French venture capital firm Idinvest Partners has concluded its second capital growth fund at 340 million euros ($384 million).

The new fund, Idinvest Growth Fund II, raised approximately $45.2 million more than its initial target.

The new fund will invest in businesses with strong potential that have already developed excellent products and services recognized and adopted by consumers.

Idinvest Growth Fund II said that a large majority of the businesses it targets will achieve annual revenue of over $11.3 million and demonstrate rapid annual growth over 50 percent.