Serena Capital
Serena Capital is a Paris-based venture capital firm founded in 2008 that invests primarily in seed to series B technology-related companies across Europe and North America. It manages over €1 billion in assets and supports startups with operational expertise and a large C-level community.
Serena Capital is a PARIS venture capital firm with 69 active companies and 46 exits.
- ·29 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 45 realized deals: 6 years.
- ·Best return: 5.0x MOIC on SantéVet (2017).
- ·Top sector focus: TMT (37% of portfolio).
- ·Fund cadence: ~4Y between vintages · last raise 2026.
Sector breakdown
115 companiesGeography breakdown
6 geographiesKey facts
Coverage notes
6 funds tracked, 115 portfolio companies (69 active · 46 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Serena Capital has raised, with its portfolio companies. Hand-checked from public filings.
EntourageActiveVC2026€75M0 assetsVC2026 · 0yr€75M0–
No portfolio companies tracked yet.
Serena IVVC2025€200M1 assetsVC2025 · 1yr€200M1–
Unrealized
1 held| Company | Entry |
|---|---|
| AMI Labs AI/ML · France | 2026 |
Racine²VC2023€85M24 assets2 exitsVC2023 · 3yr€85M242
Unrealized
24 held| Company | Entry |
|---|---|
| 8Sec TMT · France | 2024 |
| Accenta TMT · France | 2023 |
| CarbonFarm AgTech · France | 2022 |
| Clevergy ClimateTech · France | 2024 |
| DESKi HealthTech · France | 2024 |
| Edgee TMT · France | 2023 |
| Educ-up SaaS · France | 2022 |
| Electra Mobility · France | 2020 |
| Goodvest Fintech · France | 2024 |
| H Company AI/ML · France | 2024 |
| Inato Biotech · France | 2019 |
| Jimmy ClimateTech · France | 2020 |
| kelvin TMT · France | 2022 |
| Kotcha TMT · France | 2024 |
| Lifen HealthTech · France | 2018 |
| Lokki Hospitality · France | 2019 |
| May HealthTech · France | 2022 |
| Norbert Health MedTech · France | 2024 |
| Opsmill DevTools · France | 2024 |
| Polaron TMT · France | 2024 |
| Poppins TMT · France | 2024 |
| Rainbow ClimateTech · France | 2018 |
| Santé Académie Healthcare · France | 2024 |
| Switstack Software · US | 2024 |
Serena IIIGrowth2018€250M41 assets42 exitsGrowth2018 · 8yr€250M4142
Unrealized
41 held| Company | Entry |
|---|---|
| Acheel TMT · France | 2021 |
| Bitstack Fintech · France | 2021 |
| Boxy (ex-Storelift) TMT · France | 2019 |
| Brigad HR Tech · France | 2016 |
| Cloud Ex Machina Software · France | 2024 |
| CybelAngel Cybersecurity · France | 2017 |
| Dataiku AI/ML · US | 2015 |
| DeepIP TMT · France | 2023 |
| Descartes Underwriting InsurTech · France | 2019 |
| Dotfile TMT · France | 2021 |
| Fipto Fintech · France | 2023 |
| Formality TMT · France | 2023 |
| Full Speed Automation Industrials · France | 2024 |
| Joy (ex-Privateaser) Hospitality · France | 2015 |
| Kardinal Software · France | 2020 |
| Kili Technology TMT · France | 2021 |
| Klarys TMT · France | 2024 |
| Kleio TMT · France | 2024 |
| Kotzilla SaaS · France | 2023 |
| Luxurynsight Data & Analytics · France | 2024 |
| Malt HR Tech · France | 2019 |
| Memo Bank Fintech · France | 2017 |
| Metrobloks TMT · France | 2024 |
| Mindee TMT · France | 2018 |
| MONI (Ex-Monisnap) Fintech · France | 2017 |
| Naftiko TMT · France | 2026 |
| Odaseva TMT · US | 2020 |
| Onibi TMT · France | 2024 |
| PandaScore Gaming · France | 2015 |
| Pelico TMT · France | 2019 |
| Powder Gaming · France | 2018 |
| Pretto Fintech · France | 2017 |
| Probabl TMT · France | 2024 |
| PyannoteAI TMT · France | 2024 |
| Quandela Deep Tech · France | 2022 |
| Roofline Software · France | 2024 |
| Sarus Industrials · France | 2022 |
| Underdog Industrials · France | 2024 |
| Waiv Healthcare · France | 2024 |
| Wazo Telecom · Canada | 2017 |
| Wecasa Consumer · France | 2016 |
Realized
42 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Acinq Fintech · France | 2019 | 2025 | Secondary | – | – |
| Alkemics SaaS · France | 2011 | 2023 | Trade Sale | Salsify | – |
| Allo-Media TMT · France | 2014 | 2015 | MBO | Management | – |
| AramisAuto Consumer · France | 2001 | 2016 | Trade Sale | PSA | – |
| Arlettie Consumer · France | 2015 | 2020 | MBO | Management | – |
| Bestmile Mobility · Switzerland | 2014 | 2020 | Trade Sale | ZF | – |
| Bonitasoft Software · France | 2014 | 2023 | Trade Sale | Fortino Capital | – |
| Cheerz Consumer · France | 2015 | 2021 | Trade Sale | Cewe | – |
| Coachclub TMT · France | 2012 | 2016 | MBO | Management | – |
| Cometh Gaming · France | 2022 | 2026 | Trade Sale | Kaiko | – |
| Coorpacademy SaaS · France | 2013 | 2022 | Trade Sale | Go1 | – |
| Darewise Gaming · France | 2020 | 2022 | Trade Sale | AnimocaBrands | – |
| Elium TMT · France | 2017 | – | MBO | Management | – |
