Private equity: venture/growth capital in France

Gide Loyrette Nouel A.A.R.P.I.

Gide Loyrette Nouel LLP remains a go-to firm for venture and growth capital transactions, acting for investors, start-ups and mature companies alike. The team offers a comprehensive range of services, including drafting and negotiating investment and shareholders’ agreements, issuing convertible securities, and employee profit-sharing plans. The team is led by trio Pierre Karpik, David-James Sebag and Louis Oudot De Dainville who bring extensive expertise in the technology and healthcare sectors to the table. Private investments in public equity is another area of strength.

Other key lawyers:

Paul Jourdan-Nayrac

Testimonials

‘The team is very agile, adapts to all types of cases (expectations, timing, invoicing) in order to be able to deal with promising cases early and follow them over the long term from the start to large potential exits.’

‘Exceptional speed, clarity and quality of service.’

‘Paul Jourdan-Nayrac was the main contact. Very experienced and pragmatic and provided an overall great service.’

‘Dedicated team. Very aware of tech news and excellent advice in terms of benchmarks and market trends in addition to consulting expertise. Support for young companies with an acceptable level of fees and invoicing facilities. Attention to the client and expertise are the two differentiating points.’

‘100% committed to their clients – a real advisory role and not just legal expertise, it supports the development of the company at every stage with as much commitment and motivation as ever. Excellent reading of the protagonists on large operations and puts the interests of the company above all.’

‘Responsiveness, proactivity in exchanges with the target company, flexibility in fees, knowledge of the market and the industry, management of an investor pool in an agile way.’

‘The team: High degree of professionalism – Strong expertise in early stage Venture Capital – Strong negotiation skills – Very strong brand/degree of credibility in the space.’

‘Worked closely with Louis Oudot de Dainville – very positive, pragmatic, sharp, meticulous/attention to details, dedicated, strong expertise.’

Key clients

Idinvest Partners

Balderton Capital

Temasek

Partech Partners

Bpifrance

Highgate Ventures

Cathay Innovation

Eurazeo

Ventech

Allianz

ISAI

360

BlackFin

General Catalyst

Accel Partners

Blossom Capital

Samaipata

Heartcore

New Alpha

Odaseva Technologies

Spendesk

Doctolib

Younited Credit

Launchmetric

Openclassrooms

Meero

Kili Technology

Naïo Technologies

MWM

Happytal

Sinovation Ventures

Local Globe

Sensory Odyssey

Leeway

Headline

Work highlights

  • Advised Temasek on the $355m funding round of ManoMano, Europe’s leading online home improvement company, led by the Californian growth and cross-over fund Dragoneer.
  • Advised Temasek on the funding round of Alan, a France-based licensed health insurance company.
  • Advised Younited on its €140m funding round from Goldman Sachs and Bridgepoint.

Jones Day

The very experienced team of Jones Day assists a variety of clients, ranging from start-ups to established investors, at every stage of development. The practice manages one of the busiest caseloads in the French market, not the least because of its full range of expertise, from seed to late-stage financing, M&A, exit transactions, MBO/LBO, and capital market transactions. The practice is co-led by Renaud Bonnet, Charles Gavoty, Jean-Gabriel Griboul, and Geoffroy Pineau-Valencienne. Alexandre Wibaux and counsel Anne Kerneur provide key support in financing rounds, private placements, IPOs, and buyouts.

Other key lawyers:

Alexandre Wibaux; Anne Kerneur

Testimonials

‘Effective. Excellent knowledge of venture capital practices.’

‘I have been working with the same partner since 2014 and a team that has remained remarkably stable over this period. Availability, quality of recommendations, follow-up of files, quality of documents produced mean that I continue to entrust Jones Day with all files that may concern them.’

‘Professionals of very high quality, but without ego and who are at the service of their client. They know how to insist when a subject seems important to them without intruding.’

‘The Jones Day team has integrated our points of vigilance and now takes them into account regardless of the person in charge of the subject to be treated. This is true with the team in France, but also when working with their international offices, which makes the process more fluid. They always do their best to make themselves available.’

Key clients

Swile

Cubyn

Gaia Capital Partners

Unseenlabs

Bpifrance

Matera

Eurazeo

BackMarket

Creadev

Eki Metrics

Cap Vert Energie

Hi inov

Seventure Partners

New Alpha Asset Management

Omnes Capital

Elaia Partners

OpenClassrooms

Institut Pasteur

ManoMano

Ankorstore

360Learning

Work highlights

  • Advised Swile on its Series D round of financing led by a London-based growth VC investor with E-ventures.
  • Advised Cubyn on its €35m Series C round of financing led by Bpifrance and Idinvest.
  • Advised Unseenlabs on its €20m Series B round of financing led by 360 Capital Partners and Omnes Capital, with participation by Blue Oceans Partners and existing investors Definvest and Breizh- up participating.

Bird & Bird

Bird & Bird assists clients with every stage of the business cycle, including early-stage financing, fundraising, licensing, commercial transactions, and exits through M&A or IPOs. The firm has continued to strengthen its position in the venture capital space by handling several fundraisings with international venture capital funds. Gildas Louvel is active in private equity transactions for both public and private companies and co-heads the team with Emmanuelle Porte, who is an expert in the life sciences and healthcare sector. David Malcoiffe has extensive experience in advising investment funds and start-up companies in private equity and venture capital transactions, while Bertrand Levy focuses on transactions in the technology sector.

