ISAI ANNOUNCES THE FIRST CLOSING OF ITS ISAI VENTURE IV FUND

Paris, December 3, 2025 – ISAI, the French Tech entrepreneurs' fund, which was the first VC to support success stories such as Blablacar, Malt, 360Learning, Prose, Alma and Flowdesk, announces the first closing of its fourth early-stage fund, ISAI Venture IV, at three-quarters of its €100 million target (the same target as its predecessor fund). This closing, which comes five months after the launch of this fundraising effort in a less favourable context for tech fundraising, demonstrates investors' renewed trust in ISAI's long-standing expertise: identifying promising tech start-ups very early in their history, supporting them with both ambition and care as their first VC, and helping to turn them into future French Tech champions.

True to its DNA as an entrepreneur-led fund, ISAI was able to count on a large community of entrepreneur-LPs (including many founders supported by ISAI through its previous vehicles) who are renewing their trust in the fund, as well as leading family offices and institutional investors, including Bpifrance, a long-standing investor, which is strengthening its commitment compared to the previous fund.

Caroline Gibert, Director of Investor Relations and ESG, comments: "We would like to thank our LPs for their renewed trust, which honours us and obliges us. By committing three-quarters of the target at the first closing, our LPs are sending a strong signal about the relevance of ISAI's model and our ability to consistently generate top-decile performance across economic cycles."

Jean-David Chamboredon, Executive Chairman and co-founder of ISAI, said: "At ISAI, we are very happy and proud to be able to rely on a community of LPs who have trust in both our investment model and the future of French Tech. The launch of this fund, at the bottom of the cycle, comes at a very good time to seize new opportunities, which are sure to be plentiful, particularly because of the AI revolution. We will do everything we can to demonstrate, once again, that our DNA as an entrepreneurial fund and financial performance are more than compatible!"

A proven early-stage tech strategy focused on capital-efficient models
ISAI Venture IV continues the strategy that made its three predecessors so successful: identifying and supporting future French Tech successes at a very early stage, which share the following characteristics:
(i) strong but progressive ambition, as promoted by ISAI among entrepreneurs,
(ii) a capital-efficient model (particularly via SaaS & Marketplaces models),
(iii) a "blue ocean" strategy, and
(iv) the ability to become true leaders in their market.

Jean-Patrice Anciaux, General Partner, explains: "ISAI gets involved very early on – often as the first VC – in companies financed through successive rounds, enabling the emergence of companies aiming for a valuation of several hundred million. We are recognised as an influential partner in supporting our entrepreneurs towards success by rolling out a strategy built over time and co-crafting a compelling equity story in the medium and long term."

The Fund and its portfolio companies will be able to draw on ISAI's ecosystem, which benefits from one of the deepest Tech & Digital networks on the market, bringing together board members, C-level executives, functional experts and international partners, who enhance the quality of the support offered.

A sustainable approach to Tech
The approach to cutting-edge and rapidly evolving topics, such as AI and decarbonisation, is also very clear. The Fund will favour "pick and shovel" solutions (enablers rather than gold prospectors) that offer differentiating technology (such as Lightpanda, Kestra and Koyeb), vertical use cases with a differentiated go-to-market strategy (such as Cardiologs or Beside), and the transformation of existing services capable of scaling thanks to AI (such as Naboo).

The Fund will invest, as lead or co-lead, between €1 million and €3 million in start-ups showing early signs of product-market fit and/or commercial traction. A 10% pocket, dedicated to pre-seed investments ranging from €0.1 million to €0.5 million, will be operated as a super angel, as in previous funds.

More than 80% of investments will be made in France, the remaining will target start-ups founded by French entrepreneurs abroad, particularly in the United States, in line with ISAI's transatlantic presence for more than 10 years.

Classified as Article 8 under SFDR regulations, the Fund will remain faithful to ISAI's strong commitments based on three pillars: demanding and transparent governance, promotion of more inclusive technology, and support for start-ups in reducing their carbon footprint and measuring their avoided emissions.

A portfolio already under construction
To mark the launch of the Fund, a first investment has been made (to be announced in early 2026) in a company developing an artificial intelligence-based platform to offer asset management companies a "Bloomberg for commercial real estate".

François Collet, General Partner, explains: "This is a 'sweet spot' deal that fits our positioning perfectly, with a strong team boasting extensive expertise and a well-developed network in its market, a product that has proven its effectiveness with leading asset managers, and a vertical AI use case that should enable rapid integration and an effective land & expand strategy."

A second investment is also currently being finalised.

About ISAI Venture

ISAI Venture invests between €100,000 and €3 million in early-stage companies, from pre-seed to post-seed, as lead or co-lead in initial financing rounds, in high-potential French Tech start-ups. ISAI Venture also operates in the US market, alongside local investors, to support French entrepreneurs already established in the US. ISAI Venture has been involved in numerous successes such as Blablacar, Malt, 360Learning, Prose, Alma, Flowdesk and Platform.sh.

ISAI Venture is a strategy of ISAI Gestion ("ISAI"), one of the pioneers of investment in French Tech. Co-founded in 2009 "by and for" tech entrepreneurs, ISAI now brings together more than 500 entrepreneur-LPs alongside leading institutional investors.

ISAI, with offices in Paris and New York, has raised nearly €1.1 billion through four investment strategies: Early-Stage Venture, Corporate Venture, Growth Lending and Tech Buyout. 

The company is a signatory to the UNPRI and is committed to inclusive and low-carbon technology.

For more information: www.isai.fr

Contact

ISAI – Caroline Gibert -caroline.gibert@isai.fr | +33 (0)6 99 91 06 60