Auriga Partners Raises €80M for Second Cybersecurity Fund

French venture capital firm Auriga Partners has secured €80 million in a close for Auriga Cyber Ventures II, its second fund dedicated entirely to cybersecurity. The target size is €100 million, with a hard cap of €120 million.

The fund will back early-stage European startups, from pre-seed to Series A, with initial tickets of €500,000 to €5 million. It plans mainly minority equity investments and intends to reserve about half of its capital for follow-on rounds in the strongest portfolio companies. The goal is to support around 30 startups, with a focus on AI-based security, identity protection and data security.

First four deals already done

The fund has made four investments so far: finovox, which works on document fraud prevention; fleuret, which builds automated penetration testing powered by AI; mankinds, focused on audits and compliance of AI systems; and nextident, which secures AI agents. The team is evaluating further projects and aims to close two to three more deals before the end of 2026.

Building on the first fund

The new vehicle follows a €55 million cybersecurity fund launched in 2022. Over the past five years Auriga has backed 30 European startups in the sector and screened more than 2,000 companies. The first fund had 40% exposure to AI-related technologies and 32% to defense applications. According to the firm, its investments in Vade and Nexthink generated more than €500 million in distributions to investors in 2025–2026. Earlier portfolio names include Wallix.

Managing partner Geoffroy Rosset said Europe must equip itself with the tools to build global market leaders, noting that the continent has strong talent, technology and startups that need substantial capital and specialized support. His fellow managing partner William Lecat stressed that in cybersecurity, practical support is as critical as funding itself.

That support comes through a network of founders and executives from companies such as Wallix, Vade, Sentryo and Oodrive, offering strategic advice, business development help and assistance with international expansion.