Key clients

Archimed

Eight Roads Ventures

CorWave

Sparing Vision

DSMC

GrAI Matter Labs

Pixium Vision

Isatis Capital

Prophesee

Motion Equity Partners

PP Yarns & Co (Phildar)

BPI – Fonds Patient Autonome

SCALINX

CLIMB UP

Demeter

ByMyCar

Work highlights

  • Advised ByMyCar on one of the largest management buy-ins in the French market.
  • Advised ArchiMed on three simultaneous acquisitions: Imabiotech in France, Pyxant Labs Inc. and additional assets in the US.
  • Advised SparingVision, a biotechnology company on its €44.5m Series A2 fund raising subscribed by its historic investors (BPI, Foundation Fighting Blindness) and new investors (Jeito, Ysios, 4BIO and UPMC Enterprise).

Chammas & Marcheteau

Chammas & Marcheteau handles multiple high-value corporate fundraisings taking place in France. Key areas of expertise include seed, venture and growth capital, buyouts, and distressed investments. Denis Marcheteau has a clear focus on venture & growth capital, private equity and corporate/M&A transactions. Lola Chammas, who co-founded the firm with Marcheteau, specialises in acquisitions, buy-outs, financing rounds and divestments. Camille Hurel  brings experience in restructuring matters in addition to her venture capital expertise. Nicolas Lecocq focuses on domestic and cross-border venture capital mandates for public and private sector entities. Julien Naginski specialises in cross-border venture capital transactions in the mining and energy sector.

Testimonials

‘Closeness, flexibility, human approach.’

‘Very professional.’

‘Julien Naginski is excellent and responsive. A super insight to the private equity and investment sector.’

‘Julien Naginski’s experience is some of the best we have seen and he can see problems coming a long way before they become serious.’

‘The practice works to establish a relationship of trust on all subjects. Two points that I particularly appreciate: – The pricing has always been fair compared to the work done – No deadline has ever been missed – The advice is pragmatic and enlightening.’

‘Competence, finesse of negotiation, responsiveness and reasonable price: the simple, but effective cocktail to build a formidably effective relationship of trust.’

‘Lola Chammas is absolutely remarkable.’

Key clients

Yubo

Iris Capital

MithraSol

Reach Five

Ventech

Dawn Capital

Powell Software

Bpifrance

Foundation Fighting Blindness

Cathay Innovation

Idinvest Partners

HEC Ventures

Sham Innovation Santé

Région Sud Investissement

Quadia

Eutopia

CEA Investissement

XAnge

Elaia Partners

Work highlights

  • Advised Iris Capital on Jedox’s over $100m fundraising, alongside Insight Partners, eCapital and Wecken & Cie.
  • Advised Cathay Innovation, a historical investor, and Bpifrance on Iziwork’s €35m fundraising.
  • Advised Bpifrance and Foundation Fighting Blindness on SparingVision’s €44.5m fundraising, alongside 4BIO Capital, UPMC Enterprises, Jeito Capital and Ysios Capital.

D'Ornano + Co.

D’Ornano + Co. is a specialist in the software and e-commerce sector and advises on cross-border transactions. The firm conducts buy- or sell-side due diligence for LBO, growth, and venture capital transactions and provides strategic advice to companies transformed by tech. Founder and managing partner Raphaëlle d’Ornano is an expert on the impact of technology on business. Sssociate partner Yann Auregan focuses on M&A transactions. The arrival of Thomas Priolet, until June 2021 counsel at Bredin Prat, who has advised mid and large-cap investment funds and family offices on LBO transactions, has strengthened the team.

Practice head(s):

Raphaëlle d’Ornano

Other key lawyers:

Thomas Priolet; Yann Auregan

Testimonials

‘Raphaëlle d’Ornano has excellent technical knowledge, strategic understanding of the issues, and interpersonal skills.’

‘Raphaëlle d’Ornano is always available and responsive.’

Key clients

Marlin Equity Partners

BlackRock

Elephant Partners

Blackfin

ISAI

Capza

Infravia Capital

Creadev

Eurazeo

KKR

BPI France Large Venture

Partech Partners

Alven

Singular

Five Arrows Private Equity

Work highlights

  • Advised KKR on the acquisition of Ornikar via a Serie C venture funding.
  • Advised InfraVia Capital Partners on the acquisition of sightcall via a Serie B venture funding.
  • Advised Eurazeo on the acquisition of Payfit via a Serie D venture funding.

Dechert LLP

The venture capital group at Dechert LLP acts for both target companies and investors and is repeatedly called upon to advise on major fundraisings. The group works across multiple sectors, including the technology, life sciences, fintech, assurtech, digital, and aerospace. The team is led by Xavier Leroux.

Practice head(s):

Xavier Leroux

Testimonials

‘Business-oriented.’

 

Key clients

Shift Technologies

Vestiaire Collective

Ostium Goup

Olgram

Alma

Iziwork

Earthcube

Work highlights

  • Advised new French Insurtech unicorn Shift Technology on a Series D investment round of $220m.
  • Advised new French unicorn Vestiaire Collective on its new €178m financing round, backed by global French luxury group Kering and US investment firm Tiger Global Management.
  • Advised tech start-up Earthcube on its €20m Series A financing round.

