Romain Mombert, Eurazeo: “Tomorrow, retailers and brands will no longer acquire customers, but AI agents”

Featured image of the article Romain Mombert, Eurazeo: “Tomorrow, retailers and brands will no longer acquire customers, but AI agents”
In a proliferation of AI start-ups, how can investors distinguish those that bring true innovation and in which they should invest? For what valuation metrics? In retail and payment, what types of solutions are able to create an "AI-native" customer experience? As Eurazeo has launched a fund with a target size of €1 billion, dedicated notably to AI, Romain Mombert, Growth Investor, presents his key investment criteria, current valuation levels and a vision for 2026.
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What is the cumulative amount of assets managed by Eurazeo?

At the end of 2025, Eurazeo had €39 billion in assets under management, with stakes in 600 companies. The Growth team, created in 2015, is one of the largest in Europe. I lead investments in the fintech and payment sector. This team includes 15 investors spread across Paris, London, Berlin, Munich and Barcelona, plus 5 operating partners and over 80 advisors for the investment side. This team manages €4.5 billion in Europe and has invested in approximately 30 companies. Like any venture capital (VC) fund, we manage a succession of funds over time.

At what stage do you invest and why?

Our focus is on “late stage” European companies, with at least €10 million in turnover, which need financing from Series B+ onwards. These players have an ambition to create industry leaders in their categories at a global level. We support them until the exit, providing capital and know-how, and allowing them to move faster towards internationalisation. Beyond the investment, we intervene with operating partners, industry leaders who provide operational expertise support. In payments, this is the case with Philippe Vimard, former CPO at Klarna, Expedia and Doctolib, but also Laurent Le Moal, who notably helped launch PayPal in Europe. Eurazeo enters as a minority shareholder: we are a Board Member but let the Founder take operational decisions. We can also support companies worldwide, notably via our offices in Asia and America.

Within your portfolio, what is the place of payment and retail tech ?

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