We back European founders building for
Seed to Series A. €500K–5M. Into companies whose impact is built into the product across Healthcare, Climate, Learning & Work.
More than a VC.
A €1B platform, 650+ Entrepreneur-LPs, and a hands-on operating team.
Ternel is an impact-native venture fund, part of Capital Croissance. We invest at the earliest stages and stay close. Sharing the network, operators, follow-on capital and impact capabilities that help founders crack their industry.
We invest in three futures.
Healthcare
Digital health and medical devices. We want to transform how care is delivered, coordinated, and accessed: from clinical workflows to patient pathways.
Regenerating the planet
Backing founders redesigning how energy, materials, and resources are produced, distributed and consumed: from grid flexibility to circular supply chains.
Rethinking learning & work
Investing in technologies reshaping how people work, train and grow — skill gaps, workforce mobility, inclusion & empowerment. We target lasting structural needs.
Impact is our purpose, performance our proof.
The companies we back don't trade one for the other: measurable impact and venture-grade performance, reinforcing each other.
Naboo
Reinventing corporate events with AI & workflow lock-in.
Cosma
Underwater robotics making ocean ecosystems measurable.
HomeExchange
The world's largest home-exchange community — lower-carbon travel.
Dune Health
AI primary care clinics merging clinical expertise with biometric monitoring for proactive healthcare
The founders we build alongside.
Emmanuel Arnaud & Charles-Edouard GirardHomeexchangeThey don't let go on the trajectory, and they don't let go on the mission.
That dual demand over time is rare.
Maxime EduardoNabooWe met Ternel during our pre-seed roadshow. It was an immediate fit: a blend of pragmatism, ambition, and genuine care. They've backed us at every round since with ever-greater conviction and unwavering support. The journey would be very different without them.
Lauren CohenCertideal
Andrés MitnikStrong by FormTernel has significantly supported us: DD, active board and key connections to key french industry players. It has helped us assess risks and strenghten our strategic decisions. We love working with them !
Karim JouiniExpensyaWe met Ternel in 2021, during a tough moment for Expensya—we were in the middle of the third Covid lockdown and an important narrative change. Ternel believed in the team and the product, and saw the period through with us, all the way to a successful exit in 2023.
Investors and operators, ten years together.
A hands-on team that's backed European founders since 2015, building Ternel inside the Capital Croissance platform.
