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October 24, 2024

French VC firm Newwave is being taken over by billionaire Xavier Niel’s holding company - and insiders describe ‘highly unusual’ drama

The firm has stakes in buzzy AI startups Mistral and Poolside as well as carbon accounting platform Sweep

French VC firm Newwave, cofounded by Pia d’Iribarne and Jean de La Rochebrochard in 2020, is being taken over by NJJ Holding, French billionaire Xavier Niel’s personal holding company, D’Iribarne and NJJ Holding announced today in a statement. D’Iribarne is leaving the firm and has decided to pursue other investment opportunities. But insiders describe a drama playing out behind the scenes. 

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Anne Sraders

Anne Sraders is a senior reporter at Sifted, based in Berlin. She covers the VC industry and deeptech startups. She also writes Sifted's weekly VC newsletter Up Round. Follow her on X and LinkedIn

Daphné Leprince-Ringuet

Daphné Leprince-Ringuet is a senior reporter for Sifted, based in Paris. She covers French tech and writes Sifted's AI and Deeptech newsletter . You can find her on X and LinkedIn

Tim Smith

Tim Smith was news editor at Sifted. He covered deeptech and AI, and produced Startup Europe — The Sifted Podcast . Follow him on X and LinkedIn

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