From Payment Rails to Embedded Finance: What VCs Are Betting on in Fintech

The fintech revolution has evolved far beyond simple payment apps and digital wallets. As we advance through 2025, venture capitalists are recalibrating their strategies, moving away from traditional fintech plays toward sophisticated infrastructure and embedded financial services that promise to reshape how businesses and consumers interact with money.

The Great Fintech Reset: Where the Smart Money Is Going

The numbers tell a compelling story of transformation. While overall VC investment in fintech remains near six-year lows, strategic investors are doubling down on specific segments that demonstrate exceptional growth potential. The embedded finance market, valued at $104.8 billion in 2024, is projected to explode to $690.39 billion by 2030, a staggering 36.4% compound annual growth rate that has captured the attention of sophisticated investors worldwide.

This isn't just another tech trend. It represents a fundamental shift in how financial services are delivered, consumed, and integrated into daily life. Smart VCs recognize that the future belongs to companies that can seamlessly weave financial functionality into existing platforms rather than building standalone financial products

Payment Rails: The Infrastructure Play That's Paying Off

The backbone of modern finance is undergoing a radical transformation, and investors are taking notice. FedNow, the Federal Reserve's instant payment system, is processing $190 million in payments daily, while Real-Time Payments (RTP) networks reported a remarkable 94% increase in transaction volume throughout 2024. This explosive growth has tripled participation in instant payment rails over the past year, with over 1,200 financial institutions now connected to these systems.

For VCs, this represents more than just impressive statistics, it signals a massive opportunity in payment infrastructure. Companies building the pipes that enable instant, seamless transactions are attracting significant investment because they're positioned to capture value from every transaction flowing through their systems. The shift from traditional payment processing to instant settlement creates entirely new revenue streams and business models that savvy investors are eager to fund.

Embedded Finance: The Trillion-Dollar Opportunity

The embedded finance sector is where VCs are placing their biggest bets, and the data supports their enthusiasm. Multiple market research firms project the sector will reach between $570.9 billion and $1.73 trillion by 2033, depending on adoption rates and regulatory environments. These aren't just optimistic projections, they're backed by real market momentum.

Consider the rapid expansion beyond traditional sectors. Healthcare, construction, and hospitality, industries previously slow to adopt financial technology, are now integrating tailored financial services directly into their platforms. This expansion is driving what investors call the "invisible finance" trend, where financial services become so seamlessly integrated that users barely notice they're engaging with sophisticated financial products.

The retail sector alone demonstrates the power of this shift. Fintech companies have grown from handling 22% of personal loan originations in 2019 to approximately 39% in 2024. This isn't just market share displacement, it's evidence of a fundamental change in how consumers prefer to access financial services: embedded within the platforms and services they already use.

The AI Wild Card: Intelligent Financial Services

Artificial intelligence has emerged as a bright spot in an otherwise cautious investment environment. VCs are particularly excited about AI applications that enhance embedded finance platforms, enabling real-time credit decisions, personalized financial products, and predictive analytics that can anticipate user needs before they're explicitly expressed.

The convergence of AI and embedded finance is creating opportunities for companies to offer hyper-personalized financial services at scale. For investors, this represents the holy grail of fintech: technology that can increase conversion rates, reduce risk, and create sticky customer relationships simultaneously.

Geographic Hotspots: Where the Action Is

The global nature of fintech investment is creating interesting regional dynamics. China's embedded finance market is expected to grow at a remarkable 32.8% CAGR through 2030, driven by tech giants like Alibaba and Tencent integrating financial services into their ecosystems. Meanwhile, India is witnessing significant growth with a 19.5% CAGR, fueled by a massive underbanked population and supportive regulatory environment.

These geographic variations are creating opportunities for VCs to invest in region-specific solutions that can later be adapted for global markets. The most successful fintech companies are those that can navigate diverse regulatory environments while maintaining their core value propositions.

The Regulatory Reality Check

Smart investors are also paying close attention to the regulatory landscape. Increased regulation, predicted as one of the top fintech trends for 2025, isn't necessarily a headwind, it's an opportunity for well-positioned companies to create competitive moats. Firms that can navigate complex compliance requirements while maintaining user experience advantages are attracting premium valuations.

The regulatory environment is actually accelerating the embedded finance trend, as companies seek to partner with established financial institutions rather than navigate licensing requirements independently. This creates opportunities for B2B fintech companies that can serve as bridges between traditional financial institutions and technology platforms.

The Investment Thesis: Infrastructure Over Apps

The most successful fintech VCs are shifting their focus from consumer-facing applications to the infrastructure that powers them. The companies receiving the largest funding rounds are those building the rails, APIs, and platforms that enable other businesses to offer financial services seamlessly.

This infrastructure-first approach reflects a mature understanding of the fintech ecosystem. While consumer apps can achieve viral growth, infrastructure companies build sustainable, defensible businesses with predictable revenue streams and strong network effects.

