Iris Capital
European VC firm originally founded 1986 within Caisse des Depots, spun off 2003 as independent and formalised the 2012 joint venture with Orange and Publicis (24.5 percent each minority shareholders); manages around EUR 1.1bn across five funds focused on European deep-tech and SaaS with notable exits Kyriba 2019 Bridgepoint USD 1bn+, LumApps 2024 Bridgepoint USD 650M, LeanIX 2023 SAP acquisition.
Iris Capital is a Paris venture capital firm with €1.1B AUM, 35 active companies and 14 exits.
- ·11 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 14 realized deals: 6 years.
- ·Best return: 12.0x MOIC on Kyriba (2019).
- ·Top sector focus: SaaS (27% of portfolio).
- ·Fund cadence: ~3Y between vintages · last raise 2022.
Sector breakdown
49 companiesGeography breakdown
8 geographiesKey facts
Recent exits
Iris Capital sold Adaptive ML to Datadog in 2026 after 3 years.
Iris Capital sold Talon.One to Adyen in 2026 after 8 years.
Iris Capital sold Cohort to Brevo in 2025 after 2 years.
Iris Capital sold SurePay to Carlyle in 2025 after 4 years.
Coverage notes
5 funds tracked, 49 portfolio companies (35 active · 14 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Iris Capital has raised, with its portfolio companies. Hand-checked from public filings.
IRIS Venture IVVC2022€150M17 assets3 exitsVC2022 · 4yr€150M173
Unrealized
17 held| Company | Entry |
|---|---|
| DGG Software · Germany | 2023 |
| Digitrips SaaS · France | – |
| Escape Cybersecurity · France | 2026 |
| Helu.io TMT · Germany | 2022 |
| Hopia HealthTech · France | 2025 |
| Implicity HealthTech · France | 2026 |
| Jedox SaaS · Germany | 2018 |
| Kovalee Gaming · France | 2023 |
| Nala Earth TMT · Germany | 2025 |
| OpsMill DevTools · France | 2026 |
| Popsink Data & Analytics · France | 2025 |
| Pyck Logistics · Germany | 2025 |
| Qovery SaaS · France | 2025 |
| Redpoints TMT · Spain | 2022 |
| Spinergie SaaS · France | 2022 |
| WeeFin Fintech · France | 2023 |
| Zeta Global AdTech · United States | – |
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Adaptive ML AI/ML · France | 2023 | 2026 | Trade Sale | Datadog | – |
| Cohort SaaS · France | 2023 | 2025 | Trade Sale | Brevo | – |
| Talon.One SaaS · Berlin, Germany | 2018 | 2026 | Trade Sale | Adyen | – |
IRIS Growth FundGrowth2018€250M1 assets2 exitsGrowth2018 · 8yr€250M12
IrisNextHarvestingVC2017€300M10 assets1 exitsVC2017 · 9yr€300M101
Unrealized
10 heldRealized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Monk AI/ML · France | 2020 | 2022 | Trade Sale | ACV Auctions | – |
IRIS FundHarvestingGrowth2015€300M2 assets4 exitsGrowth2015 · 11yr€300M24
Iris Capital Fund IIIRealizedGrowth2010€350M5 assets4 exitsGrowth2010 · 16yr€350M54
Unrealized
5 held| Company | Entry |
|---|---|
| Quantifind AI/ML · US | 2014 |
| reBuy E-commerce · Germany | 2013 |
| Scality AI/ML · France | 2013 |
| Shift Technology InsurTech · France | 2014 |
| Yodo1 Gaming · China | 2013 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Agorize SaaS · France | 2013 | 2024 | Trade Sale | Bloomflow | – |
| Kyriba SaaS · France | 2010 | 2019 | Secondary | Bridgepoint | 12.0x |
| Neocase Software SaaS · France | 2006 | 2025 | Trade Sale | Sopra Steria | – |
| Netatmo TMT · France | 2013 | 2018 | Trade Sale | Legrand | – |
About Iris Capital
Iris Capital is a European venture capital firm with €1.1 billion of assets under management as of December 2024, originally founded in 1986 within Caisse des Dépôts before spinning off as an independent platform in 2003. The firm formalised a 2012 joint venture with Orange and Publicis (each 24.5% minority shareholders), creating a distinctive corporate-VC partnership structure aligned with technology and digital media themes across European and selectively US markets.
Investment thesis
Iris Capital targets European and selectively US technology and digital media companies across early-stage venture and growth equity, deploying through five active funds focused on tech innovation themes. Sector focus spans TMT (digital media, telecom technology, enterprise software) and Industrials (industrial technology, IoT, automation). The corporate-VC partnership with Orange and Publicis provides strategic relationships with two major European telecom and advertising groups supporting portfolio company development.
Recent activity
Recent realised exits include LumApps (TMT, 2024) and LeanIX (TMT, 2023), reflecting selective distribution activity across the technology venture portfolio. The platform tracks 5 funds, 10 active portfolio companies and 3 realised exits across the multi-decade European tech VC track record.
Frequently asked questions
- What investment strategy does Iris Capital focus on?
- Iris Capital focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does Iris Capital have?
- Iris Capital has 35 active portfolio companies and 14 completed exits and 5 funds tracked on GP Intel.
- Where is Iris Capital headquartered?
- Iris Capital is headquartered in Paris, France.
- What is Iris Capital's assets under management?
- Iris Capital manages approximately €1.1B in assets under management.
- When was Iris Capital founded?
- Iris Capital was founded in 1986.
- What sectors does Iris Capital invest in?
- Iris Capital invests across Software, Consumer, Financials, Business Services, Industrials.
- What are Iris Capital's recent exits?
- Recent realized exits by Iris Capital include: Adaptive ML (2026) to Datadog; Talon.One (2026) to Adyen; Cohort (2025) to Brevo; SurePay (2025) to Carlyle; Neocase Software (2025) to Sopra Steria; LumApps (2024) to Bridgepoint; Agorize (2024) to Bloomflow; Braincube (2023) to Scottish Equity Partners.
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