Serena is a Paris-based venture capital firm founded in 2008 by Xavier Lorphelin and Marc Fournier. The firm has built a reputation as one of Europe’s most disciplined and hands-on investors, combining capital with operational support. Serena is known for backing both digital intelligence platforms and technologies that directly reduce climate risk, positioning itself as a key financier in Europe’s climate and energy transition.
Serena’s new flagship fund focuses on early-stage startups at the intersection of applied artificial intelligence and climate technology.
The fund targets companies in climate risk analytics, sustainable energy, efficiency platforms, and carbon reduction and accounting technologies.
Serena can invest up to €15 million per startup, complementing capital with sustainability expertise and active governance.
In October 2025, Serena announced the first close of its fourth flagship fund with €200 million in commitments, targeting a total of €250 million by 2026. It is one of the largest France-based funds raised this year for AI and climate tech.
Early investments include Formality, a contract management platform built by the founders of TVTY, alongside several carbon reduction and energy efficiency startups.
Leadership
The firm is led by founders Xavier Lorphelin and Marc Fournier, alongside partners Sébastien Le Roy, Olivier Martret, and Paul Moriou. They are supported by the “Serena Squad,” a network of senior operators and sustainability experts who work directly with founders on scaling challenges, product roadmaps, and ESG integration.
Investment Strategy
Serena combines capital with active governance. Its strategy is to provide founders not only with funding but also with operational guidance in scaling and sustainability. By focusing on both applied AI and climate innovation, Serena is positioned to capitalize on tightening European regulations on decarbonization, carbon accounting, and energy efficiency, while meeting investor demand for credible ESG-aligned assets.
Notable Investments
Serena’s portfolio includes:
Notable Exits
Serena’s third fund (2018–2024) supported companies that collectively raised more than €1.5 billion, including over €600 million in 2024 alone.
The firm has seen liquidity events through exits such as Salsify and Booksy, validating its hands-on and disciplined approach.
Other
What differentiates Serena in the European ecosystem is its operating model and focus on active governance. The current European political context, with stricter regulations on emissions, efficiency, and sustainability, strengthens Serena’s positioning as a strategic partner for startups aiming to scale and comply with emerging requirements.
