-
Ex-Index Ventures French-Moroccan founder Sofia Hmich has created the
first Pan-European firm exclusively focused on deep tech companies
that solve the world’s most pressing challenges -
Future Positive Capital (FPC) announces the first close of its fund at
$57.1m -
Backers include top tier institutional investors such as Bpifrance,
Draper Esprit, the European Investment Fund and Isomer Capital – and
individuals like Walter Butler, Henri de Castries, Marie Eriksson,
Robin Klein and Francois Lemarchand -
First investments are BioBeats, an AI company focused on delivering
preventative mental health, and Meatable, which is developing the
next-generation of lab-grown meat
PARIS–(BUSINESS WIRE)–Though the initial target size for the fund was $55m, Future Positive
Capital fund is oversubscribed at first close with $57.1m in commitments
as backers show strong interest in companies that solve the world’s most
pressing problems.
The Paris-London based investment team seeks Europe’s boldest
entrepreneurs who use advances in artificial intelligence, robotics,
synthetic biology, genetics, and other deep technologies to solve
problems such as feeding the world’s growing population sustainably,
tackling climate change and coping with an ageing population.
FPC targets blind spots in existing European venture capital funding.
Many venture capital investors remain highly concentrated in a handful
of sectors (consumer, fintech, marketing etc.) focusing on web and
mobile technologies that target mainly wealthier consumers, leaving a
long tail of opportunities for investors who are willing to back the
next generation of visionary entrepreneurs. The team believes major
global factors of change, such as the acceleration and convergence of
advanced technologies, new aspirations from the workforce and consumers,
huge macro demographic shifts and stronger regulation have led to a real
tipping point in our global economy which has created unique conditions
for these new companies to thrive.
“Future Positive Capital captures the zeitgeist of our time.
At a macro level, we see a universalization of challenges, where
problems that once were those of “others” are now those of everyone. The
consequences of climate change is the most obvious example,” said
Sofia Hmich, “the time is right to build an investment firm based on
the conviction that the greatest value creation will be driven by
companies that are necessarily interconnected with improving the human
and planetary condition.”
FPC is building a concentrated portfolio of ~20 companies at Seed and
Series A, with investment ranging between ~$300,000 and ~$5m.
The team published a blog post detailing their thesis “The
Future Positive Thesis“.
Two investments already made
FPC has already invested in two companies: Meatable, a Dutch company
that is developing in-vitro, lab-grown clean meat from stem cells, and
BioBeats, an Oxford-based company that built the world’s first unified
computational model for wellbeing.
“We exist to back a new wave of entrepreneurs and scientists which is
on the rise,” said co-founder Alexandre Terrien, “the problems
they seek to solve are global, complex and require radical innovations.
Their relentlessness, combined with their long-term vision attracts the
best talent. This increases the chance that these companies will go from
$10 million businesses to $1 billion category leaders.”
David Plans, founder of BioBeats, said: “We decided to re-open our
round for FPC because they understood the specificity of our
technological approach and were 100% aligned with our long term vision.
It is exciting to work with the team because they’re entrepreneurs at
heart who understand the challenges of a start-up and can offer the
support we need.”
A complementary team led by a passionate female founder
Sofia is not a typical VC. The child of first generation Moroccan
immigrants, the 31 year old grew up and studied in Paris’s banlieue at
La Courneuve and made it from there to one of Paris’s elite
business schools, HEC Paris. At the intersection of entrepreneurship and
investment, her career has encompassed tech innovation throughout with
stints at Index Ventures, Europe’s top venture capital firm, and Deezer,
the worldwide digital music service, where she was in charge of
international expansion. Prior to setting up FPC, she spent two years
building the pillars of the firm by investing in companies like
what3words and HomeTree as well as Ynsect and Streetbees in
collaboration with renowned investors. Sofia is one of the very few
female Founding General Partners in the world. According to estimates by
European Women in Venture, only 5% of Managing Partners of EU-based
venture capital firms are women.
Sofia Hmich’s co-founders are Alexandre Terrien and Michael Rosen.
Terrien previously worked with Harvard biomedical engineering professor
David Edwards to build companies at the frontiers of science and design.
Terrien also co-founded pan-African education media franchise Kukua, and
scaled the French and Swiss businesses of VC-backed General Assembly
(which recently sold to Adecco for $412m). Rosen brings 13 years of
experience of private equity through Pamplona Capital Management,
investing across a range of sectors and geographies. He has also been an
active investor in a large number of early stage technology businesses.
Other members of the team are CFO Eva Sitbon and General Counsel Maarten
Scholten, who was the former General Counsel at Total.
Europe is at the forefront of this shift and can become a global
leader
The team has secured investment from some of Europe’s largest
institutions such as Bpifrance, Draper Esprit, the European Investment
Fund and Isomer Capital. Backers also include family offices and
established investors such as ex-World Bank CFO Bertrand Badré, founder
of Butler Capital Partners Walter Butler, former AXA CEO Henri de
Castries, Board member of Stena AB and co-founder of Heartflow Ventures
Marie Eriksson, Localglobe co-founder and former venture partner at
Index Ventures Robin Klein, serial entrepreneur and corporate social
responsibility pioneer Francois Lemarchand; and Former Chairman of
Wendel and CEO of Allegro Cantabile Frédéric Lemoine.
Walter Butler, Investor and Entrepreneur – Founder, Butler Industries
“By targeting the blind spots of the venture capital industry, Future
Positive Capital is uniquely positioned to identify the next wave of
leading European companies – those that can become global leaders while
solving important global needs. This is why it’s the first fund I have
invested in.”
Uli Grabenwarter, Deputy Director – Equity Investments at European
Investment Fund (EIF)
“Future Positive Capital is a pioneer for a new breed of venture
capital firms. New technologies are revolutionising our lives; it is now
the time for businesses to show how they can be used for responding to
the world’s biggest societal challenges. The team has brought together
change makers with the ambition of catalysing the pivotal businesses of
tomorrow on which the sustainability of our society ultimately will
depend.”
The team believes that Europe is at the forefront of this shift and can
become a global leader in commercializing scientific advances and
innovating in the global economy’s largest industries because of its
very prolific scientific community.
The Fund is supported by InnovFin Equity, with the financial backing of
the European Union under Horizon 2020 Financial Instruments and the
European Fund for Strategic Investments (EFSI) set up under the
Investment Plan for Europe. The purpose of EFSI is to help support
financing and implementing productive investments in the European Union
and to ensure increased access to financing.
About Future Positive Capital:
Future Positive Capital backs companies that use advances in artificial
intelligence, synthetic biology, genetics, and other deep technologies
to solve the world’s most pressing challenges such as sustainably
feeding the world’s growing population, combating climate change and
serving the ageing population. The London-and Paris-based team will
invest up to €100m of progressive capital at Seed and Series A across
Europe.
Find out more at www.futurepositivecapital.com
Important Disclaimer
This document has been prepared and issued by FPC for the sole purpose
of announcing to the public certain matters relating to its activities,
and not for the purpose of soliciting any investment from any person in
any jurisdiction. This document does not constitute any offer or
solicitation to purchase or subscribe for securities.
Contacts
Sayula Kirby
[email protected]
