French venture capital firm specialising in early-stage companies, Axeleo Capital (AXC) has announced the closing of its new €50 million fund. The new fund dubbed AXC2 will invest in around 30 startups in its early stage and will then support the most promising projects in the portfolio in subsequent rounds of Series A and Series B.
The fund will make initial investments of between €0.2 million and €1.5 million and focus on startups in enterprise software, B2B fintech, crypto, and Web 3.0, cloud and SaaS B2B solutions. Axeleo Capital will invest about 70% of the fund in France and 30% in the rest of Europe. The fund has already made its first 4 investments in startups, including French fintech Formance.
Eric Burdier, general partner and co-founder of Axeleo Capital said: “With this successor fund, we are consolidating our historical roots in the tech sector, particularly in cybersecurity, B2B fintech and software. We are pursuing our mission to be the leading seed partner for tech entrepreneurs. By relying on our network of experienced entrepreneurs in France and Europe, we aim to support founders in their daily development and bring their organisation and business model to maturity.”
The funding round will remain open until Q2 of 2023. Axeleo Capital aims to bring this new fund to €80 million. The company already supports startups such as Trustpair, Aplo (ex-Sheeldmarket), 365 Talents, Cumul.io, Jenji, Alsid, Cloudskiff and Hyperlex.
The fund is backed by The Fonds National d'Amorçage du Programme d'Investissement d'Avenir managed by BpiFrance and Tikehau Capital alongside 60 experienced tech entrepreneurs. AXC2 has also received financial support from its historical partners such as the Auvergne-Rhône-Alpes Region via Auvergne-Rhône-Alpes Investissement, Vinci Energies, Caisses Régionales du Crédit Agricole de Centre-Est, Île de France and Sud Rhône-Alpes , Caisse d 'Épargne Rhônes Alpes as well as several leading family offices.