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Venture Capital as a Service

We operate venture capital for those who cannot build it alone.

Corporate venture mandates, thematic funds and a Europe to Southeast Asia corridor, run end to end by operators.

Talk to usSee how VCaaS works

  • AXA Group

    Seed Factory then Strategic Ventures, by Minh Q. Tran

  • Apicil x Insurtech Capital

    A corporate insurance mandate, operated end to end

  • Venture building as a service

    Operated with two public investors

Three ways to work with us

The vehicle changes, the operating model does not.

  • For corporates

    Run a venture programme under your governance, operated end to end by a team that has done it before.

    See the corporate offer

  • For LPs

    Back thematic funds in insurance, impact and industry, managed by operators rather than allocators.

    See the funds

  • For founders

    Reach the corporate perimeter that turns a pilot into a contract, and the corridor that opens Southeast Asia.

    See what we bring

What we operate

Five modules, one operating contract

Each module has named deliverables. You can take the whole chain or a single link of it.

See how VCaaS works

  1. Vehicle design and structuring

    What the programme is for, which markets it touches, and what a win looks like, written down before any capital moves. Then the vehicle, the investment committee and the decision rights that carry it.

    • Investment thesis tied to a business objective, not a technology trend
    • Vehicle structuring, including cross-border where the corridor requires it
    • Investment committee composition and decision rights
    • Compliance, conflict-of-interest and reporting framework

  2. Sourcing engine

    Proprietary deal flow in the target sectors, filtered against the thesis rather than by novelty. The corporate relationship is itself a sourcing channel.

    • Continuous pipeline, scored against the thesis rather than by novelty
    • Screening and scoring grid
    • Market and competitor mapping in the target sectors

  3. Investment execution

    Diligence, terms and closing, executed by the team that will operate the stake. Diligence is run by people who have operated in the category.

    • Commercial, technical and legal diligence
    • Investment memos written for the committee that has to decide
    • Terms, closing and the operating relationship that follows

  4. Portfolio operations

    What happens after the wire: board work, commercial introductions into the corporate, follow-on structuring, and the pilots that turn an investment into a business relationship.

    • Board or observer seats and a quarterly operating rhythm
    • Commercial pilots with the corporate partner
    • Follow-on strategy and syndicate construction

  5. Reporting and exit

    Consistent measurement of pipeline and portfolio, in a format an investment committee and a CSR report can both use, and the exit path prepared with the shareholders rather than improvised.

    • Quarterly portfolio and pipeline reporting
    • Consistent ROI and impact scoring across vehicles
    • Board-ready materials and LP communication
    • Exit preparation with the shareholders

The 6S model

Six steps, operated in sequence, from raising the vehicle to reporting on it.

Raise capitalExitInvest
S1

Seeking Capital

Raise and steward capital from LPs, corporates and co-investors, then keep them informed well enough that the next vehicle is an easier conversation than the last.

2 outcomes

  • Committed capital with an agreed mandate.
  • A reporting cadence LPs can plan around.
Europe to Southeast Asia

One corridor, operated from both ends

Three European offices and a Southeast Asian network, so that a company crossing between the two is followed rather than handed over.

See the corridor
Offices
EuropeParis, Lyon, Luxembourg
Network
Southeast AsiaSingapore, Vietnam, Malaysia

What an operated mandate looks like

Corporate mandate

AXA France / AXA Seed Factory

A corporate venture mandate designed, structured and operated end to end

AXA France launched AXA Seed Factory in June 2013, a seed fund dedicated to insurance and banking technology. It was led by Minh Q. Tran — his own track record, at AXA France, and not that of Mandalore Partners, which did not exist at the time.

  • The full chain covered, from thesis to exit
  • Companies created with the group's own assets
  • Exits to industrial acquirers

Public sources: AXA France press release (June 2013), FinSMEs, Artemis.bm, Atlas Magazine, Maddyness, Rude Baguette, Namirial, Tech.eu, evercontact.com. Compiled 24 August 2026.

See the operated mandates

The mandate holdings

What each one demonstrates.

  • data applied to pricing

    FLYR

    Exited

    Transatlantic sourcing, and a cross-reading of what a skill transfers to. An insurance thesis can be deployed outside insurance.

  • insurance reaching upstream into prevention

    Huma

    Exited

    An insurance thesis reaching into prevention, and a British holding inside a French vehicle. The mandate stopped neither at the insurance product nor at the border.

  • co-creation with the corporate

    ClimateSecure

    Exited

    This is corporate venture building, not passive investing. The Studio approach, before the word for it.

  • the industrial exit

    Netheos

    Exited

    A strategic acquirer from the industry, not a secondary fund. What counts is the nature of the exit, not only that there was one.

  • distribution infrastructure

    Particeep

    Exited

    A B2B infrastructure thesis, held ten years before embedded finance became a phrase.

A single corporate LP, a dedicated vehicle, a team that sources, structures, sits on the board and exits. Companies created with the group’s own assets when the market had no right target. This is the model Mandalore Partners operates today, one compartment per corporate LP.

Read the full mandate
Corporate mandate

Apicil / Insurtech Capital

A corporate insurance mandate, operated end to end

Apicil entrusted Mandalore Partners with operating its venture exposure to insurance and financial services technology, through the Insurtech Capital vehicle: structuring, sourcing, investment execution and reporting, under the group's governance.

See the operated mandates

Insurtech Capital fund portfolio

The companies built under this mandate.

  • Ledger

    Hardware security for digital assets.

  • Nalo

    Goal-based robo-advisory for private savers. A subsidiary of Apicil.

  • Mipise

    White-label crowdfunding and tokenisation infrastructure.

  • IZNES

    Blockchain-based record-keeping for fund units.

  • Pledger

    Lending secured against a client's existing savings, without liquidating them.

  • Ramify

    Exited

    Online wealth management for affluent savers: life insurance, property funds and structured products.

    Stake sold to a mutual insurer.

  • Mon Petit Placement

    Exited

    Accessible wealth management for savers underserved by private banking.

    Stake sold to Malakoff Humanis, announced in May 2025.

Latest research

What we publish on corporate venture, insurance technology and the Europe to Southeast Asia corridor.

See all research

Talk to the team that would operate it.

A first call is a scoping call, not a pitch.

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