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Thirteen LPs bring French agri-food fund to €124m close

Capagro Innovation is majority-backed by institutional investors and already a third deployed.

 

Paris-based Capagro has added another four investors to the LP base of its Innovation fund, allowing it to complete a second fundraising round worth €66 million.

The milestone brings the capital raised for the agri-food venture capital vehicle to €124 million, above its initial target of €120 million. The news come after a first €58 million subscription completed in January 2016, itself topping the vehicle’s initial €37.5 million funding upon launch in April 2014.

Institutional investors account for 55 percent of the fund, with the balance made up of medium- and large-sized corporates, a spokesman for Capagro told Agri Investor. He added that the vehicle is already 33 percent deployed through 15 investments.

Capagro Innovation counts 13 LPs, comprising AG2R LA MONDIALE, Agromousquetaires, Bpifrance, Crédit Agricole, Groupama, Agrica, Groupe Bel, ISAGRI, Groupe LSDH, InVivo, Sofiprotéol, Tereos and Terrena.

Capagro bills the vehicle as the “only VC fund in France that specializes in supporting innovation in agriculture, food, bioenergies and green chemistry.”

Kick-started in January 2017, this second funding round is final, the spokesman said, with no plans for top-ups in the future. He declined to disclose the returns targeted by the vehicle.