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Top 12 France Investors in 2025: Complete Founder Guide to French VC

Deqian Jia
Deqian Jia
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France InvestorsFrench VCFundraisingVenture CapitalStartups

If you're raising in France right now, you absolutely do not need a 200-row Airtable of random funds.

You need a tight, realistic shortlist of investors who:

  • Are actually active in 2025
  • Have real reputation with French founders
  • Invest at your stage and in your type of company

This guide gives you exactly that: 12 of the most important, active investors in France in 2025, plus how to think about fit and how to pitch them.

When preparing your pitch, having a professional data room is essential. Peony helps French startups organize investor materials with AI-powered document organization, track investor engagement with page-level analytics, and securely share sensitive financial and operational data. With transparent pricing at $40/user/month, Peony delivers enterprise-grade secure data rooms without the $5,000-20,000 per-deal costs of legacy platforms.

1. How to pick the right French investors

A. Decide your "France story" first

Before you even make a list, be clear on:

  • Are you France-first, global later (e.g. French market as strong wedge)?
  • Or global from day one, with France as HQ but not the main GTM?

Some funds (and especially Bpifrance, ISAI, Elaia, Omnes) care a lot that you are building a French or Europe-strategic champion. (OECD)

Others (Partech, Cathay, Eurazeo, Breega, Alven) are very happy if you're French-rooted but attacking a global category.

B. Match the stage (this is where most founders mess up)

Very roughly:

  • Pre-seed / Seed (idea → early revenue) Kima, ISAI (early-stage), Alven, Elaia, Breega, XAnge.
  • Seed → Series A (clear traction, building repeatable GTM) Alven, Partech, Serena, Breega, XAnge, ISAI, Elaia, Cathay.
  • Series B and beyond / growth Eurazeo Venture & growth platforms, Bpifrance Large Venture, Cathay Innovation, Omnes (deeptech / energy / infra). (Bpifrance.com)

If your metrics and round size don't match their sweet spot, you're asking them to fight their own IC, which rarely ends well.

C. Pick investors that actually map to your category

Broadly:

  • Horizontal SaaS / marketplaces / consumer / fintech Alven, ISAI, Partech, Breega, Serena, XAnge
  • Deeptech / AI / infra / data-heavy products Elaia, Omnes, XAnge, Cathay, Serena, Eurazeo
  • Climate / energy / industrial / mobility Omnes, Eurazeo Smart City, Serena, Bpifrance
  • Later-stage scaling across Europe / globally Eurazeo, Cathay, Bpifrance Large Venture (Eurazeo Newsroom)

The closer the match, the less you need to "educate" them.

D. Think about what help you actually need

Ask yourself honestly:

  • Is my biggest bottleneck capital, distribution, hiring, or scientific/technical risk?
  • Do I need French public support (loans, guarantees, co-investment) or purely private VC?
  • Do I want operator-heavy support (Breega, Serena, XAnge) or institutional weight (Bpifrance, Eurazeo, Cathay)?

Then pick 15–25 target investors that directly attack your bottlenecks.

2. Top 12 active France investors in 2025 (with founder-useful detail)

1) Bpifrance (incl. Large Venture)

Why they matter: Bpifrance is the French public investment bank and the backbone of the French VC ecosystem. By 2024 it was covering all VC stages (seed → late) with both direct VC and fund-of-funds activity and non-financial support like advice, training, and networking. (OECD)

They injected over €60B into the French economy in 2024, including €1.8B in direct investments supporting 162,500 entrepreneurs. (Bpifrance.com)

Their Large Venture fund is a €1B+ / €1.75B tech & life sciences growth vehicle targeting fast-growing, capital-intensive companies, with minimum equity tickets around €10M in €20M+ rounds. (Bpifrance.com)

Great fit if you:

  • Are building a French or EU-strategic champion
  • Are raising large rounds (Series B+), especially in tech, life sciences, climate, or deeptech
  • Want the signalling + leverage of the French state behind you

How to approach them:

