VC firm Otium Venture becomes Frst and raises new fund

It’s a breakup of some sort, but with no hard feelings. The team behind Paris-based VC firm Otium Venture is creating a new management company called Frst and raising a new fund.

But first, let’s talk about Otium Venture. Smartbox founder Pierre-Edouard Stérin’s family office created Otium Venture and Otium Brands to manage his startup investments. Over the past four years, the Otium Venture team participated in a dozen seed rounds, such as Payfit, Doctrine and Owkin. It represented around $45 million in total (€40 million).

With Frst, the Otium Venture team is essentially creating a spinoff company with no connection to Pierre-Edouard Stérin’s family office. The team is still led by Pierre Entremont and Bruno Raillard, with Judith Tripard and Gabriel de Vinzelles also following them.

Frst is a more traditional VC firm with multiple limited partners investing in the first Frst fund (yep, first Frst fund). The firm has already raised $67 million (€60 million) from the European Investment Fund, Bpifrance, Axa Venture Partners, Ilkka Paananen and Mikko Kodisoja from Supercell, Michaël Benabou from Vente-Privée, Stanislas de Quercize from Cartier and others.

Eventually, Frst plans to reach $90 million (€80 million) with this fund.

Frst plans to invest

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