Tin Men Capital

Agir pour une société en mouvement, solidaire et durable. Nous investissons dans des start-up à partir de la série A, prioritairement en France et en Europe. 160M€ dédiés à des investissements directs et indirects 350+ start-up en collaboration avec le Groupe Notre mission est de servir la raison d’être de la SNCF et de favoriser le développement de l’écosystème de la mobilité. 3 thématiques d’investissementsMobilitésMicromobilité Mass Transit Mobilité partagée Mobilité verte \Mobilité des marchandises Smart cities MaaS Industrie 4.0IoT Robots intelligents Maintenance prédictive Optimisation des actifs industriels Climate TechDécarbonation Numérique responsable Gestion des déchets Economie circulaire Ville intelligente Gagnant-Gagnant 574 Invest met à disposition des start-up du portefeuille un accompagnement dédié sur du long terme, reposant sur l’expérience du Groupe SNCF. Nous facilitons les mises en relation avec les entités du Groupe SNCF pour à la fois développer l’activité commerciale de la start-up, et accélérer des projets SNCF. Les participations pourront s’accompagner de la mise en place d’accords commerciaux ou de développement entre les start-up du portefeuille et une ou plusieurs entités du Groupe.

Next47 is a global venture firm, backed by Siemens, committed to turning today's impossible ideas into tomorrow's indispensable industries. Our relationship with Siemens gives us access to international markets, a global customer base, and incomparable technical experience, all of which we use to catalyze the growth of our portfolio companies. We invest in entrepreneurs who think big and in companies that we believe will change the way the world lives and works. Your startup is solving difficult and fundamental challenges You need an investor who can move at your pace and who is in it for the long-haul. You need a partner who has informed conviction on the customer problem and the unique way you are solving it. You need a partner who will actively work with you to increase revenue and growth. We specialize in enterprise-focused businesses, make fast decisions and share deep conviction with the teams we invest in. We have the resources and the motivation to unleash maximum potential in every startup we work with. Global scale, local relationships We leverage our own global footprint as well as the Siemens ecosystem that spans a broad set of industries across hundreds of countries and regions worldwide. This global footprint, along with our personal relationships with technology and business decision makers around the world, give us incomparable access that we bring to bear for you.

At Yamaha Motor Ventures, we believe great innovation happens when engineers, entrepreneurs, and corporate partners collaborate with clear ownership and practical goals. As the corporate venture capital arm of Yamaha Motor Co., Ltd., we combine Yamaha’s global resources with the agility of a startup. Based in Palo Alto, California, we invest in early-stage teams across mobility, manufacturing, data and AI, robotics, fintech, and climate tech, seeking both venture capital and strategic partnerships to accelerate disruptive ideas. Our team provides portfolio companies with access to Yamaha’s vehicles, hardware, and engineering expertise, as well as a global network that spans automotive, industrial automation, and consumer technology. We measure success by real-world impact, scaling technologies that improve how people move, work, and live. YMVSV also manages Yamaha Motor’s Sustainability Fund, a dedicated pool with hundreds of millions in assets that supports climate tech and sustainability initiatives. We pursue collaborations that align with Yamaha’s long-term vision, combining rigorous due diligence with a hands-on approach to development, pilots, and scale. Founders who thrive with us are curious, engineering-minded, and comfortable working at the intersection of hardware and software, where partnerships, pilots, and manufacturing capabilities matter as much as a strong business plan. Our culture emphasizes collaboration, practical execution, and a bias for action, with engineers and operators who enjoy turning ambitious ideas into tangible products.

