# Bpifrance: portfolio, investments and team

> Bpifrance is a government based in France. 1,151 investments on record, 141 in the last 12 months, latest Oct 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/bpifrance (Millionrounds; every figure on the page links to its filing or article)

France · [Investor](https://millionrounds.com/investors)

# Bpifrance

Last cheque observed Oct 2026; 1151 cheques on record.

Email

Deploying now Government

Pre-seed Seed Series A Energy Software Banking

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Deploying now

**64%** of best year **141** **cheques in 12 months**, 1,151 on record

Since the last cheque **11** days **00** hrs **00** min **00** sec

Median round **$4.5M** Cheque size, as they say **$500K – $100M** Rounds led **11 of 1,151** Sole investor **364 rounds** Mostly in **France, 88%**

Pitch Bpifrance

## Bpifrance highlights

- 01 141 cheques in the last 12 months
- 02 Mostly Seed and Venture: 62% of its rounds
- 03 Sole investor in 364 rounds, median $1.7M

## What they do

- **Type:** Government (from a list, unverified)
- **Cheque size:** $500K – $100M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth Pre-IPO
- **Sectors:** Energy Software Banking
- **Based in:** Paris, France
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **1,151 appearances**

- **2026** 112 rounds
- **Oct** **[Medincell](https://millionrounds.com/company/medincell)** Debt · FR · Google News search **$15M** With 1 other
- **Oct** **[Nouscom](https://millionrounds.com/company/nouscom)** Series D · CH · Revelation Partners **$135M** With 14 others
- **Oct** **[Goodweek](https://millionrounds.com/company/goodweek)** FR · The SaaS News **$12M** With 8 others
- **Oct** **[CarbonFarm](https://millionrounds.com/company/carbonfarm)** Series A · FR · ElectriFI **$7.8M** With 10 others
- **Oct** **[Vates](https://millionrounds.com/company/vates)** Growth · FR · Firms' own news pages **$34M** With 1 other
- **Sept** **[AbTx](https://millionrounds.com/company/abtx)** Seed · FR · Ventureburn **$1.9M** With 1 other
- **Sept** **[Hackuity](https://millionrounds.com/company/hackuity)** Series B · FR · Bright Pixel **$19M** With 4 others
- **Sept** **[Kaiko](https://millionrounds.com/company/kaiko)** Series B · US · TechStartups **$110M** With 13 others
- **Sept** **[The Exploration Company](https://millionrounds.com/company/the-exploration-company)** Series C · DE · Firms' own news pages **$450M** With 11 others
- **Sept** **[Mistral AI](https://millionrounds.com/company/mistral-ai)** Series D · FR · Samsung Catalyst Fund **$3.5B** With 23 others
- **Sept** **[Ed.ai](https://millionrounds.com/company/edai)** Seed · FR **$5.8M** With 4 others
- **Sept** **[Incepto Medical](https://millionrounds.com/company/incepto-medical)** Venture · FR **$16M** With 2 others
- **Sept** **[Implicity](https://millionrounds.com/company/implicity)** Growth · FR · Firms' own news pages **$41M** With 4 others
- **Sept** **[Biolevate](https://millionrounds.com/company/biolevate)** Series A · FR **$34M** With 2 others
- **Sept** **[Omini](https://millionrounds.com/company/omini)** Seed · FR **$150K** With 2 others
- **Sept** **[Olenbee](https://millionrounds.com/company/olenbee)** Seed · FR **$7.5M** With 2 others
- **Sept** **[Arlequin AI](https://millionrounds.com/company/arlequin-ai)** Series A · FR **$33M** With 4 others
- **Sept** **[Newcleo](https://millionrounds.com/company/newcleo)** FR **$216M** With 1 other
- **Sept** **[Kaiko](https://millionrounds.com/company/kaiko)** Series B · FR **$57M** With 4 others
- **Sept** **[Nūmi](https://millionrounds.com/company/numi)** Grant · FR **$4.3M** With 3 others
- **Sept** **[Lightspring](https://millionrounds.com/company/lightspring)** Seed · FR **$3.6M** With 1 other
- **Aug** **[MAASH](https://millionrounds.com/company/maash)** Seed · BE **$6.8M** Sole investor
- **Aug** **[Digicuto](https://millionrounds.com/company/digicuto)** Series A · FR **$17M** Sole investor
- **Jul** **[Syntetica](https://millionrounds.com/company/syntetica)** Series A · FR · TechCrunch **$30M** *Led*
- **Jul** **[Ascendance](https://millionrounds.com/company/ascendance)** Series B · FR **$16M** With 1 other
- **Jul** **[ENGO Eyewear](https://millionrounds.com/company/engo-eyewear)** Seed · FR **$5.8M** With 1 other
- **Jul** **[Cyllene Therapeutics](https://millionrounds.com/company/cyllene-therapeutics)** Series C · FR **$38M** With 1 other
- **Jul** **[Stracker](https://millionrounds.com/company/stracker)** Seed · FR **$2.9M** Sole investor
- **Jul** **[Brenus Pharma](https://millionrounds.com/company/brenus-pharma)** Series A · FR **$13M** With 2 others
- **Jul** **[En Carta Diagnostics](https://millionrounds.com/company/en-carta-diagnostics)** Seed · FR **$3.4M** With 2 others
- **Jul** **[NeoCem](https://millionrounds.com/company/neocem)** Series B · FR **$20M** Sole investor
- **Jun** **[Alta Ares](https://millionrounds.com/company/alta-ares)** Series A · FR · Ventureburn **$58M** With 5 others
- **Jun** **[Morpho](https://millionrounds.com/company/morpho)** Seed · FR · Ventureburn **$175M** With 18 others
- **Jun** **[Ona Therapeutics](https://millionrounds.com/company/ona-therapeutics)** Series B · ES · Asabys **$87M** With 11 others
- **Jun** **[Quobly](https://millionrounds.com/company/quobly)** Series A · FR · Ventureburn **$134M** *Led*
- **Jun** **[Rematch](https://millionrounds.com/company/rematch)** Venture · FR **$3.5M** With 1 other
- **Jun** **[TISSIUM](https://millionrounds.com/company/tissium)** Series D · FR **$34M** With 4 others
- **Jun** **[NotiPark](https://millionrounds.com/company/notipark)** Pre-seed · FR **$2.0M** With 1 other
- **Jun** **[Koolboks](https://millionrounds.com/company/koolboks)** Debt · FR **$1.5M** With 3 others
- **Jun** **[CERBAIR](https://millionrounds.com/company/cerbair)** Venture · FR **Undisclosed** With 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **5 named**

