Paris Based Venture Capital Firm Elaia Closes First €120 Million Tranche of Fifth Digital Venture Fund to Invest in European B2B Tech Startups

Paris-based venture capital firm Elaia has marked an important milestone with the first closing of its fifth Digital Venture Fund (DV5) at €120 million.

The move underscores Elaia’s continued commitment to supporting early-stage B2B technology startups across Europe.

The fund has attracted a robust lineup of limited partners, including Bpifrance, CNP Assurances, MACSF, BNP Paribas, SMABTP/ArundoRe, J.P. Morgan, AG2R, and other investors, demonstrating strong confidence in Elaia’s track record and investment strategy.

Focus and Investment Strategy

DV5 is designed to cover the full early-stage spectrum, from Pre-Seed to Series B, offering ticket sizes ranging from €1 million to €15 million.

The fund invests across foundational infrastructure and breakthrough applications, with a particular focus on European B2B tech companies.

Elaia is known for its hands-on approach, working closely with portfolio companies to ensure they achieve product-market fit and execute effectively.

This strategy has guided the firm in backing startups that go on to become leaders in their fields.

Leadership Driving the Fund

The fund is led by CEO Xavier Lazarus and Managing Partner Pauline Roux.

Together, they bring a wealth of experience in identifying promising early-stage technologies and supporting founders through the challenges of scaling and leadership.

Elaia’s approach emphasizes long-term partnership, guiding entrepreneurs from inception through the leadership stages of growth.

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The team’s expertise covers both tech and deep tech sectors, giving portfolio companies access to operational guidance, strategic insight, and global networks.

First Investment and Notable Portfolio

The first DV5 investment went to Mimic Robotics, a Zurich-based company specializing in physical AI robotics.

This investment highlights Elaia’s focus on cutting-edge technology with strong commercial potential.

Elaia has a long history of successful investments, with over 100 startups in its portfolio, including notable companies such as Criteo, Mirakl, Shift Technology, AQEMIA, and Alice & Bob.

The firm maintains offices not only in Paris but also in Barcelona and Tel Aviv, reinforcing its European and international reach.

Why This Matters

The launch of DV5 comes at a time when Europe’s early-stage B2B tech ecosystem is expanding rapidly.

By providing capital and operational support, Elaia aims to help startups navigate competitive markets, accelerate growth, and achieve leadership positions in their sectors.

The strong backing from major financial institutions and insurers also signals investor confidence in European tech innovation, particularly in companies leveraging AI, robotics, and other deep tech capabilities.

What’s Next

In the coming months, Elaia will focus on deploying the first tranche of DV5 capital into early-stage companies across Europe.

Investors and stakeholders will be watching for follow-up deals, as the fund targets high-growth sectors where product-market fit and technological differentiation are key.

The team will also continue providing hands-on support to its portfolio, helping founders scale globally while maintaining robust operational and financial discipline.

With offices in multiple innovation hubs, Elaia is well positioned to discover and nurture the next generation of European tech leaders.

Summary

Elaia, the Paris-based venture capital firm, has closed the first €120 million tranche of its fifth Digital Venture Fund (DV5), targeting early-stage B2B tech companies across Europe.

Led by Xavier Lazarus and Pauline Roux, DV5 invests from Pre-Seed to Series B with tickets ranging from €1 million to €15 million.

The first investment was made in Zurich-based robotics AI company Mimic Robotics.

With a portfolio exceeding 100 startups including Criteo and Mirakl, Elaia continues its hands-on approach to support product-market fit and execution while leveraging offices in Paris, Barcelona, and Tel Aviv to access Europe’s deep tech ecosystem.