Goodwin

Goodwin acts for venture and growth capital funds as well as for emerging and scale-up companies on their fundraising, governance, and growth activities. Clients include strategic institutional investors, technology and life sciences companies, venture funds as well as French and global start-ups and entrepreneurs from other sectors. Thomas Dupont-Sentilles has experience in handling high-value financing mandates, both domestic and cross-border. The arrival of Anne-Charlotte Rivière from Dechert LLP, who specialises in venture capital in the life sciences and technology sectors, has bolstered the team. Benjamin Garçon is experienced in working with start-ups and SMEs.

Testimonials

‘We worked with a multidisciplinary team of lawyers, attentive and extremely available, who was able to send us wise and enlightened advice. We noted the professionalism as well as the responsiveness of the team. They were able to put us at ease and tackle all the subjects with great clarity and kindness, adapting to our constraints (especially for invoicing). Special mention to Anne-Charlotte Larivière for her managerial coaching.’

‘The firm stands out thanks to the availability and knowledge of the lawyers who work there. The lawyers with whom we have worked are competent, efficient and humane people. They quickly understand the issues and needs related to our business, and thus provide support to meet the needs. Their experience is also extremely rewarding, with an excellent vision of our challenges and our business sector.’

‘The Goodwin team has demonstrated enormous technical and business knowledge. Extremely responsive and creative. They have made it possible to effectively arrive at safe and satisfactory solutions in a context of complicated negotiations with many interlocutors and diverging interests.’

‘Benjamin Garçon is an incredibly talented lawyer. Extremely legally competent, efficient. His ability to understand business issues is exceptional and allows him to intelligently defend the interests of his clients, to offer solutions that are perfectly suited to all parties. He has an excellent ability to negotiate even when relations can be strained, and knows how to intelligently align the different interlocutors.’

Key clients

83North

Anterra Capital

Assurly

Benchmark Capital Partners

Bpifrance

eCential Robotics

Eight Roads

Eni Next

European Digital Group

Gemini Investments

Gilde Healthcare

Left Lane Capital

Libeo

Montefiore Investment

Quadrille Capital

Sofinnova Partners

Tikehau Capital

UroMems

Vsquared Ventures

Work highlights

  • Advised the pool of financial investors on the €75m Series A financing round of Mnemo Therapeutics, a French biotechnology company.
  • Advised Benchmark Capital Partners on the lending of €50m Series A financing round of Sorare, a French startup which specialises in fantasy football and the NFT player cards.
  • Advised French Fintech startup Libeo on its €20m Series A financing round.

Hogan Lovells (Paris) LLP

The sizable private equity team at Hogan Lovells (Paris) LLP provides end-to-end strategic advice on growth capital and venture capital transactions as well as LBOs. The group’s clients include private equity funds, sovereign wealth funds, institutional investors, and portfolio companies. Stéphane Huten heads the practice and focuses on mergers and acquisitions for private and public companies. Xavier Doumen focuses on direct investments into private companies. The team has been strengthened further by the arrival of partners Hélène Parent and Matthieu Grollemund from Baker McKenzie in January 2021. The pair comes with a strong reputation in advising international funds and tech companies on investment in France and other jurisdictions.

Practice head(s):

Stéphane Huten

Testimonials

‘Matthieu Grollemund has extensive experience in private equity matters, which we highly value, which allows him to provide first-rate legal support. We value his ability to intervene in complex matters and situations, on which his qualities are essential. We have also been working with Hélène Parent for several years and appreciate the excellence of her support. She is very reliable, precise, and creative when needed. We have built a very high-quality relationship, based on experience and trust, which contributes to the quality of the work carried out together: its adaptability to the environment and the constraints of the deals is particularly appreciable.’

‘The Hogan Lovells private equity team is distinguished by the excellence of the support it offers, particularly during complex transactions. In general, we retain Hogan Lovells for three main reasons: 1. Excellence in legal support, in-depth knowledge of the private equity sector and market practices, their ability, if necessary, to effectively manage complex and specific matters and situations. 2. High adaptability to the environment and the reality of the deal, in particular, the level of negotiation required and adapted to the circumstances (hard or low-touch). 3. Reliability, responsiveness and general quality of the work provided.’

‘Hélène Parent: great technical competence, business-minded, responsive, creative, very attentive to her clients, a force of proposal.’

‘Matthieu Grollemund is very knowledgeable; all the funds know him and respect him. He is also a truly international lawyer who helps to expand internationally.’

Key clients

+Simple

21 Centrale Partners and LV Overseas

Accel KKR

Activa Capital

Actomezz (Andera Partners)

Ally Bridge Group

Apax Development partners

Ardian

Argos Wityu

Azulis Capital, Arkea Capital, BNPP Développement, Socadif, MACSF

Blisce Advisors

BPI France

Cathay Capital Private Equity & Cathay Innovation

Chequers Capital

Elaia

Eurazeo

Exotec

Five Elms Capital

Hivest Capital Partners

IDI

Idinvest Partners

Ledger

LFPI

Long Arc Capital

Partech

Red River West

Siparex

TowerBrook Capital Partners (U.K.) LLP

Ÿnsect

Work highlights

  • Represented a consortium of investors including Bain Capital, Felix Capital, 83 North and Elaia in the €255m Series D of Mirakl.
  • Represented Ynsect in its Series C fundraising, led by Astanor and Upfront.
  • Represented Bpifrance and Eurazeo in their investments in Content Square, a company developing a digital experience analytics platform.

