Xavier Niel has just taken the helm of the French investment fund New Wave through his personal holding company. Based in Paris, he specializes in seed fundraising, i.e. the first phase of financing a startup.
A management that has been turned upside down 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 general manager respectively. But the latter was dismissed last March, preferring in particular to favor his role as partner at Kima Ventures, the family office of Xavier Niel. A decision that caused a stir within the French Tech ecosystem.
According to The Echoesit is now the turn of Pia Iribarne to leave her position at New Wave. “ I am proud to have co-founded and led New Wave. Since its inception in 2020, we have helped over 20 companies grow and transform tech investing in Europe and beyond. I am grateful to have worked alongside so many incredible entrepreneurs and will continue to encourage them all “, she said in a press release.
NJJ, Xavier Niel’s personal investment vehicle, succeeds him. This allows it to manage its own investments, separate from its 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 next operations, part of which has not yet been invested.
New Wave is not expected to participate in new raisings anytime soon
New Wave participated in around twenty funding rounds. Among them, we find the French champion of generative AI, Mistral AI, as well as Poolside, BeReal, and even Sweep, a young company specializing in carbon management. Throughout its existence, the company has focused on bootstrapping, with the goal of nurturing new tech giants. Its investments range from 500,000 euros to 4-5 million euros, with the ambition of multiplying initial stakes tenfold.
However, the firm will obviously not contribute to new fundraising anytime soon. A second vehicle was in fact being prepared, but it will ultimately not be completed. Xavier Niel, for his part, is confident about the development of the startups already present in the New Wave portfolio.
- Xavier Niel’s personal holding company, NJJ, will take over the presidency of New Wave.
- This investment fund specializes in seed fundraising, with participations in Mistral AI, Poolside or BeReal.
- In recent months, he has experienced many changes within his management.
