Newsletter Edition #104
A remarkable performance sustained over the long term
As we do every year, OneRagtime is pleased to share our latest fund performance and portfolio evolution. Our track record continues to reflect a commitment to high-quality results, long-term durability, and rigorous discipline.
Since 2017, our investments have delivered a gross IRR of 27% and a 2.3x TVPI, cementing OneRagtime’s position among the top-tier early-stage venture capital funds in Europe.
These results are the direct product of a strong conviction: the selective identification of ambitious founders who possess a global vision from day one and the capacity to become market-defining leaders on a world stage.
OneRagtime intentionally concentrates capital into a limited number of high-potential companies. We provide long-term support through intense, hands-on operational involvement alongside the management teams. By frequently acting as lead investor, we structure financing rounds and maintain active board seats to directly influence strategic decision-making and value creation.
Today, several of our portfolio companies have reached full maturity. With significant exits expected in the coming months, our current momentum illustrates the underlying strength of our portfolio, the relevance of our investment thesis, and the execution excellence that defines OneRagtime.
A Strategic Momentum for Investing in France and Europe
The macroeconomic environment is stabilising, budgetary frameworks are becoming clearer, especially with the adoption of the 2026 budget in France, and markets are regaining visibility. Valuations have returned to more rational levels, financial discipline has intensified, and the top European entrepreneurs are now building on significantly more robust foundations.
This context represents an attractive entry point to invest in the next generation of European technology leaders.
Now is the time to deploy capital with rigour and ambition, through OneRagtime's funds and co-investments, alongside entrepreneurs capable of winning on a global scale.
👉 Reach out to our team to explore our latest investment opportunities at investors@oneragtime.com
News from our portfolio
Rippletide wins the Open AI Codex Hackathon in San Francisco
Yann Bilien, CTO of Rippletide, and his team won first place at the OpenAI Codex Hackathon held at OpenAI headquarters in San Francisco. Their AI agent project dedicated to scientific research convinced a top-tier jury, notably Greg Brockman, President and Co-founder of OpenAI.
Their approach consists of letting agents generate hypotheses, then structuring and evaluating them with rigour before any decision. This vision is perfectly aligned with Rippletide's ambition to build reliable, auditable, and truly operational AI systems for the enterprise.
😍👏 to Yann Bilien and the entire Rippletide team.
AI Infrastructure Becomes Sovereign: Hivenet and Policloud
In 2025, Hivenet and Policloud scaled up with eight PoliClouds deployed in six months across three continents, confirming the robustness and scalability of their sovereign AI infrastructure model. Each PoliCloud is based on Hivenet’s distributed orchestration technology, transforming decentralised resources into immediately usable AI computing power.
At WAICF 2026 in Cannes, an additional milestone was reached with the announcement of one hundred PoliClouds by the end of 2026, to allow industrial companies and local authorities to master their computing power locally.
Major new announcements are coming in the next few weeks.
Discover the Hivenet and Policloud video, which illustrates this ambition to build a sovereign AI infrastructure on a global scale.
👏 Bravo to David Gurlé, Queenie Chan, Bastien Vidal and all the Hivenet and Policloud teams.
Ekie secures legal AI at scale
In 2025, the startup exceeded its objectives and confirmed the strength of its model, with over 400,000 beneficiaries, reinforcing its status as the leader in Legal Care in Europe.
👏 Congratulations to Raphaël Jabol and the entire Ekie team for this remarkable advancement.
Miralia changes its name and scales up
Golem becomes Miralia, affirming its vision of reliable and trusted AI for critical environments.
In 2025, the company accelerated significantly: +100% growth, a doubled client base, and tens of millions of critical messages processed each year.
👏 Killian Vermersch, Herve Browne, and the entire team, this is a structuring milestone for Miralia.
Choose reaches first place on the App Store in the Shopping category
Choose is number one 🏆
This weekend, Choose reached first place on the App Store in the Shopping category, as well as fourth place in the overall rankings.
Beyond the ranking, it is the result of demanding collective work and a strong conviction: creating a new category of platform.
A platform designed to support the most beautiful lifestyle brands in the world.
A platform where experience and creativity guide every decision.
A platform that goes far beyond its simple transactional function.
So what are you waiting for to try it?
👏 Big fan of Choose and of Thibaut Gensollen, Timothée Richard, Vincent Dupuy, and their team.
Staycation, next destination: the world.
Since 2017, Staycation has held a strong conviction: the hotel is a place where one goes out.
In 2026, this vision has become a reality:
4.5 million users, 2,500 experiences, 5 countries.
The company became profitable in 2025, demonstrating the solidity of a model capable of combining growth and financial discipline.
And the expansion continues. At the beginning of 2026, the launch in London is confirmed with iconic signings such as Park Hyatt and InterContinental.
👏 Kevin Hutchings, Mathieu Dugast, Mathieu Ecollan, and the entire Staycation team, this momentum is impressive.
OneRagtime in Motion 📸
Station F. The OneRagtime family reunited. Entrepreneurs, investors, partners: direct exchanges, palpable energy.
This Community Drinks was above all a moment to say thank you and reflect on our core strength: a platform, a community, and a collective dynamic.
The evening continued with the Dift Challenge, led by Dift.
IPEM Cannes. CFO Day and AI Day by France Digitale. WAICF, Maddy Invest Awards, team new year wishes.
OneRagtime is at the heart of the conversations structuring investment cycles, value creation, and the industrialisation of AI in Europe and worldwide.
Upcoming Events in March
You can find us at:
- Sommet des Fondatrices 2026, March 10th
- Forum des investisseurs, March 12th
- Occitanie Invest, March 18th - 19th
- CTx Tech Experience, March 19th - 21st
- SuperNova, March 25th - 26th
- Private Equity Insights, March 27th
- Les sommets du digital, March 30th - 31st
- Forum International de la Cybersécurité, March 31st - April 2nd
If you are attending, please come say hello. We would be delighted to connect!
Resources
The New Maturity of Enterprise AI
While LLMs excel at generating responses, they have yet to achieve consistent and responsible decision-making.
Production-grade AI requires a true decision infrastructure. Rippletide is building this critical layer.
In his latest article, Yann, CTO of Rippletide, explains that the defining challenge of 2026 is no longer creating AI prototypes, but making them reliable in production.
A promising future for venture capital in 2026
An analysis by Wellington Management confirms the 5 major VC trends for 2026: a significant return of liquidity, driven by the reopening of the IPO market and the rise of secondary markets, among others.
In this new cycle, success will no longer depend on the abundance of capital, but on selectivity and access to the best assets.
At OneRagtime, we are ideally positioned to capture this momentum. Our investment discipline has allowed us to deliver a remarkable performance of 27% IRR, validating our ability to identify future leaders.
Disclaimers:
(1) Past performance is not indicative of future results.
(2) Before making any investment, please refer to the legal and commercial documentation of the funds and/or club deals. Investors are particularly encouraged to carefully read the risk factors described therein.
(3) Investments in unlisted assets, particularly venture capital, involve a risk of total or partial loss of the capital invested.
(4) Investments in unlisted companies, such as venture capital investments, may be difficult or even impossible to sell due to their high illiquidity.
OneRagtime - 10 Rue de Madrid, 75008
Contact us at investors@oneragtime.com
