Daphni

What Daphni does

Daphni is a Paris-based French venture capital firm (Daphni SAS) founded in 2016 that invests primarily at seed through Series A in startups with positive societal and/or environmental impact, with its core thesis anchored in science-based, deep-tech and sustainability businesses across Europe. The firm serves multiple customer segments through a layered fund structure: science-based and deep-tech founders (Blue, €260M final close in early 2026, tickets of €500k–€10M with up to €20M follow-on), digital retail and commerce founders (Dastore, €80M, 2022, supported by Carrefour), and underrepresented French entrepreneurs (Time4, €50M first close in March 2026 against a €100M target, co-launched with Les Déterminés, Live for Good, and HEC Paris). Institutional LPs include Crédit Mutuel Arkéa, Bpifrance, Pro BTP, Swen Capital Partners, and the European Investment Fund. Daphni also operates the Rainbow endowment fund (launched 2024) for social-inclusion causes, and is B Corp certified (score 160.8 in 2025, up from 105.8 in 2022) and AMF-registered under GP-16000002 with an AIFM agreement.

At the center of Daphni's investment process is Flamel, an in-house proprietary operating system and AI-powered intelligence platform that the firm has built since 2016. Flamel connects 12 million data points across 100,000+ companies and has reviewed 15,000+ pitch decks, integrating a GenAI layer deployed across all investment steps since 2024, named AI modules (Signal Whisperer, Selection Mirror, Instant Mapmaker, Talent Seeker, Connector Spirit), and a mobile app for the 400+ community. The platform's 2025+ roadmap includes predictive signals and automated insight loops. Complementary infrastructure includes a four-show podcast network (Movers & Shakers, Epitaphe, Venturing Abroad, Time4), the FirstMile founder resource platform with the "Milo" AI chatbot (launched September 2025 in partnership with Brakage), and an ESG/Sustainability framework with proprietary SDG-aligned Impact Scoring and SFDR Article 3 disclosures. Daphni's revenue is generated through management fees on committed/deployed capital across its funds plus carried interest on realized gains from prior Purple and Yellow fund exits (e.g., Swile, ZOE, Butterfly, Double, Lifen, Shine). The firm is led by co-founders and managing partners Pierre-Eric Leibovici and Pierre-Yves Meerschman with a 25-30 person team organized across investment, technology, legal, finance, sustainability, and marketing functions.

Name

Daphni

Legal name

Daphni SAS

Website

https://daphni.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

11–50 employees

Short description

Daphni is a Paris-based venture capital firm investing seed to Series A in science-based, impact-driven, and digital retail startups across Europe, deploying capital through multiple funds and operating a proprietary AI-powered investment platform called Flamel.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Climate / Clean Tech & Decarbonization Funds (FSANAJAA)

Keywords

• Venture capital investing
• Deep tech investment
• Seed stage funding
• Impact venture capital
• Fund management services

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. Fund Management Fees: Standard venture capital management fees charged on committed and/or deployed capital across the Blue (€260M), Dastore (€80M), Yellow/Purple, and Time4 (€50M target €100M) funds.
2. Carried Interest / Performance Fees: Standard VC carried interest on realized gains from portfolio exits (e.g., prior Purple/Yellow fund realizations such as Butterfly, Double, Fifteen, Gabsee, Holberton, Keakr, Less, Lifen, Shine, Swile, ZOE).
3. Endowment & Sponsorship Activities (Rainbow Fund): Daphni's endowment fund launched in 2024 supports social-inclusion and sustainability organizations (Wake Up Café, CHAMS, IncludedVC, Café Joyeux, etc.); complementary revenue/impact channel aligned with the company's mission-driven B Corp status.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Daphni is a Paris-based venture capital firm managing multiple thematic investment funds (Blue, Dastore, Time4, plus legacy Purple and Yellow vehicles) that deploy seed-to-Series A capital into science-based deep tech, digital retail, and impact-driven startups across Europe, supported by a 400+ community and a proprietary in-house AI operating system called Flamel. The firm earns revenue through management fees on committed/deployed capital and carried interest on portfolio realizations, while operating a Rainbow endowment fund for social-inclusion and sustainability impact.

