20000
investors
Anaxago is a French investment platform founded in Paris in 2012. Its main product for private investors is property club deals: bonds issued by companies that property developers or operators set up for one project. It started with startup investing, which it still offers, and the wider group also runs investment funds and advises on property funds and life insurance. Since 2012 it has raised €940.1 million for 387 companies, of which €684 million went into 280 property deals (as of 26 October 2026).
You choose each deal yourself and invest from €1,000. In a property deal you lend to the project company for 6 to 36 months (28 months on average) and usually get interest and capital back at the end. In a startup deal you buy shares and wait five to seven years or more for a sale. Only French tax residents with a bank account in the EU can invest.
Anaxago publishes detailed yearly figures for its property deals. The loans carry an average contract rate of 9.9% a year, weighted by amount (as of 26 October 2026). After delays and defaults, the platform reports a measured return of 8.8% a year, before tax. By year of investment the measured return ranged from 5.8% to 11.1% (as of 19 October 2026). We treat the 8.8% with caution: it is only 1.1 points below the maximum even though more than a third of the money is in default, so unresolved defaults are evidently not counted as losses yet. The startup side targets more than 25% over five to seven years but publishes no results or exits.
Anaxago reports that delays and defaults have cost investors 1.1% a year of return so far, and that 5 property deals have ended in a loss (as of 26 October 2026). The default figure is much larger: 35.4% of all money invested in property deals, €242 million of €684 million, has payments more than 180 days overdue. That share is rising: it was 30.5% in July 2026. Another 5.6% (€38.5 million) is late by less than 180 days. Some years are much worse than others: 63.4% of 2021 lending and 58.5% of 2023 lending is in default (as of 19 October 2026). Because so little has been closed out, final losses could end up much higher than the 1.1% shown.
Property loans are usually secured, but the security depends on the deal: often a first-rank mortgage or a pledge on the shares of the project company, together with guarantees from the parent company or the people behind it. There is no buyback, reserve fund or insurance. Anaxago analyses each deal in house and publishes no overview of loan-to-value or independent valuations. It states a recovery rate of 90.4% without saying what it is measured against, and that figure has not yet been tested on the €242 million now in default; 41.4% of the property money has been repaid so far. Startup shares are not secured: if the company fails, the shares are usually worth little or nothing. In plain words, the security should help, but how much comes back on a third of the book is still unknown.
The platform is run by Anaxago SAS (Paris, company number 539 539 064), which reported revenue of €5.93 million and a net profit of €792,000 for 2024. The French market regulator (AMF) granted it a European crowdfunding licence, number FP-2023-25, on 9 November 2023, with no passport to other EU countries. Other companies in the group sell other products: the fund manager, renamed Ambra Capital on 1 December 2025, holds its own AMF approval, and Anaxago Patrimony acts as an adviser and insurance broker. Which protections apply depends on the product you buy.
Anaxago does not publish a single fee page for investors, so what a property investor pays is not clearly set out on its own pages; check the documents of each deal. Startup and fund products carry their own charges, set out in their documents.
There is no secondary market. The terms say resale of the bonds or shares is not guaranteed and may be impossible, so you wait for the loan to be repaid or the startup to be sold. With more than 40% of property money late or in default, many investors are waiting longer than planned.
Return: Medium — the property loans carry 9.9% a year on average. Risk: High (higher means more risk) — the platform's own loss measure is moderate at 1.1% a year, but 35.4% of the money is more than 180 days overdue and rising, and the after-losses return does not reflect it, so real losses could end up higher. Risk-return: High — Anaxago publishes a measured return after delays and defaults of 8.8% a year, which compares well with its peers, though it may fall as defaults are settled.
License / Regulation: Anaxago SAS (company number 539 539 064) holds a European crowdfunding service provider licence from the French market regulator (AMF), number FP-2023-25, granted on 9 November 2023, for placing bonds and shares and passing on client orders. It has no passport to other EU countries. The group's fund manager (Ambra Capital, formerly Anaxago Capital) holds a separate AMF portfolio-management approval, GP-18000016. No compensation scheme covers the investments.
Yes. The French market regulator (AMF) granted Anaxago a European crowdfunding licence, number FP-2023-25, on 9 November 2023. It has no passport, so it serves French tax residents only. Other group companies selling funds and insurance have their own approvals.
Cash waiting to be invested sits in an electronic wallet in your own name at Mangopay, a licensed electronic-money institution, kept apart from Anaxago's money. Once invested, your money is lent to the project company or held as shares, with no deposit guarantee.
€1,000 per property or startup deal. Funds, property funds and insurance sold by the group have higher minimums.
Property loans carry 9.9% a year on average; after delays and defaults the platform reports 8.8% a year before tax (26 October 2026). Only 5 deals have ended in a loss, but 35.4% of the property money is more than 180 days overdue, so final losses are still unknown and could be much higher.
Property loans are usually secured by a first-rank mortgage or a pledge on the project company's shares, plus guarantees from the parent or the people behind it, depending on the deal. There is no buyback or reserve fund. Anaxago states a 90.4% recovery rate without a definition, not yet tested on the €242 million in default. Startup shares are not secured.
No. There is no secondary market, and the terms say resale is not guaranteed and may be impossible. Property deals run 28 months on average and startup investments five to seven years or more.
Anaxago does not publish a single fee page for investors, so check each deal's documents for any charges. Startup and fund products carry their own fees, set out in their documents.
Your bonds are claims on the project company, not on Anaxago, and your uninvested cash is held at Mangopay. If a developer fails, you depend on the security behind the loan and on recovery proceedings, which can take years. No compensation scheme covers the loss.
Most troubled loans have not been closed out. 35.4% of property money is more than 180 days overdue, but only 5 deals have been recorded as losses, and the 8.8% measured return does not yet count most of the money in default. Lending from 2021 and 2023 is worst hit, with 63.4% and 58.5% in default (19 October 2026).
