Paris-based venture capital firm Revaia, Europe’s largest all-women-led VC fund, has announced the final close of its second fund at €250 million. The milestone comes more than a year after securing its first €150 million tranche. As the firm continues backing European and Israeli growth-stage startups with a clear sustainability lens.
Co-founded in 2019 by Elina Berrebi and Alice Albizzati, Revaia is one of Europe’s few VC firms fully led by women. While sector-agnostic, the fund targets B2B tech companies that align with strong ESG principles. From energy efficiency and responsible governance to workplace wellbeing.
Through its first fund launched in 2021, Revaia has invested in standout startups like search tech platform Algolia. A Y Combinator alum now valued at $2.3 billion, and cloud-based call center solution Aircall. With Fund II, the team plans to support a dozen new companies with ticket sizes ranging from €10 million to €30 million. Around one-third of the fund is reserved for follow-on support, helping portfolio companies fuel their M&A strategies as they scale.
In today’s cautious fundraising climate, Albizzati says that the consistent performance of their first fund played a key role in attracting limited partners (LPs). “It’s a slow-motion market right now,” she explains, “but platforms like Revaia, alongside a few dominant global players, are still capturing significant interest.” She noted that Revaia’s portfolio companies have grown on average by 4x since investment.
Despite the headwinds, Revaia successfully brought back historical backers like Bpifrance, while onboarding nine new institutional LPs. These include JP Morgan, the European Investment Fund (EIF), and BNP Paribas Cardif, alongside several unnamed private investors. The VC firm has also doubled its international LP base, which now accounts for 30% of the total. Thanks to growing interest from both US and European institutions.
Albizzati believes broader political and economic shifts have worked in their favor. With rising tensions around national investment policies — notably the “America First” rhetoric under former US President Donald Trump. European investors and companies are re-evaluating how to secure late-stage capital closer to home.
“Our thesis from the start was that Europe needs dedicated growth funds to support companies through every stage. Especially during the scale-up phase, which remains dominated by global funds,” Albizzati explains. “That thesis is becoming more relevant with every geopolitical turn.”
Revaia’s second fund not only highlights a growing appetite for gender-diverse leadership in VC. But also for purpose-driven investment models that don’t shy away from tackling long-term sustainability challenges.
In a tough year for venture fundraising, Revaia’s successful close sends a powerful signal. Europe’s growth-stage startups don’t need to rely solely on Silicon Valley to scale. With the right vision — and a proven track record — local champions can shape a more resilient, independent startup ecosystem from within.
