Venture Capital Fund for Bicycle Industry under Development
LYON, France – Venture Capital is still relatively unknown in the bicycle industry. This is about to change with new Vélo Capital Partners. Venture Capital can offer an attractive way to fund innovative new concepts, products and services like in many other industries.
Vélo Capital Partners (VCP) is based in Lyon, France. VCP is currently entering the fundraising stage for its Innovation Fund 1.0 which will be approximately between €50 – 100.0 million in size. VCP’s Innovation Fund 1.0 will invest in innovative new concepts, products and services in Europe, North America and Asia/Pacific. VCP is looking to complete the first closing of the fund by Q4:12 or Q1:13.
VCP’s Team Leader Patrick Keating believes the time is right for such a fund. “The global bicycle industry has always been driven by innovation”, says Keating. “While many innovations were created by entrepreneurs the capital usually came from their own resources or friends and family.”
New phase of growth
“As the global bicycle industry enters a new phase of growth thanks to the e-bike and the growing interest for cycling as part of mobility, we believe there will be a significant increase in innovative concepts, products and services resulting in an extreme shortage of capital for funding these new developments through each phase of their growth. We intend to meet the initial demand with the first fund and, in addition, continue to supply growth capital for future demand with several follow-on funds.”
“While many inside and outside the industry have varying opinions of the need for such a fund at this time there is no argument that many of the companies in the industry along the value chain are undercapitalized and find it difficult to convince investors. The development of this fund and the success of companies backed by it investors around the world will really begin to see the potential of the global bicycle industry”, says Keating.
About Patrick J. Keating
Patrick Keating brings 25+ years of experience in the financial services industry beginning in San Francisco where he began to focus on early and expansion stage technology companies beginning with Morgan Stanley, Merrill Lynch and, for three years before he moved to Istanbul in 1998, Hambrecht & Quist Investment Banking.
From 1998 – 2002 in Istanbul he continued his focus at Strateji Securities, a local Turkish securities firm. Then, from 2002 – 2006 he led IS Venture Capital to become the leading early and expansion stage venture capital company in Turkey before leaving to form his own consultancy firm.
In 2008 he relocated to Lyon France where he led the corporate finance group at Yole Finance focusing on the semiconductor industry until he left in 2012 to form Vélo Capital.