Paris-based venture capital firm Elaia has announced the first close of its fifth Digital Venture fund, DV5, securing $143 million in commitments. The fund, which targets an eventual size of $357 million, will focus on backing European B2B technology startups from their earliest stages. This new vehicle reinforces Elaia's long-standing mission to identify and scale companies building foundational technologies for the future.
A Strategic Focus on B2B Deep Tech
DV5 will deploy capital across early stages, from pre-seed to Series B, with individual investment tickets ranging from €1 million to €15 million. The fund's strategy targets key B2B sectors including artificial intelligence, cybersecurity, techbio, industrial innovation, and core digital infrastructure. This focus allows Elaia to leverage its deep technical expertise in high-growth, specialized markets across the European ecosystem.
Elaia distinguishes itself by providing more than just capital, offering hands-on support to guide startups toward global leadership. The firm's team, composed of experienced operators and engineers, actively assists founders in achieving product-market fit and instilling operational discipline. This execution-focused approach is designed to bridge the gap between breakthrough innovation and sustainable commercial success on a global scale.
Strong Backing and Initial Investments
The fund's first close attracted commitments from a strong syndicate of both new and returning institutional investors. Key participants include Bpifrance, investing on behalf of the French state via the France 2030 initiative, alongside MACSF, BNP Paribas, and Groupe AG2R LA MONDIALE. The support of these prominent limited partners underscores significant confidence in Elaia’s investment thesis and proven track record.
Demonstrating its proactive strategy, DV5 has already completed its first two investments in companies building foundational AI infrastructure. Zurich-based Mimic Robotics is developing physical intelligence for robotics, while Linkup is creating real-time web access to enhance AI search capabilities. These initial deals exemplify the fund's commitment to backing technologies that will power Europe's next wave of innovation.
Building on a Legacy of Success
The launch of DV5 builds upon Elaia's established history of identifying and nurturing disruptive technology companies into market leaders. The firm's portfolio includes notable successes such as Mirakl, Shift Technology, and HarfangLab, which serve as powerful testaments to its investment acumen. This proven ability to spot potential early is a cornerstone of the firm's reputation in the European venture scene.
Elaia's leadership emphasizes its role as a full-stack investor dedicated to supercharging Europe’s most resilient, high-growth companies. The firm cultivates long-term relationships, with many founders from its portfolio returning as advisors and co-investors in subsequent funds. This collaborative ecosystem reflects a deep-seated trust and a shared vision for advancing European technology on the world stage.
Navigating the European Venture Landscape
Elaia’s $143 million first close positions DV5 as one of the larger B2B-focused funds recently announced in the European market. Amid a dynamic fundraising environment, this successful launch signals continued institutional appetite for specialized, deep-tech strategies. The fund is well-capitalized to compete for promising deals across the continent's diverse innovation hubs and ecosystems.
While Europe has never lacked technical talent, the primary challenge often lies in scaling innovations globally. DV5 is specifically structured to address this gap by providing the necessary operational expertise and strategic guidance for international expansion. By focusing on execution, the fund aims to help its portfolio companies translate technological breakthroughs into dominant market positions.
Ultimately, the successful first close of Elaia's DV5 fund represents a significant boost for the European deep tech ecosystem. With substantial capital, a clear strategic focus, and a history of transformative investments, the fund is poised to play a pivotal role in shaping the next generation of B2B technology leaders. This initiative not only provides crucial funding but also reinforces the infrastructure needed to build globally competitive companies from Europe.