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French Innovacom announces final close on fifth venture fund at E120m

French Innovacom has announced the final close of its fifth venture fund at E120m. The fund, which specialises in early-stage telecommunications and information technology start-ups, was initially targeting E100m.

Innovacom was created by France Telecom in 1998. Investors in this latest fund include HarbourVest, GIC, Access Capital Partners, AGF Private Equity, CIC Finance, the European Investment Fund, and the FPCR2000.

‘Innovacom’s performance over 15 years makes it one of the top European venture capital teams,’ said Peter Wilson, managing director of HarbourVest. ‘We’re impressed by the industry relationships the team has been able to build, as well as the added value it brings to the companies in which it invests.’

‘WE are delighted by the strong interest and support the financial community has shown for Innovacom 5. The new fund will fuel the development of start-ups that have a profound impact on telecommunications services,’ said Jean-Jacques Damlamian, executive vice president for technology and innovation at France Telecom.

Innovacom has invested in a large number of telecommunication and information start-ups, including LastMinute.com, Gemplus, Intershop, Kelkoo and Infovista. The firm currently has E400m under management.

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