Investment firm Eurazeo raises $97m in first close of Smart City II fund

Idinvest Partners, the subsidiary of investment firm Eurazeo, announced it has raised 80 million euros (US$97 million) in the first close of its Smart City II venture fund. The company will allocate 40% of the fund to startups in Southeast Asia and China.

Virginie Morgon, CEO of Eurazeo/ Photo credit: LesEchos

Investors including carmaker Stellantis, electric utilities firms EDF and Mainova, public transportation operator RATP, energy major Total, logistics champion Duisport, and Thai real estate developer Sansiri participated in the financing round. Institutional investors such as PRO BTP and family offices also backed the fund.

According to the venture fund, the amount raised from the round will be used to invest in energy, mobility, proptech, and logistics startups.

Currently, the team behind the Smart City venture fund invests in companies supporting work from home, shared mobility, electric mobility, food delivery, and renewable energy transition businesses that benefit residents.

Eurazeo has 18.8 billion euros (US$22.8 billion) in assets under management, including 13.3 billion euros (US$16.1 billion) from third parties that it uses to invest in over 430 companies.

The firm has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin, and Madrid. It is also listed on the Euronext Paris stock exchange.

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“The fund benefit is also extra-financial as we support entrepreneurs who take decisive action to reduce carbon emissions and enable the development of more inclusive and resilient cities,” said Matthieu Bonamy, partner at Idinvest Partners.