Europe focussed SME an investor Idinvest has announced the close of its third digital fund at €350m, having surpassed its initial €300m target.

The fund, managed by a team of investors, has attracted new LPs from Europe, Asia, the Middle East and North America.

To date, € 85m has been invested across 15 European businesses which are experiencing rapid growth in the digital sector.

These include companies spanning the digital sector from business FinTech and InsurTech to AI, big data, VR, IoT, cybersecurity and HealthTech.

The firms include Acinq, Kactus, October, Malt Community, Ornikar, Meero and TeleClinic.

Managing partner at Idinvest Partners Matthieu Baret said: “Europe’s pool of entrepreneurs is constantly growing and evolving, and the third digital fund offers excellent investment opportunities, particularly in the digital sector.

“For many years, Idinvest Partners has supported some of the most exciting and dynamic European technology businesses achieve their ambitions, by offering a collaborative approach available for the long-term, something we will continue to do moving forward.”

Benoist Grossmann, also a managing partner at Idinvest Partners, added: “At Idinvest, we continue to place long-term importance on cultivating a dedicated ecosystem for entrepreneurs, therefore we are extremely pleased with the fundraising efforts of the team.

“The close demonstrates our expertise across the digital sector and shows the confidence that our institutional and corporate investors, leaders in Europe and internationally, have in our activities.”