Investor Lists

Government funds at early stage

Updated 7 November 2026

Government funds we have watched take part in an early stage round in the last two years.

See all 70 →The top 25
70investors on the listNo change this week
1,293cheques in 12 months-24% against the market
$3.4Mmedian round they joined-58% against the market median
93%wrote a cheque in 12 months
33%have led a round

The Top 25

Ordered by cheques observed, never by anything anyone paid for

Deploying now (25)

  1. 1National Science FoundationDeploying nowGovernment · United States1,869$926Kmedian roundSept 2026last seen
  2. 2BpifranceDeploying nowGovernment · France1,151$4.5Mmedian roundOct 2026last seen
  3. 3EIC AcceleratorDeploying nowGovernment · European Union875$4.3Mmedian roundOct 2026last seen
  4. 4Korea Tech Incubator Program For StartupDeploying nowGovernment · South Korea597$2.1Mmedian roundSept 2026last seen
  5. 5US Department of EnergyDeploying nowGovernment · United States453$2Mmedian roundSept 2026last seen
  6. 6Shenzhen Capital Group Co.Deploying nowGovernment · China449$16Mmedian roundOct 2026last seen
  7. 7Enterprise IrelandDeploying nowGovernment · Ireland447$1.8Mmedian roundNov 2026last seen
  8. 8National Institutes of HealthDeploying nowGovernment · United States388$2.3Mmedian roundOct 2026last seen
  9. 9Innovation WorksDeploying nowGovernment · United States321$972Kmedian roundSept 2026last seen
  10. 10International Finance CorporationDeploying nowGovernment · United States283$39Mmedian roundOct 2026last seen
  11. 11Connecticut InnovationsDeploying nowGovernment · United States264$6Mmedian roundOct 2026last seen
  12. 12Scottish EnterpriseDeploying nowGovernment · United Kingdom256$2.1Mmedian roundNov 2026last seen
  13. 13European Investment BankDeploying nowGovernment · Luxembourg246$37Mmedian roundNov 2026last seen
  14. 14Korea Development BankDeploying nowGovernment · South Korea205$12Mmedian roundOct 2026last seen
  15. 15Bayern KapitalDeploying nowGovernment · Germany173$7.1Mmedian roundOct 2026last seen
  16. 16Export Development CanadaDeploying nowGovernment · Canada163$15Mmedian roundOct 2026last seen
  17. 17Ben Franklin Technology PartnersDeploying nowGovernment · United States144$3Mmedian roundSept 2026last seen
  18. 18InnosuisseDeploying nowGovernment · Switzerland144$1.9Mmedian roundAug 2026last seen
  19. 19Government of CanadaDeploying nowGovernment · Canada138$2.5Mmedian roundOct 2026last seen
  20. 20Development Bank of WalesDeploying nowGovernment · United Kingdom123$1.3Mmedian roundOct 2026last seen
  21. 21European UnionDeploying nowGovernment · United Kingdom118$2.3Mmedian roundSept 2026last seen
  22. 22Invest NebraskaDeploying nowGovernment · United States118$875Kmedian roundSept 2026last seen
  23. 23Innova MemphisDeploying nowGovernment · United States116$1.8Mmedian roundSept 2026last seen
  24. 24Small Business Innovation ResearchDeploying nowGovernment · United States98$1Mmedian roundSept 2026last seen
  25. 25IBB VenturesDeploying nowGovernment · Germany97$3.4Mmedian roundNov 2026last seen
45 more on this list

All 70 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000.

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Quick answers about government funds at early stage

Who are the most active government funds at early stage?

By cheques observed, the most active are National Science Foundation, Bpifrance, EIC Accelerator, Korea Tech Incubator Program For Startup and US Department of Energy.

How many government funds at early stage are there?

70 are on record. 93% made an investment in the last 12 months and 33% have led a round.

Which stages do government funds at early stage back?

Of the rounds with a named stage in the last 12 months, mostly Seed (24%) and Grant (23%).

How big are the rounds government funds at early stage join?

The typical (median) round among the leading investors here is $2.3M.

Which sectors do government funds at early stage back most?

In the last 12 months, mostly AI, Biotech and Healthcare.

Which government funds at early stage lead the most rounds?

International Finance Corporation (12 led), Bpifrance (11 led) and EIC Accelerator (9 led).

Where are government funds at early stage based?

Among the most active, most are based in the United States (10), the United Kingdom (3) and South Korea (2).

What have government funds at early stage invested in recently?

Recent rounds include Banesco Banco Múltiple (Debt, Nov 2026, with PROPARCO), ArrayPatch (Seed, Nov 2026, with Enterprise Ireland) and Shinka (Seed, Nov 2026, with Enterprise Ireland).

Built from the rounds we watched, refreshed every night. How we count · Report a correction