Elaia Research
Investment Thesis
Elaia is a Paris-headquartered venture capital firm founded in 2002, describing itself as "a full stack investor for a complex world" that backs "tech disruptors with performance, values & care." The firm partners with ambitious, technical founders from inception through leadership, combining capital with hands-on operational support across two dedicated strategies: Digital Venture (B2B software, AI-enabled products, fintech, adtech, e-commerce and marketplace models) and DeepTech Seed (energy, aerospace, robotics, biotech, semiconductors, and other deep-science-driven companies emerging from labs and research institutions like INRIA, Institut Pasteur, and PSL Université). Elaia positions ESG and sustainability as core to its investment process rather than a bolt-on, and is a signatory to UN PRI and a member of ClimateAct and Diversity VC.
Stage Focus
Elaia invests across the earliest stages of company formation, from pre-seed through Series B. The Digital Venture strategy (now on Fund V) targets pre-seed to Series B B2B technology companies, while the DeepTech Seed strategy (now on its third fund) focuses specifically on pre-seed and seed-stage deep tech startups, often as the first institutional check into lab or university spinouts.
Check Size
Typical investment range is €1M–€15M ($1M–$16M):
- DeepTech Seed Fund III (€134M, closed March 2026): €1M–€13M initial checks into pre-seed/seed B2B deep tech startups.
- Digital Venture Fund V (€120M first close, February 2026, targeting €300M): €1M–€15M across pre-seed to Series B.
Lead Tendency
Elaia both leads and co-leads rounds (e.g., led Mimic Robotics' $16M seed alongside Speedinvest; co-led Enodia Therapeutics' €20.7M seed with Pfizer Ventures and Bpifrance) and also participates as a syndicate member in larger rounds led by other funds (e.g., Linkup's $10M seed led by Gradient, Proxima Fusion's €130M Series A co-led by Cherry Ventures and Balderton).
Recent Activity
Elaia has been actively deploying two funds in 2025–2026:
- March 2026: Closed DeepTech Seed Fund III at €134M, double the size of its predecessor.
- February 2026: Reached €120M first close on Digital Venture Fund V, targeting B2B tech from pre-seed to Series B.
- February 2026: Participated in Linkup's $10M seed (web search for AI).
- January 2026: Co-led Enodia Therapeutics' €20.7M seed (targeted protein degradation biotech) and participated in Aviwell's €11M Series A (AI-driven animal-nutrition microbiome platform).
- November 2025: Led Mimic Robotics' $16M seed (ETH Zurich robotics spinout, dexterous AI hands).
- June 2025: Participated in Proxima Fusion's €130M Series A, the largest private fusion-energy round in Europe at the time.
- May 2025: Participated in SeqOne Genomics' €20M oversubscribed growth round (AI-powered genomic medicine).
Portfolio Highlights
Elaia has made 100+ investments and recorded roughly 80 exits over 20 years, including 3 seed-to-unicorn journeys. Notable outcomes include Criteo (IPO, 2013), Teads (acquired by Altice, 2017), Easyrecrue (acquired), Hyperlex (acquired), CodeNotary (acquired), Quortex (acquired), Shipup (acquired), Orchestra Networks (acquired), and Enso Security (acquired). Vibe.co, a connected-TV advertising platform, is being acquired by Walmart in a deal reported at roughly $1.4B (announced June 2026). Active portfolio highlights span AI/deep tech (Alice&Bob, SandboxAQ, Aqemia, H Company, Proxima Fusion, Dexory), enterprise software (Mirakl, Tabnine, Traefik Labs, Giskard), fintech/insurtech (iBanFirst, Shift Technology, Seyna), and digital health/biotech (SeqOne, Aviwell, Enodia Therapeutics, Sonio, hema.to, Inato).
Team
Elaia's team is organized into a Digital Venture group and a DeepTech Seed group under shared management:
- Xavier Lazarus — Managing Partner (co-founder); Adtech, Big Data, ML, Digital Media, SaaS
- Pauline Roux — Managing Partner; AI, SaaS, Adtech, Martech, HRtech, Agtech
- Marc Rougier — Managing Partner; IT Infrastructure, Big Data, Social Media, SaaS
- Anne-Sophie Carrese — Managing Partner (DeepTech); Energy, Aeronautics, Automotive, IoT, AI, Deep Tech
- Alexis Frentz — Partner; AI, SaaS, Data, Fintech
- Philippe Gire — Partner; Digital, SaaS, IoT, Telecom, Insurtech
- Samantha Jérusalmy — Partner; SaaS, E-Commerce, Marketplace, Digital Media, Proptech, Logistics
- Zeevi Michel — Partner; M&A, Digital Transformation, Management
- Florian Denis — Partner; Life Sciences
- Sébastien Lefebvre — Partner; SaaS, Big Data, Social Media, IT Infrastructure
- Clément Vanden Driessche — Partner; Deep Tech, SaaS, Environmental Tech, Robotics, New Space, Cybersecurity
- Emmanuel Perez-Duarte — Partner, CFO & General Secretary; Financial Services, Compliance, Fintech
- Christophe Primault, Laurent Kott, Sacha Loiseau, Daniel Pilaud, David Sourdive — Venture Partners covering SaaS/Adtech/Security, distributed systems, medtech, embedded systems, and biotech respectively
- Vincent Faber, Céline Passedouet — Investment Directors covering AI/ML/data science and SaaS/data science/fintech
- Delphine Villuendas — Head of Investor Relations
The firm operates from Paris with additional offices in Barcelona and Tel Aviv, and has an independent board member, Anne Bouverot (AI, Telecommunications, Corporate Governance).
Decision Process
Elaia operates as a multi-partner investment committee across its Digital Venture and DeepTech Seed strategies, with several co-equal Managing Partners (Lazarus, Roux, Rougier, Carrese) rather than a solo-GP structure.
Founder Preferences
Elaia favors technical and scientific founders — frequently PhDs, researchers, and lab spinout teams (INRIA, Institut Pasteur, ETH Zurich, PSL) for DeepTech, and experienced operators/repeat entrepreneurs for Digital Venture B2B software. The firm emphasizes long-term partnership "from inception to leadership" and hands-on support through scaling.
Geographic Focus
Primarily France and continental Europe, with expanding reach via its Barcelona and Tel Aviv offices into Spain and Israel; deep tech investments increasingly span all of Europe given lab/university spinout sourcing.