Expedition Growth Capital raises nearly 320 million euros for its third fund
Expedition Growth Capital completed the raising of its Fund III, amounting to $375 million, in four months. More than half of the commitments come from American investors, confirming the growing interest in European software publishers not financed by venture capital. The fund targets profitable, founder-led companies already operating beyond their domestic market.
Since 2020, Expedition has built a portfolio of 17 bootstrapped leaders in nine European countries, including Dougs in Lyon, epilot in Cologne, Factbird in Copenhagen and Omilia in Athens. The fund will invest tickets of 10 to 25 million dollars to support the scale-up of companies with more than 5 million dollars in ARR, via operational support structured in go-to-market, strategic recruitment and operational excellence.
Ring Capital closes RingAltitude II at 217 million euros
Ring Capital finalizes the raising of its growth buy-out fund RingAltitude II, increased to 217 million euros. This closing confirms investors’ interest in strategies combining technological growth and environmental transition. Alongside historic partners Tikehau Capital, Bpifrance and SWEN Capital Partners, the round brings together new subscribers including the European Investment Fund, Abeille Assurances, Investcorp-Tages and several regional Crédit Agricole banks. This vehicle aims to accelerate the growth of European companies anchored in their ecosystems and committed to the creation of sustainable value.
Future Energy Ventures completes a 205 million euro fund to accelerate the energy transition
Future Energy Ventures has finalized a fund of 205 million euros, with a dedicated vehicle of 30 million euros for Italy, to finance digital energy startups in late-Seed, Series A and Series B. Supported by E.ON, the European Investment Fund, KfW Capital and ABN AMRO, the fund will target software and asset-light technologies dedicated to network optimization, storage and the electrification of buildings. and mobility. This fundraising confirms the anchoring of energy-tech as a strategic market, where software innovations become essential to decarbonization and the management of increasingly complex infrastructures.
Índico Capital Partners launches a 125 million euro early-stage fund in Southern Europe
Índico Capital Partners launches Indico VC Fund III, a vehicle with a target of €125 million to finance early-stage technology startups in Portugal, Spain and Italy. The fund secures an anchor commitment of €30 million from the European Investment Fund (EIF).
This operation takes place in a context of clear recovery of European venture capital in the DeepTech, AI and SaaS segments, driven in particular by the partial closing of Fund IV from Armilar Venture Partners (more than 120 million euros) and the finalization of Fund II from Future Energy Ventures (205 million euros).
The arrival of Indico VC Fund III reinforces this dynamic in Southern Europe, driven by increased demand for financing for disruptive technologies. The EIF underlines that this support aims to structure a strengthened ecosystem around AI, deeptech and the blue economy in the region.
Baobab Ventures launches $15 million deeptech fund dedicated to AI, robotics and defense
London-based fund Baobab Ventures announces a $15 million vehicle, structured as a solo GP, to finance pre-seed and seed technical teams in AI, robotics and defense. Founded by Carles Reina, ex-operator at ElevenLabs, Uber EMEA, Tractable and Sonantic, the fund provides tickets of $300,000 to $350,000 with extensive operational support in go-to-market, product and international expansion. Supported by Cendana Capital, Isomer Capital, RSJ Investments and several business angels, Baobab has already made seven investments, including Theker Robotics, Omnia, Murphy AI and Altan AI.
Incore Invest increases its Incore Invest II fund to 40 million euros
The Swedish fund Incore Invest achieved a second closing of 15 million euros, bringing the size of Incore Invest II to 40 million euros. This operation strengthens the vehicle’s ability to invest in high-potential European SaaS and fintech companies, in a context of renewed optimism for continental tech capital.
The fund, which already counts Froda, a Nordic embedded finance platform, among its holdings, intends to quickly deploy this additional capital to support technologically mature and growing companies.
Volve Capital closes its first fund at 9 million euros to finance pre-seed in Europe
The Dutch fund Volve Capital announces the final closing of its Fund I at 9 million euros, intended for startups in the pre-seed phase in the Benelux and DACH regions. Founded by Joost Bijlsma and Maurits Hovius, the vehicle is positioned to support teams from “day zero”, with an investor-operator approach combining tech, data, go-to-market and operations expertise.
The fund will invest between 150,000 and 500,000 euros in initial tickets, with a follow-on capacity of up to 1 million euros per company. Volve Capital plans 12 to 15 investments, seven of which have already been made in Eddygrid, NOX Energy, Stippl, Conservio, Whisper, Twindo and Supplied.
Supported by around thirty Dutch entrepreneurs, including Henk Jan Beltman (Tony’s Chocolonely) and Heleen Dura van Oord (Peak Capital), as well as by the RVO Seed Capital program, Volve Capital intends to establish itself as lead investor in the pre-product and pre-revenue rounds.
Sourcing, AI, Exit: the ISAI investment fund method put to the test of the 2025 market
While French venture capital is going through a more rigorous phase, marked by the search for liquidity and the end of the excesses of the 2020/2021 period, the ISAI investment fund has just achieved the first closing of its Venture 4 fund, at 75% of its objective of 100 million euros. Guests of DECODE VC, Jean-David Chamboredon, executive president and co-founder of ISAI, and François Collet, General Partner, detail what this fundraising says about the market, LPs, entrepreneurs, AI and possible exit trajectories in Europe.
The latest movements
Agathe Blanluet Terrou joins Satgana to manage the co-investment strategy of the Climate Tech fund, after her return to Paris.
This arrival is part of the fund’s desire to broaden access to Climate Tech operations to a broader community of individual investors, via a structured co-investment system. Satgana thus strengthens its European and African roots by expanding its capacity to syndicate capital to high-growth opportunities, while consolidating its place in the Climate Tech ecosystem.
360 Capital strengthens its team with the arrival of Laetitia de Panafieu, appointed VC Investor within Square II, its fund dedicated to deeptech and technological startups.
A graduate of HEC and FGV, she brings experience gained at Orange Ventures then Astanor Ventures, where she led around ten operations from seed to series C in technology-intensive sectors. This appointment comes as 360 Capital accelerates on disruptive projects in Europe, with the ambition to strengthen its technical analysis and its support for founders at the pre-seed and seed stages.
Revaia is strengthening its leadership by recruiting Jean-Patrice Bellier as a partner to launch its first fund dedicated to the energy transition.
Former consultant at Bain & Company, he will manage the strategy and deployment of this new investment vehicle.
To read:
- EXIT: how a scale-up should structure its sale process
- As a seed, successful fundraising is not the most convincing file, but the best organized
- Earn-out: the ten anti-manipulation clauses to require
