Marie Ekeland Launches 2050 Fund - Long-Term Investment

Marie Ekeland has announced her latest venture – a new investment fund named 2050. However, this isn’t a typical French venture capital fund; it’s structured as an evergreen fund with a focus on fostering positive global change. While the goal is ambitious, Ekeland has developed a comprehensive strategy to achieve it.

For those unfamiliar, Marie Ekeland previously served as an investor with the French VC firm Elaia. During her time there, she invested in the adtech company Criteo, which subsequently became a publicly traded entity in the United States. She was also a key founding member of France Digitale, the leading startup advocacy group in France.

More recently, she was a co-founder of Daphni, her own venture capital firm. Although she is no longer involved in Daphni’s daily operations, she continues to monitor her initial investments made through Daphni’s first fund. These investments encompass companies like Shine, Swile, Holberton School, and Lifen.

With 2050, Ekeland is embarking on a new path, re-evaluating her investment principles, fund structure, and the core values of the firm.

“Investment decisions have far-reaching consequences,” Ekeland explained. “Choosing to invest in one company over another directly influences the future direction of society.”

Throughout our extensive conversation, it became evident that Ekeland is experiencing a degree of disillusionment with technology while simultaneously maintaining a strong belief in her ability to create positive change through her investment choices.

The investment focus of 2050 centers around five core areas: the future of food, advancements in healthcare, improvements in education, the promotion of sustainable lifestyles, and the strengthening of trust in media and financial systems.

Reflecting its name, 2050 is designed for long-term thinking and investment. The firm is prepared to support companies for an extended period, but also acknowledges that entrepreneurs may wish to sell their businesses, and that is acceptable. The intention is to avoid rigid time constraints.

Traditionally, limited partners invest in VC funds with the expectation of returns after a decade. This often compels VC funds to exit their positions within eight to ten years, potentially leading to pressure for an IPO, acquisition, or the need to find new investors to repurchase existing stakes.

How can investment firms mitigate this short-term financial pressure? 2050 operates as a fonds de pérennité, functioning similarly to a trust fund with a clearly defined mission.

As an evergreen fund, investors in 2050 have the flexibility to invest at any time. The fund will regularly establish periods for liquidity distribution, allowing existing investors to sell their holdings, which will then be purchased by new investors.

“We are pioneering a novel approach, and we are learning as we go,” Ekeland stated. 2050 is currently awaiting regulatory approval from the French financial authority, AMF. In the interim, 2050 has already participated in the latest funding round for Withings. Joining Ekeland on the team are Anne-Lise Bance, Aicha Ben Dhia, Charly Berthet, Meyha Camara, and Aude Duprat.

2050 also intends to allocate 10% of the fund’s investments and 50% of the team’s carried interest to digital commons. This is perhaps the most compelling aspect of 2050, demonstrating a genuine commitment to its vision that extends beyond mere rhetoric.

For example, 2050 will contribute to a course at Université Paris Dauphine focusing on the ecological challenges of the 21st century, with the aim of making the course materials widely available under an open license.

Certain key concepts from the course will be translated into practical guidance for entrepreneurs. A review of the business book section in most bookstores will reveal numerous titles focused on rapid startup growth, often with little consideration for potential long-term consequences.

By investing in (often under-resourced) knowledge creation, 2050 can provide its portfolio companies and the broader tech community with a different set of actionable strategies. Other potential investments in common resources could include infrastructure projects benefiting all or collaborative research initiatives.

Technology is not solely about building companies. Public institutions, individuals, and nonprofit organizations all play a role in the tech ecosystem. I am encouraged to see that 2050 recognizes that tech investment encompasses more than just financing private enterprises. This represents a significant shift, and I hope other investors will embrace a similar approach.