# Government funds at Series A (2026 list)

> 46 government funds at Series A, 98% active in the last 12 months. Led by National Science Foundation, Bpifrance, EIC Accelerator. Ranked by what they funded.

Source: https://millionrounds.com/lists/government-funds-at-series-a (Millionrounds; every figure on the page links to its filing or article)

[Investor Lists](https://millionrounds.com/lists)

# Government funds at Series A

Updated 7 November 2026

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

[See all 46 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fgovernment-funds-at-series-a)The top 25

**46** investors on the list *-1* this week

**1,226** cheques in 12 months *-22%* against the market

**$4.5M** median round they joined *-43%* against the market median

**98%** wrote a cheque in 12 months

**41%** 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 [IBB Ventures](https://millionrounds.com/fund/ibb-ventures) *Deploying now* Government · Germany **97** **$3.4M** median round **Nov 2026** last seen
- 24 [EASME - EU Executive Agency for SMEs](https://millionrounds.com/fund/easme-eu-executi) *Deploying now* Government · Belgium **91** **$4.9M** median round **Dec 2025** last seen
- 25 [PMV](https://millionrounds.com/fund/pmv) *Deploying now* Government · Belgium **85** **$3.6M** median round **Sept 2026** last seen

**21 more on this list**

All 46 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-series-a)

## 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

1,109 rounds

- Venture **25%**
- Grant **16%**
- Seed **15%**
- Series A **11%**
- Debt **9%**
- Other **25%**

## What They Backed

Sectors, last 12 months

- Biotech **169**
- AI **169**
- Healthcare **111**
- Energy **90**
- Cleantech **62**
- Chemicals & Materials **48**

## Cheques by Quarter

Led Joined

407 Q1 25

370 Q2 25

440 Q3 25

467 Q4 25

392 Q1 26

359 Q2 26

261 Q3 26

49 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 Series A

- Blitzscaling: The Lightning-Fast Path to Building Massively Valuable Companies Reid Hoffman · 2018 3.95 from 7,118 ratings on Goodreads Scaling and operations Leading and managing Moats and competition About the book Foreword by Bill Gates LinkedIn cofounder, legendary investor, and host of the award-winning Masters of Scale podcast reveals the secret to starting and scaling massively valuable companies. What entrepreneur or founder doesn’t aspire to build the next Amazon, Facebook, or… On AmazonListen on Audible
- One Page Talent Management: Eliminating Complexity, Adding Value Marc Effron · 2010 4.00 from 311 ratings on Goodreads Leading and managing Hiring and culture Scaling and operations About the book A Revolutionary Approach to Talent Management You know that winning in today’s marketplace requires top quality talent. You also know what it takes to build that talent, and you spend significant financial and human resources to make it happen. Yet somehow, your company’s… On AmazonListen on Audible
- The Sales Development Playbook: Build Repeatable Pipeline and Accelerate Growth with Inside Sales Trish Bertuzzi · 2016 4.18 from 696 ratings on Goodreads First sales Hiring and culture About the book Raise your hand if your company needs more new customers. I suspect your hand is (figuratively) up. This book is about not just growth, but high-growth, explosive-growth, the kind of growth that weather satellites can see from space. The success of any business-to-business… On AmazonListen on Audible
- The Culture Code: The Secrets of Highly Successful Groups Daniel Coyle · 2017 4.24 from 37,412 ratings on Goodreads Hiring and culture Leading and managing About the book What do Pixar, Google and the San Antonio Spurs basketball team have in common?The answer is that they all owe their extraordinary success to their team-building skills. In The Culture Code, Daniel Coyle goes inside some of the most effective organisations in the world and… On AmazonListen on Audible

More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&stage=series_a).

As an Amazon Associate we earn from qualifying purchases.

## Quick answers about government funds at Series A

### Who are the most active government funds at Series A?

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 Series A are there?

46 are on record. 98% made an investment in the last 12 months and 41% have led a round.

### Which stages do government funds at Series A back?

Of the rounds with a named stage in the last 12 months, mostly Grant (24%) and Seed (22%).

### How big are the rounds government funds at Series A join?

The typical (median) round among the leading investors here is $3M.

### Which sectors do government funds at Series A back most?

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

### Which government funds at Series A lead the most rounds?

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

### Where are government funds at Series A based?

Among the most active, most are based in the United States (8), the United Kingdom (3) and South Korea (2).

### What have government funds at Series A 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)