software company that serves the hospitality sector, and Deepki, a provider of software that helps real estate investors, owners and managers improve the ESG performance of their properties.
Revaia also plans to open a London office early 2024, its third after Paris and Berlin, Albizzati said.
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