French venture capital firm Isai has reportedly hit a €50m final close for its second vehicle, which it will use to target larger deals than the seed stage investments it had previously made.
Isai initially hoped to hold a final close at the end of 2012 according to Unquote, which said the firm instead continued fundraise and held a second close on €40m in April.
The firm had previously held a €30m first close for ISAI Expansion in June last year.
Isai’s debut vehicle, which target early-stage post-seed venture round in young internet companies, was closed on €35m in 2010.
The latest vehicle will up its investments its former range of €500,000 to €1.5m, instead focusing on leading transactions of €1m to €5m.
Unquote added that existing backers Crédit Mutuel Arkéa and CDC Entreprises had contributed a third of the capital raised at the time of the second close.
In June French mobile shopping start-up Shopmium closed a $5.6m Series B venture capital round from investors including Ventech, Accel Partners and ISAI.
It said the funding would be used to aid its international expansion. Accel and ISAI had previously invested in the company in December 2011.
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