VC FundPuts its own capital into companiesActive · deal in last 18 monthsLAST VERIFIED Oct 2026 · 8 SOURCES

Ternel

Venture capital arm of Capital Croissance (AMF GP-12000028), per Ternel’s site (“Ternel is part of Capital Croissance”); left MAIF’s fold in 2024 Capital Croissance

Also known as Maif Avenir, MAIF Avenir

Paris impact VC, formerly Maif Avenir (2015), renamed in 2024 and now part of Capital Croissance; seed to Series A in Europe, €500k–€5M first cheques in health, planet and learn & work.

HEADQUARTERS: Paris, France
FOUNDED: 2015
AUM: —
OUTSIDE CAPITAL: Yes
TEAM LISTED: 8 people

Focus

STAGES: SeedSeries A
SECTORS: HealthTech Climate & Energy Food & Agriculture Education Software & SaaS
ASSET MIX: Venture capitalImpact
GEOGRAPHY: EuropeFranceGermanyNetherlands

Overview

Ternel was launched in 2015 as Maif Avenir, the start-up investment vehicle of the mutual insurer MAIF, which endowed it with €125M and a further €125M two years later; by April 2024 it had made about 40 deals in 28 companies, including Ledger, Ulule, Welcome to the Jungle and Expensya. In April 2024 it was renamed Ternel, left MAIF’s fold and allied with Capital Croissance to become a management company, announcing a €120M fund for about 30 European seed and Series A startups with MAIF as core LP (25–30%). It invests €500k–€5M first cheques in three themes: healthcare, planet and living systems, and learn & work. It reports 40 companies backed since 2015 and became a certified B Corp in 2026.

Investment thesis

Seed to Series A, €500k–€5M first cheques, European founders in three “futures”: healthcare (primary care, mental health, prevention, access, chronic disease), planet and living systems (food, soil, water, energy, biodiversity) and learn & work. New fund (2024): about 30 startups, 70% France and 30% Southern Europe, Germany and the Netherlands, with a stated shift towards hardware.

PORTFOLIO (14)

HomeExchangeNOTABLE
Consumer & E-commerce · since 2018
LedgerNOTABLE
Crypto & Web3
Welcome to the JungleNOTABLE
Software & SaaS
BlaBlaCarNOTABLE
Mobility & Logistics
RelaiSanté
HealthTech · since 2026
Cosma
Climate & Energy · since 2025
Naboo
Software & SaaS · since 2022
Mayday
Software & SaaS · since 2019 · Acquired
Sopht
Climate & Energy · since 2023
Edflex
Education · since 2019
Strong By Form
Climate & Energy
Iceberg Data Lab
Climate & Energy
Santé Académie
HealthTech
Ulule
Fintech

People

Mohamed Abdesslam
Managing Partner · source
Timothée Poulain
Partner · source
Alexandre Joulié
Principal · source
Rodrigue Leroy
Principal · source
Juliette Huot
Senior Associate · source
Yann Spatafora
Senior Associate · source
Anna Lamy
Impact & Sustainability Manager · source
Eric Neuplanche
Founding Partner (Catalyst); publication manager for Capital Croissance · source

Frequently asked questions

Ternel is a VC fund based in Paris, France, founded in 2015.

Yes. Ternel invests its own capital in private companies.

Ternel invests at Seed and Series A stages in HealthTech, Climate & Energy, Food & Agriculture, Education and Software & SaaS.

Ternel's stated ticket size is €500K–€5M.

Key people at Ternel include Mohamed Abdesslam (Managing Partner), Timothée Poulain (Partner), Alexandre Joulié (Principal) and Rodrigue Leroy (Principal).

Ternel's investments include HomeExchange, Ledger, Welcome to the Jungle, BlaBlaCar, RelaiSanté, Cosma, Naboo and Mayday, among others.

The most recent publicly reported investment by Ternel is RelaiSanté (€6M seed (Ternel, Aquiti, Elaia and AFI Ventures)), announced in Sep 2026.

Ternel states that it accepts submissions.

Yes. Ternel manages capital from outside investors.