Portfolio

Record
Fina 2000
Fina 2006
SPVs 2011
Fina 2017

We founded the firm in October 1999.
We sent out our Fina 2000 subscriptions on March 13, 2000 to prospective investors who had pledged $120M.
The next day and during the next 4 weeks, Nasdaq dropped 1,600 points from a high of 4,906
Facing melting portfolios, our prospective investors started rescinding their pledges.
We stuck to our beliefs and pushed our fundraising to the limit. If we were going to back founders, we needed to lead by example with grit and determination to reach success. We still managed to close our Fina 2000 at $20M by October 19, 2000.

We focused on one sector: Core Infrastructure Technology: optical components, semiconductor companies, edge network services.
Valuations were attractive, building them was hard work. Having come from the “control” of Growth Equity, the challenge here was with a minority stake, we wee always dependent on whims of other VCs on the board. Many of them had no operations experience and could not relate of the key imperatives to get the business to scale or succeed.
Surviving the Telecom nuclear winter of 2003-2005, we managed to have numerous successful M&As and 2 IPOS, a $700M IPO on NASDAQ:ENTR and a $200M IPO on TSE: GCS, out of a total of 12 investments, but not without pivoting and restructuring many of them before their exit.

A few examples:

Asip was merged with T-Networks to become Apogee, then merged into Cyoptics, before being acquired by NASDAQ: AVGO (now Broadcom).
New.net was pivoted from a domain name extension to a prolific traffic ad network and was sold to Idealab & VendareMedia, now EPIC Connexus.
Neopad was restructured from a single product to become Nexplanar, a CMP solutions provider and acquired by Cabot Microelectronics, NASDAQ: CCMP.
Nanonexus and Sequoia Communications – we tried but failed to save them… you can’t win everytime.
RF Magic was reorganized and merged into Entropic Communications, with the combined entity going public on NASDAQ: ENTR.

After we raised our FINA 2006, we focused on a sector we knew well: Telecom & Tech Infrastructure, Security & Network services. And this time, the focus was Growth Equity with Control Stakes, rather than syndicated minority venture stakes. We had invested in 18 portfolio companies that constituted a business ecosystem group.
On September 15, 2008, Lehman filed for bankruptcy, creating an unprecedented Global Economic Recession. Banks, Telecoms, Major Ad agencies started canceling or curtailing contracts with our companies.
Our companies were struggling. By December 2008, we converted our fund into a holding company and acquired all of the minority interests in our portfolio companies, turning them into wholly owned subsidiaries.
The process was grueling, unbearable, and unimaginable. It almost killed us. With hard work and luck, by June 2010, we landed on our feet – yes you read it right, we integrated 18 companies at once – having significant consolidated revenues, negotiated major cross-solution contracts with our top customers in the Telecom and Banking sectors, cut overhead and FTEs from 700 to 400, and built a solid EBITDA.
While the sector’s revenue growth was -8% during that period, ours grew by +13%.
We successfully sold our shares in December 2010 to a Diversified Financial Group.

After this success, we were called by investors, board of directors and CEOs of companies in the cleantech sector, which by 2011 was being subjected to an unprecedented assault from Chinese solar companies.
Prices were dropping by 50% every 6 months and stood below the production costs of many western producers.
We helped turn around Photowatt, the World’s oldest solar cell manufacturer in France, with $200M in revenues.
Facing a hostile French labor law environment, production was outsourced to China and Poland, while short cycle product lines were moved to Tunisia.
High content R&D was kept in Lyon, and constituted the jewel of the company’s standing in the sector’s value chain.
As a result, Photowatt was successfully acquired by global energy leader EDF in February 2012.

Ensued another cleantech company in New Jersey.
Petra Solar successfully signed a utility contract in 2010, but was stalling by 2012.
We reorganized the company around specific targets & milestones, cut expenses by 25%, streamlined R&D initiatives.
We developed a core focus strategy & vision based on IP renewal, and we sourced and negotiated a new IP acquisition.
We improved presence in the Middle East by signing major contracts, country partners, and densifyed the sales pipeline.
As a result, the company was cruising by June 2013 to $60M in revenues, was debt-free and had accumulated $50M in excess cash in the bank.

FRAM Group, a 50 year-old family-owned B2C network operator, had exhausted its $100M in cash reserves fighting the paradigm shift of internet travel and the consequences arising from the 2010 Eyjafjallajökull volcano eruptions.
Its $300M in revenues no longer commandeered significant margins and banks were reluctant to extend credit.
We helped restructure the company by restructuring non-core subsidiaries and selling them to strategic buyers who maintained revenue flow to the company.
With a $70M cash inflow and a realigned organization, the Company was back on track by October 2014 and was acquired by the Karavel Group in November 2015.

In June 2015, Shopcade, a successful online marketplace in the United Kingdom was spread across many verticals.
Our work on key metrics performance and partnerships with media partners lead the Company to be successfully acquired by the Lagardere Group of France in 2017.
In July 2017, working closely with investors, we formed Fina 2017 and focused on the Renewable Energy Sector’s Last Mile problem.
We now have 8 wholly-owned companies operating as a Business Ecosystem Group.

Fina 2000 had a focus on Core Tech Infrastructure.

Semiconductors, EDA, Fab Consumables:

Telecom Optical Components, Network Services:

Fina 2006 – Business Ecosystem build around Telecom, BPO & Tech Infrastructure.

