Thursday, October 24, 2024

"French VC firm Newwave is being taken over by billionaire Xavier Niel’s holding company - and insiders describe ‘highly unusual’ drama"

From Sifted.eu, October 24:

The firm has stakes in buzzy AI startups Mistral and Poolside as well as carbon accounting platform Sweep

French VC firm Newwave, cofounded by Pia d’Iribarne and Jean de La Rochebrochard in 2020, is being taken over by NJJ Holding, French billionaire Xavier Niel’s personal holding company, D’Iribarne and NJJ Holding announced today in a statement. D’Iribarne is leaving the firm and has decided to pursue other investment opportunities. But insiders describe a drama playing out behind the scenes. 

NJJ is Newwave’s largest LP, Sifted understands. De La Rochebrochard will return to manage the fund, according to two sources, just months after being removed from the investment firm in March.

Sifted has reached out to De La Rochebrochard who said he could not comment on Newwave. Niel declined to comment....

....MUCH MORE

Some prior posts on Niel:

"Station F: A symbol of France's startup ambitions"
"Xavier Niel SPAC Said to Weigh Bid for French Supermarket Chain"
"French Groups Swoop For Depressed British Assets"
Apparently 1066 wasn't big enough in the cross-channel asset-grabbing biz..
"Billionaire Xavier Niel Invests €200 Million in French AI Push"
"Xavier Niel, a Driving Force of French AI, Is Now Shaping TikTok"