Investor Lists

Government funds at growth

Updated 7 November 2026

Government funds we have watched take part in a growth round in the last two years.

See all 35 →The top 25
35investors on the listNo change this week
1,035cheques in 12 months-21% against the market
$16Mmedian round they joined+100% against the market median
94%wrote a cheque in 12 months
49%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. 9International Finance CorporationDeploying nowGovernment · United States283$39Mmedian roundOct 2026last seen
  10. 10European Investment BankDeploying nowGovernment · Luxembourg246$37Mmedian roundNov 2026last seen
  11. 11Korea Development BankDeploying nowGovernment · South Korea205$12Mmedian roundOct 2026last seen
  12. 12Bayern KapitalDeploying nowGovernment · Germany173$7.1Mmedian roundOct 2026last seen
  13. 13Export Development CanadaDeploying nowGovernment · Canada163$15Mmedian roundOct 2026last seen
  14. 14Government of CanadaDeploying nowGovernment · Canada138$2.5Mmedian roundOct 2026last seen
  15. 15Development Bank of WalesDeploying nowGovernment · United Kingdom123$1.3Mmedian roundOct 2026last seen
  16. 16British International InvestmentDeploying nowGovernment · United Kingdom84$20Mmedian roundNov 2026last seen
  17. 17FMODeploying nowGovernment · Netherlands66$20Mmedian roundOct 2026last seen
  18. 18California Energy CommissionDeploying nowGovernment · United States52$5.8Mmedian roundSept 2026last seen
  19. 19CORFODeploying nowGovernment · Chile47$348Kmedian roundApr 2026last seen
  20. 20UK governmentDeploying nowGovernment42$2.4Mmedian roundOct 2026last seen
  21. 21TesiDeploying nowGovernment · Finland29$17Mmedian roundSept 2026last seen
  22. 22National Wealth FundDeploying nowGovernment · United Kingdom25$132Mmedian roundOct 2026last seen
  23. 23PROPARCODeploying nowGovernment · France18$20Mmedian roundNov 2026last seen
  24. 24EIFO (Denmark)Deploying nowGovernment · Denmark13$16Mmedian roundOct 2026last seen
  25. 25Cool Japan FundDeploying nowGovernment · Japan8$17Mmedian roundApr 2026last seen
10 more on this list

All 35 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 →

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Quick answers about government funds at growth

Who are the most active government funds at growth?

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 growth are there?

35 are on record. 94% made an investment in the last 12 months and 49% have led a round.

Which stages do government funds at growth back?

Of the rounds with a named stage in the last 12 months, mostly Grant (25%) and Seed (20%).

How big are the rounds government funds at growth join?

The typical (median) round among the leading investors here is $7.1M.

Which sectors do government funds at growth back most?

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

Which government funds at growth lead the most rounds?

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

Where are government funds at growth based?

Among the most active, most are based in the United States (5), the United Kingdom (3) and France (2).

What have government funds at growth 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