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A first Parisian investment fund for the social and solidarity economy

The town hall of Paris, the association Paris Initiative Entreprise (Pie) and the Crédit coopératif on Tuesday recorded the launch for 2023 of a Parisian investment fund for social and solidarity economy projects (ESS), which must benefit “the real, local and job-creating economy”.

Paris Fonds ESS, which its founders hope will eventually reach 10 million euros, will be operational at the beginning of 2023 with the aim of investing in around forty companies, contributing to the creation of more than 400 sustainable jobs and thus generating a turnover business of around 200 million euros, said the deputy in charge of the ESS, Florentin Letissier, on the sidelines of a press conference.

Between their experimental phase and their development phase, SSE companies experience a lack, a deficit in terms of equity financing, he explained.

The idea is that we can be the business angel of the SSE to intervene with small investment tickets below 100,000 euros, which makes sense in a capital with a very dense economic fabric, he specified.

A management company emanating from Pie will steer the fund, with a first fundraising at the end of the year in which the town hall will contribute nearly 900,000 euros and the Crdit coopératif 500,000 euros, for a target total of 5 million euros.

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The objective is to allow the actors involved today to change scale, by completing the panel of financing dedicated to young companies with a strong social and environmental impact, explains Florentin Letissier.

For example, the deputy sets the objective for the capital to make progress on the reconditioning of electronic devices, or for it to become the capital of fashion and sustainable textiles by supporting players who do not multiply collections. every year.

Within the meaning of the 2014 law which sets the legal status of the SSE, the social and solidarity economy now represents 10% of Parisian jobs, according to PS deputy mayor Anne Hidalgo.

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