Elaia has reached a significant milestone in its latest fundraise, announcing a first close of €120 million for its fifth Digital Venture Fund, known as DV5. The new fund reinforces Elaia’s long-term commitment to backing European B2B technology companies that are built on strong intellectual property and capable of scaling into category-defining businesses across global markets.
A strong first close backed by institutional confidence
The €120 million first close brings together a mix of long-standing and new institutional investors, reflecting continued confidence in Elaia’s investment strategy and track record. Among the participants is Bpifrance, investing on behalf of the French state under the France 2030 initiative and through its Spark fund. Additional backers include MACSF, BNP Paribas, SMABTP, Arundo Re, and Groupe AG2R LA MONDIALE. Elaia also acknowledged the role of Lazard Frères Gestion in supporting the completion of this first close.
The investor base reflects a blend of financial institutions, insurers, and long-term asset owners, aligning with DV5’s ambition to support companies through extended growth journeys rather than short-term value creation.
Continuing a full stack venture model
DV5 builds on Elaia’s established investment approach, which combines early technical insight with hands-on operational support. The firm positions itself as a full-stack investor, capable of backing companies from their earliest formation through to later-stage scaling and exits. This model is designed to help founders navigate product market fit, commercial execution, and international expansion while preserving technological depth.
According to Xavier Lazarus, CEO and co-founder of Elaia, the new fund strengthens the firm’s ability to support ambitious European founders across all stages of growth. He noted that DV5 represents the next chapter in Elaia’s mission to help build resilient, high-growth technology companies that can compete globally.
Focus areas and investment strategy
DV5 will invest across early stages, from pre-seed to Series B, with individual ticket sizes ranging from €1 million to €15 million. The fund targets B2B technology companies across Europe, with a particular focus on sectors where deep technology and defensible intellectual property are central to long-term value creation.
Key areas of interest include artificial intelligence, cybersecurity, techbio, industrial and manufacturing innovation, and core digital infrastructure. By spanning both foundational infrastructure and application-level technologies, Elaia aims to capture value across the full technology stack, from enabling platforms to vertical-specific solutions.
Pauline Roux, managing partner at Elaia, emphasised that the firm’s strategy centres on complex, high-impact technologies capable of reshaping entire industries. She pointed to Elaia’s previous portfolio successes, including Mirakl, Shift Technology, Vibe.co, iBanFirst, HarfangLab, Dexory, and SeqOne, as evidence of the firm’s ability to identify disruptive potential early and support companies through to market leadership.
Early momentum and first investment
DV5 has already begun deploying capital, completing its first investment in Mimic Robotics, a Zurich-based startup working in the field of physical AI. The investment reflects Elaia’s interest in advanced technologies emerging from Europe’s leading research and innovation hubs, particularly those operating at the intersection of software, hardware, and automation.
Physical AI and robotics are increasingly seen as strategic areas for Europe, given their relevance to industrial competitiveness, manufacturing resilience, and automation. Mimic Robotics fits squarely within DV5’s thesis of backing technically ambitious teams addressing complex real-world problems.
Building long-term partnerships in European tech
Elaia highlights that many founders from its earlier funds continue to work with the firm as advisors, repeat entrepreneurs, or even investors, underlining the long-term nature of its relationships within the European tech ecosystem. With DV5, the firm aims to deepen this approach, supporting a new generation of founders building foundational technologies that can scale globally while remaining rooted in Europe.
As fundraising continues beyond the first close, DV5 positions Elaia to remain an active player in shaping Europe’s B2B technology landscape over the coming decade.