Latournerie Wolfrom Avocats

The experienced team Latournerie Wolfrom Avocats has a strong track record of assisting clients with complex venture capital transactions, both domestic and cross-border.  Christian Wolfrom heads the practice and is experienced in handling leveraged buy-outs and capital investments for a wide range of clients. Caroline Basdevant-Soulié focuses on venture capital as well as on wider corporate/M&A matters. Pierre Lafarge is experienced in corporate law and financial law and handles private equity transactions and mergers and acquisitions for French and foreign clients.

Other key lawyers:

Justine Conrard

Testimonials

‘Knowledgeable with a commercial approach to transactions. Able to deliver advice clearly and concisely.’

‘Pierre Lafarge was a pleasure to work with. He was very knowledgeable and was able to suitably balance commercial interests and legal risks.’

 

Key clients

Indorama Group Investments

Symphony Environmental

Groupe Neo 2

LTCapital

Arpilabe Holding

Caisse des dépôts et des consignations

BPIfrance

Urban Odyssey (Icade)

Yotta Capital

IDI

MML

Work highlights

  • Advised IDI on its circa €36m investment in CDS group.
  • Represented the management of group NEO2 in its OBO with Turenne Capital.
  • Advised Symphony Environmental and Indorama on their investment into Eranova as part of a $6m fundraising alongside investors Altinat, Capelan Holdings and Euro-Capital.

Orrick Rambaud Martel

Orrick Rambaud Martel has a solid presence in the venture and growth capital space in France and represents a mix of start-ups, growth-stage companies, and leading investors. The team routinely advises clients on high-value corporate transactions, both domestic and cross-border. Benjamin Cichostepski  well known for his experience in acting for technology and internet companies and co-heads the team with Olivier Edwards, who has been advising emerging companies and venture capital funds for over two decades. Olivier Vuillod advises start-ups and growth technology companies throughout their life cycle and has significant cross-border transaction expertise.

Other key lawyers:

Olivier Vuillod 

Testimonials

‘In my experience, the team ‘s exceptional capacity is distinguished by three aspects (i) A perfect knowledge of the mysteries of documentation (ii) Total availability (including  ‘off hours’) (iii) The situational intelligence of the team, which is also able to manage interpersonal issues between leaders, founders, but also to resolve heavy points of tension with the counterparts. I add that the Orrick team does not hesitate to ‘take hits’, including vis-à-vis key fund bosses, and to advise daring strategies, where colleagues remain on a reserve of circumstance.’

‘The most remarkable person is Olivier Edwards. Edwards has a presence and an assurance which allows his clients to take a strong stance during negotiations. Edwards also knows how to convince his clients, if necessary, to return to a compromise position. Olivier Edwards is, in my experience, the best lawyer in his specialty in France.’

‘We benefit from a dedicated team on our subjects. It is made up of experts in all areas of law with an EU and US focus. It is the only firm to have implemented such a dedicated, diversified and easily accessible resource.’

‘Olivier Edwards – always an attentive ear, great creativity and experience to think on a case-by-case basis and ‘out of the box’, passionate about finding solutions that meet consensus, even if unusual. We feel the company’s project is standing on the shoulders of a giant.’

Key clients

Agriconomie

Alan

Aledia

Blossom

Battery Ventures

Cajoo

Cathay Capital

Dataiku

Hardware Club

Hoggo

Idinvest Partners

iBanfirst

Livestorm

Luko

Metron

Nabla

PayFit

Saagie

Sorare

Volta Medical

Work highlights

  • Advised Dataiku on its $400m Series E financing round and $100m Series D funding round.
  • Advised Upfront Ventures and Footprint Coalition, Ynsect’s historical and largest investor, on the Ynsect’s $372m capital raising extension.
  • Assisted French insurtech startup Alan with its €185m Series D financing round, led by Coatue Management.

UGGC Avocats

The private equity team of UGGC Avocats acts as counsel for private companies, investment funds and public entities from a wide range of sectors. It covers the entire cycle of venture and growth capital operations, including risk audits, legal and tax structuring, drafting and negotiation of legal documentation, and management packages. The practice is led by Charles-Emmanuel Prieur, who advises industrial and commercial operators on takeover transactions and asset purchase operations. David Gordon-Krief has extensive expertise in the real estate sector.

Practice head(s):

Charles-Emmanuel Prieur

Key clients

REDTREE CAPITAL

BPIFRANCE

ISATIS CAPITAL

PAYLEAD

ADVENT FRANCE BIOTECHNOLOGY

MUTUELLE D’ASSURANCE DES PROFESSIONNELS DE LA SANTE

ALLIANCE ENTREPRENDRE

AUDIO INVESTISSEMENT

VALUESTATE HOTELS

AMUNDI PRIVATE EQUITY FUND

CAISSE DES DEPOTS ET CONSIGNATIONS

EDF PULSE CROISSANCE

LBO FRANCE

FINFROG

MOONGROUP

EMPREINTE DIGITALE

Work highlights

  • Advised Bpifrance on its project with Symbiose for the creation of a factory of the electronics subcontractor.
  • Advised ISATIS Capital on acquiring of a minority stake, alongside BPI France Investissement, in the capital of FATEC Group.
  • Advised PayLead on its operation of fundraising in order to support its fast development.

Viguié Schmidt & Associés

Viguié Schmidt & Associés offers advice on venture capital financing matters to leading venture capital funds and corporations from multiple sectors, including the transportat, technology, real estate, retail, and energy sectors. The practice focuses on building long-term relationships with its clients. Practice head Louis Chenard unites venture and growth capital expertise with wider private equity expertise and M&A experience, acting in particular for investment funds and start-ups.

