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Backing very technical founders
before it's obvious.
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About
Olivier Vaury
Olivier Vaury
LinkedIn

The unlikely angel

I wasn't supposed to end up this close to the technology frontier. But 20 years across BCG, Amazon, ManoMano and co-founding a startup gave me a view of entrepreneurship and scale from every angle. Deep tech and healthcare found me before I went looking for them. Early bets on exceptional founders worked. In late 2023 I went all in on angel investing.

Read the full story → +
2014
The beginning
A €80k bet on a stranger
+

Looking back, becoming a business angel was such a low probability outcome, it should have never happened to me.

In 2014, while I was the finance director for Amazon in France, I had the idea of a business to help local businesses increase their online visibility. I shared the idea with Quentin, a former intern in my team, whom I highly regarded as a self-made software engineer. Quentin told me he had met a young guy out of business school who had actually launched the exact same company I wanted to build. I met Thibault, was impressed by his drive, but felt his project wasn't set up for success. After a few weeks, we decided to restart from scratch. He liquidated his previous company and created Partoo with €80k as a first check from me, v1 of the tech built by Quentin, and the help of a fantastic team. I stayed at Amazon. Partoo grew fast. In 2019 I sold my shares to Webedia, a company aggregating media and software businesses. Thibault now leads Partoo with more than 400 employees, and Quentin is an early employee of Datadog.

I should have never shared my idea with Quentin. I should have never agreed to meet my own future competitor before even starting my business. But I've always shared ideas freely, acted on weak signals, and trusted people faster than conventional wisdom would recommend. I didn't know it then, but that instinct would quietly shape everything that followed.

>> Milestone 1: I now have the cash to invest. Thibault, Quentin: without you, none of this would exist. I am deeply grateful.
2019
The move to science
Biotech by paddleboard
+

My guts wanted more of what Partoo had given me. My brain didn't know where to begin.

What I did know was that I wanted to reconnect with my former university, L'École Normale Supérieure — the place with more Nobel Prizes and Fields Medals per student than anywhere else in the world, and at the same time the place furthest from the business world. I had studied humanities there, but since then I had been fortunate to collect an unusual range of data points: large companies (7 years at BCG), big US tech (Amazon), hypergrowth startups (Partoo, ManoMano), and zero-to-one startups through half-dozen small angel checks. Talking to scientists and researchers, I realized they had something extraordinary, but also a massive blind spot. They had never recruited non academic A-players, built a team from scratch, thought about company culture and rituals, fired low-performing or toxic employees, written a pitch deck, raised a round, or managed a board. I had done all of that. Maybe that was useful.

End of 2016, I attend a pitch event at ENS. A PhD student presents a technology to predict how two molecules bind together in the human body. I get the value, I'm impressed. After the event, I walk up to his supervisor, Maximilien Levesque, who was the real mastermind behind the tech. Max believes this technology could be game-changing in pharma R&D — computational drug discovery before it had a cool name. We have an immediate connection and spend the next two years talking regularly.

End of 2018, he's ready to launch. He needs a co-founder and asks for help. I knew absolutely nothing about and nobody in biotech. I started building a network from scratch. We met a lot of talented and sometimes very weird candidates. Then, one Sunday morning, while stand-up paddling on the Marne river with my friend Julien from BCG, I asked him if he knew someone with enormous energy, deep pharma knowledge, and the hunger to become an entrepreneur. He introduced me to Emmanuelle. The fit was immediately obvious. They create Aqemia mid 2019, I invest the first check.

I should have never met Max. I should have never met Emmanuelle. I should have never invested in a field I knew absolutely nothing about. But I was attracted by the "road not taken", the less obvious one, the less crowded one. And I've learned since that showing up on those paths, curious and genuinely useful, tends to unlock things you couldn't have planned.

>> Milestone 2: I'm a deep tech angel. Max, Emmanuelle, I'm forever grateful.
2023
Go all-in
In every room
+

By the time Aqemia launched, I had moved from Amazon to ManoMano, one of Europe's fastest-growing e-commerce platforms. I wanted to be fully immersed in startups, not just as a side hobby over weekends. At ManoMano, I built the finance, legal, payments, and analytics teams from scratch, and helped raise around €400m from major global funds — General Atlantic, Eurazeo, Temasek, Dragoneer. I ran dozens of VC calls, wrote dozens of memos and Q&As, managed confirmatory due diligences with financial and legal firms.

