Transatlantic progress fairness investor Kennet has raised €266 million for its largest fund to this point, Kennet VI. Kennet has already begun to deploy this capital into capital-efficient B2B SaaS firms throughout Europe, together with Screendragon in Eire and the UK, and Fluid Matters in France.
Kennet VI builds on the success of the earlier 5 funds’ funding theses. Kennet, with 25 years of expertise and and a very good monitor document throughout a number of market cycles, not solely has raised its largest ever fund in a difficult macro atmosphere, it has additionally continued to ship exits, akin to Eloomi in January 2024 producing a 3.1x money a number of. This follows quite a few profitable exits in recent times together with Nuxeo (5x), Dext (3.8x), CrossBorder Options (6.4x), Rimilia (2.5x), and Impartner (2.6x).
Kennet focuses completely on investing in established, high-growth B2B SaaS know-how firms that are founder-owned and both extremely capital environment friendly or absolutely bootstrapped. The funding from Kennet is usually the primary exterior funding that firms obtain and is used to scale and broaden internationally, construct world class administration groups and construct strategic worth.
Michael Elias, Managing Director at Kennet Companions, stated: “At a time when the market has recognised that ‘progress at any price’ is now not rational, our long-standing conservative technique has appealed to buyers. Kennet’s risk-balanced technique offers buyers with the expansion related to progressive know-how, whereas sustaining a low failure charge. We’ve got confirmed over quite a few fund cycles that capital environment friendly B2B SaaS companies provide engaging funding alternatives and that serving to entrepreneurs construct excellent administration groups and enter international markets stays a successful system.”
Hillel Zidel, Managing Director at Kennet Companions, added: “Our confirmed strategy relies on the relationships we set up with bootstrapped founders, understanding that this might be a long-term trusted partnership. In contrast to venture-backed companies, our founders have sometimes not taken exterior funding earlier than – they should know they’re working with the correct crew to understand their international ambitions.”
Kennet VI was raised as a part of a profitable partnership with Edmond de Rothschild Non-public Fairness which started in 2017. Edmond de Rothschild is a cornerstone investor within the Kennet VI fund and the financial institution’s international shopper base has had precedence entry to the fund. British Affected person Capital, Federated Hermes Non-public Fairness and Bpifrance additionally dedicated to the fund.
Francois-Xavier Vucekovic, CIO at Edmond de Rothschild Non-public Fairness, commented: “Our dedication is to assist and nurture firms which can be on the forefront of innovation and worth creation. The success of this fundraising effort, notably within the present difficult atmosphere, is a testomony to the energy and relevance of Kennet’s strategic strategy. By leveraging cutting-edge tech options, Kennet ensures the sustainability and progress of their purchasers’ enterprise fashions, enabling them to thrive in a quickly evolving market.”