TLDR:
- Ventech, an early-stage investor in Believe, sold its stake in the company for €175 million, marking the largest VC exit in France in the past decade.
- Ventech has announced the launch of its sixth fund with a target near €225 million.
Ventech, an early-stage investor in French digital music company Believe, has sold its stake in the company, delivering a return of €175 million for its 12 per cent stake. This exit marks the largest VC exit in France in the past decade with a 36x return. Ventech first invested in Believe’s $6.5 million round in 2008. The company, focused on helping local artists around the world grow their career, distributes music to 150+ digital stores and streaming partners, paying 100 percent of earnings directly to artists for a low annual flat fee.
A consortium composed of Denis Ladegaillerie, Founder and CEO of Believe, EQT Group, and TCV acquired a block of 71.92 per cent of Believe’s capital, including 12 per cent from Ventech. Ventech is now launching its sixth fund, with a target near €225 million. The firm, with a strong digital focus, has raised over €900 million since its inception in 1998 and realized over 220 investments with over 90 exits including Believe, Arteris, Withings, and Fintecsystems.
According to Alain Caffi, Founding Partner and now Senior Advisor at Ventech, the firm is proud to have supported Denis Ladegaillerie from the early days of Believe, when the company had €2 million in revenue to nearly a billion today. Ventech has also raised a dedicated fund to prepare this exit, Ventech Opportunity I, which allowed the firm to remain involved in Believe’s governance until the exit.
