LPs drawn to ‘audacity’ and ‘speed’ of VC fund’s female founders

LPs were attracted by the “audacity” and “speed of execution” of the female founders of a venture firm, which closed its debut sustainability-focused fund last month at €250 million.

Paris-based Revaia, which has rebranded from Gaia Capital Partners, was founded in 2018 by Alice Albizzati – who was named in affiliate title Private Equity International‘s 40 under 40 list – and Elina Berrebi. The firm also has offices in Berlin, New York and Toronto.

The firm launched its first tech-focused growth fund in late 2019 with a €200 million ($232 million) target and announced the final close at €250 million ($290 million), making it was it believed to be Europe’s largest female-founded venture firm, according to Revaia.

Investors include insurance companies Allianz, Generali and Maif, pension funds, Bpifrance, other institutional investors and family offices, the firm said in a statement. Revaia has made 10 investments in European software, consumer and fintech companies that are “focusing on their environmental and societal impacts,” the statement said.

“This is a clear, focused and professional team with a lot of audacity which is essential for starting a fund. What attracted me at first was the speed of execution. For a first-time fund, it is really impressive,” said Marc Gernigon, deputy head of alternative investments at Allianz Investment Management, in a video announcing the fund close.

Maif Avenir fund manager Milene Grehan said: “What seduced me about this project was that it was led by a new generation of female investors. I was very impressed by the team’s ability to position itself on iconic deals in French tech and the European stage while still fundraising.”

Generali’s head of portfolio implementation, Frédéric Andrès, said: “I think that internationalization is very important, the opening of the office in Germany broadens the scope of investment possibilities and from an investor’s point of view, it’s interesting to seek value abroad.”

Revaia is planning a second fund “which it hopes will have an even greater impact” and is planning to expand its Europe-based investment and operational teams, according to the firm’s statement.