What Truffle Capital does

Truffle Capital is an independent European venture capital firm and Business Builder founded in 2001 and headquartered in Paris, France. The firm operates two specialized divisions: BioMedTech (MedTech and Biotech, active since 2001) and Fintech/InsurTech (active since 2015), investing across Europe with selected US exposure. Truffle systematically acts as founder in its BioMedTech portfolio companies, leads financing rounds, and takes board seats as part of a proactive governance model. The firm invests €5-15M per round with follow-on capacity, targeting companies with €5M+ recurring revenue, and historically focuses on radical innovations addressing unmet medical needs sourced from the world's top 50 universities.

Truffle Capital manages €500M in assets under management and has raised €1.2Bn since inception. The active portfolio spans 28 companies, with a cumulative track record of 46 exits and 15 IPOs. Notable portfolio outcomes include Abivax (founded 2013, Nasdaq IPO 2023, $10B market cap in 2025 with +1700% stock performance), Carmat (co-founded 2008 with Airbus Group), Symetis (acquired by Boston Scientific for $435M), and Vexim (acquired by Stryker for $221M in 2017). The firm's revenue model combines management fees on AUM and performance-based carried interest from exits and IPOs.

The most significant recent strategic action is the formation of Carvolix in January 2026, consolidating three MedTech companies (Affluent Medical, Caranx Medical, and Artedrone) into a cardiovascular platform targeting AI-driven mini-robotics and biomimetic implants for heart valve replacement and brain stroke treatment in a $25B+ market by 2030. Co-investment with Edwards Lifesciences and FDA clearance of TAVIPILOT Soft in July 2025 validate the platform's commercial trajectory. The firm is led by co-founders and co-CEOs Philippe Pouletty, M.D. (inventor of 39 patents, Stanford Hall of Fame) and Bernard-Louis Roques (founded first European FinTech Incubator), with Henri Moulard as Chairman.

Name

Truffle Capital

Legal name

Truffle Capital S.A.S.

Website

https://truffle.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

11–50 employees

Short description

Truffle Capital is an independent European venture capital firm and Business Builder founded in 2001, headquartered in Paris, that creates and finances deep-tech companies in BioMedTech and Fintech/InsurTech, managing €500M AUM across 28 active portfolio companies with 46 historical exits and 15 IPOs.

Ownership category

akta.pro rank

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Standard VC management fees on assets under management
2. Carried Interest: Performance-based carried interest from successful fund exits and IPOs

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Truffle Capital is an independent European venture capital and business builder firm that creates, finances, and develops technology companies in BioMedTech (MedTech & Biotech) and Fintech/InsurTech. The firm systematically acts as founder in BioMedTech companies, leads financing rounds with investment tickets of €5-15M, and provides proactive governance with board seats. Since 2001, it has raised over €1.2 billion, manages €500M in assets across 28 active portfolio companies, and has delivered 46 exits including 15 IPOs.

Product overview

Truffle Capital is a venture capital firm and Business Builder that has been creating, financing, and supporting technology companies in BioMedTech and Fintech since 2001. Their BioMedTech portfolio includes medical device and biotech companies, while their Fintech portfolio spans payments, insurance technology, digital assets, and data solutions. Key products include TAVIPILOT Soft (AI-guided TAVI surgery software), TAVIPILOT Robot (mini-robotic system for heart valve procedures), Carvolix (cardiovascular AI-robotics platform), Hydrosat (AI satellite analytics), and various biotech products including Abivax. Truffle Capital also publishes research indices including the Truffle Medtech 10 Index and Truffle 100 ranking of European fintech companies.

Differentiator

Problem solved

Functional benefit

Products and services

• BioMedTech Venture Fund European venture capital fund investing in MedTech and Biotech companies. Truffle acts as systematic founder, leads financing rounds with €5-15M tickets plus follow-on, and provides proactive governance with board seats. €278M AUM, 32 companies backed since 2001, €3.1Bn equity raised by portfolio companies.
• Fintech Venture Fund European venture capital fund investing in Fintech and InsurTech companies across payments, SME finance, credit, digital assets, regtech, cybersecurity, and process automation. 23 investments since 2015, 7 exits, 16 active portfolio companies, team of 7 nationalities.
• Business Builder Services Proprietary company creation and development services in BioMedTech: Truffle Capital creates companies from patent applications or strengthens existing companies in the European ecosystem, focusing on radical innovations addressing unmet medical needs. Includes company founding, leadership, board seats, and operational support.
• Truffle 100 Leading annual research publication on EU software vendors, co-published by Sopra Steria, Finance Innovation, BPCE, and Truffle Capital. Has become a key barometer of France's most dynamic fintechs; the 2025 edition highlights sector's €2.5bn cumulative revenue and 13,000 jobs.
• Truffle Medtech 10 Index First ranking of top 10 worldwide market capitalizations in interventional MedTech for pre-commercial and early commercial listed companies. Carvolix entered at #1 in Europe and #6 worldwide.

