Paris-based VC firm Elaia has announced the first close of its fifth Digital Venture Fund (DV5) at €120 million, with ambitions to scale to €300 million, to back European B2B technology startups from pre-Seed to Series B, deploying ticket sizes ranging from €1 million to €15 million.
The fund has already created its first investments in Mimic Robotics and Linkup. Investors in DV5 include both returning and new limited partners, such as Bpifrance (via France 2030 and its Spark fund), MACSF, BNP Paribas, SMABTP, Arundo Re, and Groupe AG2R LA MONDIALE. Lazard Frères Gestion also played a role in securing commitments for this first close.
This comes three years after DV4 closed at €200 million in 2023, as reported by EU-Startups.
“As a full-stack investor with a platform to invest across all stages, we are well-positioned with DV5 to build the next chapter in our mission to supercharge Europe’s most resilient, high-growth companies,” declares Xavier Lazarus, CEO and co-founder of Elaia.
Elaia’s first close of its DV5 comes amid continued VC fundraising activity across the continent. Recent EU-Startups reporting highlights several comparable vehicles, including Vanagon Ventures (€20 million Fund I), a Munich-based DeepTech investor backing pre-Seed B2B AI and systems startups; Backed VC (€86 million Fund III), supporting early-stage frontier technology companies; Notion Capital (€114 million growth fund), focutilized on AI-driven software and FinTech; henQ 5 (~€67.6 million fund), tarobtaining European B2B software teams; Índico Capital Partners (€125 million Fund III), investing in Enterprise SaaS and DeepTech across Southern Europe; Vconcludeep Capital (€80 million Fund IV), backing early-stage SaaS in the Nordics and Baltics; and Volve Capital (€9 million Fund I), supporting founders across Benelux and DACH.
Taken toobtainher, these disclosed fund announcements amount to approximately €501.6 million in newly raised venture capital across comparable European B2B and enterprise-focutilized vehicles in 2025–2026.
Within this context, Elaia’s €120 million first close positions DV5 among the larger recently announced funds in the segment, particularly within France. While several vehicles demonstrate strong regional specialisation — such as Southern Europe (Índico) or the Nordics (Vconcludeep) — DV5 reflects continued institutional appetite for multi-stage B2B technology strategies spanning AI, IndustrialTech and enterprise software across the broader European ecosystem.
“Europe has never lacked technical talent or breakthrough innovation. What separates companies that stay regional from those that scale globally is execution. Product-market readiness. Customer traction. Operational discipline. The hard work of building. That’s DV5’s sweet spot,” stated the VC in a public statement.
Founded in 2002 by Xavier Lazarus, a serial entrepreneur with multiple AdTech exits, Elaia has grown into a key player in the European venture scene. Its team includes former founders, engineers, and DeepTech operators from leading institutions like Stanford, EPFL, and École Polytechnique.
Portfolio highlights such as Mirakl, Shift Technology, HarfangLab, iBanFirst, and SeqOne speak to its track record in identifying and accelerating high-potential ventures.
The firm positions itself as a full-stack investor, not only writing early cheques but also offering operational support, technical insight, and ongoing investor relationships. This hands-on approach – especially vital in domains like AI and IndustrialTech – sets Elaia apart from peers in the funding space.
Beyond just capital, DV5 promises execution-focutilized support to assist startups secure product-market fit, navigate scaling challenges, and relocate towards strong exits.
“Portfolio successes like Mirakl, Shift Technology, Vibe.co, iBanFirst, HarfangLab, Dexory, and SeqOne underscore our ability to identify disruptive potential at an early stage and support its development into market leadership,” adds Pauline Roux, Managing Partner at Elaia. “Founders in our portfolio continue to partner with us as advisors and investors, reflecting the long-term relationships we have built across the European ecosystem.”
DV5’s initial investments reflect the themes the fund is designed around:
- Mimic Robotics, based in Zurich and spun out from the ETH ecosystem, is building physical innotifyigence solutions to create robotics more adaptive and functional – essential for next-generation AI hardware.
- Meanwhile, Linkup is working on real-time web infrastructure that rerelocates latency barriers in AI-powered search, effectively “taking AI off airplane mode,” as Elaia put it in a public statement.
The firm intconcludes to back 10–15 startups each year, working closely with innovation hubs like ETH Zurich and MIT, and deepening collaboration with the France 2030 initiative.
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