Iris Capital, a European VC firm headquartered in Paris, has announced the first closing of a new €250 million ($280 million) fund aimed at seed-to-growth stage startups.
The fund, called IrisNext, was first announced back in 2015 and it was originally scheduled to close in 2016.
IrisNext investors include a number of corporate entities, such as Publicis, Valeo, and Orange, alongside institutions such as Bpifrance and BRED Banque Populaire.
Investments will range from €1 million ($1.1) to €30 million ($33 million) and will be aimed primarily at Europe, with a specific focus on France and Germany.
However, the firm said that it will also include an “investment strategy” for U.S. startups.
In terms of industries, well, it appears that Iris Capital is taking a somewhat holistic approach to its investment endeavours and will cover the Internet of Things (IoT), cybersecurity, 5G networks, artificial intelligence, big data, cloud computing, and software design.