Innovacom

High-Level Overview

Innovacom is a Paris-based early-stage venture capital firm focused on backing digital and deep tech startups that drive transformative change in technology and society. Since its founding in 1988, Innovacom has positioned itself as a long-term, hands-on investor in science- and technology-driven ventures, providing not only capital but also strategic guidance and access to a broad network of corporate partners and customers. The firm’s mission centers on creating significant financial and strategic value for entrepreneurs by supporting them from inception through growth and exit.

Innovacom invests primarily in digital technology and deep tech, with a strong focus on Information Technology, Mobile, Health-Tech, and Energy. Within these domains, it targets companies developing innovative hardware, software, materials, and components. Over more than three decades, Innovacom has invested around €1 billion across some 300 startups, achieving roughly 150 trade sales and managing 12 dedicated funds. Its presence in Paris, San Francisco, and Stockholm allows it to operate at the intersection of European innovation and global markets, making it a key player in the French and broader European startup ecosystem.

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Origin Story

Innovacom was created in 1988 as the venture capital arm of France Telecom (now Orange), reflecting a strategic move by the telecom giant to capture value from emerging technologies and digital disruption. From the outset, Innovacom was tasked with identifying and nurturing high-potential tech ventures, particularly those emerging from public and private research labs and early-stage startups.

Over the years, Innovacom evolved from a corporate VC into an independent fund manager while maintaining its deep roots in digital innovation. A pivotal moment came in 2018, when Innovacom became associated with Turenne Capital, a French private equity group, which allowed it to further professionalize its fund management and expand its investment capacity. This transition reinforced its identity as a group of entrepreneurs supporting entrepreneurs, combining operational experience with long-term capital commitment.

Key figures like Jérôme Lecoeur, who joined in 1991 and now serves as Chairman of the Board, and Jérôme Faul, Managing Partner and Senior Investment Director, have helped shape Innovacom’s strategy across multiple tech cycles—from the early internet and telecom booms to the current deep tech and AI era.

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Core Differentiators

• Deep Tech & Digital Focus: Innovacom specializes in capital-intensive, IP-rich sectors like deep tech, health-tech, and advanced digital infrastructure, where it can leverage its technical and industrial expertise.

• Long-Term, Active Partnership: Unlike passive investors, Innovacom takes an active, long-term role in its portfolio companies, offering not just funding but also strategic direction, go-to-market support, and access to large corporate clients and partners.

• Strong Corporate & Academic Network: Born from France Telecom and embedded in the French and European innovation ecosystem, Innovacom has cultivated relationships with major corporates, research institutions, and public labs, enabling unique co-development and commercialization opportunities.

• Proven Track Record: With around 300 financed startups, 150 trade sales, and €1 billion invested, Innovacom has demonstrated consistent ability to identify and scale technology ventures across multiple economic cycles.

• International Footprint with Local Depth: Offices in Paris, San Francisco, and Stockholm allow Innovacom to support startups in both European and U.S. markets, helping them scale globally while maintaining strong local roots.

• Entrepreneurial DNA: Positioned as a “group of entrepreneurs,” Innovacom’s team combines investing experience with real-world startup and corporate leadership, giving it credibility and empathy when working with founders.

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Role in the Broader Tech Landscape

Innovacom operates at the heart of the digital and deep tech revolution, backing companies that are reshaping how we interact with technology in healthcare, energy, mobility, and enterprise software. Its focus aligns with major macro trends: the rise of AI and data-driven systems, the digitalization of industries, the energy transition, and the increasing importance of hardware-software integration.

By investing early in science-based startups—many of which have generated over 1,000 patents collectively—Innovacom plays a critical role in bridging the gap between research and commercialization in Europe. This is especially valuable in a region where deep tech ventures often struggle to secure patient capital and strategic support.

Moreover, Innovacom’s evolution from a corporate VC to an independent fund manager associated with Turenne Capital reflects a broader trend: the professionalization and maturation of European venture capital. Its ability to raise and manage multiple funds over decades underscores growing investor confidence in European tech, and its portfolio companies contribute significantly to job creation, innovation exports, and sustainable economic growth in France and beyond.

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Quick Take & Future Outlook

Innovacom is well-positioned to continue shaping the next generation of European deep tech and digital champions. As AI, climate tech, and health innovation accelerate, its expertise in capital-intensive, IP-driven ventures will remain highly relevant. The firm’s long-term orientation and strong network give it an edge in backing startups that need time and strategic support to mature.

Looking ahead, Innovacom is likely to deepen its focus on AI-native infrastructure, green tech, and digital health, while further leveraging its transatlantic presence to help portfolio companies scale globally. Its association with Turenne Capital may also open doors to later-stage growth investments and secondary opportunities, broadening its impact across the startup lifecycle.

For founders building ambitious, technology-driven companies in Europe, Innovacom represents more than a check: it’s a strategic partner with decades of experience in turning breakthrough ideas into sustainable businesses. In an ecosystem that increasingly values both innovation and resilience, Innovacom’s model offers a compelling blueprint for how venture capital can drive lasting technological and economic change.