Ventech Research
Investment Thesis
Ventech is a pan-European multi-sector early-stage venture capital firm founded in 1998 in Paris by Alain Caffi. With 26+ years of investing history, the firm positions itself as a partner to founders from day one through exit, describing its mission as "providing means to founders who reimagine our society."
Fund VI (€175M, closed September 2025 — the largest in Ventech's history) focuses on five priority verticals: Vertical AI, Digital Health, Industrial Software, Cybersecurity, and Sovereignty. AI now represents 50% of Ventech's time and capital deployment, with a strategic commitment to AI-native vertical applications that reshape incumbent industries. The fund aims to back approximately 35 European tech companies total, with 15+ already invested at close.
The firm's conviction is that European tech is entering a new disruption cycle and that now is the time for category-defining companies to be built. Ventech takes an explicitly pro-European stance, emphasizing that Europe needs sovereign technology leadership given the dominance of US tech giants.
Sector Focus
Ventech invests across a broad range of technology sectors:
- Vertical AI Applications — AI-native software for specific industries (the top priority at 50% of Fund VI)
- B2B Software — Enterprise SaaS, data platforms, workflow automation
- Industrial Software — Software digitizing physical industries and SME operations
- Digital Health — Connected health, digital therapeutics, medtech software
- Cybersecurity and Sovereignty — Security platforms, European digital sovereignty plays
- Climate Tech — Clean energy, carbon removal, sustainable materials
- Consumer & Marketplaces — Platform businesses, e-commerce
- Hardware & Semiconductors — Deeptech, semiconductor IP, connected hardware
- Cloud Infrastructure & DevTools — Developer tooling, cloud connectivity
- Media & Entertainment — Digital media, content distribution
AFI Ventures, Ventech's impact arm (launched 2020), additionally focuses on Climate Action, Responsible Consumption, and Social Changes at pre-seed and seed stages.
Stage Focus
Ventech invests primarily at Seed and Series A for the flagship European funds. The firm targets companies at the point of early product validation and initial traction, then follows through to exit. AFI Ventures invests even earlier at pre-seed and seed for impact companies.
Check Size
The flagship Ventech Capital European fund writes checks from €500K to €5M. AFI Ventures writes up to €500K per deal and backs 1-2 companies per month. Ventech typically seeks meaningful ownership and takes board seats.
Lead Tendency
Ventech is a lead or co-lead investor. The firm has a history of leading rounds at seed and Series A (e.g., Lissi €3.5M led by Ventech, Mendo €12M Series A led by Ventech, Bounti €4M led by Ventech, Custom Surgical Pre-Series A led by Ventech). They take board seats and actively support portfolio companies.
Geographic Focus
Primary focus is Europe, with a stronger concentration in:
- France (Paris HQ, 47 avenue de l'Opéra, 75002 Paris)
- Germany / DACH region (Munich office since 2013, Berlin since 2021)
- Nordics — Finland (Helsinki since 2016), Sweden (Stockholm since 2023), Denmark
Ventech also has presence in Asia through its sister company Ventech China (Hong Kong + Shanghai, operating since 2006), covering mainland China, Hong Kong, and Southeast Asia.
Portfolio Highlights
Ventech has backed 320+ companies with 185+ exits and 19 IPOs since 1998.
Marquee Exits:
- Believe (BLV.PA) — France's biggest VC exit in a decade, 36x multiple for Ventech, listed on Euronext Paris
- Withings — Connected health revolution pioneer (exited)
- Arteris IP (Nasdaq: AIP) — Network-on-Chip semiconductor interconnect, listed on Nasdaq
- Adikteev — App retargeting specialist, 7x return LBO (October 2025)
- Talent.io — Reverse recruitment platform for tech talent (exited)
- Kaisa (ex-Freespee) — Customer Sales Acceleration Platform, exited January 2026
- Leocare — Digital neo-insurer, acquired by Belfius Group June 2026
Active Portfolio Highlights:
- Vestiaire Collective — Global leader in luxury pre-owned fashion resale
- Prewave — Supply chain intelligence network (Austria)
- Veo — AI-powered video for sports (Denmark)
- Botify — Leading enterprise SEO platform (France)
- Crossbeam — Ecosystem-Led Growth platform (USA)
- Ogury — AI-powered advertising engine (UK)
- Codasip — Processor and chip IP design tools (Germany)
- Speexx — Intelligent enterprise language learning platform (Germany)
- Singulart — Cross-border contemporary art marketplace (France)
- Mindler — Digital access to psychologists (Sweden)
- Inven — M&A deal sourcing platform (Finland)
- Jumio — AI-powered identity verification (USA)
Team
Ventech has a team of 18 people spanning 6 nationalities, including 10 investors with 6 General Partners averaging 17 years of VC experience. Zero senior departures in 15 years.