KD **Karine Demonet** Chief Compliance Officer i Form ADV

NS **Nadia Sarri** Chief Operating Officer i Form ADV

ND **Nicolas Dufourcq** Chairman and Chief Executive Officer i Form ADV

PB **Pierre Benedetti** Chief Financial Officer i Form ADV

SP **Sophie Paquin** Chief Legal Officer i Form ADV

We also hold **60** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$130M** gross assets of its funds Oct 2026

**3+** funds on file numbered funds in its name

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Bpifrance Investissement
- **SEC number:** CRD 312341

Funds they back

## 6 fund commitments on record

- **Managers:** 6

Every fund on record that it has committed money to, and the managers who invest it. Source: fund news.

Managers it backs most

- [Auriga Partners 1 fund](https://millionrounds.com/fund/auriga-partners)
- [Daphni 1 fund](https://millionrounds.com/fund/daphni)
- [Emblem 1 fund](https://millionrounds.com/fund/emblem)
- [KurmaPartners 1 fund](https://millionrounds.com/fund/kurmapartners)
- [Revaia 1 fund](https://millionrounds.com/fund/revaia)
- [Teralys Capital 1 fund](https://millionrounds.com/fund/teralys-capital)

Most recent commitments

- [Auriga Partners Auriga Cyber Ventures II](https://millionrounds.com/fund/auriga-partners)
- [Daphni Daphni Blue](https://millionrounds.com/fund/daphni)
- [Emblem initial fund](https://millionrounds.com/fund/emblem)
- [Kurma Partners Biofund IV](https://millionrounds.com/fund/kurmapartners)
- [Revaia Revaia Growth II](https://millionrounds.com/fund/revaia)
- [Teralys Capital Teralys Capital Innovation Fund](https://millionrounds.com/fund/teralys-capital)

