Investors
How a venture studio creates value.
Building companies and growing them calls for an economic model that holds over time. Here is ours: where value comes from, how stakes are held, and how we measure it.
Where value comes from
Four sources, four rhythms
A venture studio does not live on one thing. Value is built on four fronts that answer to different cycles: two produce revenue every month, two reveal themselves over several years.
Equity stakes
The group holds all or part of the capital of the companies it creates, and a share of that of the startups it supports. These positions follow the companies' trajectory.
Shared services
The platforms bill their services to the group's companies and to external clients. This revenue is recurring and independent of disposals.
Intangible assets
Brands, methods, technologies and intellectual property are held at group level and licensed to the companies.
Portfolio effects
A client won by one company opens doors for the others. A method proven on one project serves the rest and the ones that follow.
The architecture
Stakes held by domain
Five studios, five areas of expertise
Each company joins the studio whose expertise shapes its architecture: regulated activities, media and innovation, education, publishing and cultural industries, real estate.
Holdings by domain
Studios hold verticals, which hold companies. This structure isolates risk and allows transactions by domain without touching the rest.
Majority or minority
The group holds majority and minority positions alike, depending on the contribution, the stage and the founders' wishes.
The economics of a group company
One hundred thousand euros of services on joining
A startup spends a great deal of time looking for what it does not have: a developer, a lawyer, an accountant, funding, a first client, or a legal framework in a country it does not know. Every search costs weeks and money. The group's seven platforms supply all of it from day one, with an envelope of one hundred thousand euros of services on joining. The company spends its energy on its market rather than its logistics, reaches its first objectives sooner, and maximises its chances of success.
The long term
Holding first
Holding on, our preferred route
We build fast and we keep for a long time. A profitable and strategic company stays in the portfolio: that is how a body of companies is built and how value accumulates from one generation of projects to the next.
Opening the capital
A funding round brings in investors and may give the group the opportunity to sell part of its position.
Trade sale
A mature company joins a player in its sector, which finds in it a technology, a market or a team.
The evidence
Measuring rather than estimating
Valuation Expert, which belongs to the group, values unlisted companies using four cross-checked methods and produces a soundness index. Every company in the portfolio is valued on entry, then at regular intervals. Value creation is observed through measured differences, not projections.
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This page describes an economic model. It is neither an offer, nor a solicitation, nor investment advice.