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Index Ventures provides cash for TheFamily to help French startups prosper

12 Aug 2013

speedo acceleratorIndex Ventures has tapped its new €350m venture fund to back French startup accelerator TheFamily.

The company said Index’s undisclosed investment would help it reach out to more entrepreneurs having already received more than 800 applications and taken on 30 startups.

Index principal Martin Mignot said, “[Co-founders] Alice, Oussama and Nicolas form both one of the most unlikely and most complementary team we have ever come across.

“The result of putting three extraordinarily different personalities to work on a project as wide-ranging as transforming the startup ecosystem in France, is that you get incredibly bold and innovative ideas that have never been tried elsewhere.

“They run TheFamily as a true early stage startup, constantly coming up with new products and iterating rapidly to serve their customers (the entrepreneurs in their portfolio) the best they can, and we believe that they have the right mix of sheer creativity and disciplined execution to have a massive impact on entrepreneurship in France.”

TheFamily said it aims to work with 100 startups per year and it is not only working on providing education, support systems and tools for each organization, but it is also creating a very French way of offering focus.

It recently revealed plans to offer accommodation in a castle in Normandy to give entrepreneurs and ‘unfair advantage’ by focusing on their startups amid beautiful countryside.

Index closed its third €350m vehicle, Fund VI, in June following similarly-sized fundraises in 2009 and 2007, while Index II and III raised €300m in 2001 and 2005.

The latest fund will aim to make investments of about $10m in up to 40 companies working in tech hubs such as London, San Francisco and Tel Aviv.

Index, which tends to concentrate investments in the European market, has put money into more than 100 start-up companies including Facebook, Betfair and Etsy.

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