  • Have a clear story on strategic importance to France/Europe (jobs, sovereignty, technology)
  • Show you already have institutional investors or are building a strong syndicate
  • Think in multi-round financing plans, not just "this round"

2) Eurazeo – Venture & Growth

Who they are: Eurazeo is one of Europe's heavyweight platforms, with a dedicated Venture arm investing from early stage through Series C in digital services, tech, ecological transition, and healthcare. (Eurazeo)

They also run thematic strategies like Smart City Fund II (~€400M) focused on mobility, energy, and urban innovation. (Eurazeo Newsroom)

In H1 2025, Eurazeo reported €1.2B in private equity fundraising, almost 3× H1 2024, which is a very strong signal they're actively deploying. (Eurazeo Newsroom)

Great fit if you:

  • Are Seed → Series C in tech, climate/energy, smart city, or health
  • Want a platform that can keep backing you as you scale
  • Aim for a global story with European roots

What they care about:

  • Category-leading potential, good governance, and impact/ESG
  • Strong execution and readiness to scale beyond France

3) Partech

Who they are: Partech is a global tech investment platform with deep roots in Paris and offices across Europe, the US, and Africa. (Partech)

They publish influential reports (like their annual Africa Tech VC report), signalling both data depth and ecosystem leadership. (Partech)

They're consistently visible in French and European rounds across B2B SaaS, marketplaces, fintech, and consumer.

Great fit if you:

  • Are Seed → Series B with global ambitions
  • Want an investor used to cross-border expansion
  • Fit a clear "tech + scalability" story (SaaS, platforms, infra, fintech, etc.)

What they like to see:

  • Evidence of product-market fit
  • A crisp plan for internationalization
  • A team that can play on a global stage

4) Alven

Who they are: Alven is one of France's OG early-stage funds. Paris-based, independent, and heavily founder-trusted. They position themselves as heart-led VCs backing "global game changers." (Alven)

In 2022, they raised Alven VI (€350M), which was at the time the largest early-stage fund raised in France, focused on pre-seed to Series A across Europe. (Sifted)

Stage & focus:

  • Primarily pre-seed, seed, Series A
  • Enterprise software, fintech, marketplaces, consumer, and more

Great fit if you:

  • Are early but ambitious, with a clear global market
  • Want a French lead for your seed/A who has strong reputation in Europe

What to bring:

  • Strong team narrative and early data points (usage, retention, or revenue)
  • A simple, convincing story of how this becomes a category-defining company

5) Serena

Who they are: Serena is a Paris-based VC, "by entrepreneurs for entrepreneurs", with a strong operator angle and ~€1B under management. (serena.vc)

In October 2025, they closed Serena IV, a €200M+ flagship fund focused on applied AI and energy transition, with tickets up to €15M per company. (Vestbee)

They've been recognized as among the top 5% of value-add seed investors by Dealroom, which tracks founder sentiment and value-add. (seedcue.com)

Great fit if you:

  • Are early-to-mid stage with a strong AI or climate/energy angle
  • Want an operator-heavy investor who will work on GTM, hiring, and ops

What they like:

  • Solid traction or very credible early evidence
  • A team that wants partners, not just capital

6) Kima Ventures

Who they are: Kima calls itself "the most active business angel in the world," backing ~100 new startups per year with €150k tickets. (Kima Ventures)

They invest 2 startups per week, across sectors and geographies, but are deeply rooted in the French ecosystem and appear in almost every French "most active seed investors" ranking. (Kima Ventures)

Stage & style:

  • Very early stage: pre-seed & seed
  • Fast process, standardized deal ("The Kima Deal"), light governance

Great fit if you:

  • Need a fast, reputable French angel-style check
  • Want a strong French seed syndicate with Kima as a signal

How to pitch them:

  • Be short and extremely clear: big market, strong team, fast learning loops
  • Show evidence of speed and execution, not long theory

7) Elaia

Who they are: Elaia is a European full-stack tech & deeptech investor, based in Paris, with ~€700–850M under management and 20+ years of history. (Elaia)

