French venture capital firm Daphni has officially closed the first round of its latest fund, Daphni Blue, securing €200 million (roughly $215 million). The firm is aiming to grow the fund to €250 million ($270 million) by year-end as it continues backing European startups shaping the future of science and technology.
Since its inception in 2015, Daphni has built a solid track record, investing in 70 European startups, including notable names like Back Market, Swile, Hubcycle, and Pasqal. With Daphni Blue, the firm plans to fund around 40 new startups with a strong focus on deep science and groundbreaking technologies.
The fund has drawn support from well-established limited partners such as Crédit Mutuel Arkéa, Bpifrance, the European Investment Fund, PRO BTP, and Swen Capital Partners—all aligned with Daphni’s vision of backing ventures that drive meaningful impact and long-term value.
For Daphni, it’s not just about chasing the latest trend in artificial intelligence. The team is betting on the fundamental sciences—life sciences, biology, physics, chemistry, and mathematics—as the true engines of the next wave of disruptive innovation. Pierre-Eric Leibovici, Daphni’s founding partner, emphasized that sustainable technologies and scientific breakthroughs are the core of their investment strategy.
“We’re constantly challenging ourselves: How do we stand out while backing sustainable, resilient technologies?” Leibovici shared. “Markets go through cycles—either they consolidate, get dominated by U.S. giants, or they simply fade out because there wasn’t enough breakthrough innovation.”
According to Leibovici, some of today’s most transformative technologies—like quantum computing or large language models—are deeply rooted in science and mathematical breakthroughs rather than just software innovations. “Quantum computing is a perfect example of fundamental physics meeting hardware and software,” he explained.
In line with this approach, Daphni is strengthening its team with scientific expertise. Its investment team now includes a PhD graduate and a current PhD student, reflecting the firm’s commitment to deeply understanding the science behind the technologies they fund.
Leibovici also pointed out a cultural shift among young researchers who are now more eager to commercialize their discoveries. “This new generation of scientists is watching their peers launch startups, and they’re ready to do the same,” he noted.
Interestingly, the firm’s renewed focus on scientific ventures isn’t a reaction to the recent efforts by French universities to lure American researchers with dedicated budgets. Leibovici made it clear: “It’s purely coincidental. We had this strategy well before the trend started.” That said, Daphni remains open to investing in U.S. researchers launching startups on European soil.
With fresh capital in hand, Daphni’s next challenge is execution—turning these investments into successful exits. Leibovici sums it up: “Raising money isn’t the final goal. What really matters is delivering returns, which means achieving solid exits.”
