The Venture Codex Logo

The Venture Codex

LBO France

24-26 rue Saint-Dominique, Paris, Île-de-France, 75007, France

Overview

LBO France is private equity firms in France. They offer exceptional coverage of the French market, with four interlocking areas of expertise: middle market buyouts (the White Knight funds), small cap buyouts (the Hexagone funds), real estate (the White Stone and Lapillus funds) and secondary debt (the Altercap funds). This breadth of specialist knowledge makes us a private equity leader in France – the second-largest economy in Europe and the fifth-largest in the world. With seasoned and diversified teams, a well-established position and in-depth knowledge of the French economy, LBO France offers management and investors of portfolio companies a wealth of experience and opportunities that spur value creation.. Their strategy of diversification and growth has enabled us to achieve a critical mass that allows us to devote substantial financial and human resources to continuously improve the services they provide to their portfolio companies and investors.

Total investments
26
Lead investments
15
Investments · 12mo
0
Active investors
8

Sector focus

  • Finance
  • Real Estate
  • Venture Capital
Visit website

Investment portfolio

  • Wandercraft

    Participated · Series D · Jun 2025

    Wandercraft develops AI-powered, self-balancing exoskeletons and autonomous humanoid robots for rehabilitation, personal mobility, and industrial use. Its flagship rehabilitation system, Atalante X, is deployed in over 100 rehabilitation centres across four continents and helps users take more than a million steps each month. The company is commercializing Eve, a personal exoskeleton that enables wheelchair users to stand and walk, and is developing the Calvin line of humanoid robots for physically demanding tasks and caregiver support. Wandercraft refines its systems with a neural network trained on billions of steps, billions of simulations, and tens of millions of real-world steps, and holds more than 30 patents. The company says it will bring Eve to market as early as 2026, expand clinical adoption of Atalante X, and develop and deploy the Calvin-40 humanoid robot. A strategic partnership with Renault aims to scale production and positions Renault as a commercial partner and first customer for the Calvin-40. Wandercraft develops Atalante, a 12-degrees-of-freedom, self-balancing robotic exoskeleton that uses walking algorithms to restore gait for wheelchair users. The company was founded in 2012 and is Paris-based. Its product strategy focuses squarely on user mobility and rehabilitation care rather than industrial or military applications. Wandercraft partners with hospitals and healthcare providers to deploy its technology in clinical and therapeutic settings. The firm announced plans to expand Atalante’s reach into the United States following its latest financing. Financially, the company has been capital-intensive: prior to the round it had raised $30.5M to date, and it is now pursuing commercialization and development with new investor support.

  • Mediaire

    Led · Equity · Nov 2024

    mediaire builds AI-powered diagnostic solutions for MRI imaging, including products mdbrain, mdprostate, and mdknee, designed for seamless integration into clinical workflows. Its software provides automated decision support to improve diagnostic accuracy and optimize workflow efficiency. The company reports deployment in over 350 hospitals and clinics across Europe and daily use by radiologists in hundreds of institutions. mediaire says the funding will let it expand its AI portfolio beyond brain, prostate, and knee diagnostics to additional MRI applications. The company highlights partnerships with university hospitals and industry players such as Bayer/Calantic, Sectra, deepc, and radiology chains including Med360, Evidia, Starvision, and RIMED/UNILABS. With a stronger product pipeline and international presence, mediaire is positioning to scale its clinical footprint and commercial reach. mediaire develops mdbrain, an AI- and deep-learning-powered software that performs quantitative MRI analysis to accelerate brain-volume quantification and detect brain lesions. The software integrates into customers' local IT systems, providing an objective second opinion within minutes while emphasizing data protection. mediaire is certified per DIN EN ISO 13485:2016, which enables commercialization of mdbrain in Europe with a CE mark. In December 2020 an international investor pool including High‑Tech Gründerfonds (HTGF), primeCROWD and LIFTT invested approximately €2 million in a seed capital increase to support growth. The company plans European expansion beginning in 2021 (after initial deployments in Germany, Switzerland and Austria in 2020), further international expansion by 2023, and a product portfolio extension into areas such as knee and prostate. Proceeds will be used to scale sales & marketing, build a commercial network, further develop the product range and pursue upselling; headcount is expected to reach about 150 employees by 2025. mediaire builds mdbrain, a software-as-a-service that automates time-consuming radiology tasks and quantifies brain regions from MRI scans to support dementia diagnostics. The product was developed after a radiologist requested automated evaluation of brain regions and a working prototype validated demand in practice. The company charges most customers roughly €10–15 per analysis, with pricing dependent on monthly volume, and offers free trial access plus complimentary installation and service. mediaire positions its solution to reduce quality losses from radiologists’ rising image workloads and extremely short per-image review times. The startup has participated in the Science4Life business-plan competition and employs 16 people. Financially, it has already received funding support as it prepares a Series A round targeted for 2020. mediaire develops a fully automated software solution that delivers precise examination results and diagnostic suggestions within minutes to aid early detection of neurodegenerative diseases such as Alzheimer’s and Multiple Sclerosis. The system uses deep learning methods to detect and evaluate biomarkers, designed to achieve high-quality results with only a limited number of annotated data. The software is fully integrated into the IT system of the radiological practice so patient data never leaves the practice. This integration enables radiologists to provide diagnostic support while the patient is still in the practice. The company was founded in April 2018 and is based in Berlin, Germany. Financially, mediaire raised a six-digit euro funding round backed by High‑Tech Gründerfonds and a group of private investors represented by Sebastian Burian.

