Elaia hits €120 million first close for new B2B tech vehicle
French venture capital firm Elaia has announced a €120 million first close for its latest multi-stage fund, targeting high-growth B2B technology startups across Europe. The new fund will back companies from seed through growth stages, reinforcing the firm’s position as a key player in the European innovation ecosystem.
Multi-stage strategy focused on B2B technology
The new vehicle is designed to support founders throughout their scaling journey, with initial tickets expected to range from early seed rounds to larger Series B and beyond. Elaia will concentrate on capital-efficient, software-driven business models, including SaaS, data infrastructure, cybersecurity, and AI-powered enterprise solutions.
By adopting a multi-stage approach, the firm aims to reduce funding gaps that often appear when European startups transition from early traction to international expansion. The strategy allows Elaia to lead or co-lead rounds, while reserving significant follow-on capital for top-performing portfolio companies.
Backing European deep tech and B2B champions
Known for its early bets on European deep tech and enterprise software, Elaia plans to deploy the fund primarily in the eurozone, with a particular emphasis on France, Spain, and other key innovation hubs. Target companies will typically exhibit strong technical founding teams, defensible intellectual property, and scalable recurring revenue models.
The firm’s partners highlight a continued belief in the resilience of B2B technology despite a more selective global funding environment. With enterprises accelerating digital transformation, demand for tools that improve productivity, security, and data-driven decision-making remains robust.
Institutional backing and market positioning
The €120 million first close is expected to be followed by additional commitments from institutional investors, family offices, and corporate LPs, with a final close anticipated in the coming months. The fund strengthens Elaia’s role as a long-term partner for founders, combining capital with operational support, strategic introductions, and international scaling expertise.
As European venture capital continues to mature, the launch of this multi-stage B2B fund underscores investor confidence in the continent’s ability to produce globally competitive software and deep tech leaders.