In a resounding endorsement of Europe’s high-conviction technology landscape, Elaia has announced a €120 million first close for its fifth Digital Venture Fund (DV5). This milestone marks a significant expansion of the firm’s “full-stack” investment strategy, targeting the continent’s most resilient B2B innovators from pre-seed through Series B.
The fundraising achievement brings together an elite coalition of institutional powerhouses. Leading the commitments is Bpifrance, acting via the France 2030 initiative and its specialized Spark fund. They are joined by a prestigious roster of returning and new LPs, including MACSF, BNP Paribas, SMABTP, Arundo Re, and Groupe AG2R LA MONDIALE. The firm also acknowledged the strategic advisory role of Lazard Frères Gestion in finalizing the close.
A New Chapter in Leadership and Vision
The launch of DV5 formalizes the strategic oversight of Xavier Lazarus, CEO and Co-founder, and Pauline Roux, Managing Partner, who continue to steer Elaia toward the frontier of intellectual property-heavy technology. Under their leadership, the fund will deploy tickets ranging from €1 million to €15 million, with a rigorous focus on artificial intelligence, cybersecurity, techbio, and core digital infrastructure.
DV5 has already demonstrated its agility by completing its inaugural investment in Mimic Robotics, a Zurich-based pioneer in physical AI. This move underscores Elaia’s commitment to backing complex, high-impact technologies emerging from Europe’s premier innovation hubs.
The Architect’s Perspective
Commenting on the fund’s trajectory, Xavier Lazarus, CEO and Co-founder of Elaia, emphasized the firm’s holistic approach to the venture lifecycle:
“As a full-stack investor with a platform to invest across all stages, we are well-positioned with DV5 to build the next chapter in our mission to supercharge Europe’s most resilient, high-growth companies.”
Pauline Roux, Managing Partner, further highlighted the firm’s track record of translating technical complexity into market dominance:
“Portfolio successes like Mirakl, Shift Technology, Vibe.co, iBanFirst, HarfangLab, Dexory, and SeqOne underscore our ability to identify disruptive potential at an early stage and support its development into market leadership. Founders in our portfolio continue to partner with us as advisors and investors, reflecting the long-term relationships we have built across the European ecosystem.”
Editor’s View
The first close of DV5 represents more than just a successful capital raise; it is a validation of Elaia’s thesis that Europe’s competitive advantage lies in “hard” digital innovation. By appointing Xavier Lazarus and Pauline Roux to lead this latest vehicle, Elaia is doubling down on a leadership style that favors technical literacy and operational “hands-on” support over the generic growth-hacking often seen in the venture world. This leadership change—or rather, consolidation—is a signal to the market that Elaia intends to be the primary architect for companies where the barrier to entry is high IP and complex engineering.
Strategically, the fund’s focus on B2B infrastructure and “Physical AI” through Mimic Robotics suggests a predictive shift in the investment landscape. As the “low-hanging fruit” of SaaS applications becomes saturated, the true value is migrating toward the foundational layers of the digital economy. With the backing of state-aligned entities like Bpifrance, Elaia is positioned not just as a financial intermediary, but as a sovereign-supported engine for European technological autonomy. For founders and co-investors alike, this close confirms that Elaia possesses both the “dry powder” and the institutional gravitas to shepherd the next generation of category-leading “sovereign” tech giants.
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