They position themselves as partners "from inception to leadership," backing ambitious deep-tech and AI-heavy startups. In 2024 they doubled down on European deep tech with a new fund, signalling strong conviction in that segment. (TechCrunch)

Focus:

  • Deeptech: AI, data, infra, cybersecurity, industry, etc.
  • Seed → later stages, but very comfortable coming in early

Great fit if you:

  • Have a scientific or deep technical edge (not just "AI wrapper")
  • Want an investor who understands research, IP, and long time horizons

What to bring:

  • Clear articulation of your technical moat
  • A realistic, staged roadmap (technical, commercial, regulatory where relevant)

8) ISAI – The French Tech Entrepreneurs' Fund

Who they are: ISAI brands itself as "The French Tech Entrepreneurs' Fund", majority-owned by its employees and tightly tied to the French founder community. (ISAI)

They manage ~€550M across Early Stage VC, Late Stage VC, Growth/Buyout, and Private Debt. (linkedin.com)

Their early-stage VC fund typically invests €100k–€3M in rounds of €500k–€6M, often as the first institutional lead (they backed BlaBlaCar, Malt, 360Learning, etc.). (ISAI)

Great fit if you:

  • Are a French Tech startup raising your first real institutional round
  • Have early traction plus strong founder-market fit

What they like:

  • Clear B2B/B2C digital models (SaaS, marketplaces, platforms, etc.)
  • Founders who want long-term, entrepreneur-aligned partners

9) Breega

Who they are: Breega is an early-stage European VC "built by founders," with offices in Paris and London and ~€700M under management. (breega.com)

They run a "full-stack funding" model with capital + scaling support, investing pre-seed to Series B in digital startups across Europe (and now Africa). (EU-Startups)

Recent activity includes:

  • Europe Seed III – €150M fund (2023) for early-stage European startups (Tech Funding News)
  • Africa Seed I – $75M fund with 40+ planned investments and on-the-ground presence in Lagos & Cape Town (TechCrunch)

Great fit if you:

  • Are pre-seed to Series B with European/global ambitions
  • Want hands-on "we've built companies ourselves" support

What to bring:

  • Strong early traction or user love
  • A clear scaling story (product + hiring + GTM), not just tech

10) XAnge

Who they are: XAnge is a European early-stage VC with €700M AUM and 20+ years of experience, headquartered in Paris. (XAnge)

In 2025 they announced XAnge 5, a new €200M fund targeting Europe's next AI, deeptech, and climate innovators—clear signal of fresh dry powder and early-stage focus. (XAnge)

They invest from Seed to Series B across sectors like AI, fintech, greentech, healthtech, HRtech, web3, etc. (XAnge)

Great fit if you:

  • Are Seed/A in AI, deeptech, fintech, climate, or digital infrastructure
  • Want an investor that has strong brand in France but thinks pan-European

What they like:

  • Visionary founders with scalable, impactful products
  • Early but clear signs you can go beyond France

11) Cathay Innovation

Who they are: Cathay Innovation is a Paris-headquartered global VC with a strong corporate LP base (Sanofi, TotalEnergies, BNP Paribas Cardif, etc.) and big ambitions around "vertical AI." (Cathay Capital)

In May 2025 they closed Fund III at $1B, positioning it as the largest AI-dedicated venture fund based in the EU, investing in AI-driven startups in digital health, fintech, consumer, mobility & energy from Series A to late stage. (Cathay Innovation)

Great fit if you:

  • Are Series A+ and building AI-powered products in one of their focus verticals
  • Want global reach with strong corporate and industry ties

What they like:

  • Clear vertical focus (e.g. AI for mobility, health, finance)
  • Ability to scale beyond France with global customers

12) Omnes Capital (Deeptech & Energy Transition focus)

Who they are: Omnes is a leading European private equity/VC firm dedicated to the energy transition, with €6.7B+ AUM across renewable energy, sustainable cities, deeptech, and co-investment. (Omnes Capital)

