# Government funds at early stage (2026 list) > 70 government funds at early stage, 93% active in the last 12 months. Led by National Science Foundation, Bpifrance, EIC Accelerator. Source: https://millionrounds.com/lists/government-funds-at-early-stage (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/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 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fgovernment-funds-at-early-stage)The top 25 **70** investors on the list No change this week **1,293** cheques in 12 months *-24%* against the market **$3.4M** median 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 [National Science Foundation](https://millionrounds.com/fund/nsf-small-business-innovation-research-small-business-techno) *Deploying now* Government · United States **1,869** **$926K** median round **Sept 2026** last seen - 2 [Bpifrance](https://millionrounds.com/fund/bpifrance) *Deploying now* Government · France **1,151** **$4.5M** median round **Oct 2026** last seen - 3 [EIC Accelerator](https://millionrounds.com/fund/eic-accelerator) *Deploying now* Government · European Union **875** **$4.3M** median round **Oct 2026** last seen - 4 [Korea Tech Incubator Program For Startup](https://millionrounds.com/fund/tips-program) *Deploying now* Government · South Korea **597** **$2.1M** median round **Sept 2026** last seen - 5 [US Department of Energy](https://millionrounds.com/fund/u-s-department-of-energy) *Deploying now* Government · United States **453** **$2M** median round **Sept 2026** last seen - 6 [Shenzhen Capital Group Co.](https://millionrounds.com/fund/shenzhen-capital-group) *Deploying now* Government · China **449** **$16M** median round **Oct 2026** last seen - 7 [Enterprise Ireland](https://millionrounds.com/fund/enterprise-ireland) *Deploying now* Government · Ireland **447** **$1.8M** median round **Nov 2026** last seen - 8 [National Institutes of Health](https://millionrounds.com/fund/national-institutes-of-health) *Deploying now* Government · United States **388** **$2.3M** median round **Oct 2026** last seen - 9 [Innovation Works](https://millionrounds.com/fund/innovation-works) *Deploying now* Government · United States **321** **$972K** median round **Sept 2026** last seen - 10 [International Finance Corporation](https://millionrounds.com/fund/international-finance-corporation-ifc) *Deploying now* Government · United States **283** **$39M** median round **Oct 2026** last seen - 11 [Connecticut Innovations](https://millionrounds.com/fund/connecticut-innovations) *Deploying now* Government · United States **264** **$6M** median round **Oct 2026** last seen - 12 [Scottish Enterprise](https://millionrounds.com/fund/scottish-enterprise) *Deploying now* Government · United Kingdom **256** **$2.1M** median round **Nov 2026** last seen - 13 [European Investment Bank](https://millionrounds.com/fund/european-investment-bank) *Deploying now* Government · Luxembourg **246** **$37M** median round **Nov 2026** last seen - 14 [Korea Development Bank](https://millionrounds.com/fund/korea-development-bank) *Deploying now* Government · South Korea **205** **$12M** median round **Oct 2026** last seen - 15 [Bayern Kapital](https://millionrounds.com/fund/bayern-kapital) *Deploying now* Government · Germany **173** **$7.1M** median round **Oct 2026** last seen - 16 [Export Development Canada](https://millionrounds.com/fund/export-development-canada) *Deploying now* Government · Canada **163** **$15M** median round **Oct 2026** last seen - 17 [Ben Franklin Technology Partners](https://millionrounds.com/fund/ben-franklin-technology-partners) *Deploying now* Government · United States **144** **$3M** median round **Sept 2026** last seen - 18 [Innosuisse](https://millionrounds.com/fund/innosuisse) *Deploying now* Government · Switzerland **144** **$1.9M** median round **Aug 2026** last seen - 19 [Government of Canada](https://millionrounds.com/fund/government-of-canada) *Deploying now* Government · Canada **138** **$2.5M** median round **Oct 2026** last seen - 20 [Development Bank of Wales](https://millionrounds.com/fund/development-bank-of-wales) *Deploying now* Government · United Kingdom **123** **$1.3M** median round **Oct 2026** last seen - 21 [European Union](https://millionrounds.com/fund/european-union) *Deploying now* Government · United Kingdom **118** **$2.3M** median round **Sept 2026** last seen - 22 [Invest Nebraska](https://millionrounds.com/fund/invest-nebraska) *Deploying now* Government · United States **118** **$875K** median round **Sept 2026** last seen - 23 [Innova Memphis](https://millionrounds.com/fund/innova-memphis) *Deploying now* Government · United States **116** **$1.8M** median round **Sept 2026** last seen - 24 [Small Business Innovation Research](https://millionrounds.com/fund/small-business-innovation-research) *Deploying now* Government · United States **98** **$1M** median round **Sept 2026** last seen - 25 [IBB Ventures](https://millionrounds.com/fund/ibb-ventures) *Deploying now* Government · Germany **97** **$3.4M** median round **Nov 2026** last 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. