Varsity Research
Investment Thesis
Varsity is a Paris-based, pan-European seed fund built around the idea that "potential needs more than capital." The partners argue that capital creates time and room to move but does not build judgment, and that too many hard decisions (who to hire, what to prioritise, when to raise, when to change course) are still made in isolation. Varsity positions itself as a working partner at the board, between calls, on key hires and through every new stage of growth, with knowledge moving continuously between partners and founders. The tagline is "we invest early and stay close."
Stage Focus
Seed, with the fund targeting roughly 30 European startups in Varsity I. The firm also follows on in later rounds, for example the July 2026 Series A of Bohr Energie where Varsity participated as an existing shareholder.
Check Size
Initial tickets of EUR 1M to EUR 5M depending on the opportunity, with reserves for follow-ons (TechCrunch, Feb 2024). At the first announcement Varsity had already invested EUR 15M across five companies.
Lead Tendency
Mixed. Varsity led Kalipso's $3.2M seed (June 2026, alongside Lanai, Kima Ventures, Vento and Plug and Play). In other rounds, such as Bohr Energie's Series A led by Suma Capital, it participated as an existing investor.
Recent Activity
- Kalipso: led a $3.2M seed round (June 2026).
- Bohr Energie: EUR 10M Series A led by Suma Capital, Varsity as an existing shareholder (July 2026).
- Cleavr: EUR 8M round announced on the Varsity news page.
- Tamtam: EUR 3M seed less than a year after launch (May 2025).
- Fund: first close of EUR 70M to EUR 80M announced February 2024, targeting EUR 150M for Varsity I; the site now describes a EUR 150M seed fund. Fund is actively deploying.
Portfolio Highlights
The site lists 18 companies (15 named, 3 stealth): Akka, AlloBrain, Bohr Energy, C12 Quantum Electronics, Cleavr, Equos AI, Kalipso, Kog AI, MeltingSpot, Pharaday, Quiet, Revo AI, Rockfi, Sensinov and Tamtam, plus stealth companies in HVAC installer roll-up, freight cost and emissions optimization, and instant-play mobile games. Sector split on the site: fintech 4, SaaS 5, energy and climate 3, quantum 1, AI 3, consumer apps 2. Larger rounds include C12 (EUR 18M, $19.4M) and Rockfi (EUR 18M). Limited partners include Bpifrance, MACSF, Sogecap and Elevation Capital Partners.
Team
- Didier Valet, Founder and General Partner: former deputy CEO of Societe Generale (almost two decades there, left 2018), prolific business angel with about 70 investments including Pennylane and Qonto, board member at InfraVia Capital Partners.
- Kamel Zeroual, Founder and General Partner: former Serena Capital partner, about 40 angel investments, enterprise software background, creator of the Startup Mafia podcast.
- Florent Thomas, Founder and General Partner: former Serena Capital operations manager, later at Sunday, creator of TalentLetter and co-creator of Karma Driven; operations and talent network focus.
- Eloi Verspieren, Principal.
Decision Process
Three founding general partners with complementary skills (finance and regulation, enterprise software, operations and talent) who challenge each other in diligence. Treated as a partnership. No public detail on committee mechanics.
Founder Preferences
Next-generation CEOs who want a close, available sparring partner. Founder testimonials stress weekly calls, hiring help through Florent's network (two of five Rockfi leadership hires in year one) and blunt clarity from Kamel.
Geographic Focus
Europe, with a heavy French concentration in the portfolio (Paris, Toulouse). Pan-European mandate.
Sectors
Originally four verticals: finance and fintech, health, enterprise software and climate. The live portfolio also holds quantum hardware, AI infrastructure (Kog AI, Equos AI) and consumer apps (Quiet).