Daphni, a venture capital firm that invests in early-stage technology startups across Europe and beyond, reached the final close of its latest vehicle, daphni Blue, at €260 mn.
The Paris-based firm exceeded its initial target, positioning the fund around commercialising European scientific research into globally relevant companies addressing environmental and societal pressure points.
The final close landed less than nine months after the first, reflecting rapid fundraising momentum. daphni Blue has already allocated capital to nine early-stage science-led startups, including OWLO, EverDye, and Karavela. Two additional TechBio investments remain in progress, one based in France and one in the UK.
Pierre-Eric Leibovici said long-term value increasingly depends on scientific depth rather than software iteration.
He pointed to biology, physics, chemistry, mathematics, and life sciences as sources of durable advantage as technology becomes commoditised and AI reshapes how products are built.
We’re convinced the strongest long-term value comes from deep scientific breakthroughs. This second and final closing confirms strong investor support for a strategy focused on unlocking the potential of European science to serve entrepreneurship and address the major societal and environmental challenges of our time
Pierre-Eric Leibovici, co-founder and managing partner of daphni
According to Beinsure, this view aligns with a broader investor shift toward defensible intellectual property anchored in research.
Combined with daphni Blue’s €260 mn raise, these vehicles represent around €666 mn in disclosed capital flowing into closely related science-driven strategies across the 2025-2026 period.
France features prominently within this flow, anchored by daphni’s latest fundraise and its focus on research commercialisation.
Daphni confirmed the final close publicly, describing the fund as both oversubscribed and completed within months of the first close.
The firm reiterated its belief that sustained technological leadership rests on scientific excellence rather than short-cycle product execution.
Founded in 2015, daphni built its reputation through early backing of companies such as Back Market and Swile. daphni Blue signals a sharper strategic pivot.
The firm now concentrates on scientific intellectual property that remains difficult to replicate, even as AI and software tools spread rapidly across markets.
The fund targets early-stage investments in scientist-entrepreneurs whose companies originate directly from academic research in biology, chemistry, physics, mathematics, and life sciences.
Initial cheques range between €500k and €10 mn, with follow-on capacity reaching €20 mn. Over its lifecycle, daphni expects to support between 40 and 50 portfolio companies.
Leibovici argued that sustainable value creation requires science-based intellectual property capable of supporting durable market positions. He also warned that companies raising capital without building real value or market traction face a harsh correction cycle ahead.
Daphni already works with major French research institutions including INRIA, INSERM, Institut Langevin, and Institut Curie, alongside broader European research networks.
The firm combines digital infrastructure with an active investor-founder community, aiming to shorten the path from laboratory results to commercial execution.