Looking Forward: The Next Wave

As we move deeper into 2025, the fintech landscape is being reshaped by three key forces: the maturation of instant payment rails, the explosive growth of embedded finance, and the intelligent application of AI to financial services. VCs who understand these dynamics and invest accordingly are positioning themselves to capture outsized returns in what promises to be the most transformative period in financial services history.

The message is clear: the future of fintech isn't about building better banking apps, it's about making finance invisible, instant, and intelligent. The companies and investors who embrace this reality will define the next decade of financial innovation.

Final Thoughts

The fintech evolution we're witnessing today represents more than just technological advancement, it's a fundamental reimagining of how financial services integrate into human and business experiences. For venture capitalists, this moment presents both unprecedented opportunity and significant risk. 

The data overwhelmingly supports one conclusion: the age of standalone fintech products is ending, and the era of invisible, embedded financial services has begun. The question isn't whether this transformation will happen, it's whether investors will have the vision to back the companies that make it reality.

A summary of Mandalore Partners’ portfolio companies’ impact - 2024

Executive Summary

Mandalore Partners is a leading impact investor, committed to generating positive change alongside strong financial returns. We strategically invest in innovative companies that leverage impact as a driver of performance and differentiation. This report showcases the tangible impact achieved by our portfolio companies in 2024, highlighting their contributions to a healthier, more inclusive, and sustainable world.

Our portfolio companies have collectively improved the well-being of over 81,000 individuals through access to healthcare and optimized work environments. They have facilitated economic empowerment for women in emerging countries, enabling financial stability and skills development. Furthermore, they have enhanced emergency response capabilities, protecting a territorial area of 126,021 km² and improving public safety. Finally, our portfolio companies have empowered organizations to effectively measure and optimize their impact, driving accountability and transparency in the impact sector. These achievements demonstrate the power of impact investing to create a better future, and underscore Mandalore Partners' leadership in driving positive change.

Our Approach to Impact

At Mandalore Partners, we invest in high-growth potential companies that leverage impact as a driver of performance and differentiation. Unlike traditional investment funds, we work closely with our portfolio companies to structure and maximize their impact while ensuring profitable and sustainable growth. Our approach is built on rigorous criteria for evaluating and supporting businesses, focusing on innovative business models that can positively transform their markets.

Our Investment Thesis

We invest in companies that use technology and innovation to address major challenges and have strong scalability potential. Our portfolio consists of companies that meet three fundamental criteria:

Measurable and Tangible Impact: We ensure that companies deliver verifiable value to their stakeholders, with clear performance indicators.

Solid and Scalable Business Model: Impact should not be a constraint but rather an accelerator of growth.

Sustainable Competitive Advantage: We seek companies that can innovate and distinguish themselves sustainably in their market.

We don’t just invest: we actively collaborate with leadership teams to refine their strategy, structure their impact, and strengthen their market positioning.

Our Differentiation

Unlike conventional investment funds, Mandalore Partners does not position itself as an impact fund, but as a pragmatic investor who integrates impact as a lever for value creation. Instead, it actively supports its portfolio companies to align growth with impact without compromising on performance and adopts a targeted sector approach, focusing on technology companies with real potential to transform their markets.

Our Companies and Their Impact

We have invested in several companies that integrate impact as a core element of their business model:

Capsix
Capsix is developing a revolutionary robotic solution to democratize access to body care and reduce chronic pain. This innovation enables broader and more accessible treatment, particularly in workplaces where preventing musculoskeletal disorders (MSDs) is essential.

Isahit
Isahit operates a digital micro-work platform that provides economic opportunities to women in developing countries. It combines social impact and economic performance by meeting corporate needs while promoting the financial empowerment of its workers.

AUM Biosync
AUM Biosync develops AI-driven solutions to improve the quality of life for shift workers. Its goal is to optimize biological rhythms and reduce negative health impacts.

Impact Track
Impact Track offers a platform that helps impact-driven organizations measure and optimize their results. Its data-driven approach structures impact measurement and attracts funding.

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Capsix

Source used for this section: Résultats Impacts iYU Capsix

Capsix has developed a cutting-edge robotic solution designed to democratize access to physical care and reduce chronic pain, especially in environments where musculoskeletal disorders (MSDs) are prevalent. By focusing on improving employee wellness and preventing injuries, Capsix contributes to healthier and more productive workplaces. The innovative approach is particularly beneficial in industries where physical labor is required, offering workers accessible and effective solutions for chronic pain management and overall well-being.

Figure 1: iYU massage robot by Capsix

In 2023, Capsix achieved notable improvements across several key impact indicators. These results were based on a study spanning two months, conducted on a stressed population of 27 people, during which participants received 20 minutes of IYU massages twice a week. The solution led to a significant reduction in stress levels, with a decrease of 37%, and anxiety was reduced by 64%. Depression levels saw a 33% reduction, and latency (the time it takes for users to feel the benefits of the solution) decreased by 44%. Additionally, users experienced a 25% reduction in various disorders and an 11% improvement in overall physical condition. Serenity and calmness were also notably improved, with increases of 11% and 12%, respectively.