Practice head(s):

Louis Chenard 

Testimonials

‘Exceptional knowledge of the ecosystem (venture capital and development capital with tech and impact startups), remarkable mastery of legal and financial tools allowing great mastery in the structuring of deals. In-depth knowledge of market practices as well as an ability to innovate.’

‘Louis Chenard: exceptional efficiency, hyper-developed business sense combined with a remarkable technical mastery of subjects.’

Excellent firm with humble and efficient partners.’

‘Louis Chenard – humble, professional and very efficient.’

‘The team around Louis Chenard is united and knows how to work together very effectively. The fluidity of the work is greatly appreciated.’

‘Louis Chenard, beyond his great dexterity in legal techniques, has demonstrated a very good knowledge of business issues and fundraising practices. His negotiating skills were also decisive in getting to close under good conditions.’

‘A competent team offers ‘tailor-made’ documentation that is perfectly suited to each situation. A lot of pragmatism and pedagogy in the exchanges with the targets is very appreciable and effective.’

‘Louis Chenard gives good advice on arbitration of points to be agreed or not in a negotiation.’

Key clients

Headline (e.ventures)

Pace Capital Fund

Astanor

Asltom

Vorwerk Ventures

Alter Equity

Caisse des dépôts et consignations

Edenred Capital Partners

Calcium Capital

LBO France

Danone Manifesto Ventures

IDIA (Crédit Agricole)

Work highlights

  • Advised Headline (formerly e.ventures) on Sorare’s €40m venture capital financing.
  • Advised Alstom on Easymile’s €55m venture capital financing.
  • Advised Pace Capital (US Based VC Fund) on BEAM €8m venture capital financing round.

Villechenon

Villechenon has more than three decades of experience in the venture capital space and is one of the most established practices in the French market. Morgan Hunault-Berret advises companies on all development stages, from fundraising to the exit stage. Alexander Kotopoulis has a very high number of private equity transactions under his belt. Erwan Tostivint  specialises in growth capital transactions in the software, biotech/medtech and internet sectors, while Isabelle Burel-Blasoni focuses on new technologies and the audiovisual industry.

Testimonials

‘Incredibly strong on the risk capital part. Great help in our negotiations with the funds.’

‘Ability to mobilise all the necessary skills on a file. Very strong expertise. Pragmatism and ability to achieve the expected target.’

‘Very strong commitment. Agility and adaptability. Strong negotiating skills. And what does not spoil anything: very nice.’

‘Expertise on the subjects covered: valuable advice given regularly in market practice on similar transactions.’

‘Proximity and accessibility of their advice. Morgan Hunault-Berret demonstrates flawless professionalism. Ethics, discretion and pragmatism.’

‘Great professionalism with in-depth skills in each area. Very pleasant to work with Villechenon.’

‘Listening to the client, responsive, excellent understanding of the issues with a remarkable ability to adapt, an ability to get involved in files.’

‘Excellent knowledge of the market and good practices speed of intervention high quality of advice.’

Key clients

Chan Zuckerberg Initiative

Serena Capital

Anthemis

Cathay Innovation

Prime Ventures

Yseop

Broadpeak

Eurobio/ Diaxonhit

Youscribe

Wildbunch

CM-CIC Investissement

Gimv (Vc)

Ventech (Vc)

Ekinops

Bonitasoft

Withings

Actility

Daphni (Vc)

Demeter

Zoov

Ring Capital (Vc)

Crocus

Acofi gestion

Witbe

Dejbox

Flashcell

Acerde

Herow

Orange Ventures

Anthemis Group

Seb Alliance

Work highlights

  • Advised Chan Zuckerberg Initiative, a US fund, on its first investment in France.
  • Advised Serena Capital on the €15m investment in Electra.
  • Assisting Withings’ founder, a serial entrepreneur, with all of Withings’ transactions.

White & Case LLP

White & Case LLP advises fast-growth companies on the full cycle of investments, including pre-investment due diligence, seed capital, growth stage financings, and sales or exits. The team has a particularly strong presence in the technology sector. The team is led jointly by Saam Golshani and Guillaume Vitrich. Associate Hugues Racovsk covers a wide range of domestic and international M&A transactions.

Other key lawyers:

Hugues Racovsk

Key clients

Goldman Sachs Growth

Gaia Capital Partners

Eurazeo

Skello

Softbank

Thinksurance

Arianee

Day Plus for Care

Upflow

Buster AI

DEE Tech

Work highlights

  • Represented Softbank in its Series B round investment of $500m in exchange for a circa 17% stake in the capital of SORARE.
  • Represented Softbank in its Series E round investment of  $400m in exchange for a circa 17% stake in the capital of CONTENT SQUARE SAS.
  • Represented Goldman Sachs Growth in its investment in BACKMARKET, alongside namely General Atlantic, Eurazeo Growth, Daphni, Financière Agache and Aglaé Ventures.

Alerion

Testimonials

‘Strong reactivity, ingenuity, creativity, understanding of business issues, adaptability, quality work, pedagogy.’

Key clients

BPIfrance Investissement

Kurma Partners

IDINVEST Partners

Step Pharma

Cardiawave

Sensome

Entrepreneur venture

Siparex

La Belle Vie

Abénex

NGTravel

Cubex

Edflex

Work highlights

  • Advised Step Pharma on a €35m Series B fundraising.
  • Assisted BMI System with a new investor.
  • Assisted Siparex with its minority stake in MC3 with a mezzanine debt.

