The new appetite of European family offices for Seed and Series A deals: a structural reconfiguration of early-stage capital.

Since 2024, a clear shift has emerged in the allocation strategy of European family offices: a rapid increase in Seed and Series A activity, traditionally dominated by institutional VCs. This repositioning is not opportunistic but reflects a structural reconfiguration of capital flows in a market that has become more selective, more transparent, and more capital-efficient.

1. Risk/return arbitrage: the Seed–Series A window becomes attractive again

The correction in valuations and the contraction of VC dry powder at the early stage have restored rational pricing, often based on realistic revenue multiples and measurable unit economics within the first few quarters. Family offices are entering earlier to capture:
• a favourable valuation asymmetry,
• greater influence (governance, IC, structuring),
• better risk control through operational milestones.

2. The return of “capital efficiency” as a primary investment criterion

Seed/Series A opportunities able to demonstrate a high capital-efficiency ratio — organic traction, controlled CAC, validated LTV, rationalised burn, short conversion cycles — are now attracting private investors. This approach, very different from the “growth-first” VC model, aligns perfectly with the patrimonial DNA of family offices: securing growth, taming risk, optimising marginal capital allocation.

3. Sector convergence: deeptech, medtech, energy transition, digital infrastructure

Family offices prioritise early-stage opportunities where strategic contribution (industrial, regulatory, clinical, distribution) acts as a multiplying lever. Seed/Series A becomes an optimal entry point to position themselves in diagnostic and imaging technologies, industrial platforms, hybrid usage models, AI infrastructure, robotics, and capital-intensive proptech.

4. Toward a measured disintermediation of traditional VC

Thanks to bespoke SPVs and the increasing sophistication of M&A boutiques, family offices can now participate in early-stage transactions within a structured, governed, compliant framework, with reporting tailored to their standards.

Conclusion

This movement is not cyclical: it marks the emergence of a new European early-stage landscape, where family offices are becoming leading players in capital formation. For investment banks, this evolution opens a privileged space: designing, structuring and securing early-stage transactions with high technical intensity and stringent governance requirements.