In the past 15 years, Canada’s innovation ecosystem has taken off. Startups, accelerators, incubators, investors, and forward-thinking policies have created a true hotbed of entrepreneurship. Bold ideas are flourishing, transformative ventures are thriving, and Canadian technology is reshaping industries, driving growth at home and societal impact worldwide. We could look back and self-applause our progress, but let’s be radically transparent: major challenges remain and there is still a lot left to be done. A majority of our technology companies are not achieving the global scale they legitimately could attain. They do not achieve their full potential; frequently selling prematurely instead of being the market consolidator and building for the long term. ​ A central cause of this problem is the lack of early-stage venture leadership and risk-taking at the true “inflection point” - when startups have early revenue, signs of product-market fit, and are ready to scale. Canada has no shortage of funds willing to follow on, but far too few are prepared to lead Seed and Series A rounds: to structure financings, set valuations, negotiate terms, and define the conditions for success. The “Death Valley” is real. Canadian venture capital lacks leadership, and needs to contribute more expertise. The “Death Valley” is the critical scaling stage that most companies fail to overcome. It happens as a company attempts to bridge the gap between early commercial success and achieving significant revenue scale. In 2024, roughly six in ten Canadian seed rounds included foreign investors, a dynamic that intensifies by Series A and beyond. Half of that was led by US Too often, the most promising Canadian startups saw their early rounds led by U.S. VCs. While we welcome foreign investors, global connections strengthen our ecosystem, Canada simply lacks enough lead investors to keep ownership at home. For early-stage and scale-up companies, the shortage of funding alternatives is a major barrier. Many of our best founders head south in search of stronger capital partners. The gap is readily filled by international investors, and who can blame them? Canadian founders are known to outperform and to be more capital efficient than their U.S. peers. The best founders will always attract global capital and seek out the strongest partners. But this comes at a cost. Every time leadership is ceded abroad, Canada loses ownership of its most successful businesses. An ecosystem of “follower investors” produces an economy of subsidiaries, when what we need are global leaders. The problem is twofold: not enough Canadian capital to lead at the inflection point, and not enough seasoned expertise to scale our champions. If you believe, as we do, that local technology champions will be the cornerstone of our future economic prosperity, then our ecosystem must level up. We need more early-stage capital that doesn’t just follow, but leads. Equity financing must evolve to deliver not only dollars, but expertise, resources, and technology to nurture local champions. Understandably so, when they lead funding rounds, most Canadian VC firms will either focus on the pre-seed stage, where the power-law is magnified and placing many small bets is more important than bringing expertise, or the growth stages (Series B+) where significant risk is already behind and larger checks drive the outcomes. A paradigm shift is required. New organizations must emerge that add real value and aren’t afraid to take the lead at the Seed stage. This is why we are launching Amiral Ventures. Amiral Ventures is a new venture capital firm on a mission to empower Canada’s most ambitious founders with dynamic capital and scaling expertise, building the next generation of technology flagships with lasting societal impact. Vaisseau Amiral (French for Flagship): A ship or building that is recognized for its size and strength, making it the pride of a fleet or an organization As entrepreneurs ourselves, we have utmost respect for the founder journey. We don’t just invest, we aim to deserve the right to partner with them along the way. Amiral creates the ecosystem where visionary founders thrive, with capital, expertise, global networks, and technology to fuel their growth. We’ve built scale-ups, felt the entrepreneurial highs and lows, and now channel that experience into backing the founders solving the world’s toughest problems. Prosperity Decoded Backing Canadian founders at seed to