Credit: Hans Reniers on Unsplash
Paris-based venture capital firm Daphni wants to turn breakthroughs from Europe’s scientific researchers into viable commercial companies.
“In a world where technology is increasingly commoditized and AI is redefining how innovation is built, we’re convinced the strongest long-term value comes from deep scientific breakthroughs,” writes Daphni’s Pierre-Eric Leibovici.
The firm reached a final close of €260 million ($307 million) for its Blue Fund to invest in early-stage deep tech and sustainability startups on the continent (“blue” is not related to an ocean or water theme). French banking and insurance group Crédit Mutuel Arkéa, public bank Bpifrance, pension provider Pro BTP, private equity firm Swen Capital Partners, the European Investment Fund and several family offices backed the fund.
Leibovici touted “strong investor support for a strategy focapplyd on unlocking the potential of European science to serve entrepreneurship and address the major societal and environmental challenges of our time.”
Early innovations
Blue Fund has closed nine deals, including EverDye, which is developing a sustainable dying process for textiles. Paris-based Karavela is identifying brain biomarkers to detect neurological diseases. Owlo, also in Paris, is developing alternatives to invasive microscopes for fertility and pharmaceutical research.
The fund will invest in up to 40 companies.
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