Truffle Capital has raised more than € 1.1bn since its inception and has financed 75 companies. The firm currently manages € 700m over a portfolio of 35 investments. At the end of 2019, the closing of its BioMedTech and FinTech-InsurTech Institutional Funds, with nearly €400m new commitments suscribed by leading French and international investors, marks a milestone for Truffle Capital with an accelerating development and a first round only with institutional investors for the funding of thematic funds.
Created in 2001, Truffle Capital differs from other management companies through a unique business model: the management company is systematically the main shareholder in its holdings, often in a majority position during the initial phase, and guides its companies to an advanced phase of their development.
Truffle founded or co-founded : Carmat (artificial heart), Pharnext (treatment of neurological diseases), Vexim (implant for vertebral fractures), Symetis (minimally invasive surgery for heart valve replacement), Abivax (drugs for inflammatory diseases), Affluent Medical (minimally invasive implants for heart and vascular diseases and severe urinary incontinence)... These companies and 15 others would not have existed without Truffle.
Truffle negotiates directly with US and European universities exclusive and worldwide licenses for the most recent patents -unknown to competition- then creates, funds and structures in France new start-ups.
Truffle recruits CEOs and management teams, establishes top-level international boards of directors and structures the participation’s business plans. Truffle then supports over the next few years both financially and using its very sharp expertise and network the growth of the companies and the development of products up to clinical (drugs) or commercial (medical devices) successes. Strokes, the leading cause of disability and the second leading cause of death, acute or chronic heart failure, serious neurological diseases, pancreatic cancer, generally fatal in one year, arterial aneurysms ("these silent killers"), convergence between connected bioprosthesis, minimally invasive surgery, AI, imaging, microrobotics, constitute Truffle's primary expertise and focus of Truffle’s BioMedTech investment team, all major medical needs and markets. For many years, numerous institutional investors and international corporations, families, entrepreneurs and private clients have trusted Truffle. They share with Truffle the passion for radical innovations from the best universities and for medical revolutions that extend and improve patients’ lives, while benefiting from capital gains generated by Truffle proprietary investments.
In terms of Information Technologies, Truffle has focused in Fintechs since 2014. Thanks to a unique team of experts (market and technology)from different nationalities, Truffle Capital can screen and select products with underlying complex technologies (deep tech), that will lead the market, create barriers to entry and respond to unmet needs allowing a fast market penetration and a high valuation at exit. A unique sourcing from some of the world's most prestigious universities as well asspecialisationin the FinTech space since 2014 enable Truffle Capital to generate proprietary deal-flow and avoid overlap with other venture funds. Companies such as Credit.fr, Paytop, DenyAll, Actility, Retency, and some twenty-five other companies would not have existed without Truffle: Truffle Capital scouts promising innovations and transforms them into world leaders.
The combination of deregulation and digitalization creates a radical paradigm shift in finance, unleashing the potential for startups to grab leadership in new markets and impose new models. This unique moment in time is an inflexion point, comparable – though bigger in scale – to what happened in the telecom industry 20 years ago with the combination of the internet and deregulation. Truffle Capital is a pioneer in Fintech, focusing exclusively on this sector as early as 2014 and creating the first dedicated Fintech incubator in 2015. With a proven track record of 8 companies incubated, of which 3 exited sucessfully, Truffle Capital has demonstrated the validity and astuteness of its model, and now attracts significant deal flow from across Europe.
The Truffle Capital Fintech team has methodically analysed the potential impact of deep technologies on the financial industry, segment by segment, and regularly produces research that it shares with its LPs. The underlying technologies are used to build dedicated financial applications across all major segments of the financial industry, ranging from payments, to lending, compliance, process automation, customer acquisition & CRM, parametric insurance, tokenization, fraud detection or cybersecurity.
Truffle Capital portfolio companies develop and leverage new digital technologies to bring ubiquity, instantaneity, efficiency and transparency whilst dramatically improving user experience and reducing costs.
Responsible Investment: our commitments
Truffle Capital believes that good management of environmental, social and governance (ESG) factors can help preserve business value, create attractiveness, better manage risks in their entirety and optimize portfolio performance over the long term.
Therefore, taking these ESG factors into account is an integral part of its fiduciary responsibility.
This very early observation, led Truffle Capital to sign the United Nations Principles for Responsible Investment (PRI) in January 2012 https://www.unpri.org. Thus, Truffle Capital was one of the first players in the French private equity market committed to respect the 6 main principles of this key initiative for the development of responsible finance.
ESG inherent integration to Truffe Capital’s historic investment strategy
Truffle Capital’s investment strategy is focused on sectors that are intrinsically connected to environmental and social issues, in order to achieve sustainable economic development. Focusing on life sciences and digital technologies, Truffle Capital is particularly well positioned to generate positive societal impacts through its investments. This goal of impacts’ control, which constitutes the first pillar of its responsible investment approach, is reinforced by an exclusion policy which aims, as a corollary, to reinforce the positive vocation of its investments.
An ESG integration that we progressively deepen at all stages of our investment process to align with best practices in this area
The key principles of PRI engagement embraced by Truffle Capital have been embodied in a Responsible Investment (RI) Policy and the inclusion of ESG factors in our analysis and investment process, as well as in its active shareholding approach.