What Axeleo does

Axeleo Capital is a French venture capital firm headquartered in Lyon, operating two distinct investment strategies under approximately €280M of assets under management. The Digital Fund targets pre-seed and seed stage European B2B software startups across cybersecurity, AI/Data/DevTools, fintech, and enterprise software with initial tickets of €0.5M–€3M and follow-on capacity up to €10M. The GreenTech Industry Fund targets Series A and B industrial decarbonization companies — energy, mobility, agriculture, and green chemistry — with €3M–€10M initial tickets and up to €15M+ follow-on capacity, specifically structured to bridge the "Valley of Death" for first-of-a-kind industrial plants. The firm manages four SFDR-classified vehicles: Axeleo Capital 1 (Article 6), AXC 2 (Article 8), Axeleo Green Tech Industry 1 (Article 9), and Axeleo Proptech 1 (Article 6), and holds AIFM license n°GP-17000006 issued by the French AMF in March 2017.

The firm's business model is a standard VC two-revenue-stream structure: recurring management fees (~2% of AUM during the investment period) on committed capital, plus transactional carried interest (typically ~20% above hurdle) earned when portfolio companies are exited. Capital is sourced from a concentrated institutional LP base including Veolia, Credit Mutuel Impact, and Bpifrance — industrial and impact-oriented LPs whose involvement also generates proprietary deal flow and operational synergies, exemplified by the Bioweg investment being sourced through Veolia's German team. Beyond capital, Axeleo provides portfolio companies with operational coaching, access to a network of 100+ C-level experts and mentors, and proprietary research including the quarterly European Cybersecurity Index, the Urbantech Index, and the annual European Cybersecurity Report co-published with Oteria Cyber School.

The investment team is operator-led rather than purely financial. Founding Partners Eric Burdier (20+ year tech operator) and Mathieu Viallard (15+ years in VC) anchor the partnership, supplemented by Marc Lechantre (Greentech; 12 years French Treasury plus 16+ years automotive industry), Brice Lapouble (Digital; 5 years at international VC firms plus founder-side experience), and specialized directors including Sandra Dubos (deeptech/chemistry, Greentech Industry fund lead) and Noémie Bristol Courgeon (private equity, ex-Seven2/Apax). The firm has invested in 50+ portfolio companies and recorded 28+ exits, including acquired-by outcomes at Tenable, Snyk, Docebo, and Netskope, with active 2026 deployment including leads/co-leads in Exergy3 (£10M seed, UK), Sopht (€7.5M Series A, co-led), and participation in Kestra ($25M Series A), Symbiotic Security ($10M seed), and Linkup ($10M seed).

Name

Axeleo

Legal name

Axeleo Capital

Website

https://axeleo.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Axeleo Capital is a French venture capital firm based in Lyon managing approximately €280M across a Digital Fund (pre-seed/seed B2B software, €0.5M–€3M tickets) and a GreenTech Industry Fund (Series A/B industrial decarbonization, €3M–€10M tickets), backed by Veolia, Bpifrance, and Credit Mutuel Impact.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399), Other Financial Vehicles (525990)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Business Services (B2B) Growth Equity (FSANACAD)

Keywords

• Venture capital investing
• Early-stage B2B software
• Greentech industry funding
• Cybersecurity investments
• Startup equity financing

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, Others

Revenue model

1. Fund Management Fees: VC firms typically charge management fees (around 2% of AUM) on committed capital during the investment period, with reduced fees in the follow-on period.
2. Carried Interest: Performance fees (typically 20% of profits above the hurdle rate) earned when portfolio companies are exited profitably. This is the primary value driver for VC returns.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Axeleo Capital is a French venture capital firm that invests in European B2B software startups at pre-seed and seed stages (Digital Fund, €0.5M–€3M tickets) and in GreenTech industrial companies at Series A and B stages (GreenTech Industry Fund, €3M–€10M tickets). The firm provides equity capital, operational coaching, and access to a network of 100+ C-level experts, and manages approximately €280M in assets under management across multiple SFDR-classified funds.

Product overview

Axeleo Capital is a European venture capital firm operating two primary investment funds: the Digital Fund (targeting Pre-seed to Seed stage B2B software companies with €0.5M-€3M initial tickets) and the GreenTech Industry Fund (targeting Series A-B industrial decarbonization with €3M-€10M initial tickets). The firm also manages multiple SFDR-classified funds including Axeleo Capital 1 (Article 6), AXC 2 (Article 8), Axeleo Green Tech Industry 1 (Article 9), and Axeleo Proptech 1 (Article 6). Beyond capital deployment, Axeleo provides operational support through strategic coaching, access to 100+ C-level experts and mentors, and publishes proprietary research including the quarterly Urbantech Index and Cybersecurity Index reports. The firm is licensed by the French AMF (license n°GP-17000006) and backed by industrial LPs including Veolia, Credit Mutuel Impact, and Bpifrance.

