# Government funds (2026 list) > 908 government funds, 10% 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 (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Government funds Updated 7 November 2026 Government funds, ordered by what we have observed them do. Type is read from the firm's own website wherever we could reach it. [See all 908 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fgovernment-funds)The top 25 **908** investors on the list No change this week **1,353** cheques in 12 months *-23%* against the market **$4M** median round they joined *-50%* against the market median **10%** wrote a cheque in 12 months **4%** 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 [Ben Franklin Technology Partners of Southeastern Pennsylvania](https://millionrounds.com/fund/ben-franklin-techn) *Deploying now* Government · United States **102** **$1.8M** median round **Aug 2026** last seen - 25 [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 **883 more on this list** All 908 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) ## 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 1,209 rounds - Venture **24%** - Grant **16%** - Seed **15%** - Series A **10%** - Debt **9%** - Other **26%** ## What They Backed Sectors, last 12 months - AI **182** - Biotech **176** - Healthcare **118** - Energy **106** - Cleantech **69** - Aerospace & Space **52** ## Cheques by Quarter Led Joined 459 Q1 25 410 Q2 25 497 Q3 25 527 Q4 25 425 Q1 26 399 Q2 26 279 Q3 26 67 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms 63,814](https://millionrounds.com/lists/vc-firms) - [PE firms 29,284](https://millionrounds.com/lists/pe-firms) - [Solo angels 6,544](https://millionrounds.com/lists/solo-angels) - [Family offices 6,263](https://millionrounds.com/lists/family-offices) - [Corporate VCs 5,452](https://millionrounds.com/lists/corporate-vcs) - [Growth equity firms 3,838](https://millionrounds.com/lists/growth-equity-firms) - [Incubators and accelerators 3,523](https://millionrounds.com/lists/incubators-accelerators) - [Institutional LPs 2,744](https://millionrounds.com/lists/institutional-lps) - [Startup studios 2,384](https://millionrounds.com/lists/startup-studios) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about government funds ### Who are the most active government funds? 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 are there? 908 are on record. 10% made an investment in the last 12 months and 4% have led a round. ### Which stages do government funds back? Of the rounds with a named stage in the last 12 months, mostly Grant (24%) and Seed (23%). ### How big are the rounds government funds join? The typical (median) round among the leading investors here is $2.3M. ### Which sectors do government funds back most? In the last 12 months, mostly AI, Biotech and Healthcare. ### Which government funds lead the most rounds? International Finance Corporation (12 led), Bpifrance (11 led) and EIC Accelerator (9 led). ### Where are government funds based? Among the most active, most are based in the United States (11), the United Kingdom (3) and South Korea (2). ### What have government funds 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)