What Angelor does

Angelor is an independent, AMF-regulated French venture capital management company (société de gestion, license GP-202225) and 'société à mission' headquartered in Lyon, founded in 2008 by Sébastien Bonte. The firm specializes in financing and supporting French health innovation companies from post-seed through Series A, deploying tickets of €500k to €3M per company as lead or follower investor while playing an active governance role. Its differentiated offering combines capital with hands-on strategic support from a curated community of 40 entrepreneur mentors, health experts, and industry specialists.

Angelor manages several funds — including Cap 2025, Simba Santé 3, FPCI For Good! (its first FPCI, launched 2023) and the newly launched Angelor Capital Santé (2026) — and targets €100M in assets under management by 2030 across approximately 50 innovative French companies. Its portfolio of 93 companies spans biotech (Axoltis Pharma, Cellquest, ABC Transfer), medtech and digital health (JAPET, Club Employés, Inpulse, DOOD), foodtech (Standing Ovation, NextProtein, Veritable) and industrial deeptech (Bobine, Dillico). The business model is recurring: management fees on AUM plus carried interest on exits, with ~10% of carried interest redistributed to health-related associations under its statutory mission.

In 2025–2026 Angelor participated in larger rounds such as Standing Ovation's €30M Series B (alongside Bpifrance, Crédit Mutuel Innovation, Bel Group and Danone Ventures) and Axoltis Pharma's €18M Series A, and recorded exits including Inpulse (acquired by Mapal) and ABC Transfer (acquired by SKAN Group at >23% IRR). It also appointed François Miceli — former CEO of Diabeloop and veteran of Sofimac/UI Investissements, Erytech, and Imaxio — as Senior Advisor, reinforcing its positioning as a specialist French health-innovation capital platform.

Name

Angelor

Legal name

ANGELOR

Website

https://angelor.fr

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Angelor is an independent, AMF-regulated French venture capital management company headquartered in Lyon that finances and supports health innovation scaleups from post-seed through Series A, with 93 portfolio companies and a community of 40 mentors.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

Keywords

• Venture capital
• Healthcare investment
• Growth equity
• Fund management
• Seed funding

Headquarters

HQ city

Lyon

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

Revenue model

1. Management fees and carried interest: As a venture capital fund manager, Angelor generates revenue through management fees on assets under management and carried interest (performance fees) from successful fund exits.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Angelor is an independent venture capital management company (société de gestion) that invests €500k to €3M per company in French healthcare innovation startups from post-seed through Series A. The firm manages multiple investment funds and provides equity capital, strategic expertise, and active governance participation, supported by a community of 40 entrepreneur mentors and health industry experts. Angelor targets €100M in assets under management by 2030 across 50 innovative French health companies.

Product overview

Angelor is an independent venture capital management company (société de gestion) and mission-driven company focused on financing French healthcare innovation. The company manages multiple investment funds (FPCI For Good, Cap 2025, Simba Santé 3) and has launched Angelor Capital Santé targeting €100M AUM by 2030. Angelor operates through an investor portal for subscriber access and maintains a portfolio of 93+ startups across healthcare sectors including biotech, medtech, digital health, and foodtech. The company provides financing from post-seed through Series A (€500k to €3M per company) while offering strategic support and access to a community of mentors, experts, and experienced entrepreneurs.

Differentiator

Problem solved

Functional benefit

Products and services

• FPCI For Good Angelor's first FPCI (Fonds Professionnel de Placement dans l'Innovation) focused on investing in innovative French healthcare companies. The fund enables qualified investors to participate in Angelor's healthcare-focused venture strategy with regulated fund structure.
• Cap 2025 Healthcare-focused investment fund managed by Angelor targeting innovative French healthcare companies. The fund supports growth-stage health innovation companies seeking scaling capital.
• Simba Santé 3 Healthcare-focused investment fund in Angelor's portfolio, channeling capital into French health innovation startups from post-seed through Series A.
• Angelor Capital Santé Strategic fund launched in 2026 targeting €100M in assets under management by 2030, with plans to invest €25-40M across approximately 12 innovative French health companies over the next 5 years. Represents Angelor's flagship strategy to become the reference management company in health innovation capital in France.

Quantifiable outcome

• Target: €100M assets under management by 2030
• +4 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core.

• MapalcoreStrategic or Co-development PartnerMapal, a European leader in digital solutions for hospitality, acquired Angelor portfolio company Inpulse (intelligent supply chain management for restaurants). Angelor supported Inpulse from its first funding round.
• SKAN GroupcoreStrategic or Co-development PartnerSKAN Group, a major international player in controlled environments and sterilization, acquired Angelor portfolio company ABC Transfer (sterile transfer solutions for pharma industry). Angelor had supported ABC Transfer since 2022.
• Yann GodfrincoreOthersCEO of Axoltis Pharma, a biotech company Angelor has supported since 2016. Angelor renewed confidence in the leadership for the €18M Series A to advance ALS drug candidate NX210c.
• François MicelicoreOthersFrançois Miceli joined Angelor as Senior Advisor in 2026, bringing expertise from pharma (Idexx, Boehringer Ingelheim), biotech entrepreneurship (Imaxio, Erytech Pharma), and capital investment (Sofimac/UI Investissements). Currently CEO of Diabeloop.

Scale indicators6 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Capagro: Paris-based European VC dedicated to agri-food and agtech, overlapping with Angelor's foodtech portfolio (Standing Ovation, NextProtein). Comparable in French base, early-stage focus, and food/health crossover thesis.
• Karista: Paris-based early-stage VC investing across digital, health, and deep tech. Directly comparable in stage (seed/Series A), ticket size, and French geographic focus, with an overlapping health portfolio thesis.
• Axeleo Capital: French early-stage VC (now part of NewAlpha) with deep tech, B2B SaaS, and healthtech focus. Directly comparable in stage and French geography; has co-invested with Angelor (e.g., Bobine round).
• Auriga Partners: Paris-based early-stage VC active in digital health, life sciences, and software. Closely comparable in stage and geography, serving similar French founder profiles with similar ticket sizes.
• Elaia Partners: Paris-based early-stage VC with deep tech and digital health focus. Comparable in French footprint and early-stage ticket range, with a complementary health/biotech angle.
• Seventure Partners: Paris-based VC with a dedicated Health for Life fund and history of co-investing with Angelor (e.g., Standing Ovation Series B). Highly comparable in French health innovation focus and ticket size, with broader sector coverage including digital health and microbiome.
• Astanor Ventures: European impact VC focused on food/agri-tech and blue economy; co-invested with Angelor in Standing Ovation. Comparable in European impact orientation and stage, with overlap on foodtech/health innovation theses.

Broad incumbents

• Sofinnova Partners: One of Europe's largest healthcare-focused VCs, headquartered in Paris. Directly comparable to Angelor's health-innovation thesis but operates at materially larger fund sizes and broader life-science stages (from seed to late-stage).
• Bpifrance: French public investment bank with massive healthcare venture activity, frequently co-investing with Angelor. While not a pure VC and far larger in AUM, Bpifrance is the most important strategic peer in French health funding and a key capital partner for Angelor portfolio companies.

Regional players

• Go Capital: French early-stage VC with regional roots (Western France). Comparable in stage and ticket size to Angelor, with some thematic overlap in digital health and life sciences, though weaker overlap on the health-sovereignty thesis.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/angelor
• Xx.com/sebastienbonte
• Facebookfacebook.com/bonte.sebastien

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments16 records

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

Frequently asked questions about Angelor