In another study conducted over five weeks, Capsix examined the impact of its solution on individuals suffering from chronic back pain. This study involved a group of 30 participants who received IYU massages for 30 minutes twice per week. Their results were compared with those of two other groups: one that combined 15 minutes of exercise with 15 minutes of IYU, and another that combined 15 minutes of exercise with 15 minutes of relaxation. The findings demonstrated that Capsix's robotic solution significantly alleviated physiological stress, improved perceived health, and enhanced cognitive performance. Sleep disorders were reduced, and participants reported notable improvements in flexibility, muscular endurance, and postural stability.

These benefits not only contribute to the well-being of individuals but also support businesses in creating more resilient and productive workforces. Through its innovative approach, Capsix continues to drive positive change in workplace health, offering scalable solutions that enhance both physical and mental wellness, ultimately contributing to the long-term success of its users and clients alike.

Figure 2. Results of a study spanning two months in 2023, conducted on a stressed population of 27 people, during which participants received 20 minutes of IYU massages twice a week.

Figure 3: Changes in Stress, Anxiety, and Depression Levels after the Capsix study spanning two months in 2023, conducted on a stressed population of 27 people, during which participants received 20 minutes of IYU massages twice a week.

Figure 4: Changes in Sleep Quality, Latency, and Disorders after the Capsix study spanning two months in 2023, conducted on a stressed population of 27 people, during which participants received 20 minutes of IYU massages twice a week.

In 2024, Capsix conducted a study evaluating the efficacy of its iYU robotic massage solution in alleviating low back tension and improving overall well-being. Over five weeks, 30 participants were divided into three groups: one receiving 30-minute iYU massage sessions twice per week, another combining 15 minutes of exercise with 15 minutes of iYU, and a third combining 15 minutes of exercise with 15 minutes of relaxation. The group that received iYU massages demonstrated remarkable improvements, including a 63% reduction in physiological stress (measured via cortisol levels) and a 31% decrease in perceived stress. Pain levels were reduced by 48%, while functional capacity showed significant enhancements, with a 39% and 60% increase in the Biering-Sorensen and Shirado-Ito tests, respectively. Sleep disruption decreased by 24%, and insomnia levels dropped by 28%. Participants also reported a 14% increase in perceived quality of life, a 29% improvement in well-being, and a 20% boost in recovery. These findings underscore iYU’s effectiveness in addressing both physical and mental health challenges, further solidifying Capsix’s impact in promoting holistic wellness.

Figure 5: Changes in Functional Capacity Markers after a Capsix study spanning five weeks in 2024, conducted on 30 participants receiving iYU robotic massages and/or exercise

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Isahit

Source used for this section: Annual Impact Study June 2022 - May 2023

Isahit is a key player in digital and economic inclusion, providing women in emerging countries with income opportunities while equipping them with valuable digital and professional skills. The platform operates on a dual model: offering supplemental income while fostering sustainable skills development, ensuring long-term employability and financial stability. Unlike other micro-work platforms often criticized for precarious labor conditions, Isahit prioritizes structured, meaningful engagement. By offering a framework that extends beyond immediate compensation, the platform supports professional growth, personal empowerment, and community-building.

Figure 6: Isahit Platform

The impact of Isahit is primarily reflected in the economic and professional empowerment of its beneficiaries. On average, HITers who left the platform positively earned €1,306, demonstrating the platform’s role in providing tangible financial opportunities. More than half of them, 56%, reported being able to save money, indicating improved financial stability. This economic impact is reinforced by Isahit’s structured approach to work, which differs from other micro-task platforms by offering a more sustainable and empowering experience. Rather than being limited to short-term gigs, HITers gain exposure to structured work that enhances their professional trajectory.

A key differentiating factor of Isahit is its educational and community-driven approach. The platform provides 56 free digital courses, enabling users to develop skills that align with market demands. This commitment to continuous learning is reflected in user satisfaction, with 91% of HITers reporting that the digital skills acquired on the platform met their expectations. The experience gained on Isahit is widely recognized as an asset in job searches, with 80% of HITers considering it a valuable professional credential. Furthermore, the platform serves as a catalyst for personal growth, with 70% of users stating that Isahit has helped them achieve or will help them achieve their personal projects.

Figure 7: Effects of Isahit on personal growth

The social impact of Isahit extends beyond skills development and financial gains. The sense of belonging to an international community plays a crucial role in the empowerment of HITers, with 88% of users recognizing the added value of being part of such a network. This community aspect fosters confidence, motivation, and experience-sharing, creating an environment conducive to long-term professional integration. Data also highlight significant improvements in soft skills and workplace readiness. Before joining the platform, 69% of HITers felt confident in themselves, a figure that rose to 96% after leaving. Similarly, the ability to make independent decisions improved from 69% to 95%, while comfort with entering the job market increased from 50% to 92%. These metrics underscore the role of Isahit in strengthening self-esteem, autonomy, and employability.

