French venture capital firm Auriga Partners has raised €80 million for its second cybersecurity fund, Auriga Cyber Ventures II. The firm aims to raise a total of €100 million, with a maximum fund size of €120 million. The fund will support early-stage cybersecurity startups across Europe.
Auriga Cyber Ventures II will invest in startups from the pre-seed stage to Series A. Initial investments will range from €500,000 to €5 million, helping young companies develop their technology and grow their businesses.
The fund will mainly take minority ownership stakes in the companies it backs. Auriga Partners also plans to reserve around half of the fund’s capital for follow-on investments, allowing it to provide additional funding to successful startups as they grow.
Commenting on the need to strengthen Europe’s cybersecurity sector, Geoffroy Rosset, Managing Partner at Auriga Partners, said: “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.”
Auriga Cyber Ventures II has already made its first four investments. The fund has backed Finovox, which helps prevent document fraud, and Fleuret, which develops AI-powered tools for automated security testing.
The fund has also invested in Mankinds, a company focused on auditing AI systems and helping businesses meet compliance requirements, and Nextident, which works on security for AI agents. Auriga is exploring more investment opportunities and aims to complete another two to three deals by the end of 2026.
The new fund follows Auriga Partners’ first €55 million cybersecurity fund, launched in 2022. Over the past five years, the firm has invested in 30 European cybersecurity startups, supporting companies developing new security technologies.
Since 2022, Auriga has assessed more than 2,000 cybersecurity companies. Its first fund has allocated 40% of its investments to AI-related technologies and 32% to defence applications, highlighting the firm’s interest in these growing sectors.
