Meet Diaspora Ventures, a brand new VC fund primarily based within the U.S. based by two companions who grew up in France however have been within the U.S. for greater than a decade — Ilan Abehassera (pictured proper) and Carlos Diaz (pictured left). As the identify suggests, Diaspora Ventures desires to spend money on the French diaspora, and particularly French founders who wish to create a startup within the U.S. from the early days of their firms.
The fund’s web site lays out this funding thesis in just some sentences. “We are satisfied that France is filled with proficient and impressive entrepreneurs and is dwelling of among the finest engineers and product designers on the planet. We have realized that more often than not, they don’t have the chance to broaden past their borders as a result of they don’t have entry to the proper funding, expertise pool, playbooks or community,” the web site reads.
Ilan Abehassera has been an entrepreneur for some time. He first based Producteev, a task-management product that has been acquired by software program large Jive in 2012.
He later launched Ily, a family-friendly communication system. The system appears to be like an terrible lot like an Amazon Echo Show, however the system was introduced a few years earlier than Amazon took over this market. He’w now engaged on Willo, a robotic that would exchange your toothbrush
Carlos Diaz co-founded Carlos Diaz, a European digital company that was acquired by Atos. More not too long ago, he’s been engaged on The Refiners, a San Francisco-based seed fund that helps worldwide founders get began in Silicon Valley. In March, Diaz was within the technique of elevating a second fund for The Refiners however couldn’t shut the deal.
“The unique thought of The Refiners was to determine bold European startups keen to maneuver to the U.S. and assist them grow to be international leaders of their class. The international pandemic, the financial uncertainty mixed with journey restrictions, and the absurd immigration insurance policies of the Trump administration abruptly made the funding thesis of The Refiners unattainable to execute 4 years after its launch,” Diaz wrote in a weblog put up.
With Diaspora Ventures, Diaz and Abehassera wish to differentiate themselves from French VC funds that already spend money on the U.S. According to Diaz, working with a French fund within the U.S. requires numerous backwards and forwards to shut a deal. Diaspora Ventures desires to have the ability to shut offers extra rapidly.
Diaspora Ventures will concentrate on early stage rounds with a median examine between $100,000 and $200,000. The agency desires to take part in 10 to 20 offers per yr.
Interestingly, Diaspora Ventures is profiting from AngelList’s Rolling Venture Funds. It signifies that the 2 companions have raised $three million from varied restricted companions, equivalent to Kima Ventures, Breega, Alexis Bonillo, Christophe Courtin, Salomon Aiach, Frédéric Laluyaux and others. But the fund is at all times elevating, so the listing will grow to be longer and the overall quantity of capital raised will develop over time.
That’s how Diaspora Ventures managed to shut their first funding deal simply a few months after developing with the concept for the brand new fund.
Both of them have additionally been energetic angel traders over the previous few years. They have invested in some well-known names, equivalent to Algolia, Sunrise, Tempow, Yolo, Double, Cowboy, and many others.