What the whole journey gave me is something harder to name than a title or a thesis. It's not expertise in biotech, or AI, or semiconductors. It's having been in the room, in very different rooms, at very different moments: operator, fundraiser, consultant, advisor, investor in startups, LP investor in funds. BCG taught me how large organizations think and work. Amazon showed me what unreasonable ambition and razor-sharp execution looks like. ManoMano put me in the hypergrowth fire with full responsibility. And the founders I backed taught me that the most important moments in a company's life are almost never the ones that show up in the deck.

I should have never ended up doing all of this in the same lifetime. But here I am — and I think it makes me a different kind of investor. Not the one who knows your market better than you do. The one who has probably lived a version of the problem you're facing right now.

>> Milestone 3: I have a 360° understanding of the VC and org building journey. After a few exits and secondaries validating the model, I decided to become a full-time angel investor. No side job. No fund admin. Just this.
Portfolio

Meet the hungry birds I back

Industry
Country
Last stage
Vintage
Active

Drug discovery with deep physics and AI

BiotechFranceSeries B
Active

Optical chips for AI compute

DeeptechFranceSeed
Active

Plant-based alternatives to pork meat

DeeptechFranceSeries B
Active

Robot and AI for skin cancer detection

MedtechFranceSeries A
Active

B2B AI agents

AI & SoftwareFranceSeed
Active

AI-powered bioproduction for industrial ingredients

DeeptechFranceSeed
Active

Small MRI machines

MedtechFranceSeries A
Active

High-yield mRNA enzymes

BiotechFranceSeed
Active

AI identification of water leaks

AI & SoftwareFranceSeries A
Active

3D video generation platform

AI & SoftwareFranceSeries A
Active

Digital twins for industrial facilities

AI & SoftwareFranceSeries A
Active

Alcohol reduction technology

DeeptechUSSeries A
Active

Electric engines for small satellites

DeeptechFranceSeries A
Active

Smart and patient-centric motorized orthosis

MedtechFranceSeries A
Active

Motion design software

AI & SoftwareFranceSeed
Active

AI software for robots

AI & SoftwareFranceSeed
Active

Infinite batteries for mobility

DeeptechFranceSeed
Active

Cure against type 2 diabetes

BiotechFranceSeed
Active

Optimization of biodrugs through glycosylation

BiotechFranceSeed
Active

AI software for pain clinics

MedtechUSSeed
Active

Phone based health measures

MedtechFranceSeed

ADV

Active

Trichoidal helix for propulsion and power generation

DefenseFranceSeed

Cybersecurity for supply-chain vulnerabilities

AI & SoftwareFranceSeed
Active

At home blood testing for cardiology

MedtechFrancePre-seed
Active

Diagnosis and therapeutics platform based on menstrual blood analysis

BiotechFrancePre-seed
Active

Breakthrough technology for gold applications

DeeptechFrancePre-seed
Active

AI models to diagnose endometriosis

MedtechFrancePre-seed
Active

AI for drug optimisation in neurology and psychiatry

BiotechFrancePre-seed
Active

Plugin on endoscopes

MedtechFrancePre-seed
Active

AI tutor for children

AI & SoftwareFrancePre-seed
Active

Organoids for the skin

MedtechFrancePre-seed
Active

VR helmet to treat Alzheimer and neuro degenerative diseases

MedtechFrancePre-seed
Active

Virtual reality helmets for surgery

MedtechFrancePre-seed
Active

At home monitoring of C-reactive-protein

MedtechFrancePre-seed
Active

Breast cancer 3D printed molds to optimize radiotherapy

MedtechSwitzerlandPre-seed
Active

Multimodal scans and AI for biopsies analysis

MedtechFrancePre-seed
Active

AI platform for sport bets

AI & SoftwareFrancePre-seed
Active

High-end cameras for drones

DefenseFrancePre-seed
Active

Immunology against cell senescence

BiotechFrancePre-seed
Active

Blood flow support device

MedtechGreecePre-seed

Random matrix models to predict protein active sites

BiotechFrancePre-seed
Active

Glue degraders discovery and development platform

BiotechFrancePre-seed
Active

Pet animals CRO

MedtechUKPre-seed
Active

End-to-end digital platform to manage sleep apnea

MedtechUSPre-seed
Active

Red blood stem cells to produce in vivo proteins

BiotechSwitzerlandPre-seed

PTM

Active

Proteome platform against cell senescence

BiotechUSPre-seed
Exited

AI automated vehicle inspection

AI & SoftwareFranceExited
Liquidated

Curved image sensors

DeeptechFranceLiquidated
Exited

Touchless / Speechless devices

DeeptechFranceMerged
CompanyDescriptionTags
Aqemia
https://www.aqemia.com
Drug discovery with deep physics and AI
BiotechFranceSeries B2019AIActive
Arago
https://www.arago.inc
Optical chips for AI compute
DeeptechFranceSeed2024AIActive
La Vie
https://www.laviefoods.com/
Plant-based alternatives to pork meat
