Elaia has unveiled DV5, its fifth Digital Venture fund, announcing a €120 million first close to back European founders building category-defining B2B technology companies. In a social media post, the Paris-based venture firm cited the fund around a familiar European narrative: the region has no shortage of technical talent or breakthrough innovation, but global outcomes hinge on execution.
Elaia positioned DV5’s “sweet spot” as the unglamorous work that turns R&D into durable companies, citing product-market readiness, customer traction, and operational discipline as the levers it intends to support most actively.
DV5 will invest from pre-seed through Series B, writing checks of €1 million to €15 million and pairing capital with hands-on support to help startups scale into market leaders.
Elaia also disclosed the fund’s first two investments: Mimic and Linkup. The firm described both as foundational infrastructure for the next wave of AI, pointing to “physical intelligence for robotics” on the one hand and “real-time web access” that takes AI search “off airplane mode” on the other.
The first close positions DV5 as Elaia’s latest vehicle for multi-stage investing across Europe’s B2B technology landscape, with the firm emphasizing a scaling playbook designed to help companies move from deep tech origins into commercial traction and, ultimately, market leadership.