  • Impress

    Led · Equity · Nov 2024

    Impress is a Barcelona-based orthodontic chain that provides invisible aligners and medically supervised orthodontic care. Its product combines proprietary software with rigorous clinical oversight to differentiate from D2C aligner competitors. The company emphasizes clinical excellence and scalable, patient-centred treatment plans supported by in-house R&D. Impress recently acquired DrSmile from the Straumann Group, expanding its operations in Germany, France, the Netherlands, and Sweden. The business is described as Europe’s largest orthodontic chain and aims to be one of Europe’s largest health tech companies by revenue. With the new capital, Impress plans to open over 20 flagship clinics by 2025 and pursue additional market entries to broaden access to orthodontic care. Impress operates a chain of orthodontic clinics and a proprietary digital platform that uses 3D scans, panoramic X-rays and telehealth apps to monitor patient progress and support treatment. The company emphasizes fully digitalized processes enabled by its own product and software, integrating close contact between patients and medical teams. Impress currently has a presence in 130+ European cities across eight countries and runs clinics in southern Europe. It was founded in 2019 by orthodontist Dr. Khaled Kasem and entrepreneurs Diliara and Vladimir Lupenko. The company plans international expansion beyond its current southern European footprint. Financially, Impress has been raising growth capital to support expansion and product development, most recently pursuing a large Series B round. Impress operates a chain of doctor‑led orthodontic clinics that combine 3D scans and panoramic X‑rays with a digitally enabled patient experience. The company emphasizes a design‑forward, modern clinic model and automation of key parts of the value chain to optimize costs. Impress says its doctor‑led digital approach has delivered better conversion rates and treatment quality. It currently operates 75 clinics across Spain, Italy, the U.K., France and Portugal. The company reports it is approaching €50 million in annual run‑rate and projects €150 million of revenue in the next 12 months. Impress was founded in 2019 in Barcelona by orthodontist Dr. Khaled Kasem and entrepreneurs Diliara and Vladimir Lupenko. Impress is a healthcare startup that offers a new generation of invisible orthodontic aligners via a direct-to-consumer model rather than through medical staff. The company combines an in-clinic experience and its own team of orthodontic experts with a professional mobile app that monitors treatment on any mobile OS. It began operations with transparent aligners in mid-2019 and says it has scaled rapidly, reaching more than 40 cities across Spain, Portugal and Italy within its first year. Co-founded by Dr. Khaled Kasem and entrepreneurs Diliara and Vladimir Lupenko and headquartered in Barcelona, Impress plans to expand internationally and add complementary medical services that fit its business model. Impress closed a €5M seed round to continue expanding its DTC model and to democratize the European invisible orthodontics market. The team emphasizes a scalable business and has prioritized rapid clinical and geographic growth in its early operating months.