Figure 8: Effects of Isahit on growth in confidence and workplace readiness

Isahit’s model not only provides income but also facilitates the successful transition of HITers into the workforce. One of the most concrete indicators of impact is the realization of life projects. During the study period, 64 HITers, representing 5.2% of those who left the platform, successfully completed their professional projects after working more than 50 hours on Isahit. This data highlights the platform’s ability to serve as a stepping stone for users aiming to launch careers, businesses, or educational endeavors.

While Isahit has demonstrated a strong and measurable impact, challenges remain in sustaining its long-term effects. Ensuring that HITers continue to benefit from their experience beyond their time on the platform is a key priority. Expanding training offerings, particularly through certified learning paths, could further enhance employability and career prospects. Additionally, diversifying task opportunities to better align with individual aspirations may strengthen the platform’s role in career development.

Ultimately, Isahit goes beyond being a simple micro-work platform by integrating income generation, skills training, and personal development into a cohesive model. The high recommendation rate of 84% from HITers reflects strong overall satisfaction and confidence in the platform’s ability to drive meaningful change. By fostering digital and economic inclusion, Isahit empowers women to build stable and ambitious futures, contributing to a more inclusive global workforce.

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AUM Biosync

Source used for this section: https://page.impacttrack.org/aum-biosync 

AUM Biosync is dedicated to enhancing the quality of life for workers in high-risk and shift-based professions through AI-driven solutions that optimize biological rhythms and improve operational efficiency. By equipping emergency response teams, firefighters, and public service personnel with innovative tools, AUM Biosync contributes to improved health, safety, and performance across its client organizations. The company’s growing impact is evident in key performance indicators, reflecting its expanding role in optimizing emergency response operations and strengthening public safety infrastructure.

Figure 9: AUM Biosync platform

Between 2022 and 2024, AUM Biosync saw a substantial increase in engagement and operational reach. The total number of individuals engaged across its client base rose from 54,600 in 2022 to 81,053 in 2024, with the number of voluntary firefighters increasing from 42,700 to 56,724 over the same period. This expansion underscores AUM Biosync’s role in fostering workforce participation and strengthening emergency response capacity.

Figure 10: Total Number of personnel Engaged Across Clients (2022 vs 2024)

Operational impact has also grown significantly. The annual number of emergency interventions performed by AUM Biosync’s client organizations more than doubled, increasing from 895,000 in 2022 to 1.82 million in 2024. This surge highlights the efficiency gains facilitated by the company’s solutions, which enhance risk analysis, response coordination, and overall service delivery. 

Figure 11: Annual Interventions Conducted by Clients (2022 vs 2024)

The company’s impact extends beyond operational improvements to broader social contributions. In 2024, AUM Biosync donated €69,000 to charitable organizations supporting children, including initiatives for firefighter orphans and programs such as Pompy l’ourson and Rêves de gosses. Additionally, the total territorial area protected by client organizations increased from 94,000 km² in 2022 to 126,021 km² in 2024, reflecting a significant expansion in service coverage.

Figure 12: Territorial Area Protected by Clients (2022 vs 2024)

AUM Biosync's products and services receive strong endorsements from users, particularly in their ability to enhance emergency response efficiency, operational alignment, and crisis management. 69.7% of users strongly agree that the company's solutions contribute to the equitable and sustainable distribution of emergency services, ensuring fair access to critical interventions. Furthermore, 70.1% believe that AUM Biosync’s offerings effectively meet professional and operational expectations, reinforcing their relevance in real-world applications.

In terms of risk management, 72.9% of respondents strongly agree that AUM Biosync’s solutions enhance risk analysis and response coverage efficiency, making them a vital tool for decision-making in high-pressure environments. Additionally, 65.8% of users acknowledge that these tools improve the accessibility and sustainability of civic engagement, reflecting their role in supporting volunteer and professional emergency responders.

A particularly notable impact is seen in crisis understanding and resilience, where 76.3% of respondents affirm that AUM Biosync’s solutions help them better comprehend the complexity of major crises and resilience factors. This highlights the company's contribution to strengthening preparedness and response strategies in high-risk situations.

Financial Commitment to Protection and Safety

AUM Biosync’s client organizations collectively allocate significant resources toward the protection of people and assets. In 2024, the total budget dedicated to safeguarding personnel and infrastructure reached €2,477,300,711. This substantial investment underscores the critical role that AUM Biosync plays in optimizing resource allocation and ensuring cost-effective emergency management strategies. By integrating AI-driven predictive analytics and data-driven decision-making tools, AUM Biosync helps its partners maximize the efficiency of their financial commitments, ensuring that every euro spent contributes to enhanced safety and operational effectiveness.

The allocation of these funds supports a wide range of activities, including training programs for emergency responders, the acquisition of cutting-edge safety equipment, and the development of digital platforms for improved situational awareness. These financial investments are crucial in enabling organizations to anticipate risks, coordinate interventions more effectively, and minimize response time in critical situations.

