Our model

Investing in
essential
transitions

From pre-seed to Series A and beyond, we invest in startups with the potential to transform an entire industry, driving it towards a more sustainable future.

Climate, energy, food, industry: behind every major challenge lie several markets to be built

We look for founders with deep mastery of their subject, a realistic technical approach, and the stamina to see their project through over the long term. What interests us most? The power to scale impact and the ability to help overcome the great challenges of our time.

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Facing the great crises of our time, new markets to build

We invest at pre-seed and seed stage in startups that, through the originality of their model or the disruptive nature of the technology they develop, have the potential to materially transform entire industry sectors.


01

Community-driven dealflow

Most of our deals come through our network. This doesn't close the door to direct applications, but it says something about the importance of connections in our model.

02

Enhanced due diligence

We mobilize our community of entrepreneurs and scientists to deepen the technical and market analysis. Industry experts constantly challenge our criteria.

03

Structured support

Once the investment is made, we deploy formalized support: strategy, team, governance, financials, reporting. The goal is to fast-track founders’ knowledge acquisition, saving them years and helping them avoid many mistakes.

04

Long-term commitment

We have no forced exit date. We support each subsequent round and remain active shareholders as long as it makes sense for the startup.

Our structure

The SPV: the only
structure that truly
simplifies liquidity

As the sole direct shareholder in the startup on behalf of Asterion’s funds and operating angel community, the SPV allows each investor to stay on board through successive rounds, unlike individual direct investments, regularly diluted or excluded during later rounds.

At each new round, members can adjust their position by selling their shares to other investors. Partial liquidity, in a world that often sorely lacks it.

This structure has proven itself in the United States through "angel syndicates": performance comparable or superior to the best institutional funds.

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Our areas
of conviction

Our portfolio

Energy transition

Generation, storage, grid, end-uses. We back the technologies accelerating the decarbonization of the energy system at scale.

DiamfabCaeli ÉnergieOrus EnergySpark Cleantech

Food & agriculture

Alternative proteins, agroecology, living technologies. Startups rethinking how we produce, process and distribute what we eat.

CirculEggEdoniaFungu’itAptimiz

Biodiversity & sustainability infrastructure

Protecting living ecosystems, green chemistry, and the data and financial infrastructure powering the transition. Equipping the players who measure, steer and fund externalities.

EverDyeDarwinWeeFin

Resources & circularity

Waste recovery, circular economy, resource optimization. Models that turn negative externalities into usable resources.

UrbynBillivFuturail

Impact on society

Technologies serving social bonds, democracy and inclusion. Startups reinforcing the social fabric against the fractures of our time.

RamdamOnimaQomon
Newsletter
Les Echos — Asterion, the hybrid fund rising in greentechMaddyness — Asterion aims to invest €100M in greentechPodcast Histoires d'Entreprises — Stéphane BourbierExit Aktio — acquired by Apave, March 2025Les Echos — Asterion, the hybrid fund rising in greentechMaddyness — Asterion aims to invest €100M in greentechPodcast Histoires d'Entreprises — Stéphane BourbierExit Aktio — acquired by Apave, March 2025