Jean-Marc Bally: A veteran VC who survived the dot-com bubble

Very few venture capitalists can claim to have survived the dot-com bubble burst of 2000. But 25 years later, Jean-Marc Bally stands as one of France’s most experienced VCs.

After completing his business studies, Jean-Marc joined Schneider Electric’s finance department. Over three years, he traveled the world, conducting internal audits across 36 countries.

In June 2000, right in the midst of the Internet frenzy, he was invited to help launch Schneider Electric Ventures. At a time when valuations were soaring to irrational levels, Jean-Marc —completely new to the field— stepped into venture capital alongside Jean Netter, who led the fund.

Ironically, their late entry into the market may have been their saving grace. Unlike other funds that rushed in and made costly mistakes, they had less time to be caught up in the hype. When the bubble burst, many corporate venture arms vanished; yet they survived.

For the next 10 years, they built Schneider Electric Ventures. Eventually, they opened the fund to other industrial players, transforming it into Aster Capital. Initially semi-independent, Aster fully broke away in 2017-2018 when the team took over the entire capital structure.

Today, Aster stands as:

• A team of three partners who have worked together for over a decade,
• A venture firm investing in energy, industry, and mobility,
• A consulting arm, Aster Fab, helping mid-sized and large corporations navigate innovation challenges,
• A secondary portfolio acquisition practice.