Enhanced Emergency Response Capabilities

The operational effectiveness of AUM Biosync’s solutions is further demonstrated by the dramatic rise in emergency response activities. The total number of annual interventions conducted by client organizations surged from 895,000 in 2022 to 1,820,189 in 2024. This near doubling of interventions underscores the enhanced efficiency and coordination facilitated by AUM Biosync’s AI-powered technology, which streamlines intervention processes and improves overall response time.

By leveraging real-time data analytics and intelligent resource allocation, AUM Biosync enables emergency responders to prioritize incidents based on severity, optimize dispatch routes, and minimize delays. These improvements have a direct impact on public safety outcomes, reducing casualties and mitigating the impact of critical incidents. Additionally, the platform’s ability to analyze historical data allows for proactive risk assessment, helping organizations implement preventive measures and allocate resources more effectively before emergencies arise.

Figure 13: Total number of annual interventions conducted by client organizations (2022 vs 2024)

Strengthening Workforce Engagement

AUM Biosync’s impact is also reflected in the increasing number of personnel engaged across its client organizations. From 2022 to 2024, the number of individuals participating in emergency and protective services rose from 54,600 to 81,053. This expansion signifies the company’s effectiveness in fostering workforce engagement and reinforcing public service infrastructure. The growing number of engaged personnel highlights an increasing reliance on AUM Biosync’s technology to support first responders and ensure their well-being during high-pressure operations.

In particular, the number of voluntary firefighters has grown significantly, increasing from 42,700 in 2022 to 56,724 in 2024. This trend suggests that

AUM Biosync’s solutions not only optimize emergency response efforts but also enhance the appeal of volunteer service by providing better working conditions, more predictable schedules, and greater support for personnel. The ability to manage workloads more effectively and mitigate fatigue has been a key factor in retaining skilled professionals and encouraging new recruits to join the workforce.

Figure 14: Total Number of Personnel Engaged Across Clients (2022 vs 2024)

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Impact Track

Source used for this section: https://page.impacttrack.org/impact-track 

In a landscape where impact measurement is increasingly essential for businesses, investors, and associations, Impact Track serves as a strategic enabler by providing a robust methodological framework and specialized tools for assessing and demonstrating impact. The platform goes beyond traditional data tracking, transforming how organizations approach impact measurement by making best practices more accessible. By equipping organizations of all sizes with advanced impact measurement capabilities, Impact Track fosters data-driven decision-making and enhances strategic planning to maximize long-term outcomes.

Figure 15: Impact Track platform

A core strength of Impact Track is its ability to cultivate sustained engagement in impact measurement. Rather than serving as a one-time reporting tool, the platform integrates impact tracking into organizational workflows, enabling continuous improvement. This is reflected in user behavior, with 60.5% of organizations continuing to measure their impact beyond their initial subscription. Such long-term adoption underscores the platform’s effectiveness in embedding impact measurement as a sustainable and strategic practice.

Beyond operational benefits, Impact Track strengthens organizational credibility and visibility. In an environment where transparency and verifiable impact data are critical to securing stakeholder trust, the platform enables organizations to substantiate their claims with concrete evidence. As a result, 57.9% of users report that Impact Track has enhanced their project credibility, improving their ability to engage investors, funders, and beneficiaries. Furthermore, 59.5% of users feel confident in independently managing their impact measurement, demonstrating the platform’s role in fostering internal capacity and long-term autonomy

The adoption and utilization of Impact Track have grown significantly, as demonstrated by key performance indicators. The number of active projects tracked on the platform increased from 288 in 2023 to 359 in 2024, reflecting expanding engagement. Additionally, user satisfaction with training and support improved from 93.8% in 2023 to 97.2% in 2024, reinforcing the platform’s commitment to continuous service enhancement.

Despite strong adoption and satisfaction levels, opportunities for improvement remain. The user renewal rate stands at 43%, indicating that while nearly half of users continue beyond their initial subscription, there is room to further enhance retention. Offering more flexible plans, advanced analytical tools, and tailored support services could help convert a higher percentage of initial users into long-term subscribers. Additionally, Impact Track’s model could be adapted for new sectors, such as public administration and local governments, broadening its reach and relevance.

Impact Track is more than a technological solution; it is a driver of transformation in impact measurement practices. Its influence extends beyond the number of projects tracked, promoting a culture of rigorous, transparent, and effective impact evaluation. By equipping organizations with the tools needed to measure and optimize their impact, Impact Track is playing a critical role in strengthening accountability and fostering strategic decision-making across the impact sector.

Figure 16: User Feedback on Impact Measurement and Platform Usability

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Conclusion

Mandalore Partners is dedicated to building a future where positive impact and financial success go hand-in-hand. We believe that investing in companies that are committed to solving critical challenges is not only the right thing to do, but also a smart investment strategy. The achievements of our portfolio companies, as detailed in this report, demonstrate the power of impact investing to create a better world.

