“These investments are no more risky than others”: a new €50 million fund for local entrepreneurs

“When you start out, at the beginning, it’s difficult to even get meetings with financiers, to have access to these people…” Mickaël Pan left school at 16, two months before taking the certificate. Today, he is at the head, with his partner Lyly, of Flotte, a brand of colorful rainwear which already sells 100,000 pieces per year.

This entrepreneur, who grew up in Bobigny (Seine-Saint-Denis), is one of the atypical profiles identified by the association “Les Détermés” to launch its brand new investment fund. For more than ten years, the structure created by Moussa Camara, originally from Cergy (Val-d’Oise), has supported entrepreneurs from priority neighborhoods but also from rural areas. What they have in common: being at first glance distant from the business community. And it works, since there is no shortage of successes among the 3,000 or so companies coached per year. But once the enthusiasm of the launch has passed, they – although full of creativity – often find themselves faced with a major obstacle: finding investors.

“We have companies that manage to be profitable but, to go further, they find themselves blocked,” notes Moussa Camara. We can clearly see that there is a hole in the racket. Less than 1% of entrepreneurs from the neighborhoods manage to raise funds. They don’t necessarily have the profiles that speak to major financiers, it’s a fairly closed ecosystem. »

“It’s not to do charity”

No matter, the Determined have decided to raise their own seed fund called Time4. For a year, the structure has held a series of meetings to convince partners, and certain groups and private companies have agreed to take action. Already 50 million euros have been raised. “It’s not to do charity, we’re talking about successful entrepreneurs. We want to show that these investments are not more risky than others, this fund will be profitable. And we’re not going to stop there, the goal is 100 million euros. »

Because there is no shortage of opportunities for many of these bosses with contagious energy. The innovations of Leviathan Dynamics, installed since 2020 within the business incubator of the city of 4 000 in La Courneuve (Seine-Saint-Denis), are thus closely watched. The start-up specializes in industrial decarbonization and develops energy-efficient solutions for cooling systems and industrial wastewater treatment. “The fluorinated gases used in air conditioning are particularly harmful to the environment, this is equivalent to what air traffic can emit, the problem is immense,” explains Naoufel Menadi, director of Leviathan Dynamics. The company has just opened its first factory in La Courneuve and plans to hire around thirty employees. “Large groups are watching us but, despite the intentions to follow roadmaps for decarbonization, there are obstacles. As long as returns on short investments are demanded, it will remain like that. »

“Crush preconceived ideas”

They can now rely on Time 4, just like Cominty which puts artificial intelligence at the service of small and medium-sized businesses. “The market is huge, we work with all sectors, from law firms to personal services,” explains Fariha Shah, one of the founders. The company embarked on the Time4 adventure to “break preconceived ideas. Today the companies that are funded are all managed by people who graduated from the same schools. »

Mickaël Pan never let himself be discouraged. “When we finally manage to sit down at the table with financiers, they quickly realize that we are better entrepreneurs. We know that we do not have the right to fail. » When the Ile-de-France resident, now 36 years old, entered the textile industry as a teenager, he was a simple deliveryman. He rose through the ranks, going from order picker to delivery person, developing detailed expertise in the sector. His intuition, to create raincoats “with a look”, accessible but moving away from fast fashion, did not come out of nowhere. “The subject of rain is always treated as something gloomy, whereas we can feel joy in a downpour. At the beginning, we had to manage, we put our own savings into the first stages of research and development,” recalls Mickaël. The brand now has its own boutique in Le Marais in Paris and is distributed internationally. “We have around thirty employees, in the space of 5 years we have created wealth. But we wanted to raise funds because we want to accelerate. »