Bpifrance

Investment thesis

Bpifrance is France's public investment bank, created in 2013 from the merger of OSEO, CDC Entreprises, FSI and FSI Regions. It is the largest single actor in French venture capital: between 2013 and 2023 it put EUR 10.5 billion into the sector, 44 percent invested directly into around 500 startups and 56 percent subscribed into 180 partner funds that went on to raise EUR 32 billion. Two thirds of French venture funds that raised from professional LPs in that period took money from Bpifrance. Its direct arms include Digital Venture, which backs digital companies at seed and Series A, and Large Venture, a EUR 2.5 billion vehicle for rounds above EUR 20 million with first cheques from around EUR 10 million, whose portfolio includes Doctolib, ManoMano, Shift Technology and Owkin.

Past investments