Their deeptech funds manage ~€650M, placing them at the centre of France's deeptech ecosystem, backing highly innovative startups. (Omnes Capital)

They recently hit a €112M first close for Real Tech 2, a second deeptech venture fund to back European deeptech ventures—fresh proof they're active. (Private Equity Insights)

Great fit if you:

  • Are building deeptech related to energy, industry, climate, or infrastructure
  • Need patient capital for complex tech with big impact

What they like:

  • Strong technical teams with credible industrialization plans
  • Projects aligned with energy transition and sustainability

3. Five quick tips for pitching French investors (2025 edition)

  1. Make your "France + world" story explicit Don't just say "we're a French startup going global." Spell it out:

    • "Year 1–2: dominate FR/Benelux; Year 3: DACH; Year 4: US beachhead" French VCs want to see both French roots and global ambition.

  2. Show traction like a scientist, not a poet Lead with:

    • Cohort retention
    • NRR / logo retention
    • CAC payback
    • Pipeline and win-rates
    • For deeptech: technical milestones + partnerships Data first, adjectives later.

  3. Demystify your next 18 months of execution Investors want to know: if they wire €X, what happens?

    • Headcount map
    • Product milestones
    • GTM experiments and targets
    • Runway and next round metrics

  4. Be honest about risk—and your de-risking plan France is pretty sophisticated now: Bpifrance, Elaia, Omnes, etc. are used to complex risk. You gain trust by saying:

    • "Here are our 3 biggest risks, and here's how €X de-risks each one."

  5. Run a tight process, not endless coffee chats Build a list of 20–30 truly relevant funds, time-box outreach into waves, and keep a simple pipeline. The way you run your fundraise is itself a signal of how you run the company.

Why professional data rooms matter for French startup fundraising

French startups need to present complex documentation—financial projections, regulatory compliance, partnership agreements, and market expansion plans—professionally to build investor confidence.

Peony helps French startups create investor-ready data rooms with AI-powered organization that sets up in minutes instead of weeks.

Key benefits: page-level analytics show which documents investors review most, enterprise security protects sensitive information, and transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal.

Conclusion

Raising in France in 2025 requires matching your stage, category, and France story to the right investors. The investors on this list are actively deploying capital, but they're selective. Bring traction data, execution clarity, and a clear de-risking plan—not just vision.

Having a professional data room is table stakes for serious fundraising. Peony helps French startups organize investor materials, track engagement, and securely share sensitive data at a fraction of legacy platform costs.

Ready to pitch French investors? Set up your investor data room with Peony in minutes, not weeks.

Q&A Section

What's the best way to organize investor materials for French startup fundraising?

Peony offers AI-powered document organization that automatically structures financials, regulatory filings, and partnership agreements into a professional data room in minutes. Page-level analytics show which documents investors review most, helping you anticipate questions.

How can I track which investors are most engaged with my French startup pitch?

Peony provides page-level analytics showing which documents investors review and how much time they spend on each section. This helps identify serious investors and tailor follow-up conversations with actionable insights.

What's the most cost-effective data room solution for French startups raising seed or Series A?

Peony offers transparent pricing at $40/user/month—93-99% cheaper than legacy platforms charging $5,000-20,000 per deal. For a 5-person team, Peony costs $200/month vs $3,000-5,000+ for legacy platforms, delivering enterprise features at startup-friendly pricing.

How do I securely share sensitive financial and regulatory information with French investors?

Peony provides enterprise-grade security with identity-bound access, dynamic watermarking, and screenshot protection. With link expiry and instant access revocation, you maintain complete control over sensitive documentation.

What data room features are essential for French startups pitching to investors?

French startups need data rooms that handle complex documentation: financials, regulatory compliance, partnership agreements, and market expansion plans. Peony offers AI-powered organization, page-level analytics, custom branding, and comprehensive security. With 10-minute setup vs weeks for legacy platforms, Peony helps French startups look professional without breaking the budget.

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