Paris-based venture capital firm Serena has announced the first closing of its fourth flagship fund at €200 million, bringing its total capital raised to €1 billion in less than five years. The new fund will focus on applied artificial intelligence and the energy transition, two areas the firm sees as central to Europe’s technological and ecological future.
Founded in 2008, Serena has built a track record of backing startups that have grown into global players, including Dataiku, Malt, Descartes Underwriting, and Electra. Serena IV will continue to support founders from the earliest stages, with investments of up to €15 million.
“Serena IV’s first closing marks an important milestone, and at the EIF, we are glad to be part of this journey. Having already invested in previous Serena funds, we are confident that this new venture will make a meaningful contribution to the development of green technologies in Europe, harnessing the power of AI and the team’s vast experience to drive the dual green and digital transitions,” said Marjut Falkstedt, EIF Chief Executive.
The fund has already made four initial investments, including Formality, an AI-powered contract management platform created by the founders of TVTY, previously funded by Serena and later acquired by Nielsen.
Serena’s portfolio companies have collectively raised over €1.5 billion since 2018, with a combined valuation approaching €5 billion. Several have already scaled internationally, including Descartes Underwriting, Electra, Pelico, Uniphore, and Wecasa. The firm also finalised two exits earlier this year, Salsify and Booksy.
Aurélien de Meaux, co-founder of Electra and Cheerz, described Serena’s approach: “When you’re an entrepreneur, you’re often on your own and under pressure from all sides. That’s where the Serena model makes a real difference: they’re former entrepreneurs, they understand what it’s like to run a startup. They’ve been in my shoes, they know hypergrowth, they help me structure the organisation, take a step back, better interact with my co-founders and with the board—always with both kindness and rigour. More concretely, Serena helped us gain a full year on our commercial execution at Electra.”
Serena IV is supported by long-standing institutional and private investors, with 80% of its historical LPs renewing their commitment, alongside new backers from France and abroad.
In February 2025, Serena was recognised among the top 5% of value-add seed investors by Dealroom. Today, with €1 billion in total funds raised and more than 100 startups backed, the firm continues to expand its role as one of Europe’s leading venture capital platforms.
Read the orginal article: https://www.eu-startups.com/2025/10/paris-based-serena-raises-e200-million-to-back-applied-ai-and-energy-transition/
