New Paris-Based VC Firm, Varsity, Raises €70 Million for Early-Stage Startups
Varsity, a new venture capital firm emerging from stealth, has announced its inaugural fund. Founded by a former Société Générale executive and two seasoned VC investors from Serena Capital, Varsity has secured €70 million (approximately $75 million) in its initial close to support early-stage startups across various sectors.
This initial close is just the beginning, as Varsity aims to achieve a total fund size of up to €150 million (around $161 million) for Varsity I. The firm intends to deploy capital into approximately 30 startups throughout Europe. Notable limited partners backing Varsity include French public bank Bpifrance, MACSF, Sogecap, and Elevation Capital Partners, which has established a feeder fund.
With investment tickets ranging from €1 million to €5 million, Varsity maintains the flexibility to adapt to diverse investment opportunities, including follow-on investments. To date, Varsity has already allocated €15 million across five portfolio companies. While Varsity does not restrict itself to specific verticals, it expresses interest in financing startups in finance, health, enterprise software, and climate-focused sectors.
The founding team comprises Didier Valet, former deputy CEO at Société Générale, along with Kamel Zeroual and Florent Thomas, both seasoned professionals with experience at Serena Capital. Florent Thomas, who also founded TalentLetter in 2018, operates an email newsletter connecting tech startups with potential hires. Additionally, he co-founded Karma Driven, an exclusive job board, alongside Marie Brayer.
Kamel Zeroual, on the other hand, is known for his creation of the Startup Mafia podcast, where he interviews executives from various successful tech startups. Leveraging their extensive networks and platforms, Varsity’s team aims to identify promising investment opportunities and ensure their portfolio companies thrive as they progress through different stages of growth.