European early-stage venture firm XAnge has entered a new phase with the launch of its fifth fund, XAnge 5, marking more than twenty years of activity in the continent’s tech ecosystem. The firm has secured a first close of €200 million in only nine months, a figure close to the final size of its previous vehicle, XAnge 4. With this milestone, XAnge is positioning itself to back the next generation of European innovators in artificial intelligence, frontier technologies, and sustainability.
Twenty Years of Anticipating Technology Waves
Since the early 2000s, XAnge has built its strategy around anticipating structural shifts rather than chasing short-lived trends. Its successive funds have followed clear theses, from building communication networks and enabling new online behaviors to digitizing healthcare and business services, then democratizing technology for a broader population. Across market crises, the rise of SaaS, and the Covid period, the firm has continually repositioned its focus while maintaining discipline on thesis-driven investing.
From Franco-German Roots to a European Footprint
XAnge began as a Franco-German investor, but over time it has expanded its reach to become a broader European platform. The firm has deep roots in France and Germany and has reinforced its DACH presence with a dedicated partner in Berlin and Munich to drive dealflow in those markets. In Belgium, it has built a notable track record with companies such as Odoo, Aerospacelab, Sirona Technologies, and Vertical Compute, which serve as reference points for its regional strategy.
Scaling Platform Support for Founders
Beyond capital, XAnge has invested in a support infrastructure designed to help founders scale more efficiently. In 2019, it launched Startup Success, a platform team of four full-time specialists who work with portfolio companies on operational and strategic issues. This effort was recognized in 2024 when France Digitale named XAnge the Best Operating Team of a VC fund, underlining the firm’s emphasis on post-investment value creation.
XAnge 5 Fund Structure and Backers
XAnge 5 is built to write checks between €1 million and €15 million, targeting early-stage European startups with the potential to become global leaders. The first close has been backed by historic limited partners, including the European Investment Fund, which has doubled its commitment compared to the previous fund, as well as Siparex Associés, Bpifrance, and CNP. With this vehicle, XAnge aims to consolidate its status among Europe’s largest early-stage funds and to leverage its longevity as a signal of resilience in a volatile market.
Thesis Across AI, Frontier Tech, and Sustainability
The investment thesis for XAnge 5 is structured around three verticals that the firm believes will define Europe’s technological future. In AI productivity and SaaS transformation, XAnge focuses on application and middleware layers rather than competing with hyperscalers, backing companies such as Animaj, Gladia, and Qubit Pharmaceuticals. In frontier tech and deep tech, it targets engineering-led full-stack plays in compute, space, robotics, cybersecurity, and computational biology, with firms like Treefrog, Aerospacelab, Vertical Compute, Sirona Technologies, Green Fusion, and Greenly illustrating its exposure to both advanced technology and climate-focused solutions.
Navigating the AI Cycle with Discipline
XAnge’s partners acknowledge the exuberance surrounding AI but emphasize a measured approach rather than following hype cycles. They view venture capital as an amplifier, where capital can rapidly cluster around trends, and argue that resisting fear of missing out is essential to building a robust portfolio. The firm sees the real challenge not in backing every AI-related company, but in supporting the structural transition of SaaS and other business models as AI becomes embedded across products and workflows.
With XAnge 5, the firm is seeking to move beyond its Franco-German origins and act as a pan-European catalyst for technological assets that can rival global leaders. Its strategy combines a clear sector focus in AI, deep tech, and sustainability with a geographic expansion into markets such as Spain, Italy, the Benelux region, and the Nordics. Two decades after its first fund, XAnge is betting that disciplined thesis-driven investing, coupled with strong founder support, can help shape Europe’s next wave of tech champions.