Generalist · VC Firm · Active
Daphni
Daphni is a Paris-based early-stage VC founded 2015, with ~€400M AUM across three funds (Daphni Purple €170M 2020 vintage).
Investment thesis
Daphni is a Paris-based early-stage VC founded 2015, with ~€400M AUM across three funds (Daphni Purple €170M 2020 vintage). Invests Seed to Series B across European consumer, SaaS, climate and deep tech. Cheques €1-10M.
Quantum bet: Pasqal (French neutral atoms, Alain Aspect Nobel co-founder, PROQCIMA selectee). Daphni is an early backer and participated in multiple rounds including the €100M Series B January 2023 led by Temasek with Wa'ed Ventures, EIC Fund and Bpifrance.
Value-add: Paris ecosystem integration; operator community ("daphnipolis" network of 400+ entrepreneurs); relevant for Pasqal's European enterprise commercial expansion.
Not a quantum specialist — single Pasqal bet inside a broader generalist mandate. High conviction on one platform rather than modality diversification.
Anti-thesis
The patterns that trigger a fast no with this fund.
- Pasqal is the singular quantum reference, Daphni has not publicly built a second quantum position despite Fund III
- EUR 1M to 8M tickets across 40 startups in Fund III means quantum hardware Series A leads are out of reach without syndication
- Scientist-entrepreneur framing privileges founders with academic provenance, non-PhD commercial operators in quantum (sales, BD-led teams) underweighted
- Broad scientific remit (biology, chemistry, physics, mathematics, life sciences) means physics / quantum competes with biotech for partner bandwidth
- Recent EUR 250M climate fund signals capital rotation toward climate tech, not deeper quantum specialization
Notable quantum portfolio
Full portfolio →Reach out to Daphni
A cold email and a 1-page brief, ready in two clicks.