Paris-based VC firm C4 Ventures has announced the launch of its third fund, targeting €100M to back early-stage startups across Europe.
Fund III will focus on AI, robotics, quantum, and frontier hardware—doubling down on the next wave of technologies reshaping global industries.
Backing Europe’s AI and deep tech revolution
Founded in 2014 by former Apple and Microsoft executives Pascal Cagni and Eric Boustouller, C4 Ventures has built a reputation as an operator-led, founder-first fund with a rare track record: 12 unicorns from 54 investments, including NEURA Robotics, Graphcore, Alice & Bob, and PsiQuantum.
“The AI revolution is bigger than any previous technological shift we’ve seen since the Internet,” said Cagni. “With Fund III, we are doubling down—backing talented founders in AI, robotics, quantum computing, and beyond.”
C4 Ventures has long championed Physical AI—cognitive robots and autonomous systems—alongside software-based AI. With its strong hardware expertise, the firm aims to bridge frontier hardware and advanced software, a combination it believes will define the AI era.
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A founder-first, operator-led model
C4 Ventures operates as a boutique, high-conviction fund with deep involvement. Its team of 30+ operating partners from top global tech companies provides hands-on support in scaling, strategic guidance, and access to influential networks.
“Fund III will extend our vision of operators backing entrepreneurs with global ambition,” said co-founder Boris Bakech. “We combine our operating and investing experience with the determination of founders to build Europe’s next champions.”
Track record and momentum
C4 Ventures has now seen a full investment cycle, with 20+ exits, 2 NYSE IPOs (Riskified, Via), and 7 corporate M&A deals. Its second fund, launched in 2020, already ranks in the top quartile for value creation and nearly the top decile for liquidity, significantly outperforming benchmarks just five years in.
“The success of C4 Ventures II strengthened our conviction to launch Fund III,” said partner Eric Boustouller. “Technology’s next chapter is unfolding right now in Europe, and we are committed to supporting the founders who will shape it.”