| Emmi AI TMT · Austria | 2024 | 2026 | Trade Sale | Mistral | – |
| Finalcad Software · France | 2007 | 2023 | Trade Sale | Advae | – |
| Habiteo TMT · France | 2016 | 2022 | Trade Sale | Bien'ici | – |
| Hull Data & Analytics · France | 2013 | 2017 | Trade Sale | MessageBird | – |
| iBanFirst Fintech · France | 2013 | 2023 | Secondary | Marlin Equity Partners | – |
| iContainers TMT · France | 2018 | 2021 | Trade Sale | Agility | – |
| Jam.gg Gaming · France | 2021 | 2024 | – | – | – |
| Kiute Business Services · France | 2019 | 2022 | Trade Sale | Booksy | – |
| Koyeb Cloud Infrastructure · France | 2022 | 2026 | Trade Sale | Mistral | – |
| LaFourchette Hospitality · France | 2007 | 2014 | Trade Sale | TripAdvisor | – |
| Launchmetrics TMT · Spain | 2015 | 2017 | Trade Sale | Fashion GPS | – |
| Lengow E-commerce · France | 2014 | 2022 | Secondary | Marlin Equity Partners | – |
| Leonardo.ai TMT · US | 2023 | 2025 | Trade Sale | Canva | – |
| Melty TMT · France | 2014 | 2019 | Trade Sale | Reworld Media | – |
| PixelMe TMT · France | 2017 | 2022 | Trade Sale | Carbon6 | – |
| Prestashop E-commerce · France | 2007 | 2021 | Trade Sale | MBE Worldwide | – |
| Prixtel TMT · France | 2017 | 2018 | MBO | Management | – |
| Qualtera Deep Tech · France | 2017 | 2020 | Trade Sale | Synopsys, Inc. | – |
| Quantilia Fintech · France | 2017 | 2022 | MBO | Management | – |
| RSI Video Technologies TMT · France | 2000 | 2014 | Trade Sale | Honeywell | – |
| Seiza TMT · France | 2024 | 2025 | Trade Sale | Adzuna | – |
| Selectron TMT · Switzerland | 2013 | 2016 | Trade Sale | Knorr-Bremse | – |
| Sequans Telecom · France | 2003 | 2023 | Trade Sale | Renesas | – |
| Shadow Gaming · France | 2020 | 2024 | Trade Sale | OVH | – |
| Silvr Fintech · France | 2022 | 2024 | Trade Sale | Karmen | – |
| TextMaster TMT · France | 2014 | 2018 | Trade Sale | Technicis | – |
| TVTY AdTech · France | 2009 | 2019 | Trade Sale | Nielsen | – |
| Uptime TMT · France | 2016 | 2022 | Trade Sale | Otis | – |
| Vekia TMT · France | 2016 | 2022 | – | – | – |
Serena Data VenturesVC2017€80M1 assets1 exitsVC2017 · 9yr€80M11
Unrealized
1 held| Company | Entry |
|---|---|
| Pixeltable AI/ML · US | 2024 |
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Heuritech TMT · France | 2017 | 2024 | Trade Sale | Luxurynsight | – |
About Serena Capital
Serena Capital is a Paris-based European venture capital firm with over €1 billion of assets under management as of December 2024, founded in 2008. The firm invests primarily in seed to Series B technology-related companies across Europe and selectively North America, with a multi-vintage track record supporting European tech innovation across multiple sub-verticals from enterprise software through climate technology to creative AI platforms.
Investment thesis
Serena Capital targets European and selectively North American technology companies at seed and Series A-B stages, deploying equity tickets typically ranging from €1 million to €15 million per investment depending on stage and sub-vertical. Sector focus spans enterprise software, AI/ML, fintech, climate technology and creative tools, with the platform's multi-decade experience enabling pattern recognition across multiple technology cycles. Selective follow-on investments support portfolio companies through Series C and beyond.
Recent activity
Recent realised exits include Koyeb (TMT, 2026), Leonardo.ai (TMT, 2025), Pelico (TMT, 2025) and Seiza (TMT, 2025), reflecting strong 2025-2026 distribution momentum across the technology venture portfolio. The platform tracks 4 funds, 68 active portfolio companies and 44 realised exits across the multi-vintage European VC track record.
Frequently asked questions
- What investment strategy does Serena Capital focus on?
- Serena Capital focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does Serena Capital have?
- Serena Capital has 69 active portfolio companies and 46 completed exits and 6 funds tracked on GP Intel.
- Where is Serena Capital headquartered?
- Serena Capital is headquartered in PARIS, France.
- When was Serena Capital founded?
- Serena Capital was founded in 2008.
- What sectors does Serena Capital invest in?
- Serena Capital invests across TMT, Software, Business Services, Financials, Energy.
- What are Serena Capital's recent exits?
- Recent realized exits by Serena Capital include: Cometh (2026) to Kaiko; Emmi AI (2026) to Mistral; Koyeb (2026) to Mistral; Leonardo.ai (2025) to Canva; Seiza (2025) to Adzuna; Shadow (2024) to OVH; Silvr (2024) to Karmen; Heuritech (2024) to Luxurynsight.
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