- Jean Bourcereau, President & Managing Partner — Engineer from Polytechnique, deep expertise in telecommunications and semiconductors. At Ventech since 2000, serving as Chairman since Fund VI.
- Alain Caffi, Founding Partner & Senior Advisor — Founded Ventech in 1998. Now serves as senior advisor after realizing 36x return on Believe exit.
- Claire Houry, General Partner — Electronics engineer with international experience in project financing. Focus: B2B software, adtech, social impact. At Ventech since 2008.
- Stephan Wirries, General Partner — Software engineer background, investing in DACH and EU startups with focus on digital business models and next-gen software. At Ventech since 2012.
- Christian Claussen, General Partner — Expert in European innovation financing and global exit execution. Co-leads DACH region, focus on deeptech and hardware. At Ventech since 2013.
- Tero Mennander, General Partner — Operator (Nokia, Boeing), entrepreneur (PulseOn), investor (Sitra, Nordic Venture Partners). Leads Nordic and Baltic investments. At Ventech since 2016.
- Audrey Soussan, General Partner — Specializes in RetailTech, HRTech, and SaaS. Active in France Digitale and StartHer diversity initiatives; one of France's female GPs under 40. At Ventech since 2011.
- Nicolas Barthalon, Partner — Promoted to Partner in March 2026, strengthening DACH coverage in Germany and Austria.
- Charles Fourault, Partner @AFI Ventures — Leads impact investing for AFI Ventures.
- Joel Uddén, Principal — Sweden-focused investor.
- Benjamin Bieler, Associate — European investor.
- Louis Aurières, Associate — European investor.
Decision Process
Ventech operates as a distributed partnership with General Partners leading deals individually or in pairs and taking board seats. The firm has described itself as operating with a "flat, distributed partnership model" where deals are led by individual GPs supported by the broader team. Given the GP structure and team size of ~10 investors, decisions are made at partnership level.
Recent Activity (2025–2026)
Ventech Capital VI is actively deploying, having backed 15+ companies since its September 2025 close:
2026 investments:
- Lissi (€3.5M, led, July 2026) — EUDI wallet / identity for European financial sector
- Naaia (€6M, July 2026) — AI risk and compliance management platform
- TaiSan (£4.65M, July 2026) — Sodium-ion batteries
- Mendo (€12M Series A, led, June 2026) — Enterprise AI adoption platform
- NEX (€1M, May 2026) — Hospital superbug prevention
- DiappyMed (€5M, March 2026, with Sanofi partnership) — Digital diabetes management
- Bounti (€4M, led, March 2026) — AI for physical economy operations
- Custom Surgical (Pre-Series A, led, February 2026) — AI-powered ophthalmology
- Dionymer (€7M Seed, February 2026)
- Co-reactive (€6.5M Seed, January 2026) — Carbon-negative construction materials
Notable exits 2025–2026:
- Leocare acquired by Belfius Group (June 2026)
- Kaisa (ex-Freespee) exited (January 2026)
- Adikteev LBO at 7x return (October 2025)
Why Partner with Ventech
Ventech brings four key advantages to founders:
- Global network — Presence in 7 offices across Europe and Asia
- Long-term conviction — 26 years of investing through multiple economic cycles, from dot-com crash to AI wave
- Board-level support — GPs sit on boards and are hands-on operationally
- International expansion — Strong track record of helping European companies expand globally