Elaia is a Paris-based venture capital firm focused on early-stage deep technology and digital innovation across Europe. Founded in 2002, the firm has built a reputation for backing technically complex B2B startups with strong intellectual property at their core. Elaia operates with a full-stack model, investing from pre-seed through growth while maintaining deep technical engagement with founders.
In February 2026, Elaia announced a €120 million first close of its fifth Digital Venture Fund, known as DV5. The fund will invest from pre-seed to Series B, with ticket sizes ranging from €1 million to €15 million. DV5 continues Elaia’s long-standing strategy of identifying advanced technologies early and actively supporting them through product-market fit and scaling.
The first close includes a mix of returning and new institutional investors. Backers include Bpifrance, investing on behalf of the French state under the France 2030 initiative and through its Spark fund, as well as MACSF, BNP Paribas, SMABTP, Arundo Re and Groupe AG2R LA MONDIALE. Elaia also received support from Lazard Frères Gestion in structuring and securing the first close.
The strong institutional participation underscores confidence in Elaia’s technical expertise and track record in scaling European innovation.DV5 has already completed its first investment in Mimic Robotics, a Zurich-based company focused on physical AI, reflecting the fund’s emphasis on advanced technologies emerging from leading European research hubs. With DV5, Elaia aims to double down on high-impact B2B technologies that can compete globally while being rooted in Europe’s innovation ecosystem.
Leadership
Elaia is led by CEO and co-founder Xavier Lazarus and managing partner Pauline Roux. The broader team combines engineering backgrounds with operational and venture experience. The firm emphasizes technical depth and hands-on board involvement, supporting founders across hiring, strategy and international expansion.
Investment Strategy
Elaia follows a conviction-driven approach, investing early in technically demanding sectors where deep understanding creates an edge. The firm positions itself as a long-term partner, supporting companies from initial product development through international scaling. Its full-stack model allows participation across multiple stages, while maintaining concentrated exposure to high-potential B2B startups. Elaia prioritizes strong IP foundations, scientific defensibility and category leadership potential.
Notable Investments
Elaia’s portfolio includes companies such as:
These investments reflect Elaia’s consistent focus on complex, high-growth B2B technology companies across Europe.
Notable Exits
Elaia has supported multiple companies through significant scale and liquidity events, including Mirakl’s rise as a global marketplace infrastructure leader and other portfolio companies reaching major funding milestones or acquisitions across fintech, cybersecurity and enterprise software.
Other
Elaia emphasizes long-term founder relationships, with several portfolio founders later becoming advisors or investors within the ecosystem. The firm is closely connected to European public and institutional capital, including French state-backed initiatives such as France 2030. For founders building deeptech or infrastructure-heavy businesses in Europe, Elaia brings technical credibility, patient capital and experience navigating complex regulatory and research-driven environments.
France
