Paris-based investor Auriga Partners has raised €80 million at the first milestone for its new cybersecurity vehicle, Auriga Cyber Ventures II. The fund plans to reach €100 million to finance early-stage European software companies building defences for artificial intelligence workflows, identity systems and corporate data infrastructure.
Key points
- Auriga Partners collected €80 million towards a €100 million target, setting a final ceiling of €120 million.
- The firm will write initial equity cheques between €500,000 and €5 million for around 30 European early-stage startups.
- The vehicle has already backed four startups tackling document fraud, automated penetration testing, AI compliance and autonomous agent security.
- French state bank Bpifrance anchored the vehicle via the French National Seed Fund No. 3.
Fund strategy and capital deployment
The new vehicle intends to back approximately 30 early-stage ventures across Europe. Managed by Auriga Partners, the strategy targets deals spanning pre-seed through Series A, deploying initial equity cheques of €500,000 to €5 million.
The firm plans to take minority stakes in founders’ businesses while keeping around half of the total fund pool in reserve for follow-on rounds. That capital cushion is intended to protect ownership and support portfolio firms as they expand commercial operations.
While the firm has set its sights on a €100 million final tally, legal documents permit capital commitments up to a hard cap of €120 million. Institutional support includes funding from French state bank Bpifrance, which committed capital through the French National Seed Fund No. 3.
Targeting AI threats and enterprise defences
Auriga Cyber Ventures II is concentrating capital on threats emerging around machine learning platforms, autonomous software agents, identity perimeters and corporate data estates.
Geoffroy Rosset, Managing Partner at Auriga Partners, said European software companies have a dynamic talent pool but “need both substantial capital and specialised support to realise their potential.”
Four early deals illustrate that focus. The vehicle has backed Finovox for document fraud detection, Fleuret for automated penetration testing using machine learning, Mankinds for AI compliance auditing, and Nextident for protecting privileges used by AI agents. Auriga plans to complete two to three additional transactions before the close of 2026.
Track record and earlier funds
The vehicle succeeds a €55 million predecessor fund raised in 2022. That initial vehicle allocated 40 per cent of its capital to artificial intelligence technologies and directed 32 per cent to defence-focused security tools.
Auriga has backed 30 cybersecurity companies over the past five years after vetting more than 2,000 contenders across the continent. Its broader portfolio has included identity specialist Wallix, email protection platform Vade, and enterprise analytics firm Nexthink.
Auriga said stakes in earlier portfolio companies Vade and Nexthink returned over €500 million to investors during 2025 and 2026.
Industry operator network
Alongside capital, the firm pairs founders with an operating group of technology entrepreneurs. That roster features founders and senior leaders from European software vendors including Wallix, Vade, Sentryo and cloud service provider Oodrive.
William Lecat, Managing Partner at Auriga Partners, said: “In cybersecurity, the ability to provide hands-on support is just as critical as funding.”
The advisory bench assists technical founders with sales cycles, enterprise customer acquisition and international expansion as Auriga prepares for the fund’s final closing.
