About This Fund
Axeleo Capital 2 (AXC2) is the second early-stage venture capital fund managed by Axeleo Capital, an independent French venture capital firm founded in Lyon and specializing in B2B software and enterprise technology. AXC2 succeeds Axeleo Capital 1 (AXC1), the firm's inaugural fund, and continues Axeleo's core thesis of backing next-generation enterprise technology founders from seed stage through Series B, providing both capital and operational support to scale companies internationally.
The fund focuses exclusively on B2B technology, investing in startups developing solutions in cybersecurity, enterprise SaaS, B2B fintech, artificial intelligence, blockchain-enabled applications, and advanced data platforms. Axeleo Capital's investment thesis centers on identifying early-stage founders with deep technical expertise building enterprise-grade products capable of capturing durable positions in large B2B software markets. AXC2 targets approximately 30 portfolio companies with initial tickets of up to EUR 5 million per investment, with reserved capital for follow-on participation through Series A and Series B rounds. The fund allocates approximately 70% of capital to French startups and 30% to broader European companies, positioning Axeleo as a leading firm in the Lyon and French enterprise tech ecosystem.
AXC2 held a first close of EUR 50 million in September 2022, supported by more than 150 investors including Fonds National d'Amorçage 2 managed by Bpifrance. The fund achieved its final close of EUR 73 million in December 2023, with new institutional investors including Tikehau Capital, leading family offices, and founders from French unicorn companies joining over 95% returning investors from the predecessor AXC1 fund, demonstrating strong LP conviction in Axeleo Capital's early-stage B2B platform.