Deep Tech · VC Firm · Active
Serena
Serena is a Paris-based deep-tech and enterprise VC founded 2008, with ~€500M AUM. Fund IV €300M (2023 vintage). Invests Seed to Series B across B2B SaaS, fintech, deep tech and quantum.
Investment thesis
Serena is a Paris-based deep-tech and enterprise VC founded 2008, with ~€500M AUM. Fund IV €300M (2023 vintage). Invests Seed to Series B across B2B SaaS, fintech, deep tech and quantum. Cheques €1-10M, frequently leading.
Quantum bet: Quandela (French photonic-qubit PROQCIMA selectee with indistinguishable single-photon sources from quantum dots, CNRS/Sorbonne spin-out). Serena participated in Quandela's Series A/B rounds alongside Omnes, Bpifrance, BNP Paribas Développement and Crédit Mutuel Innovation.
Value-add: Strong French B2B SaaS operator network; shared LP base with Bpifrance and CEA strategic programs; useful for enterprise-scale Quandela follow-on syndication.
Not a quantum specialist — single high-conviction French photonic bet inside a broader SaaS mandate. Relevant as an incumbent French deep-tech co-investor.
Anti-thesis
The patterns that trigger a fast no with this fund.
- No publicly traceable lead position in a flagship European quantum company (Pasqal led by Quantonation, not Serena), quantum is listed as a sector but not demonstrated
- AI & Data is the dominant thesis (Applied AI), quantum mentioned alongside many verticals signals breadth, not conviction
- French-Europe focus and Series A entry point clashes with the pre-seed / seed lab-stage origin of most quantum hardware companies
- No partner-authored quantum thesis post or technical position paper, absence of public POV is a tell for opportunistic rather than thematic coverage
- EUR 1B program spread across climate, AI, deep tech, applied AI suggests quantum sits in a long tail of opportunistic bets
Notable quantum portfolio
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