VC Ventech makes strategic exit from Believe, announces launch of 6th fund

Ventech, an early-stage investor in French digital music company Believe, has sold its stake in the company.

Believe is focused on helping local artists around the world grow their career. The company distributes music to 150+ digital stores and streaming partners and pays 100 percent of earnings directly to the artists for a low annual flat fee.

Specifically a consortium composed of Denis Ladegaillerie, Founder and CEO of Believe, EQT Group, and TCV,  acquired a block of 71.92 per cent of Believe's capital, including 12 per cent from Ventech, and will initiate a Public Tender Offer for the remaining shares of Believe at €15 per share, without a mandatory withdraw.

Ventech’s early-stage investment delivered a return of €175 million for its 12 per cent stake, marking the largest VC exit in France in the past decade with a 36x return.

Ventech first invested in Believe’s $6.5 million round in 2008. According to Alain Caffi, Founding Partner and now Senior Advisor at Ventech:

"We are proud to have supported Denis Ladegaillerie, the visionary founder of Believe, from the old days where Believe had €2 million in revenue to nearly a billion today. 

At a time when the music industry had just gone through 15 years of crisis, we were convinced by Denis' vision of reconstructing the music industry thanks to the digital revolution, with Believe offering a disruptive distribution and development model for artists and labels in this new paradigm.” 

Ventech is a global early-stage venture capital firm with a strong digital focus. Founded in 1998, Ventech has a dual structure platform with dedicated funds for Europe and Asia.

Since its inception, Ventech has raised over €900 million and realized over 220 investments, (including Vestiaire Collective, Prewave, Ogury, The Customization Group, Veo, Reveal, and Speexx) and over 90 exits including Believe, Arteris, Withings (acquired by Nokia), and Fintecsystems (acquired by Tink).

Jean Bourcereau, Managing Partner of Ventech, explains: 

"We are grateful to our investors who understood what’s at stake and supported our strategy, particularly the raising of a dedicated fund to prepare this exit, Ventech Opportunity I, which was one of the first GP-Led approaches in Europe which allowed Ventech to remain involved in Believe's governance until the exit."

Ventech is now launching its sixth fund, with a target near €225 million.