Product overview

Daphni is a Paris-based French venture capital firm (SAS, registered with the AMF under GP-16000002 with AIFM agreement) that operates a platform-plus-modules architecture for investing in science-based, sustainability-oriented and retail startups across Europe. Its proprietary in-house "Flamel" Operating System — grown since 2016 and now augmented with a GenAI layer (2024) and predictive signals (2025+) — acts as the firm's intelligence backbone, connecting 12 million data points across 100,000+ companies and analyzing 15,000+ pitch decks. Flamel powers sourcing, selection, portfolio monitoring and a mobile app for the team's 400+ community. Daphni deploys capital through a layered structure of investment vehicles: the legacy Purple (2016) and Yellow (2020) funds, the current generalist science-based Blue Fund (€260 million, 2025), the dedicated Dastore digital retail fund (€80 million, supported by Carrefour, 2022), and the Time4 impact fund (€50 million first close, 2026) for underrepresented founders. Supporting the funds, Daphni operates a Community platform, a Media Hub with original content and a bi-weekly newsletter, a podcast network (Movers & Shakers, Epitaphe, Venturing Abroad, Time4), and the FirstMile entrepreneur resource with its "Milo" AI chatbot — alongside an ESG/Sustainability framework, SFDR disclosures and B Corp certification (score 160.8 in 2025).

Differentiator

Problem solved

Functional benefit

Brands

• Dastore: Worldwide dedicated digital retail fund run by daphni and supported by Carrefour, financing innovations in e-commerce, future of grocery, data, financial services, robotics procurement, and impact. Launched in 2022 with €80M.
• Flamel
• Time4
• Rainbow

Products and services

• daphni Blue Fund Europe-wide generalist venture capital fund (final close €260M) backing science-based early-stage startups across biology, chemistry, physics, mathematics and life sciences with positive social and environmental impact, with ticket sizes of €500k–€10M and follow-ons up to €20M.
• Dastore Digital Retail Fund An €80 million dedicated digital retail fund launched in 2022 and supported by Carrefour, financing innovations in e-commerce, future of grocery, data, financial services, robotics procurement and impact across worldwide founders.
• Time4 Impact Fund A €50M (target €100M) impact fund launched in 2026 with first closing at €50M, co-launched with Les Déterminés, Live for Good and HEC Paris to invest in pre-seed and seed-stage French entrepreneurs from underrepresented backgrounds with tickets of €100,000–€1M.
• Purple Fund (legacy) Daphni's first fund, established in 2016 alongside the firm, focused on early-stage technology investments across multiple sectors. Portfolio companies include Butterfly, Double, Fifteen, Gabsee, Holberton School, Keakr, Less, Lifen, Shine, Swile and ZOE.
• Yellow Fund (legacy) Successor to the Purple fund, launched in 2020 as daphni's second generalist venture fund, with investments spanning AI, SaaS, biotech, energy, fintech, mobility, e-commerce and retail. Portfolio includes Pasqal, Epyr, Hubcycle, Ankar, Pruna, Animaj, Karavela, Wilgo and Kerys Software.
• Rainbow Endowment Fund Daphni's endowment fund launched in 2024 to support organizations working for a more sustainable world, particularly in social inclusion, with beneficiaries including Wake Up Café, CHAMS, IncludedVC, Café Joyeux, Pluto House, and others.

Quantifiable outcome

• Blue fund closed at €260M exceeding initial target in under 9 months
• +5 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature4 records

Partnerships

28 partnerships are on record, tiered flagship, core and minor.

