The Paris firm's second cybersecurity-only fund targets €100M and will back around 30 early-stage European start-ups, with AI security and identity protection at the top of its list.

Image: Auriga Partners press photo, via EU-Startups.

Paris-based venture capital firm Auriga Partners has reached an €80 million interim close for Auriga Cyber Ventures II, its second fund dedicated exclusively to cybersecurity. The fund is targeting €100 million, with a hard cap of €120 million, and builds on Auriga's first €55 million cybersecurity vehicle, launched in 2022.

Backers include Bpifrance, through the French National Seed Fund No. 3, which it manages for the French state as part of the France 2030 investment plan. The fund also has European Union support under InvestEU through the European Investment Fund (EIF), plus an equity guarantee managed by Bpifrance, according to EU-Startups. Capital Finance (Les Echos) reports that the subscription period, initially due to end in December, is expected to be extended to June 2027 so the fund can reach its target.

Pre-seed to Series A, with half held back

Auriga Cyber Ventures II will back early-stage European start-ups from pre-seed to Series A, with first cheques of €500,000 to €5 million. It will take minority stakes and plans to reserve roughly half of its capital for follow-on rounds in its strongest portfolio companies. It aims to back around 30 start-ups.

The fund has two priority areas: AI security, meaning protection for AI models, data and new applications, and identity and data protection, as fraud becomes more sophisticated and digital access spreads. Auriga says its team has analysed more than 2,000 European cybersecurity start-ups since 2022. It has already invested from the new fund in four companies: Finovox (document fraud prevention), Fleuret (AI-powered automated penetration testing), Mankinds (AI system auditing and compliance) and Nextident (AI agent security). It plans two or three more deals before the end of 2026.

"Given the economic, industrial and sovereignty challenges posed by cybersecurity, Europe must equip itself to develop global leaders," said managing partner Geoffroy Rosset. "We have a particularly dynamic pool of talent, technologies and startups, but they need both substantial capital and specialised support to realise their potential."

Speaking to French Tech Journal, Rosset said the new fund will look for a more even geographic spread. Roughly two-thirds of the first fund's investments were in France. This time Auriga is aiming for a 50/50 split between France and the rest of Europe, and may invest at Series B in some cases.

Founders as a network

Founded in 1998, Auriga has backed more than 150 companies, including Nexthink, Wallix, Vade and Vestiaire Collective. The firm says exits from its earlier portfolio enabled it to distribute more than €500 million to its investors in 2025-26. Its cyber strategy relies on a network of industry founders, including Jean-Noël de Galzain (Wallix), Georges Lotigier (Vade), Thierry Rouquet (Sentryo, acquired by Cisco) and Édouard de Rémur (Oodrive).

"In cybersecurity, the ability to provide hands-on support is just as critical as funding," said managing partner William Lecat.

Why it matters

Europe's push for digital sovereignty is colliding with a cybersecurity market still dominated by US and Israeli vendors. Specialist early-stage capital is one of the missing pieces. A fund backed by Bpifrance and the EIF that targets AI security and AI agent identity puts money into the threats that are only now emerging, and its 50/50 target could spread that money well beyond France. It is still an interim close, though: the final size depends on fundraising that may run until mid-2027.

Sources

• Auriga Partners announcement, Paris, 29 October 2026, as reported by EU-Startups and Tech.eu
• French Tech Journal interview with Geoffroy Rosset and William Lecat, 30 October 2026
• Capital Finance (Les Echos), October 2026; Dealroom News