Serena raises €200M for applied AI and energy transition

Serena, a European venture capital firm, announces the first close of its fourth flagship fund, Serena IV, at €200 million. Commitments come from longstanding LPs as well as new institutional and private investors in France and internationally.

In line with prior funds, Serena IV will invest up to €15 million per company, supporting entrepreneurs from the earliest stages who aim to build global businesses.

Over the past 15 years, Serena has invested in well-known companies, including Dataiku, Malt, Descartes Underwriting, and Electra. The new fund maintains this approach, emphasising clear investment theses, disciplined execution, and close collaboration with founders.

Serena IV focuses on two areas: applied artificial intelligence (AI) and the energy transition. These shifts are reshaping global value chains and present Europe with an opportunity to strengthen its technological, environmental, and economic position. The fund has already made four initial investments, including Formality, an AI-powered contract management platform launched by the founders of TVTY (previously backed by Serena and later acquired by Nielsen).

The launch of Serena IV follows a strong 2024 for Serena III. Portfolio companies raised over €600 million during the year, bringing total funding since 2018 to more than €1.5 billion. The 18 portfolio companies have a combined valuation approaching €5 billion, with several building international positions in climate and energy transition or applied AI. Recent activity also reflects the model’s effectiveness: in early 2025, Serena completed two exits, Salsify and Booksy, demonstrating its capacity to support startups from the seed stage to international expansion.

An experienced team and a diversified international investor base

Alongside co-founders Xavier Lorphelin and Marc Fournier, Serena IV is supported by partners Sébastien Le Roy, Olivier Martret, and Paul Moriou, who have worked together for six years on Serena III and have an established track record in the ecosystem.

The team is expanding its sourcing and analysis capabilities with the arrival of its first Associate, Constance Gontier. This collective experience supports Serena’s approach of maintaining close relationships with founders; the team is largely composed of former entrepreneurs familiar with the operational and human challenges of growth.

Serena has built a robust investor base of French and European institutions and private investors, many of whom have renewed commitments across successive funds. At the first close, 80 per cent of historical investors recommitted, and the base broadened to include new investors.

In under five years, total capital raised has doubled to €1 billion, reflecting sustained LP confidence and the platform’s ability to create value across funds, while contributing to the emergence of European players with meaningful global scale.