Who we back
Three sector theses, deliberately narrow. We invest where our partners have operated, because that is the only place our help is worth more than our money.
InsurTech
Insurance distribution, underwriting and claims are being rebuilt by companies that sell into insurers rather than around them. We back the ones a carrier can actually deploy, and we invest alongside the carriers we operate for, so a portfolio company arrives with a named counterpart rather than a cold introduction.
ImpactTech
Impact that is measured, not asserted. We back companies whose social or environmental outcome is produced by the business model itself rather than reported alongside it, which is also the only kind that survives a downturn: it does not depend on a budget line anyone can cut.
IndustryTech
AI, IoT and robotics applied to industry, where the hard part is making something physical at a cost that works. These companies are routinely told by generalist investors that their gross margin is wrong. Our IndustryTech partner built and sold a hardware company; the diligence question we ask is about the bill of materials at volume, not about the pitch.
What backing by Mandalore means in practice
An introduction to the corporate behind the fund
Not a logo on a slide, but a named person at a business unit, and the internal follow-up to turn that into a conversation.
Commercial pilots
Pilot execution is part of how we run a portfolio, not a favour we do when we remember. It is the module where most programmes quietly stop.
Follow-on structuring
A plan for the next round built before you need it, including who else should be in the syndicate.
Operator partners
Partners who have founded, scaled and sold companies, including one who took a hardware company through an acquisition.
How we decide
The 6S model from your side of the table, condensed to the three stages that involve you.
Sourcing
Find and qualify companies in the target sectors and geographies through networks, corporate partnerships and data-driven scouting: proprietary flow rather than whatever reaches an inbox.
Seeding
Lead and structure the initial investment after diligence: terms, governance and a value-creation plan agreed with the founders rather than presented to them.
Scaling
Help the company grow across revenue, talent and operations: playbooks, operator partners, and the introduction to the corporate that turns a pilot into a contract.
What diligence actually looks like
Commercial, technical and legal. The technical review is run by people who build software, and for IndustryTech by a partner who has manufactured at volume. Expect questions about what happens when a third-party API is down, and about your bill of materials at ten thousand units.
Programmes
Two routes in that are not a standard financing round.
Venture Building
Start from an asset the corporate already owns and build a company around it, with external operators, external capital, and a cap table that gives the founding team real ownership.
AI Venture Program
Built with INSEAD's AI Venture Lab. For AI companies whose hard problem is no longer the model but its deployment inside a large organisation.
Who we have backed
A selection. The full portfolio is on its own page.
isahit Visit website
Impact sourcing for AI training data, operated as a certified B Corp.
ImpactTechFranceMon Petit Placement Visit website
Accessible wealth management for savers underserved by private banking.
FinTechFranceExitedStake sold to Malakoff Humanis, announced in May 2025.
Questions founders ask
Pitch us
One line on what you do, for whom, and why now. If it fits, we will ask for a deck. If it does not, we will tell you why rather than go quiet.