August Debouzy

Practice head(s):

Julien Aucomte; Julien Wagmann

Other key lawyers:

Laure Khemiri; Maxime Legourd

Testimonials

‘Very high professionalism and listening skills.’

‘Julien Wagman: Great relationship with entrepreneurs, pragmatic, business-and solution-oriented.’

Key clients

CATHAY CAPITAL

TIGER GLOBAL MANAGEMENT

ONTRUCK

THE BOSON PROJECT

ALSID

MERCURE FORMATION (AUTOECOLE.NET)

SPECTRAL

URBAN SPORTS CLUB

OGURY

TOTAL ENERGIES RENOUVELABLES

10T

GREENOAKS CAPITAL

Work highlights

  • Assisted 10T with its investment (Series C) in Ledger for an amount of circa €143m, a company that designs and markets cryptocurrency wallets for individuals and businesses.
  • Assisted Tiger Global Management with its minority investment in Vestiaire Collective in the context of a total capital raising of €178m.
  • Advised Greenoaks Capital Partners on its minority investment (Series B) in Agicap, a company that develops and commercializes a software allowing companies to manage their cash flow.

BG2V

Testimonials

‘True multidisciplinary practice, in the sense that the intervention of partners and teams of various skills is carried out in a particularly fluid way for the client.’

‘Stanislas Richoillez and his team in corporate law stand out through their ability to find simple and operational solutions to complex problems. Their creativity and their ability to offer innovative solutions while minimizing tax risk is also noted.’

 

Key clients

METROPOLE TELEVISION (M6)

CAISSE DES DEPOTS ET CONSIGNATIONS

MOVE PUBLISHING

PLEIADE INVESTMENT

RGREEN

NEWFUND

INNOVAFONDS

SIPAREX

GENERALE DU SOLAIRE

NEXTSTAGE SCA

GROUPE FAYAT

DROUOT

KPH

SOPIC

GENETEC

GROUPE FAUBOURG

PHYSITEK DEVICES

EASIWARE

ELEPHANT AT WORK

CA C’EST PARIS

POTAGER CITY

VENTE-UNIQUE.COM

AÉROPLAST INDUSTRIES

SERVEURCOM

CAFOM SA

GROUPE SARTORIUS

LA CABANE DES BAMBINS

GROUPE DIVALTO

ACADEMAIL

INTERPUBLIC GROUP

ETUDES ET TRAVAUX D’ARMOR

RECHERCHES EXPLORATION PRODUITS

GROUPE DUVAL

SOCIÉTÉ NATIONALE DE DIFFUSION

IVC EVIDENSIA FRANCE

BUILDERS & PARTNERS

UNYC

AEROPLAST INDUSTRIES

COOPERATIVE AXEREAL

DIVALTO

LA CASA

ORFEOR

PHIXEN

QUIETALIS

ALTAVIA

ONEFIELD

Work highlights

  • Advised private equity fund Kharis Capital on the fundraising of the start-up ‘Not So Dark’.
  • Advised IVC EVIDENSIA group of veterinary clinics on almost all its acquisition transactions in France.
  • Advised the funds managed by Edmond Rothschild Private Equity on their investment in the holding company of TIKAMOON.

Bignon Lebray

Practice head(s):

Edouard Waels

Testimonials

‘Bignon Lebray is a firm that I consider to be a real partner. The partners are fully operationally involved on the subjects, forces of proposal, in solution mode.’

Key clients

Altima

WayKonect

Unaide

CapHorn

NewCard

Hootside

Perspective Habitat

Elysis

Faber France

Dentelia

Cabaia

Work highlights

  • Advised Perspective Habitat and its managers on drafting of all the documentation relating to the fundraising and the relations between the partners.
  • Advised Red River West, Cap Horn and Raise Ventures on their investment in Worldia for a round of €19m.
  • Advised the investment funds Demeter and Capagro, historical shareholders of Naio Technologies, a Toulouse-based manufacturer of autonomous agricultural robots, on its new €14m round financing.

Delsol Avocats

Other key lawyers:

Raphaël Ory

Testimonials

‘Good reactivity and proposed solutions.’

‘Philippe Malikian: good advice on which points matter in negotiations.’

‘Pragmatic approach, high quality of services for a competitive cost, benevolent application of pricing conditions.’

‘Experience with Philippe Malikian: thoroughness, courtesy and persuasion.’

‘Availability, efficiency, responsiveness, creativity and dealmaker in negotiations.’

‘Emmanuel Kaeppelin: an experienced partner, always providing good advice and mindful of the interests of his clients. Pragmatic and efficient. Raphaël Ory: availability, efficiency, diplomat, dealmaker and competent in management.’

‘Excellent quality/price ratio, flexibility on fees, ability to mobilise the right teams on very specific subjects, flexibility on timing (able to adapt to the pace of transactions), pragmatism in negotiations.’

‘Henri-Louis Delsol: responsiveness, flexibility, pragmatism, spirit of synthesis, creativity.’

Key clients

Aster Capital

BAGE

Bpifrance

Caisse des Dépôts et Consignations

Evolem

EVS Auto-Ecole

GSL (CTMI)

Hesus

Réalités

SOFIMAC Partners

Quilvest Private Equity

Work highlights

  • Advised Bpifrance on its investment in OBSA in Skyepharma.
  • Advised Caisse des Dépôts et Consignations on its investment in TOKTOKDOC and on its investment through Banque des Territoires in RecyOuest.

