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Xavier Niel has just taken over the French investment fund New Wave through his personal holding company. Based in Paris, he specializes in seed rounds, i.e. the first phase of financing for a startup.
A management team that has been shaken up for several months
New Wave was founded in 2020 by Pia d’Iribarne and Jean de La Rochebrochard, two important figures in French venture capital. They held the positions of president and CEO respectively. But the latter was dismissed last March, preferring in particular to focus on his role as partner at Kima Ventures, Xavier Niel's family office. A decision that caused a stir within the French Tech ecosystem.
According to Les Échos, it is now Pia Iribarne's turn to leave her position at New Wave. “ I am proud to have co-founded and led New Wave. Since its creation in 2020, we have helped more than 20 companies grow and transform tech investment in Europe and beyond. I am grateful to have worked alongside so many incredible entrepreneurs and I will continue to encourage them all “, she said in a press release.
NJJ, Xavier Niel’s personal investment vehicle, is his successor. It allows him to manage his own investments, separate from his activities with Iliad. It must be said that the boss of Free has always been close to New Wave, even being one of the initial investors in the project. He should thus supervise the firm's upcoming operations, part of the funds of which have not yet been invested.
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New Wave is not expected to participate in new fundraisings anytime soon
New Wave has participated in around twenty funding rounds. Among them, we find the French champion of generative AI, Mistral AI, as well as Poolside, BeReal, and Sweep, a young company specializing in carbon management. Throughout its existence, the company has focused on seed funding, with the aim of creating new tech giants. Its investments range from €500,000 to €4-5 million, with the ambition of multiplying initial investments by ten.
However, the firm will not be contributing to new fundraising any time soon. A second vehicle was in preparation, but it will ultimately not be completed. Xavier Niel, for his part, is confident about the development of the startups already in New Wave's portfolio.
- Xavier Niel's personal holding company, NJJ, will take over the presidency of New Wave.
- This investment fund specializes in seed funding, with stakes in Mistral AI, Poolside and BeReal.
- In recent months, it has seen many changes in its management.
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