(Bloomberg) -- Revaia said it closed its first growth fund of 250 million euros ($296 million), the largest venture capital pool in Europe founded by women.
The Paris-based fund established by Alice Albizzati and Elina Berrebi is backed by institutional investors including Assicurazioni Generali SpA, Allianz SE and Bpifrance. Sycomore Asset Management has a minority stake in Revaia and is also investing in the fund.
Previously known as Gaia Capital Partners, Revaia has 15 staff and opened an office in Berlin earlier this year.
“It's a great time to be investing in European tech,” Albizzati said in an interview. “There is finally the funding to create these large, international champions.”
Revaia started raising the fund in 2019 and now has 10 portfolio companies in Europe including call-center software company Aircall, which was valued at over $1 billion in June. The co-founders said they expect to have two more “unicorns” by the end of the year and are making plans for a second fund.
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Women are underrepresented in venture capital, accounting for fewer partners at funds and getting less attention and investment as startup founders. Most venture capital firms have no female partners, with a report last year finding women accounted for just 13% of decision makers.
While Berrebi said gender isn't a focus of the firm's investments, she said they aim to “inspire more women” and are seeing more funds started by women.
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