Workplace

Renewable Energy

Tech Services

Network effects & B2C Community Building

We founded the firm in October 1999.
We sent out our Fina 2000 subscriptions on March 13, 2000 to prospective investors who had pledged $120M.
The next day and during the next 4 weeks, Nasdaq dropped 1,600 points from a high of 4,906
Facing melting portfolios, our prospective investors started rescinding their pledges.
We stuck to our beliefs and pushed our fundraising to the limit. If we were going to back founders, we needed to lead by example with grit and determination to reach success. We still managed to close our Fina 2000 at $20M by October 19, 2000.

We focused on one sector: Core Infrastructure Technology: optical components, semiconductor companies, edge network services.
Valuations were attractive, building them was hard work. Having come from the “control” of Growth Equity, the challenge here was with a minority stake, we wee always dependent on whims of other VCs on the board. Many of them had no operations experience and could not relate of the key imperatives to get the business to scale or succeed.
Surviving the Telecom nuclear winter of 2003-2005, we managed to have numerous successful M&As and 2 IPOS, a $700M IPO on NASDAQ:ENTR and a $200M IPO on TSE: GCS, out of a total of 12 investments, but not without pivoting and restructuring many of them before their exit.

A few examples:

Asip was merged with T-Networks to become Apogee, then merged into Cyoptics, before being acquired by NASDAQ: AVGO (now Broadcom).
New.net was pivoted from a domain name extension to a prolific traffic ad network and was sold to Idealab & VendareMedia, now EPIC Connexus.
Neopad was restructured from a single product to become Nexplanar, a CMP solutions provider and acquired by Cabot Microelectronics, NASDAQ: CCMP.
Nanonexus and Sequoia Communications – we tried but failed to save them… you can’t win everytime.
RF Magic was reorganized and merged into Entropic Communications, with the combined entity going public on NASDAQ: ENTR.

After we raised our FINA 2006, we focused on a sector we knew well: Telecom & Tech Infrastructure, Security & Network services. And this time, the focus was Growth Equity with Control Stakes, rather than syndicated minority venture stakes. We had invested in 18 portfolio companies that constituted a business ecosystem group.
On September 15, 2008, Lehman filed for bankruptcy, creating an unprecedented Global Economic Recession. Banks, Telecoms, Major Ad agencies started canceling or curtailing contracts with our companies.
Our companies were struggling. By December 2008, we converted our fund into a holding company and acquired all of the minority interests in our portfolio companies, turning them into wholly owned subsidiaries.
The process was grueling, unbearable, and unimaginable. It almost killed us. With hard work and luck, by June 2010, we landed on our feet – yes you read it right, we integrated 18 companies at once – having significant consolidated revenues, negotiated major cross-solution contracts with our top customers in the Telecom and Banking sectors, cut overhead and FTEs from 700 to 400, and built a solid EBITDA.
While the sector’s revenue growth was -8% during that period, ours grew by +13%.
We successfully sold our shares in December 2010 to a Diversified Financial Group.

After this success, we were called by investors, board of directors and CEOs of companies in the cleantech sector, which by 2011 was being subjected to an unprecedented assault from Chinese solar companies.
Prices were dropping by 50% every 6 months and stood below the production costs of many western producers.
We helped turn around Photowatt, the World’s oldest solar cell manufacturer in France, with $200M in revenues.
Facing a hostile French labor law environment, production was outsourced to China and Poland, while short cycle product lines were moved to Tunisia.
High content R&D was kept in Lyon, and constituted the jewel of the company’s standing in the sector’s value chain.
As a result, Photowatt was successfully acquired by global energy leader EDF in February 2012.

Ensued another cleantech company in New Jersey.
Petra Solar successfully signed a utility contract in 2010, but was stalling by 2012.
We reorganized the company around specific targets & milestones, cut expenses by 25%, streamlined R&D initiatives.
We developed a core focus strategy & vision based on IP renewal, and we sourced and negotiated a new IP acquisition.
We improved presence in the Middle East by signing major contracts, country partners, and densifyed the sales pipeline.
As a result, the company was cruising by June 2013 to $60M in revenues, was debt-free and had accumulated $50M in excess cash in the bank.

FRAM Group, a 50 year-old family-owned B2C network operator, had exhausted its $100M in cash reserves fighting the paradigm shift of internet travel and the consequences arising from the 2010 Eyjafjallajökull volcano eruptions.
Its $300M in revenues no longer commandeered significant margins and banks were reluctant to extend credit.
We helped restructure the company by restructuring non-core subsidiaries and selling them to strategic buyers who maintained revenue flow to the company.
With a $70M cash inflow and a realigned organization, the Company was back on track by October 2014 and was acquired by the Karavel Group in November 2015.

In June 2015, Shopcade, a successful online marketplace in the United Kingdom was spread across many verticals.
Our work on key metrics performance and partnerships with media partners lead the Company to be successfully acquired by the Lagardere Group of France in 2017.
In July 2017, working closely with investors, we formed Fina 2017 and focused on the Renewable Energy Sector’s Last Mile problem.
We now have 8 wholly-owned companies operating as a Business Ecosystem Group.

Fina 2000 had a focus on Core Tech Infrastructure.

Semiconductors, EDA, Fab Consumables:

Telecom Optical Components, Network Services:

Fina 2006 – Business Ecosystem build around Telecom, BPO & Tech Infrastructure.

Workplace

Renewable Energy

Tech Services

Network effects & B2C Community Building