Private equity: venture/growth capital in France
Dechert LLP has core strengths advising on financing rounds in the life sciences sector, especially biotech and medtech matters where the team focuses on innovative technologies. The group acts for funds and target companies, with French and international investors making up a significant portion of the client list. Practice heads François Hellot and Anne-Charlotte Rivière are the key names. Recent highlights including acting for Sofinnova, Morningside Ventures Investments, Bpifrance Investissement and Inserm Transfert Initiative as existing investors on a new Series B financing round for Enyo Pharma, totaling €40m, and assisting Paris Region Venture Fund and Educapital with their €1.1m investment in AppScho, a company offering mobile solutions in the higher education sector. Senior associate Xavier Leroux provides key support. BNP Développement, new client Gecko Medical and Lysogene also feature on the client list.
Gide Loyrette Nouel A.A.R.P.I. has particular strength in the technology sector. The group acts for start-ups, new economy players and investors alike, with a particularly notable track record advising on private investment in public equity (PIPE). Pierre Karpik and David-James Sebag head the practice. Recent highlights include advising Idinvest as investors of Secret Escapes, a members-only travel club, on its $111m investment, to assisting Partech Ventures with its €60m investment in ManoMano, an e-retailer specialising in DIY, home improvement and gardening products. A key highlight related to the financial services sector was acting for online crowd-lending platform Younited on the full range of issues pertaining to its development, including financial services regulatory questions. Electranova Capital, Eurazeo and Meero are among its other clients.
Jones Day fields one of the 'best teams in Paris' according to one client and its practitioners are 'super responsive, reliable and have an outstanding knowledge of industry practices'. Technology and biotech sector-related matters form the core of the team's busy workload, with instructions spanning all financing stages from seed financing to late stage financing, with the team's experience in initial public offerings and follow-on offering another strength. Renaud Bonnet, Charles Gavoty and Jean-Gabriel Griboul, who are 'extremely talented', jointly head the practice with Geoffroy Pineau-Valencienne. Bonnet recently led advice to Recommerce and its existing investors on its €50m Series C financing round led by Capzanine and Creadev and assisted Bpifrance as co-investor alongside Eurazeo with a €35m financing round for Doctolib. In other highlights, Gavoty advised OpenClassrooms on a $60m financing round led by General Atlantic alongside existing investors Alven Capital, Citizen Capital and Bpifrance Investissement, which included US investment. Deezer, Lunchr and Wellington Partners are also clients.
Baker McKenzie is increasingly active in venture and growth capital transactions. Stéphane Davin and Matthieu Grollemund head the practice. Highlights included advising Ledger on its €65m Series B financing by a range of French and international investors led by Draper Esprit and assisting Long Arc Capital with its €53m investment in Tinubu Square, the client's first investment in Europe. The group also handled matters for Accel Partners, Idinvest Partners and Crédit Agricole and its subsidiary Crédit Agricole Innovation and Research Fund. Antoine Caillard made senior counsel and Aurélie Goville was promoted to the partnership.
Bird & Bird is especially active in the life sciences and technology sectors. Recent highlights include advising Enterome on the creation of a joint venture with Nestlé Health Science for the development of an inflammatory bowel disease test, assisting Tilak Healthcare with its €250,000 Series A fundraising with Ibionext Growth Fund and acting for the Caisse des dépôts et consignations on its minority investment in Baluze, a French start-up that aims to produce and distribute photographs resulting from collaborations between photographers and art institutions. Les Villas de Porto Vecchio, Enyo Pharma and Pixium Vision are also clients. Emmanuelle Porte in Paris and David Malcoiffe in Lyon head the practice. Bertrand Lévy joined from DLA Piper.
Chammas & Marcheteau
Chammas & Marcheteau assists with the full range of venture and growth capital transactions, including fundraising and investment, profit-sharing remuneration and incentive plans for managers and employees, and exit preparations. The group's workload crosses an array of sectors, with instructions from the life sciences and technology sectors at the core of the practice, but matters from the media, hotel and leisure and automotive sectors also featured. Recent highlights include advising Fonds Ecotechnologies, Safran Corporate Ventures and Aéroports de Paris as investors on the €3m fundraising for Safety Line. Co-founders Lola Chammas and Denis Marcheteau jointly head the practice with Camille Hurel and Nicolas Lecocq. Senior counsel Julien Naginski joined from McDermott Will & Emery AARPI.
Goodwin's practice focuses on mid-market venture capital and growth equity in the life sciences, technology, retail and hotel and leisure sectors. The team is experienced in advising investors and companies on domestic and cross-border matters, with recent highlights including advising KKR on its Series C preferred stock investment in spend management software player Ivalua. The group also assisted Hong Kong-based private equity firm Morningside Venture Investment with its Series A financing of Alms Therapeutics. Unigrains, Surgivisio and Lemon Way are also clients. Maxence Bloch is the practice head. Jérôme Jouhanneaud and Christophe Digoy are other key contacts.
The 'very sharp team' at Orrick Rambaud Martel has 'an impressive knowledge of business' and is 'extremely solid both at partner and associate level'. The team's Silicon Valley Europe Desk, run by Olivier Edwards, who splits his time between Paris and San Francisco, and the San Francisco-based Matteo Daste is a clear stand-out feature. Edwards jointly heads practice with Benjamin Cichostepski, who 'shows impressive client dedication'; Cichostepski's recent highlights include advising Zenly on its acquisition by Snapchat and assisting Klaxoon with its €42.8m Series A financing round, led by Idinvest Partners and Bpifrance Investissement. Other clients include Airbus Ventures, AnotherBrain and Payfit. Saam Golshani is now with White & Case LLP. Of counsel Barbara Jouffa joined Gowling WLG.
The 'business-oriented' team at Villechenon is composed of 'efficient problem solvers'. The boutique firm is experienced in advising start-ups and investors alike, with a strong focus on clients from the technology sector, for which it handles matters ranging from seed financing all the way to an eventual exit by way of initial public offering or sale. Morgan Hunault-Berret led in advising Horama on a €19m investment from Omnes Capital, Go Capital, Kurma Partners, Fund+, Pontifax and Idinvest. Erwan Tostivint assisted Vectalys, as one of the investors, with a €3.3m investment in Flash Therapeutics. The 'exceptional' Isabelle Burel-Blasoni is 'very professional'. Other clients include Youscribe, Stentys and Ekinops.