French tech accelerator Axeleo has closed its latest accelerator fund, Axeleo Capital I, at €25 million to invest in early stage enterprise technology startups.

Axeleo Capital will back digital B2B companies in fields like AI, IoT, and cybersecurity at the seed and Series A stages, with financial and operational support. Tickets will range from €100,000 to €2.5 million.

The fund has so far invested in three startups: marketing startup, Happydemics; bug bounty platform, Yogosha; and advertising management platform OnFocus.

“With Axeleo Capital I, we hope to renew the models for venture capital and the acceleration of startups in France to provide them with a support platform tailor-made for enterprise technology,” said Eric Burdier, CEO of Axeleo Capital. Burdier along with Mathieu Viallard, general partner, and Lucas Mesquita, principal will be managing the fund.

The fund is supported by state-backed investment bank Bpifrance and a number of private investors. The French Tech Accélération fund, which is managed by Bpifrance, previously backed Axeleo’s business accelerator.

Limited partners in the new fund include VINCI Energies, the government of the Auvergne-Rhône-Alpes region, BNP Paribas, Caisse d’Epargne Rhône-Alpes, and Crédit Agricole Group.

“As the first investment of the French Tech Accélération fund, the Axeleo startup accelerator enters a new stage in its startup support,” said Bpifrance in a statement.

“This deal perfectly illustrates the French Tech Accélération fund’s strategy: develop startup accelerator structures that will accelerate the development of the most promising players identified in the ecosystems.”

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