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Cathay Innovation

Paris, France · Invests in North America; Europe; Asia; LATAM; Africa; US; MENA · Website

Check size

$5M-$100M

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Pre-SeedSeedSeries ASeries BGrowthE-commerce & MarketplacesB2B SaaSAI & Machine LearningDeveloper ToolsFintechHealthcare & BiotechEnterprise SoftwareDeveloper Tools & InfrastructureFintech & PaymentsInsuranceHealthcare & Digital HealthBiotech & Life SciencesClimate & Clean EnergyLogistics & Supply ChainManufacturing & Industrial

Thesis

Startups positioned as transformation partners with Fortune 500 corporates create the most impactful solutions. We believe the next generation of market leaders will emerge through collaborative innovation between startups and incumbent enterprises, supported by global expertise and capital.

Likely not a fit for

Pure financial engineering without technology differentiation, businesses misaligned with sustainability and impact goals, market positions without defensibility

How they invest

Lead or follow
Leads or follows
Typical decision
~1 month
Warm intro
Preferred
Involvement
Takes a board seat
Fund status
Actively deploying
Assets under mgmt
$1.5B
Decision process
Investment Committee

Partners & team

10 contacts on file

MS

Matthieu Soule

Partner · Primary contact

DB

Denis Barrier

Co-Founder & CEO

MC

MingPo Cai

Founder & President (Cathay Capital)

LD

Lanchun Duan

Managing Partner, China

JA

Jacky Abitbol

Managing Partner, EU

SW

Simon Wu

Partner, US

ND

Nicolas du Cray

Partner, Southeast Asia

BD

Bruno Delahaye

Partner, EU Commerce

AL

Alex Lazarow

Partner

Portfolio

Qualified HealthHealthcare Digital

Enterprise AI platform designed for health systems, focusing on safety, trust, and governance in healthcare AI applications.

AtomsEcommerce Marketplaces

Atoms is the one and only shoes for your everyday. One because that’s exactly how many designs we make. Rather than creating a bunch of different things and forcing you to make all the decisions, we are decisive. We are focused. We put all our best ideas in one place. This. One. Shoe. Only because it’s the only shoe you need. The simple styling works for working, walking, doing nothing, the weekend, traveling, whatever. + Atoms are the only sneaker that comes in 1/4 sizes which make them theonly

ChimeFintech Payments

Chime is a financial technology company that provides mobile banking services with no hidden fees. It offers features such as early direct deposit, automatic savings, and a user-friendly app to help customers manage their finances effectively.

PDD HoldingsEcommerce Marketplaces

PDD Holdings is a multinational commerce group that owns and operates a portfolio of businesses, aiming to integrate more businesses and individuals into the digital economy. It has developed a network of sourcing, logistics, and fulfillment capabilities to support its operations.

ShutterstockMedia Entertainment

Shutterstock is a global technology company offering a platform for high-quality stock images, videos, and music. It also serves as a marketplace for artists to sell their creative works. The company provides tools and services to power marketing campaigns.

WebexEnterprise Software

Webex is a leader in collaboration and customer experience, offering an all-in-one, AI-powered platform for meetings, calling, messaging, webinars, and more, designed to enhance productivity and engagement in hybrid work environments.

GetaroundEcommerce Marketplaces

Getaround is the largest car-sharing service in Europe, providing convenient 24/7 access to shared cars nearby. Users can book cars through an app, unlock them with their phones, and enjoy a hassle-free rental experience.

AlteryxEnterprise Software

Alteryx is a data analytics company that provides a platform for data blending and advanced data analytics, enabling businesses to put data and AI to work effectively.

LeBonCoinEcommerce Marketplaces

LeBonCoin is a leading French online classifieds platform that allows users to buy and sell a wide range of goods and services, including real estate, vehicles, and job offers.

SalsifyEcommerce Marketplaces

Salsify provides a Product Experience Management (PXM) platform that helps brands and retailers manage product content and optimize the digital shelf.

Logical Intelligence
AMI LabsEnterprise Software

AMI Labs is enabling the next AI revolution by building a new breed of AI systems that understand the real world, have persistent memory, can reason and plan, and are controllable and safe. They focus on developing world models that learn abstract representations of real-world sensor data for applications in industrial process control, automation, wearable devices, robotics, and healthcare.