By leveraging innovation, technology, and a rigorous impact measurement framework, we are confident that our portfolio companies will continue to generate significant positive change while delivering strong financial performance. Mandalore Partners remains committed to our mission of investing in a better future, and we invite you to join us on this journey.

Où vont les investissements VC en 2025 ?

L’année 2025 marque un tournant pour le capital-risque. Après une période de correction marquée par la prudence post-2021, les investisseurs reviennent sur le marché avec une vision plus sélective, plus stratégique, mais toujours ambitieuse. Certaines tendances se confirment, d’autres émergent, dessinant une nouvelle cartographie des secteurs les plus prometteurs.

Alors, où va l’argent du capital-risque cette année ? Voici un panorama des secteurs qui attirent le plus l’attention (et les fonds) des VC en 2025.

Le climat et la transition énergétique restent en tête des priorités

Le climate tech continue de séduire les investisseurs, porté par l’urgence climatique, les politiques européennes ambitieuses, et l’engagement des nouvelles générations.
En 2025, les fonds se tournent vers des solutions plus matures : stockage d’énergie, électrification industrielle, infrastructures vertes, et technologies de capture du carbone.

Les startups capables de combiner impact environnemental mesurable et viabilité économique deviennent les stars des portefeuilles VC. Les fonds créent même des équipes spécialisées pour capter les meilleurs dossiers du secteur.

L’intelligence artificielle passe du battage médiatique à l’adoption concrète

L’IA reste incontournable, mais l’approche évolue. Après l’explosion des modèles de langage et des outils génératifs en 2023–2024, les investisseurs misent désormais sur les applications sectorielles de l’IA : santé, logistique, cybersécurité, finance, éducation.

Les startups qui se contentent de “surfer sur l’IA” sans preuve d’utilité sont écartées. En revanche, celles qui intègrent l’IA pour résoudre des problèmes précis avec efficacité reçoivent un accueil très favorable.

La santé digitale et la biotechnologie reviennent au cœur des portefeuilles

Le secteur de la santé retrouve un second souffle en 2025. Les investisseurs ciblent des startups en healthtech, biotech et medtech, surtout celles qui allient innovation technologique et compréhension fine des besoins des patients.

On observe un fort intérêt pour les solutions liées à la santé mentale, la longévité, la médecine préventive, et la personnalisation des traitements via la donnée. La convergence entre technologie et biologie attire des tickets plus importants qu’auparavant.

La fintech se transforme, mais reste attractive

La fintech traverse une phase de consolidation, mais les projets solides continuent de lever. En 2025, les VC préfèrent des modèles plus résilients : infrastructure financière, outils B2B, sécurité des paiements, gestion d’actifs numériques.

Les néobanques et les solutions de paiement grand public ont moins la cote, sauf si elles affichent une rentabilité réelle et une différenciation claire. L’heure est à la maturité dans ce secteur autrefois surchauffé.

L’éducation et la formation professionnelle attirent un intérêt renouvelé

Le monde post-pandémie a changé la perception de l’éducation. En 2025, les investissements VC se dirigent vers des plateformes d’apprentissage continu, formation technique, et outils de requalification.

L’essor de l’IA et de l’automatisation crée une pression sur les compétences : les startups capables de proposer des formats flexibles, accessibles et certifiants rencontrent une forte demande — aussi bien du côté des particuliers que des entreprises.

L’agritech et la foodtech s’imposent comme des verticales stratégiques

La sécurité alimentaire et la durabilité deviennent des enjeux géopolitiques majeurs. En réponse, les VC s’intéressent aux innovations en agriculture régénérative, production locale, biotechnologie alimentaire, et logistique intelligente.

Des startups développant des alternatives aux pesticides, des capteurs intelligents pour les sols, ou des solutions d’agriculture verticale lèvent des fonds dans toute l’Europe. Ces technologies sont vues comme des leviers essentiels pour un futur résilient.

Moins de hype, plus de preuves

Ce qui caractérise les investissements VC en 2025, c’est une exigence renforcée de traction, de viabilité et d’impact concret. Les investisseurs recherchent des preuves : chiffre d’affaires, rétention, adoption, partenariats, réglementation maîtrisée.

L’époque des levées à neuf zéros sans produit fini est révolue. Désormais, l’équilibre entre vision ambitieuse et rigueur opérationnelle est la clé.

Conclusion : une année d’innovation responsable

En 2025, le capital-risque ne ralentit pas, il se réinvente. Les investissements se concentrent sur des secteurs à fort impact, où l’innovation technologique rencontre des besoins réels, sociétaux, et environnementaux. Cette évolution marque une nouvelle maturité de l’écosystème européen.

Pour les fondateurs, cela signifie qu’il faut allier audace, exécution, et alignement avec les grandes transitions du monde. Pour les investisseurs, 2025 est l’année où le capital-risque devient plus stratégique que jamais.