series-a to drive enterprise productivity, sustainability & resilience The challenges we face, low productivity, climate urgency, and fragile infrastructure, are systemic. But they also represent one of the greatest investment junctures of our time. New enterprise technologies, powered by AI and software, can equip leaders with transformative, mission-critical solutions. Productivity. Canada’s productivity gap is real—our workers produce only ~70% of what their U.S. peers achieve. The answer isn’t more talk, it’s action: applied AI, automation, robotics, and digital platforms. We back Canadian founders building these solutions at home and scaling them worldwide. Sustainability. Profitability and environmental impact can no longer be at odds. The transition to renewables and the optimization of energy use are urgent. Software and AI will be the linchpins of this shift, from clean energy production to efficient consumption. Resilience. Supply chains, industries, and critical infrastructure are under strain. Building resilience means more autonomy, security, and sovereignty, enabled by smart industry, robotics, digital twins, cybersecurity and intelligent manufacturing. More than just capital. Founders-led and founders-backed. Amiral Ventures will focus on leading early-stage rounds between theSeed and Series A and will actively support companies to achieve a strong global position. Capital is a commodity, expertise is not. An integral part of our investment thesis is having a dedicated impact team that will create value post-investment. Our initial focus is helping portfolio companies expand globally and seize international opportunities to scale. Over time, Amiral’s impact team will operate like a service organization, combining internal expertise, external networks, and proprietary technology to empower founders. Our goal is clear: every dollar invested by Amiral should deliver a measurable impact on a founder’s trajectory. Beyond the Amiral team’s expertise, we are surrounding ourselves by an unprecedented group of investors who are themselves founders, CEOs, CTOs, CROs, and not only share our vision but are eager to roll up their sleeves to help our flagship companies. ​Building an enduring franchise We are proudly Québécois but our market is much wider. We believe that for Québec & Canada to succeed, we must expand beyond our borders just like the Admiral butterfly. Papillon Amiral (French for Admiral Butterfly): Emblem of Québec, it is known for its rapid flight, its impressive migration, resilience and its noble appearance. Building a dynamic, resilient, and cleaner economy means securing local ownership while scaling globally. Amiral is an investment firm with an entrepreneurial mindset, built to create value for the next generation of innovators. We stand on the shoulders of the Canadian venture pioneers who came before us. History will mark the early 2020s as an inflection point. Technologies once magical are now everyday tools. The means to create prosperity are in our hands. But good is no longer good enough. High-paying jobs, economic development, and new technologies are necessary but we must also increase Canadian ownership in our champion companies, deploy smarter capital, and elevate our ecosystem. The “Death Valley” for Canadian startups must be crossed. Ambitious founders are ready to take flight on the global stage. Let’s build the next generation of Canadian flagships.

Fosun RZ Capital was founded in 2013. As a leading industry investment institution with a global layout and unique resources, Fosun RZ Capital focuses on investment in deep tech, AI, fin-tech, healthcare, e-commerce, logistics and travel industries. It is built to empower the globalization of innovative start-ups with its indispensable industry resources in the four major business sectors of Fosun including health, happiness, wealth and smart manufacturing. Fosun RZ Capital is always empowering and evolving together with companies globally. Fosun RZ Capital is committed to becoming an essential investor of global business leaders in the era of technology business innovation. Fosun RZ Capital covers cutting-edge technological innovation in the United States and Israel and high-growth emerging markets in China, India, and Southeast Asia, creating an influential global industry-wide innovation ecosystem. It has a long-term focus on investment in high-growth, high-tech companies in significant economic growth regions worldwide.

