Paris-based venture capital firm Elaia, focused on tech and deep tech startups, has announced the first close of its fifth Digital Venture Fund (DV5) at €120 mn, with a target size of €300 mn.
The fund will invest in European B2B technology startups from pre-Seed through Series B, with ticket sizes ranging from €1 mn to €15 mn.
DV5 has already completed its first investments in Mimic Robotics and Linkup.
Limited partners in the fund include Bpifrance via France 2030 and its Spark fund, MACSF, BNP Paribas, SMABTP, Arundo Re and Groupe AG2R LA MONDIALE. Lazard Frères Gestion supported the first close process.
The launch follows DV4, which closed at €200 mn in 2023. According to chief executive and co-founder Xavier Lazarus, the new fund reinforces Elaia’s multi-stage investment strategy across AI, IndustrialTech and enterprise software.
Within this landscape, Elaia’s €120 mn first close places DV5 among the larger recently announced France-based vehicles targeting multi-stage B2B technology investments.
Founded in 2002, Elaia has built a portfolio that includes Mirakl, Shift Technology, HarfangLab, iBanFirst and SeqOne.
The firm positions itself as a full-stack investor, combining capital deployment with operational and technical support across growth stages.
Managing partner Pauline Roux said the firm’s track record demonstrates its ability to identify early disruptive potential and support scaling toward market leadership.
Portfolio successes like Mirakl, Shift Technology, Vibe co, iBanFirst, HarfangLab, Dexory, and SeqOne underscore our ability to identify disruptive potential at an early stage and support its development into market leadership.
Pauline Roux, Managing Partner at Elaia
“Founders in our portfolio continue to partner with us as advisors and investors, reflecting the long-term relationships we have built across the European ecosystem,” adds Pauline Roux.
DV5’s early investments reflect its strategic focus. Mimic Robotics, spun out of ETH Zurich, develops physical intelligence systems for adaptive robotics.
Linkup is building real-time web infrastructure designed to reduce latency constraints in AI-powered search systems.
Elaia plans to invest in 10 to 15 startups annually, working alongside research institutions such as Massachusetts Institute of Technology and strengthening collaboration with France 2030 initiatives.
