How many investments has Truffle Capital made?

Truffle Capital has 7 tracked investments, 1 of which have exited.

What stage does Truffle Capital invest at?

Truffle Capital invests at the Seed, Series A, Series B, Series C, Growth stages.

What is Truffle Capital's typical check size?

Truffle Capital typically writes checks of $5M – $15M.

Where is Truffle Capital located?

Truffle Capital is headquartered in Paris, FR.

Does Truffle Capital lead rounds?

Yes, Truffle Capital leads investment rounds.

Who does Truffle Capital co-invest with?

Truffle Capital most often shares deals with Andera Partners, Claret Capital Partners, Medicxi, among 5 tracked co-investors.

Truffle Capital

Venture capital

Paris · Seed–Growth · 7 people tracked

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Find your way into Truffle Capital

1,273 people in our graph share verified history with the Truffle Capital team — schools, employers, funds. One of them is your warm intro.

Aryo Tehranianunlockedknows Mukul Mohanty · together at PwC (overlapped)

×6knows the team · via PwC

knows the team · via Harvard University

knows the team · via Silver Lake

knows the team · via Sequoia Capital

×2knows the team · via SKEMA Business School

✨ Fox Verdict

Investment thesis

Truffle Capital positions itself as a European 'Business Builder' focused on two areas of expertise: Life Sciences (MedTech and Biotech) and Deeptech applied to finance (Fintech and Insurtech). It aims to create and grow companies into future leaders in BioMedTech and Finance/Insurance. Consistent with its model, the firm systematically acts as a founder in BioMedTech, serves as lead investor in financing rounds, and takes a proactive role in company governance.

Invests inAI & Machine Learning Biotech Crypto & Web3 Cybersecurity Deep Tech Fintech Healthtech InsurTech Medical Devices Europe Paris

Source: firm website, verified Aug 3, 2026.

Stage

Seed–Growth

Check

$5M – $15M

Paris, FR

Leads rounds

Leads

Instruments

Equity

Founded

2001

AUM

$540M

Tracked investments

IPOs

Team · 7 people

from the firm's website & curated & public directories

Henri Moulard· Chairman & Co-Founder

Chairman & Co-Founder of Truffle Capital, formerly Chairman & CEO of Generali and Chairman of Banque Neuflize, ABN Amro France, and an Officer of the Legion d'Honneur.

Philippe Pouletty· CEO and Co-Founder

Medical doctor and serial entrepreneur, founder of Abivax and Carvolix, inventor of 39 patents, and a member of the Stanford Inventor Hall of Fame with a background in immunology at the Pasteur Institute.

p•••@truffle.comreveal

Bernard-Louis Roques· Co-Founder and CEO· Greater Paris Metropolitan Regionin

Co-founder and co-CEO of Truffle Capital, leading the firm alongside Philippe Pouletty.

b•••@truffle.comreveal

Mukul Mohanty· Senior Partner· Londonin

Mukul Mohanty is a Senior Partner at Truffle Capital with 28 years of investment experience across private equity and venture capital in Europe, Asia, and the US. He has led fundraising campaigns for closed-end funds and growth-stage companies, and built relationships with institutional investors including pension funds, family offices, and placement agents. Mohanty also provides pro bono mentoring to early-stage founders.

Julienne Nko'o· Senior Financial Controller

Julienne Nko'o joined Truffle Capital in January 2025 as Senior Financial Controller. She previously worked in audit at Mazars Luxembourg, auditing private equity funds, and at KPMG France as a senior auditor covering private equity funds, management companies, and real-estate companies. She holds a Master in Corporate Finance from INSEEC Business School (2021).

Nobel Negou· Senior Financial Controller· London, England, United Kingdomin

Nobel Negou joined Truffle Capital as Senior Financial Controller in January 2025. He previously worked for seven years as a Financial Controller at AXA Investment Managers, focusing on real estate funds. He is a graduate of the Grande École Program at Skema Business School.

Abhishek Malani· Head of Middle Office - Private Equity / Venture Capital· New York, New York, United Statesin

Contributor to Sequoia's market analysis content alongside Alfred Lin.

What they invest in

from 6 of 7 portfolio companies

Biotech ×3AI & Machine Learning ×2Fintech ×2Healthtech ×2Medical Devices ×2SaaS ×2Construction Tech ×1Enterprise Software ×1

HQs:France×2Estonia×1European Union×1United States×1

Investments · 7 tracked

founders shown can be your intro path

By year:2023 · 1 2022 · 1 2021 · 1 2015 · 14 dated

AltimmuneNASDAQ: ALT

Nasdaq-listed (ALT) company based in Gaithersburg, MD; Redmont portfolio company with a Hodges board seat.

