The New VC Playbook.
Startups X Industry.

Technology can transform the world, but no one can do it alone. We’ve written a new VC playbook at the intersection of startups and industry.

Global. Collaborative. Ecosystem-driven. Purpose-built.

We don’t just write checks. We’re an active partner to founders, helping them turn bold ideas into real-world solutions.

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Who we are

Cathay Innovation is a global, multi-stage venture capital firm, and transformation platform, bridging technology and the real economy. Founded in Paris in 2015, we were born from a vision to connect continents, people and ideas to build transformative businesses everywhere.

Today, we manage over $2.5B in assets and invest across Europe, North America, Asia, Latin America and Africa. Backed by leading Fortune 500 corporations, we’ve built the world’s largest VC platform for startup–corporate collaboration — helping visionary founders scale faster, enter new markets and reshape industries from the inside out.

As part of the Cathay Capital family — a global investment platform spanning venture, growth and private equity — we’re committed to supporting companies at all stages.

MINGPO’S STORY DENIS’ STORY

Mingpo Cai’s journey started at age 20 when he arrived in France with no capital, no network and not a word of French. Today, he’s the founder of Cathay Capital and an influential figure in Sino-French economic relations.

It’s through pure determination and believing that sincerity is the universal language, that Mingpo made his way from China to France, taught himself the language and worked his way through business school.

Mingpo started his first company Stonest to transform the archaic gravestone industry and learned life-long lessons around the value of trust and simply doing what you say. He developed relationships early in his academic years, leading him to open a representative office in Shanghai for France’s Groupe SEB, now an active investor in Cathay Capital.

When he met tenured French private equity investor Edouard Moinet, they bonded immediately over the idea of bridging economic cultures. The two started Cathay Capital and built a global investment platform, with an impressive ecosystem of corporate LPs, to share knowledge and local expertise to help companies go beyond their borders.

It’s when Mingpo moved to New York that he met Denis Barrier, the French venture capitalist living in Silicon Valley who shared the same vision in a global ecosystem that would be useful to entrepreneurs and corporate executives alike. Together, they infused venture into Cathay Capital to push forward digital transformation and scale technologies that will have a positive impact on the world.

Profile

How We Invest


Our Investment Philosophy

We back founders building with AI and advanced technologies to redefine how industries work — from health and finance to consumer, energy, mobility and beyond.

We partner locally, invest globally, and embed startups in our corporate ecosystem to drive growth through transformative collaboration.

Like the world’s Blue Zones — where people thrive thanks to their environment — we create the conditions where innovation with impact grows by default.


Our Sustainability Approach

We back founders reshaping the real economy while creating long-term value — not just for shareholders, but for people and the planet.

Our model integrates ESG and impact from day one, combining patient capital with a global ecosystem to help companies grow fast and thoughtfully.

What We Look For

1
Industry Reinvention

Redefining sectors through applied technology

2
Global Ambition, Local Depth

Companies who can lead locally with worldwide potential

3
Sustainable Innovation

Economic and societal
value by design

4
Exceptional Talent

Grounded, driven teams with
deep domain expertise

Our Funds

Cathay Innovation manages a family of funds designed to support transformative businesses across stages and geographies:

Flagship Global Tech Funds

$1B

Fund III

Currently investing from our $1B fund focused on vertical AI and transformative technologies

€650M

Fund II

€320M

Fund I


At a Glance

Regions:

Europe, U.S., China, Southeast Asia

Sectors:

Digital Health, Fintech, Consumer, Energy, B2B and B2C

Stages:

Series A, B to Late Stage

Check sizes:

$5M – $100M

Role:

Lead, Co-Lead, Follow-On


Vertical Funds for
Real World Solutions

Ledger Cathay Capital

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Investing in companies bringing a secure, decentralized future to the next billion users (in partnership with Ledger)

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C. Entrepreneurs

Investing in early-stage startups reinventing insurance (in partnership with BNP Paribas Cardif)

Cathay AfricInvest Innovation

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Backing entrepreneurs bringing innovative and inclusive technologies to Africa (in partnership with AfricInvest)

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Cathay Latam

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Investing in early-stage Latam startups redefining industry & society

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Cathay Smart Energy

Fighting climate change from China with innovative carbon neutral energy solutions (in partnership with TotalEnergies)

Cathay CarTech & Mobility

Fueling China's dynamic automotive and mobility ecosystem (in partnership with Valeo)

Cathay InnoSquare

Fund-of-funds backing emerging VC leaders

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