Holnest

What Holnest does

Holnest (formerly ICMI, renamed January 2018) is a privately held French family office owned 100% by the Aulas family, headquartered at 10 rue des Archers, Lyon. Founded in 1983 by Jean-Michel Aulas as the holding vehicle that spawned CEGID (France's first listed management software publisher, sold to SilverLake in 2016 at €300M revenue), Holnest now operates as a multi-asset investment entity managing approximately 30 portfolio participations across digital/software (BtoB and BtoBtoC), entertainment and sports (5.5% of Olympique Lyonnais Groupe, 60% of HOLARENA which owns the LDLC Arena acquired in June 2024), real estate/infrastructure, and venture-stage startups spanning DeepTech, FinTech, PropTech, MedTech, FoodTech/AgTech, and Drone Security.

The firm's core activity is direct equity investment across pre-seed to Series A and beyond, supplemented by Club Holnest — a wholly-owned business-angel club (created 2018) of 20+ diverse experts financing startups at pre-seed, seed, and pre-Series A stages. Notable disclosed portfolio investments include Cerbair (€5.5M Series A, 2020), Fulllife (€2.5M seed, 2021), Vetbiobank (€1M, 2020), Watcha (€1M seed, 2020), and AddWorking (€1.2M seed, 2019). The core team of 6 — Jean-Michel Aulas (President/Founder), Alexandre Aulas (DG, since 2017; also CEO of ThrillStage/LDLC Arena operator since 2024), Patrick Bertrand (GM Operations, former Cegid CEO), Julien Bertrand (Director of Participations, since 2024, ex-EY), Samia Ourad (Office Manager, ex-Cegid), and Jonas Fabre (since 2024, ex-InnoEnergy VC, ex-Deloitte) — combines operator, banker, and venture backgrounds.

Holnest's revenue model is investment-return-driven: capital appreciation and exit proceeds from its portfolio rather than product sales, subscription fees, or service revenue. Pricing is not applicable in the traditional sense; deal sizes vary by stage and asset class. Go-to-market is sales-led through founder networks, referrals, and active deal-sourcing within the French and selectively international startup ecosystem, supported by a digital presence (holnest.fr, LinkedIn, Twitter/X) and the Club Holnest network for pre-pipeline sourcing. The firm is not technology-native: it holds no proprietary software products, APIs, or AI/ML capabilities, though it invests in AI-adjacent portfolio companies (e.g., Gleamer in AI radiology).

Name

Holnest

Legal name

HOLNEST

Website

https://www.holnest.fr/

Company type

Private

Founded year

1983

Operating status

Operating

Headcount range

1–10 employees

Short description

Holnest is a Lyon-based French family office owned 100% by the Aulas family, managing approximately 30 portfolio investments across digital startups, entertainment (Olympique Lyonnais, LDLC Arena), and real estate. Founded in 1983 as ICMI and renamed in 2018, it operates Club Holnest, a business-angel club for pre-seed to pre-Series A digital startups.

Ownership category

akta.pro rank

Product category

Family Office / Venture Capital

NAICS

Offices of Other Holding Companies (551112), Corporate, Subsidiary, and Regional Managing Offices (551114)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Family Office Advisory & Outsourced CIO (OCIO) (FSAAADAC)

akta.pro secondary industry

Private Client/High-Net-Worth Advisory (FSAEAAAN)

Keywords

• Family office investments
• Venture capital funding
• Business angel network
• Growth capital investments
• Portfolio management

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, Others

Revenue model

1. Investment Returns: Holnest generates returns through capital appreciation and investment exits from its portfolio companies. The family office manages investments across startups, established businesses, entertainment (Olympique Lyonnais), and real estate/infrastructure (LDLC Arena).

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Holnest is a privately held French Family Office (formerly ICMI, renamed in 2018) 100% owned by the Aulas family, managing approximately 30 portfolio participations across digital/software, entertainment, services, and infrastructure. It deploys direct capital into startups and established companies (BtoB, BtoBtoC, digital-focused sectors such as DeepTech, FinTech, PropTech, MedTech, FoodTech/AgTech), operates Club Holnest (a business angel club for pre-seed to pre-Series A deals), and holds strategic stakes including 5.5% of Olympique Lyonnais Groupe and 60% of HOLARENA (which acquired the LDLC Arena in 2024).

Product overview

Holnest is a Family Office (formerly ICMI) operated by the Aulas family, primarily focused on investment management and portfolio company oversight rather than a traditional product company. Its core activities include venture capital investments, business angel club operations through Club Holnest, and management of diverse portfolio companies across sectors including technology, entertainment, sports, and wellness. The company does not offer a unified software product or SaaS platform with named modules; instead, it manages equity participations in various startups and established companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Family Office Investment Management
• Club Holnest Business Angels Club
• HOLARENA Entertainment Infrastructure Holding

Segments1 record

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 and minor.

• Rothschild & CocoreOthersInvestment bank that advised Holnest during the LDLC Arena acquisition negotiations.
• Eight AdvisorycoreOthersAdvisory firm that provided transaction support during the LDLC Arena acquisition.
• Delsol AvocatsminorOthersLaw firm providing legal counsel during the LDLC Arena acquisition.
• ApertiominorOthersAdvisory firm supporting the acquisition transaction.

Scale indicators2 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Wendel: French family-controlled listed investment firm (Wendel family) operating as a long-duration holding company across multiple sectors. Comparable to Holnest as a French family-controlled permanent-capital vehicle with diversified participations, though Wendel operates at much larger scale and on public markets.
• Eurazeo: Major French private equity firm with both PE and venture activities, including a dedicated venture arm. Comparable to Holnest as a French-headquartered investment platform deploying capital across growth stages and sectors, though Eurazeo is institutionally funded rather than a single-family office.
• BPI France: French public investment bank and sovereign-like investor backing French SMEs and startups across all stages. Comparable to Holnest's French-anchored investment activity but at vastly larger scale and with policy mandate rather than family-office objectives.

Direct peers

• Idinvest Partners (now Eurazeo Private Debt): French VC/growth and private debt manager (now part of Eurazeo) historically active in seed to Series B alongside business angels. Directly comparable to Holnest/Club Holnest in early-stage French deal sourcing and co-investment with angel networks.
• Omnes Capital: Paris-based private equity and venture capital firm investing across deeptech, healthcare, and growth. Comparable to Holnest as a French VC/PE player with multi-sector exposure and historical activity alongside entrepreneur-backed deals.
• Naxicap Partners: French mid-market private equity firm with regional offices including Lyon. Comparable to Holnest as a French PE participant active in regional ecosystems and growth-stage BtoB companies.
• Sofina: Belgian-listed family-controlled investment holding (Hevia/Domitille families) making minority growth investments across Europe and beyond. Comparable to Holnest as a European single-family-controlled permanent capital vehicle taking minority participations in growth-stage companies.
• Arkéa Capital: Bretagne-based investment vehicle of Crédit Mutuel Arkéa, with regional VC and PE activity. Comparable to Holnest in deploying French regional capital into growth-stage companies and supporting local ecosystems.
• Seventure Partners: Paris-based VC firm (Natixis affiliate) active in healthtech, digital, and sustainability. Comparable to Holnest as a French multi-stage VC with sector-diverse theses and historical co-investments alongside business angel clubs.
• Truffle Capital: French independent VC firm specializing in deeptech, biotech, and fintech. Comparable to Holnest's exposure to DeepTech, MedTech, and FinTech through BtoB/BtoBtoC theses in the French ecosystem.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/Holnest_fr

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments25 records

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

Frequently asked questions about Holnest