French VC Elaia Closes €120M First Round For New B2B Tech Fund

The fund will support European B2B technology startups from pre-Seed to Series B, with investment sizes ranging from €1 million to €15 million.

The fund has already made its initial investments in mimic Robotics and Linkup. DV5’s investor base includes a mix of returning and new limited partners, such as Bpifrance, MACSF, BNP Paribas, SMABTP, Arundo Re, and Groupe AG2R LA MONDIALE. Lazard Frères Gestion also assisted in securing commitments for this first close.

“As a full-stack investor with a platform to invest across all stages, we are well-positioned with DV5 to build the next chapter in our mission to supercharge Europe’s most resilient, high-growth companies,” says Xavier Lazarus, CEO and co-founder of Elaia.

Within this landscape, Elaia’s €120 million first close positions DV5 among the larger recently announced funds, particularly in France. While some vehicles show strong regional specialization Southern Europe for Índico or the Nordics for Vendep DV5 reflects sustained institutional appetite for multi stage B2B technology investments across AI IndustrialTech and enterprise software throughout the broader European ecosystem.

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Founded in 2002 by Xavier Lazarus, a serial entrepreneur with multiple AdTech exits, Elaia has become a prominent player in the European venture capital scene. Its team is composed of former founders, engineers, and DeepTech operators from top institutions such as Stanford, EPFL and École Polytechnique.

Elaia’s portfolio includes standout companies like Mirakl, Shift Technology, HarfangLab, iBanFirst and SeqOne, reflecting the firm’s strong track record in identifying and accelerating high-potential ventures.

Positioning itself as a full-stack investor, Elaia goes beyond writing early-stage cheques, providing operational guidance, technical expertise, and long-term investor support. This hands-on approach especially critical in areas such as AI and IndustrialTech distinguishes Elaia from other funds in the market.

With DV5, the firm continues this philosophy, offering execution-focused support designed to help startups achieve product-market fit, overcome scaling challenges, and pursue successful exits.

“Portfolio successes like Mirakl, Shift Technology, Vibe.co, iBanFirst, HarfangLab, Dexory, and SeqOne underscore our ability to identify disruptive potential at an early stage and support its development into market leadership,” adds Pauline Roux, Managing Partner at Elaia. “Founders in our portfolio continue to partner with us as advisors and investors, reflecting the long-term relationships we have built across the European ecosystem.”

About Elaia

Elaia is a full-stack tech and deep-tech investor, partnering with ambitious entrepreneurs from inception to leadership. They provide capital, operational guidance, and technical expertise to help startups navigate uncertainty, scale effectively, and shape the future.