Mérieux Innovation 2 (MI2)

France

Pre Seed

About Mérieux Innovation 2 (MI2)

Mérieux Innovation 2 (MI2) is a venture capital firm based in France, focusing on Pre-Seed stage investments. The fund actively supports founders building innovative solutions in Digital Health, providing strategic guidance and capital to help startups scale.

Investment Focus

Location / RegionFrance

Funding StagePre Seed

Industry Focus

Digital Health

Investor Signals Profile

active

Sweet Spot

European healthcare lower midmarket with international ambition & strong mgmt

healthcare

life sciences

European buyout

deep sector expertise

regulated markets

lower midmarket

diagnostic innovation

medical devices

Bullish Signals

Active at major healthcare PE symposiumsexternal

Deep European healthcare sector focusexternal

Speaker at McDermott Healthcare Symposium Parislinkedin

Leaning into accelerating innovation themeslinkedin

Committed partner for European healthcare scalelinkedin

MP5 first closing €335m in 4 monthslinkedin

€600m target fund demonstrates LP confidencelinkedin

Mérieux Institut network leverage for portfolio coslinkedin

Backing university spinouts solving clinical workflowlinkedin

Contrarian Signals

Buyout stage — not early VCexternal

Highly regulated niche — slow cyclesexternal

Market recalibration flagged as key challengelinkedin

Increasingly specialized, competitive marketlinkedin

Portfolio company (Prothea) still in development/pre-clearedlinkedin

Founder Do's

Show deep healthcare domain knowledge

Have strong management team in place

Operate in regulated healthcare segment

Demonstrate execution capability

Show adaptability to market recalibration

Align with 4 strategic pillars (Prevention/Innovation/Cure/Care)

Target €10-50m EBITDA range (lower midmarket)

Solve real clinical pain points (e.g., diagnosis speed)

Founder Don'ts

Avoid generalist, non-healthcare pitches

Don't underestimate regulatory complexity

No early-stage pre-revenue plays

Key GPs & Partners

Jean-François Billet

Managing Partner – Head of Buyout

sector expertPE operatorhealthcare focused

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Fund Overview

Fund Size€150M

Saves0

Website

Key People

Valérie Calenda, Yoann Bonnamour

Jean-François BilletManaging Partner – Head of Buyout

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