French venture capital firm Auriga Partners has locked in €80 million toward Auriga Cyber Ventures II, marking an interim close for its second fund devoted entirely to cybersecurity investments. The vehicle is aiming for a final size of €100 million, with a hard cap set at €120 million, and will concentrate on backing early-stage cybersecurity companies across Europe.
The fund will deploy capital in startups ranging from pre-seed through Series A stages, with individual investment cheques between €500,000 and €5 million. Auriga intends to take minority stakes in portfolio firms and has earmarked roughly half of available capital for follow-on rounds supporting existing holdings.
Auriga expects to back approximately 30 European startups through the fund, with particular emphasis on three areas: artificial intelligence security, identity protection mechanisms and data security solutions.
Geoffroy Rosset, Managing Partner at Auriga Partners, framed the investment thesis around Europe's strategic position: "Given the economic, industrial and sovereignty challenges posed by cybersecurity, Europe must equip itself to develop global leaders. We have a particularly dynamic pool of talent, technologies and startups, but they need both substantial capital and specialised support to realise their potential."
Early portfolio and track record
Four companies have already received backing from the new fund. Finovox specialises in document fraud prevention; Fleuret builds AI-driven automated penetration testing tools; Mankinds focuses on auditing and compliance for AI systems; and Nextident addresses AI agent security. Auriga expects to complete two to three additional deals before the end of 2026.
Auriga Cyber Ventures II builds on the foundation of the firm's first cybersecurity fund, which raised €55 million in 2022. Over five years, Auriga has invested in 30 European cybersecurity startups and screened more than 2,000 companies in the sector. The inaugural fund carries 40 per cent exposure to AI-related technologies and 32 per cent to defence applications.
Prior exits have included stakes in Wallix, Vade and Nexthink. Auriga reports that its positions in Vade and Nexthink alone generated more than €500 million in investor distributions during 2025–2026.
Beyond capital: hands-on support
Auriga's value proposition extends beyond cheque-writing. The firm connects portfolio companies with a network spanning investors, entrepreneurs and sector specialists. William Lecat, Managing Partner at Auriga Partners, underscored this dimension: "In cybersecurity, the ability to provide hands-on support is just as critical as funding."
The network draws on founders and executives from established cybersecurity firms including Wallix, Vade, Sentryo and Oodrive. Through these connections, Auriga aims to equip its portfolio with industry knowledge, business development assistance and pathways for international growth.
Source: Tech.eu
