The Funding Explosion

Perhaps nothing changed more dramatically than funding. In 2015, raising a €10 million Series A in France was newsworthy. By 2024, it was routine. Late-stage mega-rounds—once impossible in France—became regular occurrences.

The shift had multiple causes. European funds like Index Ventures and Accel expanded their Paris presence. American funds—Insight Partners, General Atlantic, Tiger Global—began hunting for French deals. Most importantly, successful French entrepreneurs recycled their wealth into the ecosystem. Xavier Niel, the Collison brothers from Stripe, and BlaBlaCar's founders all became active investors.

Bpifrance evolved from careful public investor to aggressive growth catalyst. Its Large Venture fund, launched in 2020 with €6 billion, could lead €50-100 million rounds, solving the late-stage funding gap that had long plagued French startups. The sovereign fund didn't just provide capital; its participation validated startups for international investors.