New Wave

Pia d'Iribarne serves as the sole managing partner and lead decision-maker following the departure of co-founder Jean de La Rochebrochard in early 2024. She previously invested at Accel and Stride.VC, building a track record in European early-stage technology. Investment committee composition beyond d'Iribarne is not publicly detailed, consistent with the firm's lean operating structure.

New Wave leverages the extended network of its limited partners, which includes Benchmark's Peter Fenton, Coatue's Philippe Laffont, and Voodoo founder Alex Yazdi, as well as the broader Kima Ventures ecosystem anchored by Xavier Niel. The firm's London base places it proximate to one of Europe's densest concentrations of early-stage fintech and enterprise software founders. No proprietary sourcing platform or data-driven origination model has been publicly disclosed.

New Wave operates as a traditional venture capital firm, not a single family office. While Xavier Niel is a significant backer, the firm raises capital from a syndicate of external limited partners including Benchmark, DST Global, and Coatue. It manages third-party capital, not a single family's balance sheet.

New Wave makes direct investments into early-stage companies, focusing on pre-seed and seed rounds. There is no public evidence the firm commits capital to other venture funds or operates a fund-of-funds program. Its LP base — which includes several fund managers — suggests an architecture purpose-built for direct deal execution.

New Wave has not published an explicit exclusion list. The firm's generalist early-stage mandate and the backgrounds of its LP base suggest it avoids capital-intensive sectors such as hard industrial tech, biotechnology, and therapeutics. Its focus remains on capital-efficient software and internet-enabled business models.

New Wave was co-founded by Jean de La Rochebrochard, who was concurrently a managing partner at Xavier Niel's Kima Ventures, and was backed from inception by Niel himself. The two firms share DNA and some LP overlap but operate as separate entities with distinct investment teams. Kima remains one of the world's most active seed investors, while New Wave pursues a more concentrated portfolio under Pia d'Iribarne's direction.

New Wave actively facilitates co-investment through its LP network rather than by syndicating deals to outside managers. Portfolio companies are positioned to raise follow-on rounds from the firm's own limited partners — Benchmark, Coatue, DST Global — creating an internalized path to growth capital. The firm has not publicly marketed a co-investment program for external allocators.