Serena Launches €200M Fourth Fund for AI & Climate Tech Startups
Paris-based venture capital firm Serena has kicked off its fourth flagship fund with a €200 million first close. The fund, focusing on early-stage investments at the intersection of applied AI and climate technology, aims to raise a total of €250 million by 2026.
Serena will invest up to €15 million per startup, with a keen interest in companies working on climate innovation. The fund's portfolio already includes ventures in climate risk insurance, sustainable energy, and carbon tech, positioning Serena as a key financier in Europe's climate transition.
The firm differentiates itself through a founder-first model, offering operational support and expertise alongside capital. Serena's previous fund, Serena III, saw portfolio firms raise over €1.5 billion between 2018 and 2024, with combined valuations nearing €5 billion. The success of Serena III reflects the firm's ability to identify and support promising startups in the AI and climate tech spaces.
With €200 million already secured and €50 million still to raise, Serena's fourth flagship fund is well on its way to reaching its target. The fund's focus on applied AI and climate innovation signals the convergence of these two critical sectors and Serena's commitment to Europe's climate transition.
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