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fgovernment-funds-at-early-stage) ## The Newest Cheques Rounds this list's investors joined most recently - **6** Nov **[Banesco Banco Múltiple](https://millionrounds.com/company/banesco-banco-multiple)** Debt · $25M *Led by* [PROPARCO](https://millionrounds.com/fund/proparco) - **5** Nov **[ArrayPatch](https://millionrounds.com/company/arraypatch)** Seed · $1.8M *With* [Enterprise Ireland](https://millionrounds.com/fund/enterprise-ireland) - **5** Nov **[Shinka](https://millionrounds.com/company/shinka)** Seed · $2.1M *With* [Enterprise Ireland](https://millionrounds.com/fund/enterprise-ireland) - **4** Nov **[Amara](https://millionrounds.com/company/amara)** Pre-seed · $4.2M *With* [IBB Ventures](https://millionrounds.com/fund/ibb-ventures) - **4** Nov **[Enza](https://millionrounds.com/company/enza)** Seed · $6M *With* [British International Investment](https://millionrounds.com/fund/british-international-investment-bii) - **4** Nov **[Donald Mineral Sands](https://millionrounds.com/company/donald-mineral-sands)** Other · $180M *With* [National Reconstruction Fund Corporation](https://millionrounds.com/fund/national-reconstruction-fund-corporation) ## Stages This Year 1,163 rounds - Venture **25%** - Seed **16%** - Grant **16%** - Series A **10%** - Debt **9%** - Other **24%** ## What They Backed Sectors, last 12 months - AI **178** - Biotech **172** - Healthcare **114** - Energy **96** - Cleantech **65** - Chemicals & Materials **50** ## Cheques by Quarter Led Joined 444 Q1 25 400 Q2 25 475 Q3 25 506 Q4 25 409 Q1 26 384 Q2 26 269 Q3 26 56 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms at early stage 6,133](https://millionrounds.com/lists/vc-firms-at-early-stage) - [VC firms at seed 3,708](https://millionrounds.com/lists/vc-firms-at-seed) - [VC firms at Series A 3,249](https://millionrounds.com/lists/vc-firms-at-series-a) - [VC firms at pre-seed 1,689](https://millionrounds.com/lists/vc-firms-at-pre-seed) - [VC firms at Series B 1,595](https://millionrounds.com/lists/vc-firms-at-series-b) - [VC firms at growth 1,005](https://millionrounds.com/lists/vc-firms-at-growth) - [VC firms at Series C 958](https://millionrounds.com/lists/vc-firms-at-series-c) - [PE firms at growth 772](https://millionrounds.com/lists/pe-firms-at-growth) - [PE firms at Series B 700](https://millionrounds.com/lists/pe-firms-at-series-b) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders at seed - The Elements of User Experience: User-Centered Design for the Web Jesse James Garrett · 2002 4.01 from 4,134 ratings on Goodreads Finding product-market fit Company building About the book Smart organizations recognize that Web design is more than just creating clean code and sharp graphics. A site that really works fulfills your strategic objectives while meeting the needs of your users. Even the best content and the most sophisticated technology won't help you… On AmazonListen on Audible - Get Backed: Craft Your Story, Build the Perfect Pitch Deck, and Launch the Venture of Your Dreams Evan Baehr · 2015 4.36 from 356 ratings on Goodreads Raising money Company building About the book HOW DO YOU LAUNCH THE VENTURE OF YOUR DREAMS? Get Backed isn’t just about startup fundraising. It’s a handbook for anyone who has an idea and needs to build relationships to get it off the ground. Over the last 3 years, entrepreneurs Evan Loomis and Evan Baehr have… On AmazonListen on Audible - Selling the Invisible: A Field Guide to Modern Marketing Harry Beckwith · 1997 3.94 from 10,059 ratings on Goodreads Marketing and growth First sales Company building About the book You can't touch, hear, or see your company's most important products... So how do you sell, develop, make them grow? That's the problem with services. This "phenomenal" book, as one reviewer called it, answers that question with insights on how markets work and how prospects… On AmazonListen on Audible - 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More Perry Marshall · 2013 4.19 from 1,904 ratings on Goodreads First sales Marketing and growth Company building About the book Stop "Just Getting By"... Master The 80/20 Principle And Make More Money Without More Work. When you know how to walk into any situation and see the 80/20's, you can solve almost ANY marketing problem. 80/20 can demolish any sales and advertising problem. "If you don't know… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&stage=seed). As an Amazon Associate we earn from qualifying purchases. ## 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](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)