Investor profile
Bpifrance
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Bpifrance is France's public investment bank and sovereign development fund, acting as the one-stop shop for French entrepreneurs. Its venture capital activity spans direct investments and a fund-of-funds platform: the Digital Venture team (€1.1bn+ under management) backs top-tier French tech startups from seed to Series B with tickets of €200k–€10M, aiming to build international category leaders in SaaS, marketplaces, deep tech, fintech, and consumer apps; the Large Venture fund (€2.5bn) targets highly innovative Technology & Life Sciences companies at growth stage with minimum first tickets of ~€10M; and the VC & Growth Funds Investments team (€8.3bn active portfolio) invests in 325+ partner funds across all stages and sectors, mainly in France, to cover the full financing continuum from seed to buyout. Over 2013–2023, Bpifrance invested €10.5 billion in venture capital — 44% directly into 500 startups and 56% into 180 partner funds — representing ~30% of all public and private VC deployed in France. Two-thirds of French VC funds that raised capital from professional investors between 2013 and 2021 did so with Bpifrance as an LP, and 80% of startups that raised funds were supported by Bpifrance directly or indirectly, illustrating its structuring role in the French innovation ecosystem.
Notable quotes
“Bpifrance's direct investments and fund of funds activity have made a significant contribution to structuring and driving the supply of private financing to French start-ups, thereby helping to develop the ecosystem.”
“We enter 2026 with even greater conviction, fueled by our new €400M Digital Venture III fund to back the next generation of ambitious founders.”
“Mission: to fund and support the best French entrepreneurs to build international category leaders. Ticket: between €200k and €10M. Maturity: from seed stage to Series B.”
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Mistral AI | Series C | $1.8b | 2025-06-01 |
| Alice & Bob | Series B | $104m | 2025-01-01 |
| SCINTIL Photonics | Series B | $54m | 2025-01-01 |
| Swan | Series B | $45m | 2025-01-01 |
| Doctolib | Series D | $570m | 2021-01-01 |
| BlaBlaCar | Series F | $115m | 2021-01-01 |
| GitGuardian | Series B | $44m | 2022-01-01 |
| Exotec | Series D | $335m | 2022-01-01 |
| Contentsquare | Series F | $600m | 2022-01-01 |
| Ledger | Series C | $380m | 2021-01-01 |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Eurazeo (Idinvest Partners) | 25 |
| Partech | 20 |
| Alven | 15 |
| Elaia Partners | 12 |
| General Atlantic | 8 |
| Kima Ventures | 7 |
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