Serena Raises €200 Million to Back Applied AI and Energy Transition Startups

In October 2025, Paris-based venture capital firm Serena closed €200 million for its latest flagship fund, with a final target of €250 million by 2026. The new vehicle will focus on applied artificial intelligence and climate technologies, particularly in the energy sector, and will invest from seed through Series B.

Founded in 2008, Serena has built its reputation as an early-stage investor in transformative sectors, with notable bets including Dataiku, now a global AI unicorn, and Electra, a fast-growing EV charging network. About 70% of the new fund’s investments will target French companies, with the remainder spread across Europe.

The fund has already made four investments, among them FormalityDealroom has a profile for this one. Try Dealroom →, a French AI-driven contract management platform, and other undisclosed deals. In total, Serena expects to back up to 20 startups, writing cheques between €3 million and €15 million, while reserving capital for follow-ons of up to €30 million for its strongest portfolio companies.

The €200 million close marks Serena’s fourth flagship fund. The firm’s broader strategy also includes a €100 million early-stage infrastructure software fund and an €85 million sustainability-focused vehicle, reflecting a diversified approach to digital and green transitions.

Around 80% of Serena’s existing LPs returned for the new flagship fund, including the European Investment Fund and Bpifrance, alongside a mix of private and institutional backers. With this raise, Serena reinforces its role as a leading investor in European applied AI and climate innovation.

Sources:
Sifted
Tech.eu
Maddyness
Startup Rise

J.V.