Corporate Venture Building : un levier stratégique pour les conseils d’administration

À l’ère du digital, la survie des grandes entreprises dépend de leur capacité à innover rapidement. Alors que l'espérance de vie moyenne d'une entreprise est passée de 90 ans en 1935 à un peu plus de 10 ans aujourd’hui, les conseils d’administration doivent désormais jouer un rôle actif dans la transformation de leurs organisations.

Le Corporate Venture Building : une réponse stratégique

Le Corporate Venture Building (CVB) s’impose comme un levier stratégique puissant pour créer de nouvelles sources de revenus tout en renforçant la résilience de l’entreprise. Ce modèle hybride permet de :

• Tirer parti des actifs internes (clients, données, expertise sectorielle…)

• Reproduire l’agilité des start-ups

• Réduire les risques tout en accélérant l’innovation

Selon les experts, les entreprises qui adoptent ce modèle peuvent multiplier par 14 leurs chances de bâtir un business à forte croissance par rapport aux start-ups classiques.

🎯 4 leviers clés pour réussir un programme de Corporate Venture Building

Fixer des objectifs clairs et ambitieux

Définir une vision long terme, des axes de développement prioritaires, et des indicateurs de performance (OKR) est essentiel. Le conseil d’administration doit aussi statuer tôt sur la stratégie : spin-in (intégration au cœur de l’entreprise) ou spin-out (filiale autonome).

Adopter une logique de portefeuille et de financement progressif

Plutôt que de miser sur un seul projet, les entreprises les plus performantes adoptent une approche portefeuille, avec des décisions d’investissement basées sur des étapes clés (stage-gates). Cela permet d'optimiser le capital investi tout en réduisant les risques.

Mettre en place une gouvernance agile

L’un des freins majeurs à l’innovation est la lenteur des processus décisionnels. Pour réussir, il faut donner aux équipes une réelle autonomie, instaurer un cadre clair, et s’inspirer des meilleures pratiques des fonds de capital-risque.

Attirer et fidéliser les meilleurs talents entrepreneuriaux

Le succès d’un corporate venture repose sur ses fondateurs. Il faut savoir attirer des profils entrepreneurs/intrapreneurs et mettre en place des systèmes d’incentives inspirés des start-ups (participations, phantom shares, autonomie stratégique…).

📌 Leçons du terrain : le cas Axiata Digital

Le groupe télécom Axiata a lancé son programme de CVB en 2014. Résultat : des filiales comme Boost (wallet), ADA (data & marketing) ou Aspirasi (micro-financement) ont levé plus de 100 millions de dollars et généré des relais de croissance majeurs.

Leur recette du succès ?
👉 Une gouvernance claire, un capital dédié, des équipes autonomes, et une approche rigoureuse du portefeuille.

✅Pourquoi les conseils d’administration doivent s’impliquer dès aujourd’hui

Dans un monde où l’innovation est une question de survie, les conseils d’administration doivent :

• Challenger la vision long terme

• Soutenir l’investissement dans des projets disruptifs

• Créer un environnement favorable à l’expérimentation et à la prise de risque contrôlée

Le Corporate Venture Building est bien plus qu’un buzzword. C’est une stratégie d’innovation structurée, mesurable et scalable, capable de transformer en profondeur les modèles économiques.

Menyala & le modèle Venture Studio : une nouvelle approche de l’innovation stratégique

Qu’est-ce qu’un Venture Studio ?

Un Venture Studio, ou startup studio, est une structure qui conçoit, développe et lance des startups de manière systématique. Contrairement à un incubateur ou à un fonds d’investissement traditionnel, il agit comme un cofondateur actif : il génère les idées, construit les équipes, fournit les ressources nécessaires (technologie, financement, marketing) et accompagne les projets de leur conception à leur lancement.​

L’objectif est de réduire l’incertitude liée à l’innovation et de maximiser les chances de succès des nouvelles entreprises.​

Menyala : le studio d’innovation lancé par Temasek

Basé à Singapour, Menyala est un Venture Studio fondé avec le soutien de Temasek, un important investisseur institutionnel asiatique. Sa mission est d’anticiper les grandes transitions technologiques et de construire des solutions innovantes.​

Parmi ses domaines d’intervention prioritaires :​menyala.com+11techinasia.com+11menyala.com+11

• Finance décentralisée et infrastructures numériques

• Cybersécurité et souveraineté technologique

• Transition énergétique et climat

• Web3 et innovations de rupture​

Menyala ne se contente pas d’identifier les tendances : il lance activement des startups, structure leur développement et les positionne sur des marchés globaux.​

Pourquoi ce modèle nous inspire chez Mandalore Partners ?

Chez Mandalore Partners, nous croyons en un modèle intégré de croissance : créer, investir et faire grandir des entreprises alignées avec les enjeux de demain.​

Le modèle Venture Studio, et en particulier celui de Menyala, incarne une vision proche de la nôtre :​

• Stratégie dès le départ : les idées sont testées, modélisées, ajustées.

