French private equity firm Innovation Capital has raised €40m towards it latest fund targeting SME investment in health and autonomy for the elderly.
The fund, Services Innovants Santé et Autonomie (SISA), targets the “silver economy” meeting the needs of older patients in nursing homes to improve their safety, comfort, social interaction, autonomy and their e-health monitoring, as well as health and social care. It has a final target of €100m.
Bpifrance is the principal underwriter of the SISA fund, which is also backed by klesia Malakoff Mederic IRCEM, OCIRP, Harmony Mutual Humanis and Réunica.
The involvement of Michèle Delaunay, Minister Responsible for Seniors and Autonomy, was instrumental in the formation of the first base of investors, Innovation Capital said.
The SISA aims to participate in the equity financing of innovative SMEs integrating technological tools and organisational innovation. It will invest primarily in the phase of growth and development of to support commercial deployment and geographic expansion , in Europe. The fund is set to make its first investments in the second quarter of 2014, the firm said.
Innovation Capital is a subsidiary of French institutional investor Caisse des Dépôts, with €450m of assets under management. It targets the health, life sciences and information technology and communication space.
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