Recent activity

Cathay Innovation in the news

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Research briefRead more
Cathay Innovation Research Investment Thesis Cathay Innovation operates as a unified global venture capital platform that transcends traditional VC boundaries by connecting startups with 20+ Fortune 500 strategic partners for active product co-development and commercial partnerships. The firm positions startups as "transformation partners" rather than disruptors, believing that the most impactful technology companies emerge through collaborative relationships between large industrial players and innovative startups. This unique model is structurally tied to Cathay Capital's private equity platform, enabling companies to be supported from early-stage through M&A and exit. The firm's philosophy emphasizes positively impacting the world through technology across diverse sectors including highly regulated industries like healthcare, financial services, energy, and mobility. Cathay Innovation believes in backing visionary, mission-driven entrepreneurs who can lead and transform their domains through technology innovation. Investment Focus and Philosophy Multi-Sector, Multi-Stage Approach Cathay Innovation invests broadly across: Consumer : E-commerce, social commerce, delivery, food & beverage, travel Enterprise : B2B SaaS, developer tools, infrastructure, digital workflow automation Digital Health : Healthcare platforms, biotech, precision medicine Fintech & Insurtech : Payments, lending, insurance technology Future of Commerce : Next-generation trading platforms, business models Future of Work : HR tech, productivity tools, workplace technology Mobility & Automotive : Autonomous driving, vehicle tech, logistics Web3 & Crypto : Blockchain applications, decentralized systems Climate & Energy : Clean energy solutions, sustainable technology AI & Connectivity : AI applications, vertical AI solutions across industries Core Values The firm operates around five core principles: One Team for One World : Leveraging diverse perspectives and global presence (offices in San Francisco, New York, Paris, Shanghai, Beijing, Singapore) Add Value by Being Useful : Building trust and providing genuine operational support beyond capital Say What You Do and Do What You Say : Commitment to sincerity, transparency, and delivering on commitments For Passionate Entrepreneurs : Empowering determined founders with clear vision and purpose Change the World for Better : Supporting startups positively impacting society through technology and sustainability Fund Portfolio and Size Assets Under Management Total AUM : Over $1.5 billion across multiple funds Fund III (Latest) : $1 billion (closed May 2025) - designated largest AI-dedicated VC fund from EU Fund Architecture Global Innovation Fund - Marquee multi-stage fund for tech companies across all sectors Cathay Latam Fund - Focused on Latin America startup ecosystem Cathay AfricInvest Innovation - Partnership with Africinvest for African entrepreneurs Cathay Smart Energy - Dedicated to climate-neutral energy solutions in China Cathay Cartech & Mobility - Partnership with Valeo for automotive/mobility in China Cathay InnoSquare (Fund of Funds) - Backing next-generation early-stage VC funds C. Entrepreneurs - Partnership with BNP Paribas Cardif for insurance innovation Ledger Cathay Fund - Blockchain and decentralized technology focus The firm has accumulated $2.7 billion in commitments over 10 years (2015-2025), demonstrating consistent fundraising ability and investor confidence. Check Size and Investment Parameters Check Size Range : $5 million to $100 million Flexibility : Can lead or follow rounds, maintains reserves for follow-on investments Stages : Pre-seed through late-stage investments, multi-stage investment approach Decision Process : Partnership-based approach with multi-stakeholder decision-making Timeline : Typically 1-2 months for decision-making with strong relationships Recent Activity and Fund Status 2025-2026 Recent Investments Recent Notable Investments: January 2026 : Atoms (DeepWisdom) - AI collaboration platform February 2026 : GenLogs - Series B for AI freight intelligence and logistics ($60M announced) January 2026 : Tucuvi - Series A for AI care management platform in healthcare ($20M) Q4 2025 : Focus on vertical AI applications and critical industry solutions Fund Status Fund III Status : Actively deploying (closed May 2025 at $1B) Deployment Focus : Vertical AI solutions for healthcare, fintech, energy, logistics, and manufacturing Last Known Activity : February 2026 (GenLogs Series B participation) Notable Recent News : Denis Barrier (CEO) named to Forbes Midas List Europe 2025 Historical Portfolio Success The firm has achieved 12+ portfolio exits and 31+ cumulative exits across funds, including IPOs and acquisitions of significant scale. Geographic Reach Primary investment regions with dedicated partners: North America : San Francisco, New York offices with dedicated teams Europe : Paris headquarters, strong presence in EU Asia : Shanghai, Beijing, Singapore with specialized teams Latin America : Growing presence with dedicated Latam fund Africa : Partnership approach through Africinvest initiative Leadership and Team Co-Founders & Leadership Denis Barrier - Co-Founder & CEO, Cathay Innovation PhD in Solid-State Physics from École Normale Supérieure Engineer from École Nationale Supérieure des Télécommunications Prior: Partner at Iris Capital Experience: French Treasury sovereign holdings oversight Recognition: Forbes Midas List Europe 2025 MingPo Cai - Founder & President, Cathay Capital Built Cathay Capital as comprehensive financial services platform Oversees both PE and VC operations Corporate Ecosystem Integration Cathay Innovation's unique differentiation comes from integration with Cathay Capital's 20+ Fortune 500 corporate partnerships, enabling portfolio companies to access distribution, partnership, and strategic exit opportunities. Decision Process and Characteristics Partner-Based Decisions : Investment committees with multiple partners reviewing Timeline : 1-2 months typical for decision-making Warm Introductions : Strong preference for warm intros from trusted sources Sustainability Component : Strong emphasis on sustainability and positive impact Global Competitive Analysis : Integrated regional expertise to assess competitive positioning Board Participation : Typical board representation for lead investments Balanced Lead/Follow : Can both lead and follow depending on opportunity quality Founder Profile Cathay Innovation targets founders with: Passion & Vision : Clear purpose and determination to transform industries Experience : Proven execution ability, either startup or corporate background Technical Depth : Deep domain expertise and understanding of market problems Mission Alignment : Companies creating positive impact alongside financial returns Scale Ambition : Ambition to build market-leading companies Global Mindset : Comfort operating across multiple regions and cultures

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