## The cheque

Pre-seed Seed Series A

Median round joined **$4.5M** the round, not its cheque Alone, median **$1.7M**

Led 11 of 1,151 rounds **1%**

- **Said size:** $500K – $100M
- **Sole investor:** 364 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Seed said *341*
- Venture *261*
- Series A said *171*
- Series B said *90*
- Pre-seed said *56*
- Grant *51*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [BNP Paribas](https://millionrounds.com/fund/bnp-paribas) 83
- [Kima Ventures](https://millionrounds.com/fund/kima-ventures) 75
- [EIC Accelerator](https://millionrounds.com/fund/eic-accelerator) 50
- [AGORANOV](https://millionrounds.com/fund/agoranov) 42
- [Eurazeo](https://millionrounds.com/fund/eurazeo) 39
- [Supernova Invest](https://millionrounds.com/fund/supernova-invest) 35

**Pitching Bpifrance?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Bpifrance. A count of rooms they were both in, not a relationship either has claimed.

[**BNP Paribas** VC firm **83** rounds together](https://millionrounds.com/fund/bnp-paribas)[**Kima Ventures** VC firm **75** rounds together](https://millionrounds.com/fund/kima-ventures)[**EIC Accelerator** Government **50** rounds together](https://millionrounds.com/fund/eic-accelerator)[**AGORANOV** Accelerator **42** rounds together](https://millionrounds.com/fund/agoranov)[**Eurazeo** Private equity **39** rounds together](https://millionrounds.com/fund/eurazeo)[**Supernova Invest** VC firm **35** rounds together](https://millionrounds.com/fund/supernova-invest)[**Go Capital** VC firm **28** rounds together](https://millionrounds.com/fund/go-capital)[**XAnge** VC firm **27** rounds together](https://millionrounds.com/fund/xange)[**Idinvest Partners** Private equity **26** rounds together](https://millionrounds.com/fund/idinvest-partners)[**Sofinnova Partners** VC firm **25** rounds together](https://millionrounds.com/fund/sofinnova-partners)[**Elaia** VC firm **24** rounds together](https://millionrounds.com/fund/elaia)[**Partech Ventures** VC firm **24** rounds together](https://millionrounds.com/fund/partech)

## Recently backed

The latest companies Bpifrance put money into.

[**Nouscom** $135M · Oct 2026](https://millionrounds.com/company/nouscom)[**CarbonFarm** $7.8M · Oct 2026](https://millionrounds.com/company/carbonfarm)[**AbTx** $1.9M · Sept 2026](https://millionrounds.com/company/abtx)[**Hackuity** $19M · Sept 2026](https://millionrounds.com/company/hackuity)[**Kaiko** $110M · Sept 2026](https://millionrounds.com/company/kaiko)[**The Exploration Company** $450M · Sept 2026](https://millionrounds.com/company/the-exploration-company)

## On podcasts

1 episode naming Bpifrance in the title, and 1 more that mention it.

- [Money Maze Podcast](https://millionrounds.com/podcasts/money-maze) 18 May 2023 · 40 min The French Sovereign Wealth Fund – With Nicolas Dufourcq, CEO of Bpifrance With [Nicolas Dufourcq](https://millionrounds.com/person/nicolas-dufourcq) Mentions [Bpifrance](https://millionrounds.com/fund/bpifrance) Apple PodcastsShow page

### Mentioned in

- [Tech.eu](https://millionrounds.com/podcasts/tech-eu) 15 Jun 2021 · 57 min One French unicorn a week, with Kat Borlongan and Chris O'Brien Apple PodcastsShow page

## Quick answers about Bpifrance

### What does Bpifrance invest in?

Bpifrance invests most often at Seed and Venture (62% of the rounds on record), in sectors such as Energy, Software and Banking.

### How active is Bpifrance?

1,151 investments on record, 141 of them in the last 12 months, and it led 11. The most recent was in Oct 2026.

### What has Bpifrance invested in recently?

Its most recent investments on record: Medincell (Debt, Oct 2026), Nouscom (Series D, Oct 2026) and Goodweek (Oct 2026).

### How big are Bpifrance's cheques?

The median round it joins is $4.5M. It says it writes cheques of $500K to $100M.

### Does Bpifrance lead rounds?

Sometimes: it led 11 of its 1,151 investments on record (1%).

### Where does Bpifrance invest?

Most of the companies it backs are in France (88%).

### Is Bpifrance investing now?

Yes: it is actively investing, with 141 investments in the last 12 months.

### Who does Bpifrance invest alongside?

Most often BNP Paribas (83 rounds together), Kima Ventures (75 rounds together) and EIC Accelerator (50 rounds together).

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