Differentiator

Problem solved

Functional benefit

Products and services

• Axeleo Capital (AXC) - Digital Fund Pre-seed and Seed stage venture capital fund investing in European B2B software startups across AI, fintech, cybersecurity and enterprise software. Initial tickets range from €0.5M to €3M with up to €10M including follow-ons.
• Axeleo Capital (AXC) - GreenTech Industry Fund Series A and B venture capital fund financing first-of-a-kind (FOAK) industrial plants for GreenTech companies across energy, mobility, agriculture, and new materials/green chemistry. Initial tickets €3M to €10M with up to €15M+ follow-on capacity.

Quantifiable outcome

• Over 20 exits to global tech leaders including Tenable, Snyk, Docebo, and Netskope
• +2 more outcomes

Named customers1 record

Segments2 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 minor.

• Oteria Cyber SchoolminorStrategic or Co-development PartnerOteria Cyber School collaborated with Axeleo Capital on the second edition of the European Cybersecurity Report 2025, combining academic and industry expertise for cybersecurity ecosystem analysis.
• RENT (Label)minorStrategic or Co-development PartnerAxeleo Capital partnered with the RENT label to publish the European Proptech & Contech Index, combining resources for ecosystem tracking and market analysis.
• Impact Valuation HubminorStrategic or Co-development PartnerAxeleo Capital joined the Impact Valuation Hub coalition of investors dedicated to advancing impact measurement in fund management, supporting their GreenTech Industry Fund's sustainability commitments.
• LuxFLAGminorStrategic or Co-development PartnerAxeleo Capital's GreenTech Industry Fund received LuxFLAG Environmental Applicant Fund status, providing external validation of the fund's sustainability focus.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Earlybird Venture Capital: Berlin-based European early-stage VC with sector-specialised funds including digital and industrial tech. Directly comparable on multi-fund structure, sector specialisation, and stage coverage; one of Axeleo's main European competitors in B2B software and deeptech.
• Elaia Partners: French early-stage tech VC investing in deeptech, digital, and sustainability from Paris. Comparable ticket sizes and stage focus to Axeleo; co-invested alongside Axeleo in Linkup, placing them as direct competitors for European deeptech and B2B SaaS rounds.
• Speedinvest: Vienna-based European early-stage VC with sector-focused funds across B2B SaaS, fintech, industrial tech, and climate. Highly comparable to Axeleo given multi-fund structure, sector specialisation, and pre-seed/seed + Series A/B stage coverage.
• Alven Capital: Paris-based early-stage VC focused on European B2B software and consumer, with comparable fund sizes and stage focus to Axeleo's Digital Fund. Frequently co-invests with Axeleo (Kestra, Symbiotic Security) and competes for the same pre-seed/seed French B2B SaaS deals.
• Kima Ventures: One of Europe's most active seed investors, founded by Xavier Niel. Co-invested with Axeleo in Linkup; competes for early digital B2B SaaS rounds with a similar high-volume, smaller-ticket model.
• Notion Capital: London-based VC investing in European B2B SaaS from seed to Series B. Overlapping thesis and stage focus with Axeleo's Digital Fund; comparable fund sizes and European geographic remit.
• ISAI Capital: Paris-based early-stage VC investing across SaaS, fintech, and digital. Co-invested with Axeleo in Kestra's seed and Series A rounds; competes for the same French pre-seed/seed enterprise software deal flow.

Broad incumbents

• Atomico: London-based European tech VC founded by Skype's Niklas Zennström, investing across stages with larger funds than Axeleo. Competes for late-seed to Series B European tech rounds; broader geographic reach but similar B2B SaaS focus.
• Index Ventures: Global VC firm with strong European roots, investing across all stages in B2B SaaS, fintech, and frontier tech. A larger incumbent competing with Axeleo for European Series A/B opportunities while also serving as a follow-on capital source for Axeleo's portfolio.
• Partech: Major Paris-based VC firm with multi-stage funds spanning seed to growth across Europe and Africa. A larger, more established competitor that frequently invests in the same B2B SaaS and climate-tech sectors as Axeleo but at a materially larger fund scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/axeleo-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Axeleo