Frst: The Paris-Based Venture Capital Firm Raising Its Second Fund
Frst, the Paris-based venture capital firm without a vocal in its name, is in the process of raising its second fund. With its first closing at 72 million euros (almost 80 million dollars), Frst aims to continue its trend of being the first venture capital firm to invest in startups. Led by Pierre Entremont and Bruno Raillard, Frst is now the largest seed fund focused specifically on French startups.
A Tradition of Being the First
Frst has made a name for itself by being the first venture capital firm to invest in tech startups. While many venture capital firms wait until new companies are sufficiently onboarded, Frst has taken a different approach. According to the firm, around half of VC firm term sheets are submitted before the onboarding process even begins. This strategy has proven successful for Frst, and it plans to continue this practice with its new fund, which is aimed at investing in the coming years.
The Journey of Frst
The team behind Frst, Pierre Entremont and Bruno Raillard, originally met while working for Otium Venture, a family office for Pierre-Edouard Stérin. In 2019, they decided to create their own venture capital firm, resulting in the birth of Frst. The initial Frst fund, called Frst 2, raised €90 million (almost $100 million). With its new fund, Frst 3, the firm aims to reach the upper limit of 100 million euros ($110 million). To achieve this goal, Frst has secured funding from various investors, including the European Investment Fund, Bpifrance’s Fonds National d’Amorçage 2, Axa Venture Partners, and Isomer. Additionally, several individual investors, including entrepreneurs from Payfit, Owkin, Shippeo, Pigment, Electra, Supercell, Wolt, Aiven, and Homa Games, are investing in the fund.
Focusing on Artificial Intelligence
While Frst doesn’t specialize in any particular vertical, the firm believes that the rise of artificial intelligence will present numerous exciting investment opportunities in the coming years. Pierre Entremont, co-founder of Frst, stated that the rapid developments observed in the field of AI and the disruptions they create create an extremely favorable context for startups. From work to medicine, defense, education, or the management of natural resources, the economy and society are preparing for unprecedented changes.
Frst’s Impressive Asset Management
Frst’s assets managed or advised currently exceed 200 million euros (219 million dollars) if the original fund of 44 million euros from Otium Venture is included. With this achievement, Frst proudly claims to be the largest seed fund focused specifically on French startups. Bruno Raillard, co-founder of Frst, highlighted France’s position as a leading player in the upcoming AI revolution, particularly due to its production of top technical talent. He also emphasized the firm’s investments in outstanding technical quality, mentioning Owkin and Doctrine as examples.
Investing in Promising Startups
Frst’s team has already invested in numerous startups, such as Pigment, Electra, Poolside, Doctrine, Payfit, Shippeo, and Owkin. With the new fund, Frst plans to invest between 1 and 3 million euros in around thirty companies. This investment strategy allows Frst to provide sufficient support to these startups while diversifying its own portfolio and increasing its chances of success.
Additional Piece:
Frst’s approach to venture capital funding sets it apart from other firms in the industry. By submitting term sheets before companies are fully onboarded, Frst is able to establish a strong position in the market and secure promising investment opportunities. This strategy not only gives Frst an edge but also benefits the startups they invest in, providing them with the necessary financial support to grow and succeed. Frst’s commitment to being the first to invest in tech startups shows its belief in the potential of these companies and their ability to disrupt and transform various industries.
The focus on artificial intelligence as a potential growth area for startups is another key aspect of Frst’s investment strategy. With the rapid advancements in AI technology, the opportunities for innovation and disruption are limitless. Frst recognizes this and aims to be at the forefront of these developments by investing in AI-driven startups that have the potential to revolutionize various sectors, from healthcare to transportation to finance.
Furthermore, Frst’s impressive asset management and the success of its previous funds demonstrate its track record of making wise investment decisions. By surpassing 200 million euros in assets managed or advised, Frst solidifies its position as a leading seed fund in the French startup ecosystem. This success is not only a testament to the team’s expertise and strategic approach but also highlights the potential of the French market and its ability to produce top technical talent.