  • Stilla Technologies

    Participated · Series C · Mar 2024

    Stilla Technologies builds digital PCR instruments and consumables based on its Crystal Digital PCR technology, including the Nio™ platform and the recent Nio™+ 7‑color system. The Nio™+ can detect 20+ biomarkers per assay, offering a 3–4x multiplexing advantage over competitors and sitting between qPCR and NGS on cost and data density. Stilla positions its systems to fit laboratory workflows, emphasizing ease of use and automation compatibility (e.g., the Ruby Chip). The company targets applications across cancer/liquid biopsy, cell and gene therapy, infectious disease diagnostics and monitoring, epidemiology, food and environmental testing. Over 10 years of product development includes a 3‑color system in 2016, a 6‑color system in 2021, the automation‑ready Ruby Chip in 2022, and the November launch of Nio™+. Financially, Stilla closed a €26.5M Series C and employs over 80 people. Leadership and board changes were made recently following the CEO's reappointment in October, and the company cites expanded executive and board teams as part of its next chapter. Stilla Technologies develops multiplex Crystal Digital PCR solutions, most notably the naica® system—the industry's first six‑color digital PCR platform. The company targets applications including cancer and liquid biopsy studies, cell and gene therapies, infectious disease detection, and food and environmental testing. Stilla recently launched the six‑color naica® system, which it says is in high demand among researchers and clinicians. The company plans to use new financing to expand its global commercial presence and to develop its next‑generation digital PCR platform. Stilla has U.S. headquarters in Boston and European headquarters in Paris, and maintains strategic distribution and business partnerships in China. Financially, Stilla secured €31.3 million in the form of €11.3 million of convertible bonds and €20 million in loan financing. Stilla Technologies develops the Naica System, a digital PCR platform that enables precise detection and quantification of DNA mutations for research organizations in molecular biology and genetic analysis. The company was founded in 2013 at Ecole Polytechnique by Rémi Dangla, its CEO. Stilla launched the first generation of the Naica System in 2016 and generated first revenues in 2017. The Series B proceeds will be used to boost development of its solution, with a focus on high analytical performance and adding 6-color detection capabilities. The company positions its product for research organizations requiring high-precision genetic analysis. Stilla Technologies is a Paris-based life sciences company that provides a flexible digital PCR (dPCR) solution, the Naica System, for next-generation genetic tests. Founded in 2013 at École Polytechnique and led by CEO Rémi Dangla, the company leverages microfluidic innovations to make dPCR a lab commodity across the life sciences. Its core product is the Naica System; Stilla plans to launch a second-generation solution and to begin clinically validating panels to run on the system, initially focusing on oncology. The company intends to use new funding to accelerate Naica sales and expand clinical validation efforts. No operating metrics were disclosed in the article.

  • Tribun Health

    Participated · Series B · Sep 2023

    Tribun Health’s core product is CaloPix®, an image-management platform that provides a digital alternative to traditional microscopy for anatomopathology. The company is advancing its Pathomix® project to broaden diagnostic product offerings and foster integration between healthcare services, research and pharmaceutical development. Pathomix® focuses on tools to consolidate, enhance, and exploit real-world histopathological and clinical data, including an advanced data query module for secondary use while adhering to GDPR and HIPAA. The project aims to ensure data interoperability and streamline connections between CaloPix® users (predominantly pathologists) and stakeholders involved in multicenter R&D. Tribun Health intends to leverage its existing CaloPix® customer network to automate extraction and export of data to support pharmaceutical laboratories and AI companies in assembling uniform cohorts for precision medicine. The company received public funding support that strengthens its market position amid global competition. Tribune Health provides laboratories and pharmaceutical organizations with a modular, end-to-end computational pathology platform that leverages AI for diagnosis, prognosis and drug development. Its platform is designed to empower physicians to deliver personalized and timely therapies and to help researchers accelerate development of new therapies. The company is led by CEO Jean-François Pomerol and is based in Paris, France. Tribune Health will use the new capital to expand sales and marketing activities in Europe and North America, bolster development efforts, and scale deployment resources to meet growing demand from hospitals and private labs. The funds also financed the recent acquisition of Keen Eye and will support enhancements to the Keen Eye EyeDo computational pathology platform to exploit secondary use of real-world oncology data for pharmaceutical and biotech purposes.

Team