Generalist · VC Firm
Daphni
Opportunistic quantum exposure via Pasqal (neutral-atom quantum computing, Paris-Orsay): Daphni participated in the 2021 Series A and the €100M Series B (2023). Pasqal announced a ~$2B Nasdaq SPAC listing in March 2026; Daphni was not named in the 2026 pre-listing round. Quantum is one of several deep-tech bets in a generalist science-first portfolio.
Investment thesis
Daphni is a Paris-based early-stage VC founded 2015, with close to €1B AUM (self-reported) across its funds Purple, Yellow (2020) and Blue (third fund, €260M final close January 2026, above its €250M target; science-first generalist). Invests Seed to Series B across European consumer, SaaS, climate and deep tech. Cheques €500k-€10M, follow-ons up to €20M.
Quantum bet: Pasqal (French neutral-atom quantum computing, Paris-Orsay; PROQCIMA selectee). Daphni participated in Pasqal's June 2021 €25M Series A and followed on into the €100M Series B (January 2023, led by Temasek). In March 2026 Pasqal announced a pre-listing financing of at least €340M and a business combination with Bleichroeder Acquisition Corp. II valuing it at ~$2B pre-money, with a Nasdaq listing planned; Daphni was not named among the 2026 round's investors.
Value-add: Paris ecosystem integration; operator community (the daphnipolis network of 400+ members); relevant for European enterprise commercial expansion.
Not a quantum specialist: a single Pasqal bet inside a broader generalist mandate, now heading to public markets. High conviction on one platform rather than modality diversification.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Blue (€260M, science-first generalist fund) deepens the science thesis but spreads €0.5-10M tickets across 40-50 startups: limited reserves for capital-intensive quantum follow-ons
- No quantum cheque since January 2023; not named in Pasqal's 2026 pre-listing round
- Sole quantum position (Pasqal) heading to public markets via the Bleichroeder SPAC removes the flagship private deep-tech reference and creates direct-conflict risk for any new neutral-atom deal
- Scientist-entrepreneur framing privileges founders with academic provenance; non-PhD commercial operators in quantum underweighted
- Broad scientific remit (biology, chemistry, physics, mathematics, life sciences) means quantum competes with biotech for partner bandwidth