Investor Profile: Serena Capital — Thesis, Cheque Size & How to Apply

Paris-based Serena Capital is one of Europe's leading early-stage venture firms, backing bold founders building category-defining companies in applied artificial intelligence and the energy transition. Founded in 2008 by Xavier Lorphelin, Marc Fournier and Philippe Hayat, the firm has grown to more than €1 billion in total capital and is known for combining investment with a large, operator-led support team. For founders in AI, SaaS and climate technology, Serena Capital funding is among the most sought-after early-stage capital in France.

Investment thesis

Serena partners with European founders aiming for leadership in applied AI, data and transition sectors, offering operational support and strategic guidance across growth phases. Its thesis is that the most valuable European technology companies of the next decade will be built where artificial intelligence meets the green transition, and founders there need operators, not just capital. The firm describes itself as founder-first, with a team rooted in entrepreneurship rather than finance alone.

Sectors and stages

The firm invests from pre-seed to Series A, with a focus on AI, SaaS, climate technology, internet infrastructure and impact. It backs four to five teams a year, deliberately keeping the portfolio concentrated so each company receives serious attention, from its Paris base, with a presence in seven countries. Its fourth flagship fund targets high-growth applied AI and critical energy transition startups in particular.

Fund size and cheque size

Serena IV reached a first close of €200 million, taking the firm's total capital past €1 billion, with a reported target of €250 million. The firm backs early-stage founders with up to €15 million per company, and published cheque ranges put its investments at roughly €500,000 to €15 million from pre-seed through Series A. Its third fund's companies raised more than €600 million in 2024 and €1.5 billion since 2018.

Notable portfolio

Serena's portfolio includes Dataiku, the data science platform, Malt, the freelance marketplace, Descartes Underwriting, the climate risk insurer, and Electra, the electric vehicle charging scale-up that has raised more than €600 million since inception. Other names include Pretto and Formality, an AI contract platform and an early fourth-fund bet. Exits include Salsify and Booksy, alongside earlier successes such as The Fork, AramisAuto, Cheerz and iBanFirst.

Programs and support

Serena's signature support programme is Serena Squad, a peer community of C-level executives from across its portfolio, with 500 C-levels, an 85% monthly engagement rate and five expertise channels covering sales, marketing, HR, product and technology, and finance. Alongside it sits Serena Capital Boost, described as the first operating taskforce in European venture capital, staffed by serial entrepreneurs and scale-up executives rather than consultants.

How to apply for funding

Serena does not run an open application portal, so how to get funding from Serena Capital is a relationship-led process. Founders can contact the firm through serena.vc or at [email protected], or seek a warm introduction through a portfolio founder, a Squad member or a co-investor. Because the firm backs only a handful of teams each year, a pitch should show a bold, category-defining ambition in applied AI or the energy transition, plus a team capable of building a global company from Europe.