Revaia

Revaia Research

Investment Thesis

Revaia (formerly Gaia Capital Partners) is a Paris-based growth equity investment firm whose stated mission is to champion "sustainable leaders" in technology and innovation. Founded in 2018 by Alice Albizzati and Elina Berrebi, the firm styles itself as a partner to "mission-driven entrepreneurs" building companies where sustainability is "built into their DNA." Revaia is explicitly sector-agnostic but requires portfolio companies to demonstrate a genuine sustainability and governance commitment, evaluating ESG criteria across energy use, employer-employee relations, governance practices, and shareholder rights as part of its investment process. The firm frames itself as building "an ecosystem of growth experts" that supports companies scaling toward IPO or a strategic exit, with an emphasis on "high performance with no compromise on values and ethics."

Sector Focus

While sector-agnostic in mandate, Revaia's recent deployment concentrates around a few resilience-oriented themes:

• Energy transition and decarbonization (a dedicated debut fund in this vertical was announced in December 2025, led by newly appointed Partner Jean-Patrice Bellier)
• AI applied to insurance and financial services
• Cybersecurity
• Healthcare technology / care orchestration (e.g., Semble)
• Agentic AI for industrial engineering and manufacturing workflows (e.g., Synera)
• B2B SaaS infrastructure (search, observability, HR tech, fintech)

Stage Focus

Revaia invests from Series B through pre-IPO / growth stage, positioning itself as filling what it has described as a gap in Europe's late-stage and growth capital market. It does not typically invest at seed or early Series A.

Check Size

Typical check size is reported at €10M–€30M per investment, with roughly one-third of fund capital reserved for follow-on rounds into existing portfolio companies. Recent large checks include a $40M (~€35M) lead in Synera's Series B and a £30M lead in Semble's Series C.

Lead Tendency

Revaia predominantly leads or co-leads the growth rounds it participates in, consistent with its role as an anchor institutional investor at Series B+ (e.g., leading Synera's Series B and Semble's Series C).

Recent Activity

Revaia closed its second growth fund, Revaia Growth II, at a final €250M in April 2025 (following a €150M first close in December 2023), bringing total assets under management to roughly €600M. New institutional LPs in Fund II include BNP Paribas Cardif and JPMorgan Chase, alongside repeat backers Bpifrance and the European Investment Fund, plus a €20M commitment from the British Business Bank. As of the fund's close, Revaia Growth II was already ~40% deployed across six investments, with portfolio companies growing at an average annual rate of ~70%.

Notable 2025–2026 activity:

• April 2026: Led Synera's $40M Series B (agentic AI for industrial/manufacturing engineering workflows)
• June 2026: Led Semble's £30M Series C (European connected-healthcare platform)
• December 2025: Appointed Jean-Patrice Bellier (ex-Bain & Company) as Partner to launch Revaia's debut energy-transition fund
• 2025: Appointed Jean-Pierre Mustier (former UniCredit CEO, former Atos Chairman/CEO) to its board
• June 2026: Portfolio company GoHenry's UK business was acquired by Barclays from Acorns (Acorns had originally acquired GoHenry, a former Revaia portfolio company, in 2023)

Portfolio Highlights

Revaia's portfolio spans roughly a dozen to fifteen companies per fund and includes:

• Algolia — search & discovery API infrastructure
• Aircall — cloud-based business phone / call center software
• Coralogix — full-stack observability and data analytics
• Deepki — sustainability data platform for real estate (ESG/decarbonization)
• Frontify — brand management and digital asset management SaaS
• GoHenry — neobank/prepaid card app for children (acquired by Acorns in 2023; UK unit subsequently acquired by Barclays in 2026)
• Hublo — healthcare workforce/staffing management platform
• Platform.sh — cloud application delivery platform
• Planity — booking marketplace for beauty and wellness services
• Welcome to the Jungle — HR tech / employer branding and recruitment platform
• Mews — cloud property management system for hospitality
• Kaiko — institutional-grade cryptocurrency market data
• Ampeco — EV charging management software
• Synera — agentic AI platform for industrial engineering workflows
• Semble — connected healthcare / clinical practice management platform

Team

• Alice Albizzati — Founding Partner. Co-founded Revaia (originally Gaia Capital Partners) in 2018; built the firm into one of Europe's largest women-led growth funds.
• Elina Berrebi — Founding Partner. Co-founder alongside Albizzati; shares leadership of investment strategy and firm direction.
• Adil Benmakhlouf — Partner, Head of Investor Relations. Promoted internally; leads LP relations and fundraising.
• Sandra Cadiou — Partner, Head of Communications. Promoted internally; oversees firm communications and platform.
• Morgan Kessous — Partner.
• Jean-Patrice Bellier — Partner (joined December 2025). Fifteen years in strategy consulting at Bain & Company across energy, manufacturing and sustainability practices in London and Paris; graduate of École Polytechnique, University of Cambridge, and INSEAD. Hired to launch Revaia's debut energy-transition fund.
• Jean-David Herld — Principal (internally promoted).
• Salomé Caillat — Senior Associate (internally promoted).
• Jean-Pierre Mustier — Board Member (joined 2025). Former CEO of UniCredit (2016–2021) and Chair of the European Banking Federation (2019–2021); most recently Chairman and CEO of Atos (2023–2025).

Decision Process

Partnership-led decision process; the firm operates with founding partners Albizzati and Berrebi at the helm alongside a growing partner bench (Benmakhlouf, Cadiou, Kessous, Bellier) reflecting a broadening leadership structure as the firm has scaled from a two-founder shop to a multi-partner platform.

Founder Preferences

Revaia seeks growth-stage, typically B2B, founders who have already proven a product and market and are scaling toward category leadership, with explicit weight given to founders who treat sustainability, governance, and employee relations as core to the business rather than an afterthought. The firm markets itself heavily on being able to bridge founders from growth-stage financing through to public markets.

Geographic Focus

Headquartered in Paris, with additional offices in Berlin and London. Primary investment focus is pan-European tech, with capacity to invest in U.S.-connected or U.S.-expanding companies (e.g., Synera's U.S. expansion, Kaiko's U.S. presence).