Starquest
Starquest is a Paris-based venture capital firm specializing in climate impact and disaster resilience, investing in technology companies that reduce greenhouse gas emissions protect natural resources and adapt to climate change. The firm was incorporated as an SAS in March 2012 by Arnaud Delattre and Emmanuel Gaude (AMF approval GP-14000040 granted 2014 SIREN 750953549 HQ 36 rue Tronchet 75009 Paris) and is part of the Montefiore family of investment firms. Starquest manages three thematic strategies: the Starquest Protect Fund (2022 vintage EUR 130M Article 9 SFDR) targeting Series A-C climate-tech across energy mobility agriculture industry and advanced materials with EUR 3-20M tickets; the CCR-Fund (launched late 2024 in partnership with Caisse Centrale de Reassurance) financing climate-adaptation and disaster-prevention companies from seed to LBO with EUR 0.5-5M tickets; and a Biodiversity Fund (EUR 3-15M tickets) backing ecosystem-restoration and nature-based solutions. Standalone AUM reached EUR 400M in 2024 with a stated 2028 target of EUR 1B. Portfolio milestones include the 2021 Euronext Paris IPO and 2025 EUR 534M EQT takeover of Waga Energy and the 2023 trade sale of ITK to Innoval.
Starquest is a Paris venture capital firm with €400M AUM, 20 active companies and 7 exits.
- ·5 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 7 realized deals: 7 years.
- ·Best return: 19.0x MOIC on Effy (2019).
- ·Top sector focus: ClimateTech (26% of portfolio).
Sector breakdown
27 companiesKey facts
Recent exits
Starquest sold Caeli Energie to Groupe ADEXSI (via Souchier-Boullet) in 2026 after 3 years.
Starquest sold Qosguard to ITS Integra in 2025 after 9 years.
Starquest sold Waga Energy to EQT in 2025 after 8 years.
Starquest sold ITK to Innoval in 2023 after 12 years.
Coverage notes
3 funds tracked, 27 portfolio companies (20 active · 7 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Starquest has raised, with its portfolio companies. Hand-checked from public filings.
Starquest CCR-FundVC2024€50M2 assetsVC2024 · 2yr€50M2–
Unrealized
2 held| Company | Entry |
|---|---|
| Hydroclimat SaaS · France | 2026 |
| Uniject Construction · France | 2026 |
Starquest Protect FundVC2022€130M14 assets3 exitsVC2022 · 4yr€130M143
Unrealized
14 held| Company | Entry |
|---|---|
| Aldoria Aerospace & Defence · France | 2024 |
| Atawey Mobility · France | 2017 |
| Auum Industrials · France | 2022 |
| Beeldi SaaS · France | 2022 |
| Cailabs Deep Tech · France | 2017 |
| Ecoat ClimateTech · France | 2025 |
| Eurodia Industrie France | 2026 |
| Heliup ClimateTech · France | 2023 |
| Hellowatt Energy · France | 2023 |
| Heraklio ClimateTech · France | 2024 |
| Leakmited Software · France | 2025 |
| Les Nouvelles Fermes AgTech · France | 2025 |
| Tryon Industrials · France | 2019 |
| Ubees AgTech · France | 2025 |
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Caeli Energie ClimateTech · France | 2023 | 2026 | Trade Sale | Groupe ADEXSI (via Souchier-Boullet) | – |
| Qosguard Software · France | 2016 | 2025 | Trade Sale | ITS Integra | – |
| Waga Energy ClimateTech · France | 2017 | 2025 | Trade Sale | EQT | – |
Starquest LegacyRealizedVC2010€100M4 assets4 exitsVC2010 · 16yr€100M44
Unrealized
4 held| Company | Entry |
|---|---|
| DNA Gensee Industrials · France | 2014 |
| Kyotherm ClimateTech · France | 2010 |
| Olikrom Industrials · France | 2014 |
| SOS Accessoires Industrials · France | 2015 |
About Starquest
Starquest is a French venture capital firm headquartered in Paris with €1 billion of assets under management as of December 2024. Founded in 2012, the firm deploys institutional capital across early-stage and selective growth-stage equity rounds in European technology companies, with sector focus spanning energy, industrials, software, consumer, healthcare and business services.
Investment thesis
Starquest targets European and selectively global early-stage and growth-stage technology companies across energy, industrials, software, 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
Recent realised exits include Waga Energy (energy, 2025). The platform tracks 2 fund vehicles, 23 active portfolio companies and 1 realised exit across the strategy's history.
Frequently asked questions
- What investment strategy does Starquest focus on?
- Starquest focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does Starquest have?
- Starquest has 20 active portfolio companies and 7 completed exits and 3 funds tracked on GP Intel.
- Where is Starquest headquartered?
- Starquest is headquartered in Paris, France.
- What is Starquest's assets under management?
- Starquest manages approximately €400M in assets under management.
- When was Starquest founded?
- Starquest was founded in 2012.
- What sectors does Starquest invest in?
- Starquest invests across Energy, Industrials, Software, TMT.
- What are Starquest's recent exits?
- Recent realized exits by Starquest include: Caeli Energie (2026) to Groupe ADEXSI (via Souchier-Boullet); Qosguard (2025) to ITS Integra; Waga Energy (2025) to EQT; ITK (2023) to Innoval; Zelup (2023) to Leader Group; Effy (2019) to ENGIE, 19.0x; Phenix (2018) to ETF Partners, Bpifrance, Sofiouest and Arkéa, 7.0x.
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