French emerging manager seeder NewAlpha AM has launched its first venture capital fund dedicated to fintechs with the support of Crédit Mutuel Nord-Europe.
NewAlpha AM, part of La Française group, raises ambitions to become France’s leading player in this area. It underlines the fintech industry has become the fifth largest destination of venture capital investment in France during the first half of 2015.
The firm explains France has “a significant intellectual and technological capital but lacks of “early stage” financing solutions suited to FinTech entrepreneurial and promising projects.”
The fund which aims to draw institutional investors will primarily invest in French non-listed fintechs and targets a €60m size.
Since launch, NewAlpha AM has entered into over 60 strategic partnerships and invested more than €1bn in French and foreign asset management companies. Over the past three years, it has invested €400m through 13 partnerships.