Serena is a Paris-based venture capital firm founded in 2008 by Xavier Lorphelin, Marc Fournier, and Philippe Hayat. It invests in European startups at the earliest stages (pre-seed to Series B), with a focus on applied AI and energy transition. Its latest fund, Serena IV, closed at €200 million (approximately $217 million) in October 2025, bringing total assets under management to over €1 billion.
Deal activity increased 83% year-over-year (11 deals in the last 12 months). Average disclosed round size is $19.2M (across 102 rounds with reported amounts).
Portfolio
117
Fund Size
$217M
Top Stage
Seed
Last 12 Mo
11
Team
Eric Gossart
Partner - Racine²
Jérôme Stioui
Operating Partner
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
157 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Waiv | Series B | — | Mar 2026 |
 DeepIP | Series B | $25M | Mar 2026 |
 Midi | Series D | $100M | Feb 2026 |
 Polaron | Series A | — | Feb 2026 |
 Formulary | Seed | $4.6M | Jan 2026 |
 Ours Privacy | Series A | $15M | Jan 2026 |
| Polaron | Seed | $8M | Jan 2026 |
 Bitstack | Series A | $15M | Dec 2025 |
 Bitstack | Series A | — | Dec 2025 |
 Hapiko | Series A | $7M | Nov 2025 |
 Kotcha | Pre-Seed | — | Oct 2025 |
 probabl | Seed | — | Oct 2025 |
 Unrivaled | Series B | — | Sep 2025 |
 Pyannoteai | Seed | — | Apr 2025 |
| DeepIP | Series A | $15M | Mar 2025 |
 Teal Health | Seed | $10M | Jan 2025 |
 Edgee | Pre-Seed | — | Oct 2024 |
 Formality | Series A | — | Oct 2024 |
| RRebelstork | Series A | $18M | Sep 2024 |
 Odaseva | Series C | $54M | Jun 2024 |
 Electra | Series B | — | Jan 2024 |
 Electra | Series B | $330M | Jan 2024 |
| Bitstack | Series A | $15M | Jan 2024 |
| Odaseva | Series A | $54M | Jan 2024 |
| Bitstack | Unknown | — | Jan 2024 |
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Top Co-Investors
Bpifrance18 shared
Eurazeo14 shared
Y Combinator11 shared
Cathay Innovation9 shared
Plug and Play Tech Center8 shared
Breega7 shared
Alven7 shared
ISAI7 shared
XAnge7 shared
Station F6 shared
Index Ventures5 shared
Balderton Capital5 shared
Racine²5 shared
Elaia4 shared
Bpifrance Large Venture4 shared
Seaya4 shared
Kima Ventures4 shared
Partech Africa4 shared
500 Global4 shared
AG2R LA MONDIALE4 shared
Last updated: 7 October 2026