Serena, a Paris-based venture capital firm, has closed its first tranche of its fourth flagship fund, securing 200 million euros from a wide coalition of both institutional and private investors over the years since France and many years.
The company is targeting a total of 250 million euros by 2026 and aims to invest in pioneering breakthroughs in artificial intelligence and climate technology that apply up to 15 million euros in early stage companies.
Founded in 2008 by Xavier Lorphelin and Marc Fournier, Serena has evolved into a major European player in the VC landscape. The current management team includes partners Sebastian Le Roy, Olivier Mallett and Paul Moriou. With a background in entrepreneurship, our team is proud of our founder-first approach to leveraging hands-on operational experiences to help our businesses grow.
Serena's portfolio includes data science platform Dataiku, Freelancer Marketplace Malt, climate risk insurer Cartes' underwriting, and sustainable energy startup Electra. From the new fund, Early Bet will include Formality. It is an AI-based contract management platform developed by the former TVTy founder.
The former fund, Serena III, raised more than 600 million euros in 2024 alone by portfolio companies, contributing to a total of more than 1.5 billion euros in capital since 2018, when raised by 18 companies since 2018. These companies collectively hold a valuation approaching 5 billion euros, cementing Serena's role in backing companies driving impactful advancements in Climate Tech, Energy Transition and AI applications.
The company is also shepherd the exits at liquidity events in early 2025, including Salsify and Booksy.
Serena distinguishes between its rigorous investment areas and the practical operational support ecosystem known as the “Serena Squad.” This connects founders with senior industry experts and sustainability specialists to accelerate growth and market impact.
Looking ahead, Serena will deploy remaining capital from its current fund focused on carbon accounting, energy efficiency technology and climate risk analysis to startups, strengthening Europe's ambitions to lead sustainable innovation.