Dentons

Practice head(s):

Pascal Chadenet

Key clients

21net

Amadeus Capital Partners

Benhamou Global Venture

Bpifrance Large Venture

DxO

Gilde Healthcare

Group UP

KKR

Laboratoires Servier

Mitsui & CO, LTD

Pentax Medical

Pfizer

Piano Software

Quicksign and Panorabanque

REACH

Snips

Target Global Early Stage Fund II LP

Techstars

Vsquared

Xaalys

You and Mr. Jones

Work highlights

  • Advised BGV IV L.P. on its €7.6m Series A1 fundraising by Zelros.
  • Advised Piano Software on the acquisition of French company AT Internet, a specialist in internet audience measurement.
  • Advised Amadeus Capital Partners and BG on the €4m Series B fundraising by Cryptosense.

Fiducial Legal by Lamy

Other key lawyers:

Julien Gruys

Key clients

SEVENTURE PARTNERS

PREF-X

CONTAINOUS (TRAEFIK LABS)

I-TEN

Work highlights

  • Advised SEVENTURE PARTNERS on numerous venture and private equity transactions in 2020, in particular in the healthcare sector.
  • Advised CONTAINOUS and its managers on  the $11m Series A round, led by Balderton, with previous investors Elaia and 360 Capital Partners.
  • Assisted I-TEN and its management with its fundraising.

FTPA

Key clients

Cook-E

Pennylane

Predictus

Eutopia VC

Amavi

Armilar

Inalgo

Work highlights

  • Advised Cook-E on its fundraising with Karot Capital and other investors.
  • Advised the French Fintech Pennylane on its fundraising with Sequoia Capital and other investors (Serie A).
  • Advised Predictus AKA Fairmoney on its fundraising with US fund Tiger Global.

Harlay Avocats

Other key lawyers:

Lakhdar Saïfi

Testimonials

‘I have great confidence in the ability to listen and work of Olivier Cognard.’

‘Tax and social skills are all available at Harlay. The big advantage is that the partner always works in pairs with an experienced profile and with a large capacity for work. Even on very technical subjects, getting in touch with experts is very quick to get the right recommendations.’

‘Thibault Chareton is really proficient in complex business acquisition topics.’

Key clients

Bilendi

Egide

Qosmos

Linkfluence

Famar

Uber France

Ynsect

Klaxit

Toshiba Tec

Nissan Automotive Europe

Comet Meetings

Guard Medical

Compagnie des Amandes

Work highlights

  • Advised Andjaro, a developer of an internal staffing software solution that allows companies to manage their workforce, on a €13.4m fundraising.
  • Advised Comet Meetings, a prop tech that provides venues for seminars and professional events in Europe, on its last €30m fundraising.
  • Assisted Compagnie des Amandes (a company created by Arnaud Montebourg and François Moulias) with the opening of its share capital to Réalités.

Joffe & Associés

Other key lawyers:

Camille Malbezin

Testimonials

‘Great responsiveness and handling of an innovative international deal venture.’

‘High availability, ability to spontaneously grasp the issues of negotiation and the defense of the interests of the investor.’

Key clients

Bpifrance

DEMETER

A PLUS FINANCE

IDINVEST PARTNERS

RAISE

BNP PARIBAS DEVELOPPEMENT

UNEXO

NCI – CEN

GO CAPITAL

NORMANDIE PARTICIPATIONS

KIMA VENTURE

GLEEPH

INNOVACOM

AXELEO

ERANOVA

Work highlights

  • Advised Bpifrance Large Cap on its Vestiaire Collective fundraising: €178m.
  • Advised Demeter on its Verkor fundraising: €100m.
  • Advised Bpifrance (Innobio 2 Fund) on Series B fundraising of Alentis Therapeutics Ltd.: €55m.

Kramer Levin Naftalis & Frankel LLP

Testimonials

‘Alexandre Ommagio is a high-quality lawyer who combines technical skills and expertise on the one hand and an ability to make deals a reality on the other.’

The team has the advantage of being multidisciplinary. The team is well coordinated and works well together. Everybody is an expert in their respective fields.

Key clients

Ace Capital Partners

Domidep

EQT Capital Partners

InfraVia Capital Partners

Ligna / Biosylva

Pledg

Voodoo

Lumos Capital Fund

Mansa

Work highlights

  • Assisted the investors led by Ace Capital Partners, with the €20m Series A fundraising of Tehtris, a French cybersecurity solutions provider.
  • Advised EQT Capital Partners on its equity investment in Verkor, a French company specialised in the manufacturing of low-carbon batteries in the context of Verkor’s €100m series B fundraising.
  • Advised Lumos Capital Fund on round C §80m capital raise in OpenClassrooms.

Lerins & BCW

Practice head(s):

Laurent Julienne

Work highlights

  • Advised HAPPYDEMICS (fundraising company) on Series A fundraising with 1 VC fund, two corporates and approx. ten BA.
  • Advised GROUPE SMART RATINGS (fundraising company) on a fundraising realised on existing shareholders:- Series A Investors (VF funds) and a new VC fund: Waterstart Capital.
  • Advised EXPENSYA (company raising funds) on the reorganisation of the French companies of the Heska group (merger, capital increase, sale and purchase of shares, etc).

YARDS

Testimonials

‘The MBA team goes beyond providing simple pre-formatted help.’

‘Always available, quick and precise answers on all subjects. I recommend everyone to work with Jean-Philippe Jacob, Julien Brouwer and all the MBA team.’

