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

Serena is a Paris-based venture capital firm founded in 2008 by Xavier Lorphelin and Marc Fournier — two entrepreneurs who set out to build the VC they wished they had had as founders. That founder-first DNA still defines the firm: the team is largely composed of former entrepreneurs, and it backs startups from the earliest stages through to global scale.

Thesis: applied AI and the energy transition

Serena's fourth flagship fund, Serena IV, focuses on two structural transitions: applied artificial intelligence and the energy transition. The firm targets startups applying AI to real-world use cases — from logistics and manufacturing to energy — and climate-tech companies in the energy sector, including infrastructure-heavy businesses. Serena's operating-partner model gives portfolio founders hands-on operational support alongside capital.

Fund size, stages and cheque size

Serena IV held a first close at €200 million in October 2025, with a hard cap of €250 million targeted for 2026. It invests from seed to Series B with tickets of €3–15 million, keeping substantial reserves so it can invest up to €30 million in total per top-performing company. Around 70% of investments target French companies. In under five years, Serena has raised €1 billion in total capital, and its 18 portfolio companies carry a combined valuation approaching €5 billion, having raised over €1.5 billion since 2018.

Notable portfolio

Serena's track record includes Dataiku (backed from the seed stage), Malt, Descartes Underwriting, Electra (EV charging), Pelico, Uniphore, Wecasa, Formality (AI contract management), Bitstack, Accenta and Quandela. Early 2025 brought two liquidity events, Salsify and Booksy, demonstrating the firm's ability to shepherd companies from seed to international expansion.

Key people

Alongside co-founders Xavier Lorphelin and Marc Fournier, the partnership includes Sébastien Le Roy, Olivier Martret and Paul Moriou, who worked together for six years on Serena III. The firm has also been expanding its operating-partner bench to deepen hands-on founder support.

Programs and perks

Serena co-runs Racine², its impact-investment fund launched with MGEN and makesense, aimed at companies with measurable social or environmental impact. Portfolio founders benefit from the firm's deep bench of ex-operators, its sourcing network across Europe, and a strong follow-on discipline that has seen Serena III companies raise over €600 million in a single year.

How to apply for funding

Serena does not publish an open self-serve pitch form; founders most commonly reach the team through warm introductions — ideally via portfolio founders or the operating-partner network — or through the contact details on serena.vc. A crisp thesis fit with applied AI or the energy transition is the fastest filter.