Serena Capital

Serena Capital Research Investment Thesis & Core Philosophy Serena Capital is a Paris-based European venture capital firm founded in 2014 and headquartered at 21 rue Auber, Paris. The fund manages €1 billion in investment programs across multiple flagship funds, with the most recent, Serena IV, closing at €200 million (targeting €250 million total) in October 2025. Serena has evolved into a pan-European powerhouse with deep sector expertise, backing bold entrepreneurs across technology, climate tech, and applied AI. The firm's philosophy emphasizes bold, ambitious founders committed to becoming the next major tech players. Olivier Martret, one of the lead partners, focuses on supporting innovative entrepreneurs in sectors contributing to a better world, emphasizing technology-driven solutions and impact-driven business models. Serena distinguishes itself through operational support, founder mentorship, and proactive engagement beyond capital provision. Investment Stage & Check Size Serena invests across multiple stages with distinct strategies. Primary stage focus includes Pre-Seed to Series A (core focus) and early-growth for later-stage companies. Check size ranges from €100K to €15 million with flexible sizing. Ownership targets 10-20% on seed investments with decision timeline of 2-4 weeks through partnership-driven process. Leadership & Team Structure Serena operates with substantial partnership team led by Xavier Lorphelin, Marc Fournier, and Philippe Hayat as Managing Partners. Investment partners include Olivier Martret (impact focus), Sébastien Le Roy, Paul Moriou, Matthieu Lavergne, Eric Gossart, Bertrand Diard, Guillaume Decugis, Margaux Gregoir, and Stéphanie Nizard. Operations led by David Bitton (Head of Operating), Jérôme Stioui, Émilie Benayad, and Floriane de Maupeou. Associated funds include Racine² (impact investing). Geographic Focus Primary focus on France and Europe with offices in Paris. Serena explicitly targets European technology companies with emphasis on France as scaling market. Sector Focus & Portfolio Diversity Serena maintains diversified portfolio across: AI & Data, Climate Tech & Sustainability (50% of Fund IV), Applied AI, Fintech & InsurTech, SaaS & Enterprise Software, EdTech, HealthTech, Infrastructure & Open-Source, Gaming, Marketplace & Consumer, Nature Tech, SportTech, Blockchain, and Quantum Computing. Recent Activity & Fund Status Fund IV (€200M closed October 2025) actively deploying with focus on Applied AI and Climate Tech. Portfolio of 96+ companies as of December 2025 with 6 new investments in last 12 months. Notable recent exits include Leonardo AI (acquired by Canva), Heuritech (acquired by Luxurynsight), Salsify and Booksy (early 2025). Historical exits include Sequans (NYSE IPO), The Fork, Aramis Auto (acquired by PSA), LaFourchette (acquired by TripAdvisor), and PrestaShop. Decision Process & Investor Involvement Partnership-based decision structure with no consensus requirement but collaborative approach. Each partner has clear domain expertise and founder-centric focus. Typical involvement includes advisory role with founder mentorship, board observation on larger rounds, operating support via Capital Boost program, and strategic network leverage. Leads and co-leads early-stage rounds, participates in larger growth rounds. Founder Preferences Serena backs visionary founders with technical depth, operational experience, and personal connection to problems being solved. Increasingly focused on founders committed to sustainability and impact. Anti-thesis: generic solutions, founders without market understanding, teams lacking technical depth. Key Differentiation Pan-European scale with €1 billion deployed, operational conviction (built teams across 9 countries, led 7+ acquisitions), impact integration (50% of fund focused on sustainability), diverse expertise from 10+ partners, strong founder support via Capital Boost program, 26+ acquisitions and IPO exit track record, and leadership in impact investing integration.