• CarrefourflagshipStrategic or Co-development PartnerCarrefour supports Dastore, daphni's €80M dedicated digital retail fund launched in 2022. The partnership is structured as a fund co-sponsor enabling daphni to back founders and innovations shaping the future of commerce globally. Portfolio companies gain privileged retail-channel access and GTM support.
• HEC PariscoreStrategic or Co-development PartnerAcademic partner for the Time4 fund, co-launched by daphni with Les Déterminés, Live for Good, and HEC Paris. Provides academic validation, founder pipeline, and ecosystem credibility for impact investments targeting underrepresented French entrepreneurs.
• Les DéterminéscoreGTM or Marketing PartnerAssociation co-launching the Time4 impact fund alongside daphni, Live for Good, and HEC Paris. Provides distribution into underrepresented founder pools across France, addressing the structural gap where entrepreneurs from priority urban neighborhoods and rural revitalization zones receive only ~1% of French VC.
• Live for GoodcoreGTM or Marketing PartnerCo-launching association for the Time4 impact fund, alongside daphni, Les Déterminés, and HEC Paris. Extends daphni's deal-flow network to additional under-served founder segments in France.
• Included VCminorGTM or Marketing PartnerPartner of the daphni Rainbow endowment fund supporting a 9-month training program with 50+ students, 30+ workshops and two annual events to increase diversity in VC. Daphni also benefits through talent pipeline and impact brand alignment.
• Wake Up Café (WKF)minorOthersBeneficiary of daphni's Rainbow endowment fund launched in 2024. WKF runs a tailored program for ex-offenders focused on job search and training.
• Café JoyeuxminorOthersBeneficiary of daphni's Rainbow endowment fund supporting the inclusion of people with disabilities through quality cafés-restaurants that recruit and train people with mental and cognitive disabilities.
• CHAMS (NGO)minorOthersBeneficiary of daphni's Rainbow endowment fund supporting CHAMS, a coding school in refugee camps supported by 3 entrepreneurs, with promotions of 30-300 talents and a goal of 10,000 refugees graduated by 2025.
• Village des Enfants ExtraordinairesminorOthersBeneficiary of daphni's Rainbow endowment fund; organization establishing learning and play spaces for children and adolescents with disabilities, especially cognitive and/or behavioral disorders.
• Pluto HouseminorOthersBeneficiary of daphni's Rainbow endowment fund; one-month hacker house in Paris for the top 10 AI researchers, founders and engineers from around the world, designed to turn Europe into a magnet for global AI talent.
• Fonds de dotation Anne et Frédéric PotterminorOthersBeneficiary of daphni's Rainbow endowment fund; provides full scholarships to students from modest backgrounds for scientific preparatory classes and engineering schools in France.
• TélémaqueminorOthersBeneficiary of daphni's Rainbow endowment fund; supports young people on their path to success via sociocultural openness, professional introductions, self-confidence, and academic success.
• Reborn TripminorOthersBeneficiary of daphni's Rainbow endowment fund; runs a Tour de France dedicated to refugees and asylum seekers plus annual cultural events to drive inclusion through sport.
• Chapitre 2minorOthersBeneficiary of daphni's Rainbow endowment fund; runs programs and schemes for vulnerable young people aged 14 to 25 to meet unmet needs and become self-sufficient.
• AutremondeminorOthersBeneficiary of daphni's Rainbow endowment fund; solidarity association combating exclusion by (re)creating social ties through numerous activities.
• SakuraminorOthersBeneficiary of daphni's Rainbow endowment fund; supports and promotes projects at the crossroads of artistic creation and societal issues, mainly in photography and image.
• Solidaire en PelotonminorOthersBeneficiary of daphni's Rainbow endowment fund; supports ARSEP research against multiple sclerosis and is committed to skipper Thibaut Vauchel Camus.
• B Lab (France)coreOthersCertification body that awarded Daphni B Corp status in 2022 (score 105.8) and re-certified in 2025 (score 160.8). Membership in the B Corp community shapes daphni's ESG doctrine, exclusion policy, and engagement & voting strategy.
• France InvestminorOthersDaphni is a member of France Invest's Sustainability Commission & Impact Commission. Provides industry coordination, policy advocacy, and best-practice sharing for ESG and impact investing in the French VC ecosystem.
• France DigitaleminorOthersIndustry association of which daphni is a member, representing French tech startups and investors at the European policy level.
• PRI (Principles for Responsible Investment)minorOthersDaphni publishes annual PRI Transparency Reports and PRI Assessment Reports for 2023, 2024, and 2025, demonstrating its commitment to responsible investment principles.
• Initiative Climat InternationalminorOthersDaphni is a member of Initiative Climat International, aligning with global investors focused on climate transition.
• Reframe VentureminorOthersDaphni participates in Reframe Venture, an industry working group focused on reframing venture capital practices.
• Climate DividendsminorOthersDaphni is a member of Climate Dividends, a coalition advancing climate-positive economic policy.
• ImpactVCminorOthersDaphni is a member of ImpactVC, an industry network for impact-focused venture investors.
• Webflow Inc.coreTechnology or IntegrationWebsite hosting and CMS partner for daphni.com; Webflow's San Francisco headquarters (398 11th Street, 2nd Floor, San Francisco, CA 94103) hosts daphni's website, which is subject to CNIL declaration under French data protection law.
• brakageminorGTM or Marketing PartnerCo-creator of FirstMile (firstmile.space), daphni's founder resource platform launched September 2025 with AI chatbot Milo; provides actionable content, templates and frameworks for early-stage founders.
• Team for the PlanetminorOthersRecognized changemaker partnership celebrated within daphni's B Corp re-certification announcement for environmental impact work.

