Investor profile

Bpifrance

Sovereign Wealth Fund · Founded 2012 · Maisons-Alfort, France

French public investment bank, supporting business growth and innovation through financing, investment, and development services

Website ↗LinkedIn ↗X / Twitter ↗

1,363 portfolio companies Sovereign Wealth Fund · $28B invested · 1,927 investments · Investor rank #94 · Last investment 7/2026

Portfolio companies 1,363 ↑ 70% 5y

Decacorns 6 ↑ 200% 5y

Thoroughbreds 32 ↑ 37% 5y

Power Law #188Investor Ranking · Global · 2026 · Top 1%

01 · Fund commitments

The funds Bpifrance backs.

Bpifrance is a limited partner in 156 funds. 6 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

1Kubator

France

3T Capital

France

AdBio partners

France

Alacrité France

France

Alliance Entreprendre

France

Andera Partners

France

Beltone Financial Holding

Egypt

Cathay Innovation

United States

Fifth Wall Ventures

United States

General Inception

United States

Invest PME

Jerusalem Venture Partners

Israel

MarocInvest-Tuninvest Private Equity

Morocco

Open Startup International

United States

Teralys Capital

Canada

The Refiners

United States

02 · Biggest holdings

Bpifrance’s biggest current holdings.

The most valuable companies Bpifrance still holds — unicorns and thoroughbreds it has backed, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead. Where a cap table names Bpifrance directly, the stake and its estimated value are shown too.

#CompanyEst. stakeValuationEst. value

1 Mistral AIDecacorn · Enterprise Software · France 4.8% $13.8B $662M
2 ICEYEDecacorn · Space · Finland — $11.0B —
3 ContentSquareUnicorn · Marketing · France 4% $5.6B $224M
4 VerkorUnicorn · Energy · France — $4.6B —
5 DoctolibUnicorn · Health · France 10.5% $3.9B $410M
6 Poolside AIUnicorn · Enterprise Software · USA — $3.0B —
7 ManoManoUnicorn · Home Living · France — $2.6B —
8 PayFitUnicorn · Fintech · France — $2.0B —
9 ExotecUnicorn · Robotics · France — $2.0B —
10 MorphoUnicorn · Fintech · France — $2.0B —
11 Vestiaire CollectiveUnicorn · Fashion · France 10.5% $1.7B $178M
12 LedgerUnicorn · Security · France — $1.4B —

Estimated value = Bpifrance’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. Bpifrance also appears inside investor groups in ICEYE, where a standalone stake isn’t disclosed. See the underlying cap tables on Dealroom →

03 · Exits

Bpifrance’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from Bpifrance’s transaction record.

Neoen

$1.5B IPO · 2018

Entered Series B+Now $11BEnergy

ELIS

IPO · 2015

Now $11BFashion

Abivax

$226M IPO · 2015

Now $10BHealth

Gaztransport & Technigaz

$676M IPO · 2014

Now $7.7BEnergy

Exclusive Networks

$2.0B IPO · 2021

Now $2.4BSecurity

Newcleo

$2.4B IPO · 2026

Now $2.4BEnergy

Talend

$760M IPO · 2016

Entered SeedNow $2.4BEnterprise Software

Technip Energies

IPO · 2021

Now $2.1BReal Estate

Nanobiotix

$65M IPO · 2012

Now $2.0BHealth

Pasqal

$2.0B IPO · 2026

Entered Series ANow $2.0BSemiconductors

Worldline

IPO · 2014

Now $1.8BFintech

Kyriba

$1.2B acquisition · 2019

Entered Series B+Fintech

04 · Portfolio analysis

Where Bpifrance’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 1,363 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount

France1,471
USA37
Switzerland8
Germany5
UK4
Finland3
Netherlands3
Belgium2
Canada2
Côte d'Ivoire2
Martinique2
Réunion2

By sectorCount

Health310
Enterprise Software234
Energy177
Transportation143
Fintech105
Food104
Marketing93
Real Estate74
Home Living59
Media59
Travel55
Jobs Recruitment53

By stage enteredCount

Seed560
Series A509
Series B+249

By growth stageCount

Early Growth877
Breakout Stage460
Late Growth147
Mature68

05 · Portfolio market map

Inside Bpifrance’s portfolio.

The 60 highest-funded portfolio companies, of 1,363 tracked.

Mistral AI

Enterprise Software · Decacorn

Home Living · Unicorn

Enterprise Software · Unicorn

InnovaFeed

Food

$224M

Pasqal

Semiconductors · Unicorn

$2.0B

Doctolib

Health · Unicorn

$3.9B

Electra

Energy · Unicorn

$1.3B

Alentis Therapeutics

Health

$900M

AURA AERO

Transportation

$294M

Loft Orbital

Space · Unicorn

$1.1B

DNA Script

Health

$825M

Swile

Fintech · Unicorn

$1.0B

ADCendo

Health

$712M

Shift Technology

Security · Unicorn

$1.0B

Aledia

Semiconductors

$650M

SIGFOX

Telecom

$25M

Amolyt Pharma

Health

$800M

Calicéo

Wellness Beauty

Devialet

Music

$275M

Tissium

Health

$275M

H Company

Enterprise Software

$370M

The Exploration Company

Space

$495M

ImCheck Therapeutics

Health

$385M

Alma

Fintech

$506M

Flying Whales

Transportation

$537M

Brevo

Marketing · Unicorn

$1.1B

DBV Technologies

Health

$644M

Ornikar

Education

$750M

Quobly

Semiconductors

$506M

HOMA GAMES

Gaming

$400M

Eramet

Chemicals · Unicorn

$3.5B

Alice & Bob

Semiconductors

$440M

SiPearl

Hosting

$402M

UroMems

Health

$240M

Rive

Real Estate

$550M

InterCloud

Security

$440M

Diabeloop

Health

$400M

Adcytherix

Health

$462M

SparingVision

Health

$330M

VectivBio

Health · Unicorn

$1.0B

06 · Portfolio founders

Where Bpifrance’s portfolio founders come from.

199 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount