Elaia has announced a first close of its fifth Digital Venture Fund (DV5) at €120 million. The fund will focus on investing in European B2B technology companies with strong intellectual property foundations, spanning both foundational infrastructure and application-level innovation.

The first close includes commitments from both returning and new investors, including Bpifrance, MACSF, BNP Paribas, and others.

DV5 builds on Elaia’s long-standing investment approach, which combines early identification of advanced technologies with active support to help companies scale into sustainable, category-leading businesses. The fund is managed by a team with technical expertise and experience in building, scaling, and exiting technology companies.

The fund will invest across early stages, from pre-seed to Series B, with ticket sizes ranging from €1 million to €15 million. DV5 targets B2B technology companies across Europe, with a focus on areas such as artificial intelligence, cybersecurity, techbio, industrial innovation, and core digital infrastructure.

DV5 has already made its first investment in Mimic Robotics, a Zurich-based company working on physical AI. The investment reflects the fund’s focus on backing advanced technologies emerging from key European innovation hubs.