Idinvest in €100m funding round for France’s Deezer


French private equity firm Idinvest Partners has taken part in the country’s biggest ever start-up financing by joining a €100m round for existing portfolio company Deezer.

Warner Music Group owner Access Industries led the round for the music streaming company, which said it would use €25m of the cash to buy back shares.

Deezer also said it plans to expand into a further 76 countries in addition to the 84 it has already established a presence in, as well as launch a new free version of its software.

Idinvest previously helped the company raise €15m across two funding rounds, which also featured CM-CIC Capital Privé and Dotcorp Asset Management.

About €6.5m came through a funding round from AGF Private Equity and CM-CIC in 2009, which also saw AGF partner Guillaume Lautour join the company’s board of directors.

Last month Paris-based Idinvest held a first close for its dedicated secondaries vehicle, Idinvest Secondary Fund, on €100m.

The fund’s investors included European financial institutions, one third of which are new LPs, according to CEO Christophe Bavière.

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