Horse Angels

Nicolas Mathy founded Horse Angels and leads the investment process. He also serves as a director at Anges Québec, which may facilitate Canadian deal-flow connections. The firm has not disclosed a broader investment committee or additional investment partners. No formal CIO role is listed.

Sourcing relies heavily on the firm's membership in Pôle Hippolia, the French competitiveness cluster for the equine industry. This cluster connects the firm to equine research centers, breeding operations, racecourses, and technology startups across Normandy. The firm also co-invests alongside regional networks such as Normandie Business Angels, further widening its proprietary pipeline.

Horse Angels focuses on early-stage companies, specifically seed and startup rounds, with some activity extending into growth-stage investments. The portfolio company Seaver, for example, was a seed-stage connected-health startup prior to its January 2026 acquisition.

The firm does not publish explicit sector exclusions, but its entire investment thesis is built around the equine economy. Companies in generalist software, fintech, or consumer internet that lack a clear equestrian or animal-health application fall outside its mandate. No investments in industries unrelated to horses have been identified.

Confirmed co-investors include Bpifrance and Crédit Agricole Normandie, both participants in the Seaver funding rounds. Normandie Business Angels is listed as a regional co-investment partner. These relationships suggest Horse Angels frequently syndicates deals with French public investment vehicles and regional financial institutions.

Horse Angels operates primarily as a direct investor rather than a fund-of-funds. Co-investment activity appears to involve regional angel networks and public investment banks rather than external GP fund commitments. No evidence of the firm acting as a limited partner in third-party VC funds is publicly available.

The source of Horse Angels' capital is not publicly disclosed. The firm is structured as an investment company rather than a single-family office, and no founding wealth origin — such as a prior operating exit or family legacy — has been made public by Nicolas Mathy or the firm.