Frst’s investments in startups, ranging from Pigment to Owkin, showcase its diverse portfolio and its ability to identify promising companies across different industries. By providing financial support and guidance to these startups, Frst plays a crucial role in nurturing their growth and enabling them to achieve their full potential. This support also extends to individual investors who believe in Frst’s vision and contribute to the fund’s success.
In conclusion, Frst’s focus on being the first venture capital firm to invest in tech startups, its emphasis on artificial intelligence, and its impressive asset management make it a standout player in the French startup ecosystem. By identifying and investing in promising companies, Frst plays a crucial role in driving innovation and pushing the boundaries of what is possible in various industries. As the firm continues to raise funds and expand its portfolio, it will undoubtedly further cement its position as a leading player in the venture capital space.
Summary:
Paris-based venture capital firm Frst is raising its second fund, aiming to continue its tradition of being the first to invest in tech startups. With a first closing of 72 million euros, Frst is on its way to becoming the largest seed fund focused specifically on French startups. The firm’s strategy of submitting term sheets before companies are fully onboarded has proven successful, allowing it to secure promising investment opportunities. Frst believes that the rise of artificial intelligence will provide exciting investment prospects in the coming years. With over 200 million euros in assets managed or advised, Frst is recognized for its impressive asset management. The firm has already invested in several startups and plans to invest in around thirty more with its new fund. Frst’s commitment to being at the forefront of innovation and supporting promising startups sets it apart in the venture capital landscape.
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first, the Paris-based venture capital firm without a vocal in its name, is in the process of raising its second fund. The firm has already reached a first closing of 72 million euros (almost 80 million dollars at today’s exchange rate).
And if there’s one thing to say about this new fund, it’s that it’s business as usual for Frst. As the name suggests, Frst aims to be the first venture capital firm to invest in a tech startup.
Frst even tells me that around half of VC firm term sheets are submitted before new companies are onboarded. The company has decided to keep the exact same formula with some fresh capital to invest in the coming years.
The team led by Pierre Entremont and Bruno Raillard originally met while working for Otium Venture as part of the Pierre-Edouard Stérin family office. In 2019, the team created his own venture capital firm and raised the initial Frst fund (called Frst 2). At the time, Frst raised €90 million (almost $100 million at current exchange rates).
With today’s new fund called Frst 3, the investment firm expects to hit the upper limit of 100 million euros ($110 million). Frst has already secured funding from the European Investment Fund, Bpifrance’s Fonds National d’Amorçage 2, Axa Venture Partners and Isomer. A number of individual investors are also investing in the fund itself, including entrepreneurs working for Payfit, Owkin, Shippeo, Pigment, Electra, Supercell, Wolt, Aiven, and Homa Games.
While Frst doesn’t focus on any one vertical, the firm believes there will be plenty of exciting investment opportunities in the coming years due to the rise of artificial intelligence.
“The rapid developments observed in the field of Artificial Intelligence in recent months and the disruptions they are creating create an extremely favorable context for startups. From work to medicine, defense, education or the management of natural resources, the economy and society as a whole are preparing to undergo unprecedented changes,” Pierre Entremont said in a statement.
In total, if the original fund of 44 million euros from Otium Venture is included, the first team has more than 200 million euros in assets managed or advised (219 million dollars). By this metric, Frst says it is now the largest seed fund focused specifically on French startups.
“France is particularly well positioned to play a leading role in this coming revolution, particularly due to its production of top technical talent. That is why Artificial Intelligence has always been a very present topic in our investments, with, for example, Owkin or Doctrine 7 years ago. We have also made several investments with Frst 3 in equipment with remarkable technical quality,” Bruno Raillard said in a statement.
Frst’s team has invested in dozens of start-ups including Pigment, Electra, Poolside, Doctrine, Payfit, Shippeo and Owkin. With his new fund, he plans to invest between 1 and 3 million euros in around thirty companies.
French VC firm Frst reaches $80 million first close for its new seed fund
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