Eutopia VC Fund Raises 100 Million Euros
PARIS – Eutopia, the early-stage venture capital fund focused on sustainable consumer startups, has closed a 100 million euro round of funding.
The Paris- and New York-based fund, with a portfolio including beauty brands such as Oh My Cream!, Merci Handy and Même Cosmetics, had announced in October 2019 the closing of a 40 million euro intermediate round for its Eutopia II fund. That marked Eutopia’s first financing since gaining independence from Otium Capital in early 2019.
Of the 100 million euros just raised, 10 million are co-investment.
Further, reflecting Eutopia’s commitment to sustainability, the fund has received B Corp. certification.
Eutopia is involved in initiatives such as the United Nations Principles for Responsible Investment, Climate 2020 and Sista Initiative.
Eutopia also supports the Make.org Foundation, a branch of the Make.org Platform that is introducing citizen consultations around fundamental causes, such as climate change and fighting violence against women. Eutopia Gestion will pay part of its carried interest as well as an anticipated annual allocation to the foundation to supplement budgets of some programs.
Eutopia was launched in 2015. The 26 brands in its portfolio registered combined sales of 40 million euros in the third quarter of 2020, a 65 percent increase versus the same prior-year period.
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Eutopia invests between 1 million euros and 8 million euros in sustainably-minded consumer startups in the food, beauty, fashion, home and leisure segments, especially those targeting Gen Z and Millennial consumers.
Since the beginning of 2020, Eutopia has invested in Joyeuse, I-Make, Spring, Oly Be, Nous-Anti Epiceries Gaspi and Murphy.
“We are convinced that growth and general interest go hand in hand: All the companies we support are committed to a more sustainable world,” Antoine Fine, managing partner and co-founder of Eutopia, said in a statement. “But our responsibility as an investor does not end there. We must ourselves be direct agents of this change.
“The B Corp. accreditation and the agreement with the Make.org Foundation are perfectly in line with our corporate mission, which aims to be an economic player supporting with ambition, benevolence and transparency projects with high potential, at once good for oneself, good for the planet and good for society,” Fine added.
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