Quantifiable outcome

• €1.2Bn raised since inception across all funds
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature1 record

Partnerships

Four partnerships are on record, tiered core.

• Sopra SteriacoreGTM or Marketing Partner · 1 January 2025Co-organizer of Fintech 100 annual ranking with Sopra Steria, Finance Innovation, and BPCE. The 2025 edition covers €2.5bn cumulative revenue and 13,000 jobs.
• Finance InnovationcoreGTM or Marketing Partner · 1 January 2025Co-organizer of Fintech 100 annual ranking with Sopra Steria, Finance Innovation, BPCE, and Truffle Capital.
• BPCEcoreGTM or Marketing Partner · 1 January 2025Co-organizer of Fintech 100 annual ranking with Sopra Steria, Finance Innovation, BPCE, and Truffle Capital.
• Institut PasteurcoreStrategic or Co-development Partner · 1 January 2021Co-founded SpikImm with Institut Pasteur in 2021, a biotech company developing monoclonal antibodies for viral infections in transplant patients.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Sofinnova Partners: Sofinnova is a Paris-based European venture capital firm with a long-standing focus on life sciences (Biotech and MedTech), making it a direct peer to Truffle Capital's BioMedTech franchise. Both firms combine deep scientific networks with lead-investor and board governance models across European healthcare innovation.
• Seventure Partners: Seventure Partners is a Paris-based VC/PE firm investing across life sciences, digital, and Fintech, with active fund management and a similar pan-European deal footprint to Truffle Capital. Both firms operate lead-investor models with active board participation and Fintech/digital ecosystems.
• Andera Partners: Andera Partners (formerly Edmond de Rothschild Investment Partners) is a Paris-based private equity firm with dedicated life sciences and growth capital strategies, comparable to Truffle Capital's BioMedTech and growth-stage thesis. Both firms are AMF-regulated French managers pursuing European lead-investor opportunities.
• Novo Holdings (Novo Ventures): Novo Holdings (via Novo Ventures) is a Danish-backed life sciences venture investor with deep European biotech expertise and global deal flow, directly comparable to Truffle Capital's BioMedTech franchise. Both firms pursue lead-investor roles in clinical-stage biotech and MedTech across Europe.
• Karista (formerly Ventech): Karista is a Paris-based early-stage VC with Healthcare and Tech/Fintech verticals, comparable to Truffle Capital's European focus and stage preferences. Both firms are AMF-regulated and serve as lead/active investors in French and broader European startups.
• Indaco Venture Partners: Indaco Venture Partners is an Italian VC firm managing multiple early-stage and life sciences funds in Europe, comparable in stage and sector to Truffle Capital. Both pursue lead investments in European deep tech and life sciences with active governance.
• Forbion: Forbion is a leading European life sciences VC firm focused on biotech and MedTech, directly comparable to Truffle Capital's BioMedTech franchise. Both firms operate lead-investor models in European clinical-stage healthcare with active board involvement.

Broad incumbents

• Bpifrance: Bpifrance is the French public investment bank and a co-organizer with Truffle of the Fintech 100; it deploys public capital across VC, growth, and SME finance in France. While not a pure VC peer, Bpifrance frequently co-invests with Truffle in BioMedTech and Fintech rounds, making it both a competitor and a strategic partner.
• EQT Life Sciences: EQT Life Sciences (formerly LSP) is the life sciences arm of EQT, a major European private equity platform; it invests across European Biotech and MedTech with larger fund sizes than Truffle Capital. Comparable in thesis (European lead investor in life sciences) but broader in scale and geographic mandate.
• Eurazeo: Eurazeo is a major French-listed private investment firm with growth and venture strategies including healthcare and deep tech. As a broader and more diversified incumbent than Truffle, it competes for similar European growth-stage BioMedTech and Fintech deals but at a larger fund scale.

Market position

Strengths5 records

Weaknesses5 records

Customer concentration

• YouTubeyoutube.com/channel/UCYL57nw2jmK7x0LaGyJvuiw
• LinkedInlinkedin.com/company/truffle-capital
• Xx.com/trufflecapital
• Facebookfacebook.com/trufflecapital

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments59 records

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

Frequently asked questions about Truffle Capital