Axeleo Capital has raised a $51 million fund (€45 million). Axeleo first started with an accelerator focused on enterprise startups. The firm is now all grown up with an acceleration program and a full-fledged VC fund.

The accelerator is now called Axeleo Scale, while the fund is called Axeleo Capital. And it’s important to mention both parts of the business as they work hand in hand.

Axeleo picks up around 10 startups per year and help them reach the Series A stage. If they’re doing well over the 12 to 18 months of the program, Axeleo funds those startups using its VC fund.

Limited partners behind the company’s first fund include Bpifrance through the French Tech Accélération program, the Auvergne-Rhône-Alpes region, Vinci Energies, Crédit Agricole, BNP Paribas, Caisse d’Épargne Rhône-Alpes as well as various business angels and family offices.

The firm is also partnering with Hi Inov, the holding company of the Dentressangle family. Axeleo will take care of the early stage investments of Hi Inov, which represent $11.3 million (€10 million).

Axeleo is focusing on early stage rounds, from $565,000 to $4.5 million (€500,000 to €4 million) in anything B2B, from artificial intelligence to cybersecurity and SaaS. So far, the team has invested in Alsid, Vectaury, 365Talents, Jenji, Ermeo and others.