• Exécution rigoureuse : les équipes disposent des bons outils, mentors et ressources.

• Connexion au monde réel : chaque startup est conçue pour répondre à un besoin réel du marché.

• Réduction des risques : les erreurs classiques du "from scratch" sont limitées grâce à la mutualisation des compétences.​

Une opportunité pour les grands groupes : innover hors cadre

Le Venture Studio est également un outil stratégique pour les grandes entreprises. Souvent, les initiatives d’intrapreneuriat peinent à dépasser les limites de l’organisation. Le Venture Studio offre un cadre indépendant, agile et orienté vers les résultats, tout en maintenant un lien fort avec l’entreprise mère.​

Menyala en est un exemple : il bénéficie de la vision à long terme de Temasek, tout en conservant une autonomie entrepreneuriale forte.​

February 2025 : Venture Studios: Driving Innovation and Facing Strategic Challenges

As the venture studio model continues to gain traction worldwide, new initiatives are emerging across industries, focusing on innovation in energy storage, healthtech, and pet care, while some face financial and strategic challenges. This article explores the latest developments shaping the venture studio ecosystem.

GenLab Launches Silicon Valley Venture Studio for Energy Storage Innovation

On February 11, 2025, GenLab Venture Studios announced the launch of a new venture studio in Silicon Valley aimed at driving innovation in energy storage and AI infrastructure. With artificial intelligence increasingly demanding energy-intensive processing, this initiative seeks to alleviate pressure on national power grids by developing next-generation storage solutions.

The studio, led by CTO Sarah Novotny, will focus on creating advanced grid resilience technologies that ensure energy efficiency and sustainability. Leveraging cutting-edge agentic AI, GenLab aims to enhance energy storage capabilities for data centers and industrial applications, positioning itself as a key player in the clean energy transition.

Company Ventures Unveils Terrarium Venture Studio to Support Healthtech Startups

On February 18, 2025, Company Ventures, in collaboration with innovation consultancy Cactus and Wellstar Health System, launched Terrarium, a new venture studio focused on incubating startups in the health technology sector.

Terrarium plans to support up to ten startups over the next three years, with an emphasis on market validation through research-driven development. The first startup emerging from this initiative, Rota Health, is dedicated to solving healthcare data interoperability issues by leveraging artificial intelligence to streamline medical data integration.

By providing mentorship, funding, and strategic partnerships, Terrarium aims to bridge gaps in healthcare innovation and accelerate the adoption of transformative digital health solutions.

Leap Venture Studio Announces Ninth Cohort for Pet Care Startups

Leap Venture Studio & Academy, a leading accelerator program for pet care startups, has announced its ninth cohort, providing six innovative companies with funding, mentorship, and business development support.

The program, running from February to May 2025, will conclude with a Demo Day in London. Participating startups, including BistroCat, Buddy Bites, Happy Howl, James & Ella, Oh Norman!, and Otis, are pioneering new approaches in pet wellness, nutrition, and AI-driven pet care solutions.

With increasing consumer demand for premium pet products and services, Leap Venture Studio continues to foster high-growth companies that redefine the pet industry.

Avandra Raises $17.75 Million to Advance Real-World Medical Data Utilization

Avandra, a federated network specializing in medical imaging and clinical data, has successfully secured $17.75 million in funding to expand its data-sharing platform. The round, co-led by Aegis Ventures and SpringRock Ventures, will enable Avandra to enhance its data infrastructure and form new partnerships with leading healthcare providers.

The company’s mission is to improve real-world data accessibility for medical researchers and biopharmaceutical companies, accelerating drug development and personalized medicine. By leveraging AI and machine learning, Avandra aims to bridge the gap between raw medical data and actionable insights, ultimately improving patient outcomes.

54 Collective to Shut Down African Venture Studio Operations

Despite the growing global momentum of venture studios, not all initiatives thrive. 54 Collective, formerly known as Founders Factory Africa, has announced the closure of its venture studio operations on the continent, citing strategic shifts and funding challenges.

The decision comes as the organization’s partnership with the Mastercard Foundation is set to end in April 2025. This shift marks a significant change in the African startup ecosystem, raising concerns about the sustainability of venture-backed innovation models in emerging markets.

As Africa continues to develop its entrepreneurial landscape, the closure of 54 Collective highlights the ongoing funding constraints that many venture studios face, emphasizing the need for sustainable financing models to support long-term startup growth.

NEC X Partners with Carbide Ventures to Accelerate Early-Stage Startups

Silicon Valley-based NEC X has announced a strategic partnership with Carbide Ventures to boost early-stage startups. This collaboration aims to provide emerging companies with crucial resources, industry expertise, and mentorship to help transform promising ideas into scalable businesses.

By leveraging NEC X’s technical expertise and Carbide Ventures’ experience in startup acceleration, the partnership seeks to drive innovation across multiple sectors, including AI, robotics, and deep tech. This initiative underscores the growing role of venture studios in bridging the gap between cutting-edge research and commercial success.