Serena

Serena is a Paris-based, European venture capital firm founded in 2008 by Xavier Lorphelin and Marc Fournier. It invests in early-stage technology companies from pre-seed through Series A, writing first checks of roughly €100,000 to €15 million and selecting approximately fifteen to twenty teams per year. The firm states it manages a €1 billion investment program and has backed more than 100 companies, with a stated preference for leading or co-leading rounds and for founders based in Europe and the United States.

The firm's current early-growth strategy centres on applied artificial intelligence and the energy transition through Serena IV, while its pre-seed and seed activity is organised around three pillars: infrastructure via Serena Data Ventures II (modern data stack and AI, open source, blockchain, quantum), impact via Racine² (environment, education, well-being), and consumer innovation. Serena describes itself as having launched one of France's first AI funds.

Serena's team includes managing partners Xavier Lorphelin and Marc Fournier, partners Sébastien Le Roy, Olivier Martret and Paul Moriou, and associate Constance Gontier, among a broader group of investment professionals, operating partners and specialists. The firm reports that more than 50% of its team have founded or led companies.

Founding story

Serena was founded in 2008 by Xavier Lorphelin and Marc Fournier, who set out to build the venture capital firm they say they wished for as entrepreneurs, an orientation reflected in a team largely composed of former founders and operators.

Business model

Serena operates as a venture capital fund manager, raising capital from institutional and private limited partners in France and internationally and deploying it as minority equity investments in early-stage technology companies. Initial checks range from €100,000 to €15 million, with Serena IV able to invest up to €15 million per company across the life of an investment. Returns are generated through exits; the firm reports completing exits including Salsify and Booksy in early 2025.

As a fund manager, Serena's economics derive from managing committed limited partner capital and from realised gains on portfolio exits.

Traction

Serena's portfolio includes Dataiku, which reached unicorn status in 2019 four years after Serena's seed investment; Malt; Descartes Underwriting; Electra; Evaneos, which raised over $108 million across three rounds; iBanFirst, which has raised over $51 million; and Bitstack. Exits include LaFourchette/TheFork to TripAdvisor for $140 million in 2014, AramisAuto to Peugeot in 2016, and Salsify and Booksy in early 2025. At the Serena IV first close, 80% of historical investors recommitted.

Latest developments

In October 2025 Serena announced the first close of Serena IV at €200 million, dedicated to applied AI and the energy transition, with a target of €250 million by 2026 and four initial investments already made, including Formality, an AI contract management platform founded by the former founders of TVTY. Remaining capital is intended for startups in carbon accounting, energy efficiency and climate risk analytics. In March 2026 Serena led a $15.1 million seed round in Probabl alongside CFM and Bpifrance. The firm is also participating in Entourâge, a new venture fund focused on healthy ageing formed with retirement savings specialist UMR and an associative ecosystem, and has published the French AI Report 2026.