Serena Raises €200M Fund To Applied AI and Energy Transition

Following the approach of previous funds, Serena IV will invest up to €15 million per company, supporting early-stage entrepreneurs aiming to build global businesses. Over 15 years, Serena has backed notable companies such as Dataiku, Malt, Descartes Underwriting, and Electra, maintaining a focus on clear investment theses, disciplined execution, and close founder collaboration.

Serena IV targets two key areas: applied AI and the energy transition, sectors transforming global value chains and offering Europe a chance to strengthen its technological, environmental and economic standing. The fund has already made four initial investments, including Formality, an AI-driven contract management platform founded by the creators of TVTY (previously backed by Serena and later acquired by Nielsen).

Read Also - London-based Notion Capital Raises €114M To Boost AI-Focused Software And FinTech Investments

The launch of Serena IV builds on a strong 2024 for Serena III, during which portfolio companies raised over €600 million, bringing total funding since 2018 to more than €1.5 billion. The 18 portfolio companies now have a combined valuation nearing €5 billion, with several expanding internationally in climate, energy transition and applied AI. Early 2025 also saw two successful exits, Salsify and Booksy, highlighting Serena’s ability to support startups from seed to global scale.

Alongside co-founders Xavier Lorphelin and Marc Fournier, Serena IV is supported by partners Sébastien Le Roy, Olivier Martret, and Paul Moriou, who have collaborated for six years on Serena III and bring a proven track record in the ecosystem.

The team is expanding its sourcing and analysis capabilities with the addition of its first Associate, Constance Gontier. With a background largely composed of former entrepreneurs, the team combines operational experience and a deep understanding of the human challenges of growth, reinforcing Serena’s close founder relationships.

Serena has cultivated a strong investor base across French and European institutions and private investors, many of whom have renewed commitments across successive funds. At the first close, 80% of historical investors recommitted, while the fund also attracted new participants.

In under five years, total capital raised has doubled to €1 billion, reflecting sustained LP confidence and Serena’s ability to create value across funds, while supporting the emergence of European companies with meaningful global scale.

About Serena

Serena, founded in 2008, is a leading European venture capital firm managing €1 billion. It supports startups from pre-seed to Series A, focusing on AI, SaaS, Climate Tech, Internet Infrastructure, and Impact, combining funding, operational expertise and a strong founder network to help companies scale globally and responsibly.