DeeptechFranceSeries B2019Non-AIActive
Squaremind
https://www.squaremind.com/
Robot and AI for skin cancer detection
MedtechFranceSeries A2021AIActive
Twin
https://twin.so
B2B AI agents
AI & SoftwareFranceSeed2023AIActive
BaCta
https://www.bacta.bio
AI-powered bioproduction for industrial ingredients
DeeptechFranceSeed2024AIActive
Chipiron
https://www.chipiron.co
Small MRI machines
MedtechFranceSeries A2021AIActive
Eukarys
https://eukarys.com
High-yield mRNA enzymes
BiotechFranceSeed2024Non-AIActive
Leakmited
https://www.leakmited.com/en
AI identification of water leaks
AI & SoftwareFranceSeries A2019AIActive
Kinetix
https://kinetix.tech
3D video generation platform
AI & SoftwareFranceSeries A2020AIActive
Samp
https://samp.ai/
Digital twins for industrial facilities
AI & SoftwareFranceSeries A2020AIActive
Altr
https://www.altrfltr.com/
Alcohol reduction technology
DeeptechUSSeries A2021Non-AIActive
ION-X
https://ion-x.space
Electric engines for small satellites
DeeptechFranceSeries A2021Non-AIActive
Reev
https://reev.care
Smart and patient-centric motorized orthosis
MedtechFranceSeries A2022AIActive
Jitter
https://jitter.video
Motion design software
AI & SoftwareFranceSeed2020AIActive
EyePick
https://www.eyepick.com
AI software for robots
AI & SoftwareFranceSeed2021AIActive
Gouach
https://gouach.com
Infinite batteries for mobility
DeeptechFranceSeed2021AIActive
Paltech
https://www.paltech.fr
Cure against type 2 diabetes
BiotechFranceSeed2021Non-AIActive
Kyron
https://www.kyron.bio
Optimization of biodrugs through glycosylation
BiotechFranceSeed2022Non-AIActive
FitCam
https://www.fit.cam/
AI software for pain clinics
MedtechUSSeed2023AIActive
Quantiq
https://www.quantiq.io/
Phone based health measures
MedtechFranceSeed2024AIActive
ADV
https://adv-propulse.fr/
Trichoidal helix for propulsion and power generation
DefenseFranceSeed2025Non-AIActive
Lupin & Holmes
https://www.landh.tech/
Cybersecurity for supply-chain vulnerabilities
AI & SoftwareFranceSeed2026AIActive
Omini
https://www.ominilabs.com
At home blood testing for cardiology
MedtechFrancePre-seed2020Non-AIActive
Endogene.bio
https://www.endogene.bio/en
Diagnosis and therapeutics platform based on menstrual blood analysis
BiotechFrancePre-seed2022Non-AIActive
Daumet
https://www.daumet.com
Breakthrough technology for gold applications
DeeptechFrancePre-seed2023Non-AIActive
Matricis.ai
https://matricis.ai
AI models to diagnose endometriosis
MedtechFrancePre-seed2024AIActive
Theremia
https://www.theremia.health/
AI for drug optimisation in neurology and psychiatry
BiotechFrancePre-seed2024AIActive
Aido Health
https://www.aido.health
Plugin on endoscopes
MedtechFrancePre-seed2025Non-AIActive
Bending words
https://www.bendingwords.com/
AI tutor for children
AI & SoftwareFrancePre-seed2025AIActive
Bio Hive
https://www.biohive-innovations.com/
Organoids for the skin
MedtechFrancePre-seed2025Non-AIActive
Clarity
https://www.clarity-technologies.com/
VR helmet to treat Alzheimer and neuro degenerative diseases
MedtechFrancePre-seed2025AIActive
Clearsurgery
https://clearsurgery.vision/
Virtual reality helmets for surgery
MedtechFrancePre-seed2025Non-AIActive
Clira Health
https://clira.health/
At home monitoring of C-reactive-protein
MedtechFrancePre-seed2025AIActive
Hero Support
https://herosupport.care/
Breast cancer 3D printed molds to optimize radiotherapy
MedtechSwitzerlandPre-seed2025Non-AIActive
Hyprview
https://www.hyprview.com
Multimodal scans and AI for biopsies analysis
MedtechFrancePre-seed2025AIActive
Kairos
https://www.kairos-research.ai/
AI platform for sport bets
AI & SoftwareFrancePre-seed2025AIActive
Landroval
https://www.landroval.com
High-end cameras for drones
DefenseFrancePre-seed2025AIActive
Neotis
https://neotis.com/
Immunology against cell senescence
BiotechFrancePre-seed2025Non-AIActive
PleioFlow
https://www.pleioflow.com
Blood flow support device
MedtechGreecePre-seed2025Non-AIActive
RMx Therapeutics
#
Random matrix models to predict protein active sites
BiotechFrancePre-seed2025Non-AIActive
Terna Bio
#
Glue degraders discovery and development platform
BiotechFrancePre-seed2025Non-AIActive
Treat Tx
https://www.treatx.bio/
Pet animals CRO
MedtechUKPre-seed2025AIActive
Dumbo Health
https://www.dumbo.health/
End-to-end digital platform to manage sleep apnea
MedtechUSPre-seed2026Non-AIActive
Immitra Bio
https://www.immitra.bio
Red blood stem cells to produce in vivo proteins
BiotechSwitzerlandPre-seed2026Non-AIActive
PTM
https://ptmedicines.com/
Proteome platform against cell senescence
BiotechUSPre-seed2026Non-AIActive
Monk
https://monk.ai/
AI automated vehicle inspection
AI & SoftwareFranceExited2019AIExited
Silina
#
Curved image sensors
DeeptechFranceLiquidated2021Non-AILiquidated
Wisear
https://www.wisear.io
Touchless / Speechless devices
DeeptechFranceMerged2021AIExited
Investor manifesto