While VCs seek the next hot thing, great returns will be realized from the revolution of existing industries.Background Over 400 years ago humans became curious about inventing ways to regulate and control temperature. By 1620, Dutch inventor Cornelius Drebbel started developing a simple mercury thermostat to regulate temperature and by 1906 Mark Honeywell would unveil the first programmable thermostat allowing customers to control heat levels and automatically pre-set temperatures. Fast forward a century and there are now 750 million thermostats in operation in the United States alone. While there have been small strides in the evolution of the device by major incumbents, a very small percentage of those devices were built to save energy and take advantage of the advances in low cost sensors, WiFi connectivity and automation. Through valiant execution, a focus on customer usability and leveraging software to ‘learn’ user habits over time, Nest Labs was able to apply ubiquitous technology to transform an industry that was large yet forgotten by most investors. Just four years after starting the company, Nest catalyzed the ‘smart home’ movement by turning a simple temperature regulator into a gateway and platform. We call this process the Evolution of Industries. How it happens The Evolution of Industries happens when technical innovation is paired with operational excellence to transform a large, often antiquated, industry. Nest, Microsoft, SpaceX, Square and Amazon are all examples of companies and technology platforms that fit in the Evolution of Industries model. The goal of these companies was not technical innovation but rather mass adoption and disrupting the status quo. For Amazon, it was displacing brick and mortar retail with an online marketplace for goods. For Microsoft, a PC on every desktop. For SpaceX developing a reusable rocketship. For Square, making small merchant credit card payments mainstream. For Nest it was fundamentally re-designing the thermostat to serve as the central hub for anything related to the home. The evolution of industries results in creative destruction of old business models and technology. Microsoft killed the typewriter as the primary form of word processing. Another telling example was the transformation in the photography industry with Kodak’s rise and fall. The company was founded in 1888 and at the height of its success the company employed 150,000 people and controlled 90% of film sales and 85% of camera sales in the US alone. Fast forward to 2012 when the company eventually filed for bankruptcy, it became clear the company had not evolved its legacy business model fast enough to compete with the evolution of digital photography and the proliferation of popular photo sharing apps like Instagram. The cycles of innovation To recognize the importance of the Evolution of Industries as an investment thesis, one has to recognize that the innovation driven economy is not linear or exponential but rather cyclical, an idea first pioneered by the Soviet economist Nikolai Kondratiev in the 1920s and brought to mainstream thought through the work of Joseph Schumpeter, the father of Creative Destruction theory. The cycles or waves arise from the bunching of basic innovations that launch technological revolutions that, in turn, create leading industrial or commercial sectors. But the time between these technical innovations can take decades: it took about 50 years between the steam engine and the railway cycle, and almost 40 years between the petrochemical revolution of the mid-1960’s till the IT revolution of the 2000’s. During the down cycles, value is most realized not through inventing new technologies but rather through the dissemination of the recently discovered technology into existing industries. Many of the greatest technology companies of our era were both incepted and grew during major down cycles. ARM, which now powers a majority of the world’s smartphones, was founded in the downturn of 1990. Cisco, which has become the dominant network and infrastructure vendor of our time, was founded and hired its first CEO shortly after Black Monday in 1987. Electronic Arts, a pioneer in electronic gaming, was founded in the middle of the Great Depression in May 1982. More recently Airbnb, Spotify and Stripe were all founded in the midst of the 2008 Global Financial Crisis. How to win Winning in the Evolution of Industries takes different forms. But an analysis of winning companies show a few key ingredients around founders, timing, and operational execution. As with all forms of innovation, the hero is the entrepreneur. But founders in the Evolution of Industries have particular traits that set them apart: they are valiant operators as opposed to ardent technologists. And they are obsessed with mass adoption over a particular product vision. It’s no surprise that Microsoft won over Apple in the PC battle of the 1980s because Bill Gates was obsessed with cost, which drove mass adoption, while Steve Jobs was obsessed with perfection. Similarly, Tony Fadell became obsessed with developing the most usable thermostat for energy savings, which led to mass adoption and ultimately a home automation ecosystem. Being a “first mover” is also not a requirement for companies focusing on the Evolution of Industries, in fact it can be a hindrance. Founders need to time the market, waiting on the technology to not only be available, but also widespread and cost effective. New technologies are frequently utilized as a solution looking for a problem to solve, but the best founders focus on applying existing and well understood technology to markets that have been underserved by prior advancements. Climate Corporation, for example, wasn’t the first company to use historical weather data to inform growing behavior - since 1818 the Farmer’s Almanac has a storied place on the bookshelves of growers. However, Climate was able to apply data analytics to better leverage soil and field data in assisting farmers with improving crop yields while also providing downside risk mitigation. Bringing disruptive technology to antiquated industries will also require entrepreneurs with strong operational backgrounds. Successful founders need to combine industry knowledge with a focus on execution and scaling the product. In the case of Square, accepting credit cards was not the challenge, instead it was scaling up their product and getting it into the hands of small merchants across the country. Their operational excellence allowed them to build valuable partnerships and distribute their product through high volume retail channels such as the Apple Store.