CapHorn
CapHorn is an independent French venture capital firm founded in 2011 and based in Paris that backs B2B and digital technology companies. It invests primarily at Series A and B stage and runs a distinctive model built on a base of around 250 limited partners who are senior executives of large corporations and help portfolio companies win enterprise customers. The firm organises its activity around three verticals: Enterprisetech, the digital transformation of traditional industries; Healthtech, covering medical devices and digital health; and Climatetech, spanning buildings, energy, transport and agriculture. It invests mainly in France and Europe and manages around EUR 200 million. CapHorn was acquired by the alternative-investment group Anaxago in February 2022.
Key facts
Recent exits
Coverage notes
2 funds tracked, 34 portfolio companies (25 active · 9 realized). Verified weekly from public filings and deal announcements.
Sector breakdown
34 companiesFunds & portfolio
Every fund CapHorn has raised, with its portfolio companies. Hand-checked from public filings.
CapHorn 2VC2017 · 9yr€130M25 active · 6 realized
Unrealized
25 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AgTech |  France | 2023 | |
| Software | France | 2018 | |
| Software | France | 2023 | |
| Software | France | 2016 | |
| ClimateTech | France | 2023 | |
| Software | France | 2022 | |
| Industrials | France | 2022 | |
| MedTech | France | 2023 | |
| ClimateTech | France | 2025 | |
| Software | France | 2022 | |
| Software | France | 2022 | |
| E-commerce | France | 2019 | |
| HealthTech |  Germany | 2024 | |
| Fintech | France | 2018 | |
| Software | France | 2022 | |
| Software |  UK | 2025 | |
| Business Services | France | 2022 | |
| Biotech | France | 2025 | |
| HealthTech | France | 2022 | |
| Data & Analytics | Canada | 2018 | |
| Software | France | 2017 | |
| Energy | France | 2023 | |
| HealthTech | France | 2022 | |
| HealthTech | France | 2023 | |
| Software | France | 2019 |
France· Entry 2023France· Entry 2018France· Entry 2023France· Entry 2016France· Entry 2023France· Entry 2022France· Entry 2022France· Entry 2023France· Entry 2025France· Entry 2022France· Entry 2022France· Entry 2019Germany· Entry 2024France· Entry 2018France· Entry 2022UK· Entry 2025France· Entry 2022France· Entry 2025France· Entry 2022France· Entry 2017France· Entry 2023France· Entry 2022France· Entry 2023France· Entry 2019Realized
6 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| LegalTech | France | 2017 | 2024 | Trade Sale | – | ||
| Cybersecurity | Singapore | 2020 | 2022 | Trade Sale | – | ||
| Software | France | 2018 | 2025 | Trade Sale | – | ||
| AdTech | France | 2016 | 2024 | Trade Sale | – | ||
| Software | France | 2020 | 2025 | Secondary | – | ||
| Cybersecurity | France | 2019 | 2024 | Trade Sale | – |
CapHorn Invest 1VCHarvesting2011 · 15yr€50M0 active · 3 realized
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Logistics | France | 2013 | 2021 | Trade Sale | – | ||
| Industrials | France | 2013 | 2024 | Trade Sale | – | ||
| Data & Analytics | France | 2016 | 2025 | Trade Sale | – |
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About CapHorn
CapHorn, formerly CapHorn Invest, is an independent French venture capital firm specialising in B2B and digital companies. Founded in 2011, it is headquartered in Paris, France, and is an AMF-regulated manager. The firm manages roughly €180 to €200 million across two main fund vehicles. Since the early 2020s CapHorn has operated under the financial structure of Anaxago, the French investment platform, and runs a distinctive club-deal model. A defining feature is its limited partner base of around 250 corporate executives and entrepreneurs, who also act as a sourcing and business-development network for portfolio companies. The flagship fund, CapHorn 2, a vintage-2017 FPCI, closed at €130 million.
Investment thesis
CapHorn pursues a venture capital strategy focused on European B2B and digital companies, investing principally at Series A and Series B with some seed activity. The firm targets enterprise software and digital companies driving market transformation, including enterprise technology, climate technology and health technology. Geography is Europe, anchored in France. Tickets typically range from about €1 million to €10 to €15 million. The limited partner base is unusual: roughly 250 corporate executives and business leaders, which gives portfolio companies privileged access to enterprise customers and decision-makers. The core value-creation lever is a trust, funding and network model, leveraging the executive limited partner community for commercial introductions and go-to-market acceleration with large corporates.
Recent activity
Recent investments include Tilak Healthcare in health technology (2023) and Kranus Health in health technology (2024), alongside enterprise-technology holdings such as Onepilot and Naboo. Recent exits include Dathena in enterprise and cybersecurity software (2022) and Saagie in enterprise and data software (2025). The platform continues to deploy across European B2B and digital companies at Series A and Series B, leveraging its executive limited partner network for commercial acceleration. Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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