Scale indicators9 records

Recent moves6 records

Expansion highlights7 records

Emerging players

• Educapital: Paris-based early-stage VC focused on education and future of work. Comparable on French base and seed/Series A focus; recently led Rocapine's $13M Series A alongside daphni.

Direct peers

• Breega: Paris-based early-stage VC investing in European tech startups from seed to Series A. Comparable to daphni on French base, early-stage focus, and ticket sizes; daphni investor Jonas Simonin previously worked at Breega.
• Atomico: London-based European venture capital firm investing in early-to-growth stage tech companies. Highly comparable to daphni as a European, thesis-driven VC with founder-friendly reputation and similar stage focus, frequently co-investing in deals such as Ankar (Series A) alongside daphni.
• Index Ventures: London/San Francisco/Geneva-based venture capital firm with deep European roots and a multi-stage, multi-sector mandate. Comparable to daphni in stage focus (seed through growth), European deal origination, and co-investor presence in deals like Ankar.
• Alven: Paris-based early-stage VC investing across France and Europe in product-led tech companies. Closely comparable to daphni on geography, stage (seed to Series A), and deal size; recently co-led Generare's €20M Series A alongside daphni.
• World Fund: Berlin-based climate VC investing in startups with decarbonization impact. Highly comparable to daphni on sustainability/impact mandate, European geography, and deep tech focus; co-invested with daphni on Lithosquare ($25M seed).
• LocalGlobe: London-based seed-stage VC investing from pre-seed through Series A across Europe. Comparable to daphni on stage focus and ticket sizes; recently co-led baCta's €7M seed alongside daphni.
• Speedinvest: Vienna-based European early-stage VC with sector-focused funds across fintech, deep tech, health and climate. Comparable to daphni on European geography, sector-specialized fund structure, and seed/Series A focus; co-invested with daphni on Astral Systems' £23M Series A.
• Headline: San Francisco/Berlin-based VC investing across consumer, software, and deep tech at Series A and beyond. Comparable on stage, technology breadth, and deal size; recently led Sereact's $110M Series B in which daphni participated.
• Elaia Partners: Paris-based early-stage VC investing in deep tech and digital companies across Europe. Comparable on French headquarters, deep tech thesis, and seed-to-Series A focus; several daphni partners (Sofia Dahoune) previously led investments there.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/daphni
• Xx.com/daphnivc

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles25 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments140 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Daphni