Key clients

Malt

MIG Verwaltungs

BlaBlaCar

Taylor Wessing

Key clients

Isatis

Demeter

Work highlights

  • Advised Isatis Capital on its acquisition of a minority equity and convertible bond interest in the Texys Group.
  • Assisted the funds Future Positive Capital, Demeter and Go Capital in the context of FPC’s investment and Demeter and Go Capital’s reinvestment with the start-up Sweetch Energy.
  • Advised Demeter and Founders Future on agritech Jungle’s fundraising to build urban farms.

Walter Billet Avocats

Practice head(s):

Fabien Billet

Testimonials

‘The Walter Billet team is extremely friendly and efficient at the same time and we very much appreciate our collaboration with them for this reason. We have excellent interpersonal relations with the partners of Walter Billet, in particular Fabien Billet. Fabien is always extremely responsive. He is a source of proposals during both operational and strategic discussions, solution-oriented and very efficient.’

‘Flexibility, expertise in start-up tech fundraising, availability of partners, pragmatism.’

‘Fabien Billet is a remarkable lawyer, at the service of his clients, creative in finding solutions to complex problems, always available.’

‘Fabien Billet is great – he really understands what his clients need and the rest of the team we worked with all shared his attention to detail and client service ethic.’

‘Fabien Billet understands the market and anticipates our needs as well as delivering a first-class service.’

‘Walter Billet’s teams have always shown a closeness and adaptability that are rare in this business. Combining the sharp skills of a large firm with a tight and responsive team in the symbolic transactions of independent firms, Walter Billet is a versatile and innovative advisor. The associates position themselves in an approach of listening and sensitivity to the requirements of the clients, while showing autonomy and construction for the transactions.’

‘The people working with Walter Billet are dynamic and agile. Very pleasant during often tense transaction processes, they know how to coax the client as well as the opposing party to achieve a win-win consensus.’

‘They are available, have shown great situational intelligence with an ability to find creative solutions in difficult contexts. They have an excellent knowledge of their subject and of the ecosystem.’

‘This practice is exceptional thanks to its in-depth knowledge of the market and the unparalleled availability of its teams. Human size and maximum resources committed for all projects.’

‘Fabien Billet is an incredibly educator, available, qualified and very friendly. The work is carried out with the greatest rigour and in the greatest efficiency.’

‘Fabien Billet’s practice is unique in the market in that it offers a very fine knowledge of the market and expertise in complex and unique operations. In addition, the staff of the firm demonstrate unfailing availability and absolute rigour. They are all extremely friendly. I highly recommend this firm.’

‘I had the opportunity to work with Fabien Billet. Fabien demonstrates an absolutely extraordinary and unique pedagogy. Whatever it costs him, he will take the time to explain to his clients, and to train the younger ones to allow everyone to progress. I find it a rare quality in our community, and yet very virtuous. Fabien also shows absolute availability. He performs the work required of him with the utmost rigour and is always ready to respond to questions and requests from his customers, sometimes the most demanding in terms of time and quality.’

‘Fabien Billet and his team stood out on the following points: – expertise on fundraising issues. – very direct and straightforward communication between them and us – strength in negotiating with the main fund.’

Key clients

Balderton Capital

Entrepreneur Invest

Kamet

Kard

E-Silk

Iconoclaste

Bureaux à Partager

Akur8

Latour Capital

Syclef

Absiskey

Fintel

Energysquare

Koyeb

Virtuo Technologies

Yellow Korner

Frontline Media

Work highlights

  • Advised Akur8 on raising Series B funds of over $30m from investment funds BlackFin CP and MTech Capital.
  • Advised Virtuo Technologies on raising Series C funds of €80m, including €50m in equity and €30m in debt, led by AXA Venture Partners and Bpifrance.
  • Advised the investment fund Balderton Capital on Series A fundraising amounting to a total of €20m for Kili Technologies.

FIDAL

Practice head(s):

Sabrina Bol

Testimonials

‘Adaptability and ability to find ‘out of the box’ solutions.’

‘Sabrina Bol is extremely pedagogical and always devotes time to explanations, discussions and decision-making. We value her integrity and solutions that are adapted to the situation concerning the nature of our business and our long-term objectives.’

Key clients

LES AGENCES DE PAPA

PROVENCE ANGELS

Work highlights

  • Advised LES AGENCES DE PAPA on its  fundraising from private investors in the perspective of operational development of the company.
  • Advised Provence Angels on fundraising by the company DEFT SOFTWARES EUROPE from member investors Provence Angels, Femmes Business Angels, Paris Business Angels, Arts et Métiers Business Angels, Finance & Technology, INSEAD Alumni Business Angels networks as well as independent investors.
  • Advised Provence Angels on fundraising by the company MOOJITO SAS from investors who are members of the Provence Angels and INSEAD networks Business Angels Alumni France, as well as private investors.

Orsay Avocats

Key clients

Cap Agro

Jeito Life

Vida Ventures

Moka.Care

Argiduna Capital

Quantum Genomics

Innovacom Gestion

Hedosophia

Northzone

Index Ventures

Level Up

Swappy

Ventech

IXO PE

Work highlights

  • Advised CapAgro on its investment into Japhy.        
  • Advised Jeito Life and Vida Ventures on its Series A investment (together with Région Sud Investissement and Sham Innovation Santé) within InnoSkel.
  • Advised Moka.Care on its Series A funding (investment from Singular Capital Partners and business angels).