- Paris-based VC firm Serena secures €200 million ($215 million) in first close of its fourth flagship fund, targeting €250 million by 2026.
- Focus on early-stage investments in applied AI and climate technology, with up to €15 million per startup.
- Portfolio already spans climate risk insurance, sustainable energy, and carbon tech, positioning Serena as a key financier in Europe’s climate transition.
Paris Fundraise Backs Europe’s Climate and AI Ambitions
European venture capital firm Serena has closed €200 million in commitments for its fourth flagship fund, drawing in a mix of long-term backers and new institutional and private investors. The Paris-based firm is targeting a total raise of €250 million by 2026, with capital earmarked for startups working at the intersection of applied artificial intelligence and climate innovation.
The fund, one of the largest raised in France this year for the sector, will allocate up to €15 million per company. Early investments include Formality, a contract management platform developed by the founders of TVTY, alongside climate technology ventures focused on carbon and energy efficiency.
From Data Science to Decarbonization
Founded in 2008 by Xavier Lorphelin and Marc Fournier, Serena has established itself as one of Europe’s more disciplined and hands-on venture investors. Its portfolio includes the data science platform Dataiku, freelancer marketplace Malt, climate risk insurer Descartes Underwriting, and sustainable energy firm Electra. These companies exemplify the dual themes that the new fund intends to pursue: scaling digital intelligence and advancing technologies that directly reduce carbon risk.
Serena’s previous fund, Serena III, proved catalytic. Between 2018 and 2024, portfolio firms raised more than €1.5 billion, with over €600 million secured last year alone. Combined valuations across its 18 growth companies are nearing €5 billion. The firm has also registered liquidity events this year through exits including Salsify and Booksy.
Building Through Active Governance
A distinguishing feature of Serena is its founder-first model. Its investment team, which includes partners Sébastien Le Roy, Olivier Martret, and Paul Moriou, is supported by a network of senior operators and sustainability experts. The so-called “Serena Squad” works directly with founders on scaling challenges, product roadmaps, and ESG integration, providing a governance layer that many European VCs lack.
This operational ecosystem is seen as a core advantage in the crowded European venture space, where climate finance is increasingly competitive. “Backing climate technology requires more than capital. It requires expertise to help founders translate innovation into commercial and regulatory resilience,” one partner said in announcing the fund.
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Climate Technology in the European Policy Context
The timing is strategic. Europe is doubling down on climate and AI priorities, with regulatory pressure mounting on carbon accounting, energy efficiency, and data transparency. Serena is positioning itself as a conduit for this transition, identifying startups with technologies that can meet both regulatory needs and investor demand for credible climate-aligned assets.
Climate risk analytics, sustainable energy platforms, and carbon accounting solutions are high on the list for future investments. The firm’s involvement in Descartes Underwriting and Electra already reflects Europe’s urgency to integrate climate risk into insurance and accelerate EV infrastructure.
What Investors Should Watch
For institutional investors and C-suite leaders, Serena’s €200 million first close offers three signals:
- AI and climate tech are converging — capital is flowing into tools that link intelligence with sustainability, from carbon monitoring to predictive risk modelling.
- European VC is maturing — hands-on models like Serena’s are evolving into platforms that combine governance, capital discipline, and sustainability expertise.
- Policy alignment is driving deal flow — as EU regulation tightens, firms that anticipate disclosure and efficiency demands stand to attract the most financing.
Global Relevance
The broader stakes extend beyond Europe. Serena’s fund comes as the U.S. and Asia also race to anchor capital in AI and low-carbon technologies. For global investors, it illustrates how Europe is attempting to hold ground in strategic technologies that will define the climate transition.
With €50 million still to raise, Serena has until 2026 to complete its target. But with a track record of scaling startups into billion-euro valuations and exits, the firm is positioned to remain a leading backer of companies where artificial intelligence and climate resilience meet.
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