Investor Lists

Government funds at Series C

Updated 7 November 2026

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

See all 28 →The top 25
28investors on the list-1 this week
935cheques in 12 months-24% against the market
$13Mmedian round they joined+65% against the market median
93%wrote a cheque in 12 months
54%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. 8International Finance CorporationDeploying nowGovernment · United States283$39Mmedian roundOct 2026last seen
  9. 9Connecticut InnovationsDeploying nowGovernment · United States264$6Mmedian 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. 12Export Development CanadaDeploying nowGovernment · Canada163$15Mmedian roundOct 2026last seen
  13. 13InnosuisseDeploying nowGovernment · Switzerland144$1.9Mmedian roundAug 2026last seen
  14. 14European UnionDeploying nowGovernment · United Kingdom118$2.3Mmedian roundSept 2026last seen
  15. 15Innova MemphisDeploying nowGovernment · United States116$1.8Mmedian roundSept 2026last seen
  16. 16Ben Franklin Technology Partners of Southeastern PennsylvaniaDeploying nowGovernment · United States102$1.8Mmedian roundAug 2026last seen
  17. 17EASME - EU Executive Agency for SMEsDeploying nowGovernment · Belgium91$4.9Mmedian roundDec 2025last seen
  18. 18British International InvestmentDeploying nowGovernment · United Kingdom84$20Mmedian roundNov 2026last seen
  19. 19DBJ CapitalDeploying nowGovernment · Japan56$4.6Mmedian roundOct 2026last seen
  20. 20PROPARCODeploying nowGovernment · France18$20Mmedian roundNov 2026last seen
  21. 21EIFO (Denmark)Deploying nowGovernment · Denmark13$16Mmedian roundOct 2026last seen
  22. 22Cool Japan FundDeploying nowGovernment · Japan8$17Mmedian roundApr 2026last seen
  23. 23National Reconstruction Fund CorporationDeploying nowGovernment · Australia8$126Mmedian roundNov 2026last seen
  24. 24COFIDESDeploying nowGovernment · Spain4$191Mmedian roundSept 2026last seen
  25. 25Development Bank of Japan Inc.Deploying nowGovernment · Japan4$280Mmedian roundFeb 2026last seen
3 more on this list

All 28 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 Series C

Who are the most active government funds at Series C?

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 C are there?

28 are on record. 93% made an investment in the last 12 months and 54% have led a round.

Which stages do government funds at Series C back?

Of the rounds with a named stage in the last 12 months, mostly Grant (22%) and Seed (21%).

How big are the rounds government funds at Series C join?

The typical (median) round among the leading investors here is $6M.

Which sectors do government funds at Series C back most?

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

Which government funds at Series C lead the most rounds?

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

Where are government funds at Series C based?

Among the most active, most are based in the United States (6), Japan (3) and France (2).

What have government funds at Series C 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