It's never too early to back obsessed technical founders

I back very hungry and technical founders as early as possible, before the crowd arrives. What I need to understand: the value proposition, the addressable profit pool, and how far the product will disturb the customer value chain. At that stage, the rest is literature, especially the business plan.

I'm a low maintenance investor. I'm in love with founders and with Europe.

My core beliefs
I'm not thesis driven but a few beliefs have shaped every bet I've made.
Read the beliefs →
How I invest
What kind of investor I am.
Read the process →
01
Intensity is not coachable
+

There are intense founders and less intense founders. Many things can be coached but intensity is rooted in one's DNA. Intensity is key because this is what makes the difference in the long run: execute at full speed, attract top talent like a magnet, overcome a million obstacles, demonstrate exceptional drive to mobilize everyone around the project from employees to investors and clients. Positive outcomes from intensity compound exponentially over time. Hence, intensity is a prerequisite in my quest for great projects.

The signals I look for: first principles thinking; energy during the pitch; a roadmap stripped to the bone — no borrowed playbooks, no wasted moves; clear communication on what will be achieved this week, next month, next quarter; a chronic dissatisfaction with how things are.

02
The deeper, the better
+

Most investment themes are narratives. Deep tech is different: it's a response to constraints that don't negotiate. Cells don't stop aging because we'd prefer them not to. Compute doesn't get less energy-intensive without someone reinventing the architecture. These are physics, chemistry, biology problems, not market problems. Not hype cycles. They will still be unsolved — or only partially solved — twenty years from now. That's the horizon I invest with.

03
Bet on Europe
+

Europe has been systematically underestimated as a deep tech ecosystem, and that gap is closing fast. The scientific and engineering talent has always been here, from world-class universities and research institutions. What's new is the momentum: a first generation of deep tech scaleups (Mistral, Helsing, Owkin, Eleven Labs, Axelera, Quantum Systems...) is producing the operators, future founders and role models that ecosystems are built on. Europe has a dense industrial base of pharma companies, defense primes, energy majors, and manufacturers that are natural customers and acquirers for what deep tech startups build. Public and government support is growing, the continent is increasingly aware of its uniqueness and common interest.

I love Europe.

