European venture capital firm Daphni has successfully completed the first closing of its latest investment vehicle, Daphni Blue, securing €200 million (approximately $215 million). The company anticipates reaching up to €250 million ($270 million) in total commitments by the end of the year. This marks the firm’s third fund, reinforcing its position in Europe’s startup ecosystem.
Since its inception in 2015, Daphni has backed 70 startups across the continent, including standout names like refurbished electronics marketplace Back Market, HR platform Swile, circular economy innovator Hubcycle, and quantum computing company Pasqal. With the new fund, the firm aims to add 40 additional ventures to its portfolio, focusing on sustainable technologies and breakthrough innovations.
Strategic Priorities and Investor Backing
Daphni’s limited partners for this fund include prominent institutions such as Crédit Mutuel Arkéa, Bpifrance, the European Investment Fund, PRO BTP, and Swen Capital Partners. Founding partner Pierre-Eric Leibovici emphasized the importance of differentiation and sustainability in the firm’s strategy: We need to support projects that are not only innovative but also resilient to market cycles and global competition.
Science-Driven Innovation
While many venture capitalists prioritize artificial intelligence, Daphni is placing a broader bet on foundational scientific disciplines. Leibovici highlighted fields like quantum computing, life sciences, and advanced mathematics as key drivers of future innovation. Large language models are mathematical breakthroughs first,
he noted, underscoring the interdisciplinary nature of cutting-edge tech.
The firm is actively recruiting team members with deep scientific expertise, including PhD graduates and researchers, to identify opportunities at the intersection of academia and entrepreneurship. Leibovici observed a shift in the research community: Today’s scientists are more open to commercializing their work, inspired by peers launching successful startups.
Global Talent and Execution Focus
Although European universities are increasingly attracting international researchers, Daphni clarified that its science-focused strategy predates this trend. The firm remains open to backing U.S.-trained scientists establishing startups in Europe. Looking ahead, Daphni’s challenge lies in deploying capital effectively. Raising funds is just the start—delivering returns through successful exits is our ultimate goal,
Leibovici affirmed.
