Five Seasons Ventures
Five Seasons Ventures is a Paris-based pan-European venture capital firm founded in October 2017 by Niccolo Manzoni and Ivan Farneti, two Italian investors with backgrounds at Monitor Group McKinsey Bain and Doughty Hanson Technology Ventures. The firm specialises in food-tech and agri-tech backing Series A and Series B consumer brands and platforms that target healthier diets alternative proteins food-waste reduction supply-chain transparency and personalised nutrition. Fund I closed in October 2018 at EUR 77M with Nestle the European Investment Fund Bpifrance and Fondo Italiano d'Investimento as anchor LPs. Fund II the Food Tech Impact Fund closed in October 2021 at EUR 180M oversubscribed adding InnovFin Equity EU Horizon 2020 to the LP base. Initial cheques range from EUR 2M to EUR 10M with reserves up to EUR 20M per company. The firm operates from Paris with satellite presences in London and Bologna and counts Butternut Box (2023 General Atlantic + L Catterton Trade Sale), yfood (2023 Nestle Trade Sale EUR 430M valuation) and Just Spices (2022 Kraft Heinz Trade Sale 85 percent stake) among its realised exits. SIREN 832509590 SARL HQ 107 rue Reaumur 75002 Paris with around 10 staff including 5 in France.
Five Seasons Ventures is a Paris venture capital firm with €280M AUM, 21 active companies and 5 exits.
- ·5 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 5 realized deals: 4 years.
- ·Top sector focus: Consumer (69% of portfolio).
- ·Fund cadence: ~3Y between vintages · last raise 2021.
Sector breakdown
26 companiesGeography breakdown
6 geographiesKey facts
Recent exits
Five Seasons Ventures sold La Fourche to Bpifrance Large Venture and Astanor in 2025 after 5 years.
Five Seasons Ventures sold Pyxo to UBI Solutions in 2024 after 3 years.
Five Seasons Ventures sold Butternut Box to General Atlantic + L Catterton in 2023 after 5 years.
Five Seasons Ventures sold yfood to Nestle in 2023 after 4 years.
Coverage notes
2 funds tracked, 26 portfolio companies (21 active · 5 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Five Seasons Ventures has raised, with its portfolio companies. Hand-checked from public filings.
Five Seasons Ventures Fund IIVC2021€180M13 assets1 exitsVC2021 · 5yr€180M131
Unrealized
13 held| Company | Entry |
|---|---|
| Artah Consumer · UK | 2024 |
| Cortilia E-commerce · Italy | 2021 |
| Her One Consumer · Germany | 2023 |
| Hey Holy Consumer · Germany | 2025 |
| Just Legends Consumer · Germany | 2022 |
| JUUZ Consumer · Germany | 2026 |
| KoRo Consumer · Germany | 2022 |
| Mammaly Consumer · Germany | 2023 |
| Puresport Consumer · UK | 2025 |
| spacegoods Consumer · UK | 2024 |
| Tallow + Ash Consumer · UK | 2023 |
| Untamed Consumer · UK | 2022 |
| Years Consumer · UK | 2026 |
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Pyxo Industrials · France | 2021 | 2024 | Trade Sale | UBI Solutions | – |
Five Seasons Ventures Fund IVC2018€77M8 assets4 exitsVC2018 · 8yr€77M84
Unrealized
8 held| Company | Entry |
|---|---|
| Air Up Consumer · Germany | 2020 |
| Barkyn Consumer · Portugal | 2021 |
| Dash Water Consumer · UK | 2020 |
| The Nu Co Consumer · Germany | 2021 |
| THIS FoodTech · UK | 2020 |
| Tropic Biosciences AgTech · UK | 2018 |
| Vly FoodTech · Germany | 2021 |
| Yamo Consumer · Switzerland | 2020 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Butternut Box FoodTech · UK | 2018 | 2023 | Trade Sale | General Atlantic + L Catterton | – |
| Just Spices Consumer · Germany | 2019 | 2022 | Trade Sale | Kraft Heinz | – |
| La Fourche FoodTech · France | 2020 | 2025 | Secondary | Bpifrance Large Venture and Astanor | – |
| yfood FoodTech · Germany | 2019 | 2023 | Trade Sale | Nestle | – |
About Five Seasons Ventures
Five Seasons Ventures is a French venture capital firm headquartered in Paris with capital deployed across 3 active fund vehicles. Founded in 2017, the firm deploys institutional capital across early-stage and selective growth-stage equity rounds in European technology companies, with sector focus spanning consumer, healthcare and business services.
Investment thesis
Five Seasons Ventures targets European and selectively global early-stage and growth-stage technology companies across consumer, healthcare and business services, deploying institutional venture capital across seed, Series A and Series B rounds. The firm emphasises hands-on operational support during the post-investment value-creation phase, leveraging founder and operator partners alongside institutional capital to support international expansion and category leadership across France and selectively across Europe. Average equity tickets vary by stage with reserve capital preserved for follow-on rounds across the platform.
Recent activity
Realised exits across the current platform vintages remain limited, with the portfolio in active deployment and value-creation phase. The platform tracks 3 fund vehicles, 27 active portfolio companies and 0 realised exits across the strategy's history.
Frequently asked questions
- What investment strategy does Five Seasons Ventures focus on?
- Five Seasons Ventures focuses on VC strategies in the private equity space.
- How many portfolio companies does Five Seasons Ventures have?
- Five Seasons Ventures has 21 active portfolio companies and 5 completed exits and 2 funds tracked on GP Intel.
- Where is Five Seasons Ventures headquartered?
- Five Seasons Ventures is headquartered in Paris, France.
- What is Five Seasons Ventures's assets under management?
- Five Seasons Ventures manages approximately €280M in assets under management.
- When was Five Seasons Ventures founded?
- Five Seasons Ventures was founded in 2017.
- What sectors does Five Seasons Ventures invest in?
- Five Seasons Ventures invests across Consumer, Industrials.
- What are Five Seasons Ventures's recent exits?
- Recent realized exits by Five Seasons Ventures include: La Fourche (2025) to Bpifrance Large Venture and Astanor; Pyxo (2024) to UBI Solutions; Butternut Box (2023) to General Atlantic + L Catterton; yfood (2023) to Nestle; Just Spices (2022) to Kraft Heinz.
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