French Smart City Software Publisher ForCity Raises €8m in its Initial Round
Lyon, 31 January 2018 - Fast-growing urban simulation software developer ForCity just closed its first round of investment at 8 million euros through a process led by CM-CIC Innovation and with the participation of the Caisse des Dépôts Group, Omnes Capital and Axeleo Capital. This first round will allow ForCity to focus on scaling deployment and accelerating time to market for its solutions. These are currently geared towards public and private stakeholders in energy, environment, urban planning and real estate.
Cutting edge technological solutions to support decision-makers
What will a city look like in 5, 10 or even 20 years’ time? In the long term what is the most effective configuration for a heating network or the best route for a tram line extension? Which inhabitants in which neighbourhoods will be lacking essential services in five years’ time? ForCity provides public authorities and businesses with a simulation tool to help them anticipate such challenges and optimise planning. Their tools enable their users to simulate any and all the scenarios they may want to explore. ForCity is helping to transform the management of services and infrastructures in cities.
The Smart City market: exponential growth but minimal decision-making support
The global market for Smart Cities is constantly growing. “Digital technology is continually transforming our behaviours and needs. This escalates the complexity of mid- and long-term issues for anyone who is developing services or infrastructures in local, regional and national areas. The need for decision-making support has never been so urgent,” explains Thomas Lagier, CEO and Co-founder of ForCity. “ForCity appealed to us because of its relevant positioning on Smart Cities, but also thanks to the team’s skills. Their clients highlighted the service ForCity provided, particularly in terms of their agile response and the reductions in the investments required for a given project” says Karine Lignel, General Director of CM-CIC Innovation, who led the pool of investors throughout the process. As a key player for smart urban growth across France, the Caisse des Dépôts Group is also supporting this first round of investments.
Funding dedicated to realising its ambitions
The capital raised will enable ForCity to boost its international endeavours while maintaining and increasing its investment in technology. “We have two main priorities: constantly improving our simulation platform and enhancing our product range,” explains Jean-Marc Kerisit, ForCity’s CTO. “Collectively, ForCity’s four investors have exceptional credibility in the fields our clients operate in and possess unrivalled experience in innovative digital companies,” says François Grosse, Co-founder and President of ForCity, who was supported by Cambon Partners throughout the process.
ForCity: accredited French Tech prizewinner before its first fundraising initiative
ForCity was founded in 2014 and employs over 82 people in Lyon, Rennes and Paris. Its clients include companies such as Veolia, Dalkia (EDF group) and Keolis, as well as public or broader public-sector authorities, such as Greater Lyon, the Île de France water authority or Syndicat des Eaux d’Île de France (SEDIF), the Artois Urban Planning Agency or Agence d’Urbanisme de l’Artois, and the Seine Saint-Denis Chamber of Commerce. “ForCity’s initial success is down to skilfully matching our R&D to the orders made by clients convinced by our vision - that is what enabled us to grow for four years without requiring external capital” François Grosse explains.
About the investors
CM-CIC Innovation is a subsidiary of CM-CIC Investissement, a member of the Crédit Mutuel CM11 Group, specialised in venture capital investments. Its objective is to invest in companies developing promising technology. CM-CIC Innovation selects companies with strong growth potential in dynamic sectors such as information technology, telecommunications, electronics, life sciences, new materials and the environment.
CM-CIC Innovation's policy is to provide long-term capital support to innovative start-ups in order to rationalise their chances of success.
The Caisse des Dépôts Group
The Caisse des Dépôts Group and its subsidiaries constitute a public group and a long-term investor for the public good and for the economic development of the local, regional and national areas. The group’s mission was confirmed by the French law for the modernisation of the economy of 4 August 2008. The group is recognised for its expert management of mandates and concentrates its actions on four transitions that are strategic for France’s long-term development, namely territorial, ecological and energy, digital, and demographic and social transition.
Omnes Capital is a major player in private equity and infrastructure. With €3.6 billion in assets under management, Omnes Capital provides companies with the capital needed to finance their growth and with key expertise in three main areas: Venture Capital, Buyout & Growth Capital and Infrastructure.
With 30 corporate sales, including more than 10 IPOs over the last 19 years (including Novaled, Biovex and Turtle Entertainment), the Venture Capital team at Omnes Capital is one of the major players in France financing innovative SMEs, with dual expertise in the deep-tech and health sectors. Its current investment portfolio includes Blablacar, Scality, arGEN-X, Pixium and Sigfox.
Omnes Capital was a subsidiary of Crédit Agricole until March 2012. The firm is owned by its employees. Omnes Capital is a signatory to the United Nations Principles for Responsible Investment (PRI).
Axeleo is the leading acceleration platform in France supported and financed by the French Tech Acceleration Fund and managed by Bpifrance, a partnership of entrepreneurs and executives that units the biggest French success stories in digital technology. The FPCI Axeleo Capital 1 acceleration fund provides start-ups with post-seed to Series A funding. Axeleo’s mission is help start-ups reach maturity more quickly and to provide them with better conditions for engaging in international growth and business development.
For More Information
ForCity: Julia Delrieu - firstname.lastname@example.org - +33 7 89 08 24 71 / Press pack and visuals available upon request
CM-CIC Innovation: Véronique Richez-Lerouge - +33 6 14 63 90 00 - email@example.com
The Caisse des Dépôts Group: Service presse, +33 01 58 50 40 00
Omnes Capital: Gaëlle de Montoussé, firstname.lastname@example.org - +33 1 80 48 79 16
Omnes Capital via Shan: Cloé Hanus, email@example.com - +33 1 42 86 82 47
Axeleo: Eric Burdier, firstname.lastname@example.org, +33 6 48 00 66 74