Business Angels Club: "We Invest in High-Potential Start-ups"

For almost 15 years, the Business Angels Club (ESSEC BA) has been rallying active supporters of entrepreneurship and innovation to invest in high-potential start-ups at their seed stage. The Club’s co-leaders Patrick Legrand (E74) and Didier Boullery (E80) tell us more.

ESSEC Alumni: What are the missions of your club? 

Patrick Legrand: ESSEC BA invests in entrepreneurial projects with a high-growth potential in all sectors, albeit with a clear predominance in the digital economy. This requires a considerable level of personal commitment, because in addition to providing funding, our members offer their guidance on a volunteer basis.

EA: Who is your club geared towards?

Didier Boullery: Our community is open to anyone who is driven by innovation in any form, which often but not always involves the tech sector. Investors must also be prepared to acquire an equity stake in a start-up in its seed stage, in other words, three years after its launch, when the initial products or services are sold to the first customers. Once you have made this investment, you can also participate in our strategic committee and general assemblies.

EA: How do you operate in practical terms?

P. Legrand: Every two weeks we organise sessions to hear two or three pitches, which consist of 20-minute presentations followed by 10 minutes of Q&A. Following these discussions, up to two or three of us can decide to analyse the opportunity. This stage of the process requires time and energy; it involves between six and ten hours of intensive discussions with the start-up to examine all the aspects of its business. If there is a positive outcome, we enter into the closing phase, which consists in drafting a partnership agreement, preparing the capital raising, appointing a strategic committee, the underwriting and provision of funds, etc.

EA: Can you give us some examples of the projects you have invested in?

D. Boullery: We discovered several nuggets in 2022. Mycophyto designs soil revitalisation and plant biostimulation solutions for productive farming operations which are less reliant on fertilisers; the start-up raised €4.15 M and has now entered the acceleration and industrialisation phase. DeepLife is developing a cell engineering platform to predict cell response to virus-based disruptions in silico, drugs and genetic editing; this company raised €6 M. Carbon Waters produces pre-formulated graphene-based high-performance additives for enhanced environmental and sanitary performance, and raised €2M. Biomemory aims to become a major player in the writing and storage of digital data for bio-compatible and bio-secured DNA. It has filed two CNRS/Sorbonne University patents and raised €5 M. Inga sells zero-waste hygiene and household items aimed at putting an end to the 140 billion paper towels and 62 billion cotton pads thrown away annually in France. Winner of the BNP Paribas Act For Impact prize, it raised €450 K and ran the largest crowdfunding campaign in the history of Ulule. Lastly, J’achète fermier! provides a turnkey solution enabling dairy farmers to transform their production on the farm and thus earn fairer revenues. It has raised €3.2 M. 

P. Legrand: Our involvement also led to two successful takeovers. Neta, which designs non-destructive inspection systems using patented photoacoustic technology, was bought by a major American integrator just 30 months after our investment. Bleexo, a multi-module SaaS HR platform offering tools to foster in-company recognition and team engagement, was acquired by Silae, a group specialising in computerised HR and remuneration. 

EA: What links do you have with the ESSEC ecosystem?

D. Boullery: On the School side, we launched the ESSEC BA in Residence programme to coach students and fresh graduates incubated at ESSEC Ventures. As for ESSEC Alumni, we have obviously forged close ties with the Entrepreneurs Club.

EA: What role do you play more generally in France’s business angels community?

P. Legrand: 12 years ago, we signed a unique partnership with Paris Business Angels (PBA), France’s largest business angel club. ESSEC BA members can attend the club’s pitch sessions and share feedback with its 190 members. Didier and I also sit on their Administration Board. 

EA: How is your team organised? 

D. Boullery: Patrick and I are the frontline contacts for alumni wishing to join us. We’re also able to call on the services of PBA staff for all the logistics of our selection panels. Not to mention the support of the ESSEC Alumni team! 

EA: How can alumni contribute to your actions?

P. Legrand: First and foremost, don’t hesitate to attend our pitch sessions via videoconference, or in person at one of our partner’s venues, such as BpiFrance. You are also welcome to our after-work events. And if you come across high-potential project owners, let’s talk about contacting them! 

Interview by Louis Armengaud Wurmser (E10), Content Manager at ESSEC Alumni.

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