04
Not enough risk-taking money at pre-seed
+

Most European VC funds claim to invest early. Few actually do. There is always a tech milestone missing, a first contract to sign, a team to complete, a partner to secure, a hardware risk. They will back the project once it becomes obvious. Meanwhile, angel clubs are slow, governance-heavy, and high-maintenance for founders. Family offices have tried direct investing but more as a side hobby, following the first friend who offered a deal. For many, the results were mixed.

05
As early as possible
+

I like it early. I like it when the business plan is useless, when the paths are still wide open, when everything depends on the founding team. What early-stage investing requires is a wide enough portfolio to maximize the chances of being in the room when something exceptional happens — and the humility to accept that you won't always recognise the right bet before it's obvious.

Seed rounds are typically 2-3x more expensive than pre-seed, but they are not 2-3x less risky. The risk curve doesn't compress that fast. Pre-seed is where the price of admission is fair, the potential enormous, and someone has to show up before it's obvious. That's me. "Too early" is not something I would ever tell a founding team. "Too late" — I say that a lot.

01
Backing founders, not industries
+

I love founders, they make me feel alive and bring me so much energy.

Building a company is VERY tough. The difficulty is wildly underestimated, especially in Europe where a lot (too much!) of public funding is made easily available. I look for entrepreneurs with an unusual level of intensity, the ability to recruit exceptional people, and the resilience to navigate disputes and pivots together. My best investments have been with contrarian founders, that most other investors would consider weird (I have real stories around that…).

02
Investment territory
+

Healthcare is my home territory — not by design, but because serendipity landed Aqemia on my path. I also back teams building the future of computing — hardware and software —, the future of our planet, and the future of warfare which I see as a noble form of impact investment given the needs for European sovereignty.

Most of those projects are based on scientific breakthrough or hardcore engineering, ensuring a long-term moat. They carry a genuine purpose and will attract the best people.

One important nuance: I don't chase moonshots exclusively. A medical device with a clear regulatory path, concrete value delivered fast, a realistic exit to a strategic acquirer in three to five years, and a credible funding strategy can be an excellent investment. 5x in three years beats 30x in fifteen. Few investors are after those deals.

What I don't do: digital health without hard science, pure commercial software, marketplaces, or anything where the moat is distribution rather than technology. If there's no IP, no deep engineering, no scientific breakthrough at the center of it, it's probably not for me.

Geographic focus is France and Europe. Greece is close to my heart too, through my mother. Any strong referral from anywhere in the world is welcome.

Pre-seed is my sweet spot. I do not need proofs, but I do need signals.

03
Investment process
+

The "investment committee" is between my left and right brain, or between my brain and my guts. When in doubt, the guts win. I operate alone, with a constantly evolving stack of tech and AI tools. This is the best time to be a solo angel investor!

However, I maintain a network of fellow investors, angels, experts, operators, scientists to feed my thoughts during the investment process. Despite all my efforts, decisions are certainly unfair and I make a lot of mistakes. I ensure to maintain very good relationships with founders I refused to invest into or founders who refused my check.

I invest between €30-50k per project, and I need a maximum of two meetings / video calls to decide. If I don't come back to founders very fast, it's not a good sign, apologies in advance.

€30k – €50k per project · max 2 meetings
04
Non transactional networking
+

I meet a lot of people with no immediate agenda. A scientist finishing a PhD, an operator thinking about leaving a large company, a founder not yet ready to raise, a fellow investor with a different lens, a friend of a friend who needs advice on his future venture. No deal on the table. Just curiosity and the hope to be useful.

This is not a strategy. It's just how I'm wired. But looking back, almost everything good that happened to me — Partoo, Aqemia, my best investments — started with a conversation that had no obvious destination. So I try to keep the flywheel rolling. Every week.

05
Low maintenance investor
+

I am here when founders need me, invisible when they don't. Always available for a call, an intro to a fund, feedback on the next pitch deck, a brainstorm session on HR organization, or occasionally a proper psychoanalysis — yes, this happens!

I proactively share opportunities with founders when I see them — a potential customer, a future investor, a competitor move —, but I don't seek any formal role or reporting with portfolio companies. Aqemia was the exception, as I was involved even before day one.

I run lean by design and necessity. I believe extra costs or staff would not be of any help. VCs tend to overestimate the value they bring to their portfolio companies, especially when they deploy massive resources. The best entrepreneurs do not need consultants on their core business.

I respect entrepreneurs, when they succeed and when they don't. I love them either way.

Contact

Let's talk

Whether you're building something extraordinary or you just want to connect — this is the right door.

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