Time4: A New Daphni-Backed Fund Supporting Diverse French Entrepreneurs
Over the past decade, France’s startup ecosystem has seen substantial growth fueled by public support and private funding. However, the distribution of capital remains uneven. Most venture-backed startups operate out of Paris, often founded by individuals from a select few universities.
Venture capital firm Daphni aims to change this with its Time4 fund, targeting €100 million and focusing on investing in French entrepreneurs from varied backgrounds and rural communities — fundraising commenced in September. Their motivation isn’t purely altruistic; as Daphni venture partner Anita de Voisins explained to TechCrunch, there exists significant untapped economic potential at this stage.
According to the Daphni team, altering this trend requires an innovative strategy. That’s why they have launched this fund in collaboration with HEC Paris business school and two nonprofits, Les Déterminés and Live for Good. (Interestingly, many successful startup founders backed by VCs are HEC Paris alumni.)
These partnerships are essential to the fund’s investment strategy as they will enable Time4 to move beyond the typical inbound-focused, Paris-centered approach of venture capital, while also offering more hands-on support to founders who lack adequate mentorship. Furthermore, Time4 plans to issue slightly larger financial commitments than other funds might at a similar stage, recognizing that the entrepreneurs they support often have much less “love money” available to them.
This is one reason Time4 is aspiring to create “a relatively large fund,” but it’s not the only one: the goal is to build a diverse portfolio to mitigate risk. “[We’ll] invest in around a hundred projects, so that in the end, we can see several dozen successful entrepreneurial stories emerge,” de Voisins remarked.
Part of Time4’s mission is to motivate a broader audience to launch companies with ambitious objectives, regardless of their backgrounds. This ethos is embraced by co-promoter Moussa Camara, whose nonprofit Les Déterminés promotes entrepreneurship as a means to combat social determinism — the organization’s name cleverly references the concept of being determined.
Live for Good, another partner, is focused on impact entrepreneurship and has experience in aiding founders who meet Time4’s criteria, according to de Voisins. She herself embodies this experience, having served as the head of entrepreneurship and innovation at engineering school CentraleSupélec — a prestigious institution known for its highly competitive admissions process, ensuring not all students hail from affluent backgrounds.
Supporting the Next Paul Lê
Time4 will also aim to support entrepreneurs from various socio-economic backgrounds, including those from remote or disadvantaged areas, job seekers, individuals with disabilities, and those with unconventional career paths or limited formal education. It is important to note that ethnic-based affirmative action is not permitted in France.
As an Article 9 fund, Time4 commits to financing projects “whose mission is to enhance social connections and improve access to products and services (including employment opportunities, increased purchasing power, improved mobility, access to housing, education, health services, and financial and digital inclusion),” as outlined in a press release provided to TechCrunch.
Time4’s team has already identified nearly 800 projects that align with this dual investment strategy. However, funding deployment won’t commence until at least mid-next year, which is when they anticipate their first closing, according to de Voisins.
While fundraising may extend until 2026, the roadshow has already begun, with the initiative presented on stage today at Bpifrance’s Quartier Général event focused on entrepreneurship in underserved neighborhoods.
Bpifrance, France’s public investment bank, recognizes the disparities in venture capital investment. In 2023, they introduced the “Entrepreneuriat Quartiers 2030” program aimed at fostering entrepreneurship in prioritized urban areas. Similarly, the French Tech Tremplin initiative supports entrepreneurs from underrepresented backgrounds in the French tech scene.
The French Tech Tremplin has recently appointed a new ambassador, Paul Lê. His grocery delivery company La Belle Vie is frequently cited as a success story — de Voisins and her team aspire to see numerous more achievements like his and believe that many more are on the horizon.