Jerome Durso(Chairman of the Board, President and Chief Executive Officer)

Co-investorsBonaventure Capital

Carvolixcarvolix.eu in✓ verified

Carvolix is a French MedTech company developing AI-guided mini-robotic technologies to support interventional cardiologists in treating patients with valve dysfunction and stroke.

AI & Machine LearningBiotechHealthtechMedical DevicesRoboticsNot stated on page, EU

Philippe Pouletty(Founder of Carvolix, CEO of Truffle Capital)Sébastien Ladet(CEO of Carvolix)in

BoardMichel Therin(Chairman of the Board of Directors)

Co-investorsClaret Capital Partners

Abivaxabivax.com in 𝕏

Abivax develops obefazimod, an orally administered small molecule drug candidate with a novel mechanism of action targeting microRNA biology to treat chronic inflammatory diseases including ulcerative colitis and Crohn's disease.

BiotechHealthtechMedical DevicesParis, FR

Marc de Garidel(CEO)in

Co-investorsAndera Partners Claret Capital Partners Medicxi Samsara BioCapital Sofinnova Partners Morgan Stanley

Cachetcachet.me in 𝕏May 2022 · $5.7M

Cachet provides adaptive insurance infrastructure for the platform economy, redesigning coverage as a dynamic system that moves with operators and fleets.

FintechFuture of WorkInsurTechTallinn, EE

Hedi Mardisoo in Kalle Palling in

Co-investorsTechstars UNIQA Ventures GmbH

Obatobat.fr in 𝕏Nov 2023

OBAT is a French SaaS for construction and building trades (BTP) professionals and artisans, offering tools for quotes, invoicing, electronic invoicing compliance, accounting export, and project/site management.

Construction TechFintechSaaS

Co-investorsIsai ISAI Gestion Kima Ventures Evolem Holnest

Zaionzaion.ai inMay 2021

Zaion builds and orchestrates its own proprietary AI models integrated into solutions for customer service operations, automating customer interactions across voice and digital channels.

AI & Machine LearningEnterprise SoftwareSaaS

Co-investors115K Bpifrance Fortino Capital

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Vaxin

Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.

Exits · 1

1 IPOs

AltimmuneNASDAQ: ALT

Portfolio news

latest coverage across their companies

UK's Claret Capital raises €575m for European biotechs - Europe

Carvolix · europesays.com · Sep 7, 2026

Abivax holder group reports 6% passive stake | ABVX SEC Filing - Form SCHEDULE 13G/A

Abivax · stocktitan.net · Aug 13, 2026

IPO stake values · per SEC filings

Value of this firm's stake in each portfolio company at its IPO price, from the prospectus principal-stockholder table.

Company	Owned	IPO price	At IPO	Stake value
Altimmune	6.3%	$5.00	Oct 2018	$531.6K

Source: SEC S-1 / 424B prospectus filings. Stake value = shares beneficially owned × the initial public offering price, as disclosed — a market value at IPO, not a return multiple (the firm's original cost is not disclosed).

Frequently asked questions

How many investments has Truffle Capital made?: Truffle Capital has 7 tracked investments, 1 of which have exited.
What stage does Truffle Capital invest at?: Truffle Capital invests at the Seed, Series A, Series B, Series C, Growth stages.
What is Truffle Capital's typical check size?: Truffle Capital typically writes checks of $5M – $15M.
What sectors does Truffle Capital focus on?: Truffle Capital focuses on AI & Machine Learning, Biotech, Crypto & Web3, Cybersecurity, Deep Tech, Fintech, Healthtech, InsurTech, Medical Devices.
Where is Truffle Capital located?: Truffle Capital is headquartered in Paris, FR.
Does Truffle Capital lead rounds?: Yes, Truffle Capital leads investment rounds.
Who does Truffle Capital co-invest with?: Truffle Capital most often shares deals with Andera Partners, Claret Capital Partners, Medicxi, among 5 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Asian Financial Forum 2025 – “One minute with” Bernard-Louis Roques of Truffle Capital

HKTDC · Bernard-Louis Roques

Bernard-Louis Roques Directeur Général Truffle Capital : "C'est une année charnière pour les édit...

LABOURSEETLAVIE · Bernard-Louis Roques

Philippe Pouletty (Truffle Capital&Abivax) : Abivax annonce son introduction au Nasdaq

BFM Business · Philippe Pouletty

Philippe Pouletty (Truffle Capital) : Affluent Medical développe des valves cardiaques artificielles

BFM Business · Philippe Pouletty

Bernard-Louis Roques (Truffle Capital) : Les éditeurs de logiciel préoccupés par leur rentabilité

BFM Business · Bernard-Louis Roques

Palmarès Fintech 100 | Bernard-Louis Roques, Directeur Général, Truffle Capital

Finance Innovation · Bernard-Louis Roques

Images

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