Serena

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Overview

Serena is a Paris-based venture capital firm founded in 2008, managing a €1 billion investment program focused on Europe-based entrepreneurs building global category leaders in sectors like applied AI, energy transition, data infrastructures, impact, and consumer innovation.¹³ It invests from pre-seed to series B stages, typically leading or co-leading rounds with check sizes from €200K to €15 million, emphasizing deep tech, enterprise software, marketplaces, and entertainment while avoiding most clean tech and medtech.¹³ The firm distinguishes itself with over 50% of its team being former operators and founders, offering hands-on support via its PALM platform to foster intrapreneurship.¹

History

Serena was founded in 2008 by a team of entrepreneurs aiming to create an ideal VC firm for founders.¹ Key milestones include launching multiple funds, with the fourth flagship fund Serena IV in 2023 or later as a €200 million vehicle targeting applied AI and energy transition.¹ It has expanded investment strategies to include pre-seed and seed via specialized vehicles like Serena Data Ventures II for infrastructures, Racine² for impact areas, and broader consumer innovation efforts.¹ The firm maintains a focus on French teams primarily, with some investments in other European countries and the US.³

Notable Products

Serena IV - €200 million fund focused on applied AI and energy transition at early-growth stage.
Serena Data Ventures II - Pre-seed/seed fund targeting modern data stack, AI, open-source, blockchain, and quantum infrastructures.
Racine² - Impact-focused fund investing in environment, education, and well-being.

Reputation

Serena is perceived by entrepreneurs as a founder-friendly VC with substantial operator experience on its team, providing practical support beyond capital.¹ Professionals note its preference for leading rounds and long-term commitment to building category leaders rather than quick exits.¹³ It receives positive recognition for sector focus in deep tech and AI within the European VC landscape, though its geographic emphasis on France may limit broader appeal.³

Sources (7)