Allianz France and L’Auxiliaire to invest in sustainable industrial fund

Written by Michael Griffiths

06/01/2023

Allianz France and L’Auxiliaire have been confirmed as new subscribers to the Lyon-Saint-Etienne Metropolitan Industrial Seed Fund.

Following its launch in early 2022 with an initial amount of €40m and the completion of initial investments in Healshape and Revcoo, the fund has already raised €67m in subscriptions.

Allianz France, as well as L’Auxiliaire, a mutual insurance company based in Lyon, will help continue to raise funds, in order for the fund to reach its maximum size hard cap of €80m before the end of 2023.

Management company, Demeter Investment Managers, manages the seed and venture capital fund dedicated to financing sustainable industrial companies in the areas around Lyon and Saint-Etienne.

Classified as “Sustainable Finance Disclosure Regulation article 9”, the highest standard in terms of sustainable investment, the fund benefits from the support of public subscribers – Lyon and Saint-Etienne metropolises, Banque des Territoires – as well as private subscribers, with the latter forming the majority.

Managing director of L’Auxiliaire, Olivier Bedeau, said that the fund “fits perfectly” into the strategy of reallocating the Lyon-based group’s cash in the local economy.

“We strongly claim our identity and our roots in Lyon,” Bedeau commented. “This is why L'Auxiliaire is delighted to join prestigious investors, to give even more resources to this vehicle, initiated in particular by Greater Lyon, in order to support more companies, with more ambition, over time.”

Director of investments at Allianz France, Matthias Seewald, added: “This investment is an extension of our regional investment program initiated in 2022, which allows Allianz France, in close proximity to regional ecosystems, to support local businesses in their growth.

“We are convinced that the dynamism of the French regions represents an attractive and diversified investment opportunity for Allianz France. The territories of Lyon and Saint-Étienne have a very rich ecosystem, favourable to the development of next-generation industrial activities and capable of meeting the challenges of economic development and the challenges of sustainable development.”

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