IronWave, the Wendel Growth spin-out, launches a fund for mature European software start-ups

IronWave, the Wendel Growth spin-out, launches a fund for mature European software start-ups [verify: fund size and target, Les Echos article paywalled]

Antoine Izsak and Victoire Laurenty, who built Wendel's growth investing unit, have launched a fund under their own firm, IronWave, to back later-stage European software companies.

Wendel announced the spin-out in October 2025: Izsak and Laurenty hold 70% of the Paris-based firm and Wendel keeps 30%. IronWave also advises Wendel on the direct growth investments made by Wendel Growth: tadaweb, Brigad, Aqemia and YesWeHack.

The strategy is minority stakes of €5–15 million in B2B software companies with at least €3 million of ARR. The team says it has invested more than €300 million in tech across Europe and the US, backing exits including Kyriba, LumApps, Preligens, 360Learning and Planisware.