Flying Whales raises €90M to build its giant cargo airship factory
What's the deal? French aerospace startup Flying Whales has raised €90 million in a growth equity round led by shipping group CMA CGMDealroom has a profile for this one. Try Dealroom →, bringing its cumulative funding to about €400 million since 2012. The company, based in Suresnes, is developing the LCA60T, a roughly 200-metre cargo airship designed to carry up to 60 tonnes and load or unload while hovering.
Who's backing it? CMA CGM invested through its PulseDealroom has a profile for this one. Try Dealroom → fund, taking the top spot in the round. Existing shareholders Air Liquide, Groupe ADPDealroom has a profile for this one. Try Dealroom →, BouyguesDealroom has a profile for this one. Try Dealroom → and the Nouvelle-Aquitaine regional government joined, alongside new entrant Carac, Sogecap, French Tech Souveraineté, Temaris, and the Principality of Monaco.
What's the money for? The capital funds development of the LCA60T and construction of an assembly plant at Laruscade, near Bordeaux. Preliminary site works begin this autumn, with component assembly expected in early 2028 and a first test flight targeted for the end of that year.
What could go wrong? The round came in below the €105 million-plus initially anticipated, partly because Québec did not reinvest in the final close. CMA CGM's entry brings a major international freight operator into the ownership structure, but the investment is not a commercial order for the aircraft.
The bigger picture. This is better understood as industrial project financing than a typical startup round; the key tests are execution and eventual commercial deployment. Flying Whales targets heavy, oversized loads for forestry, renewable energy and construction, serving regions without conventional transport infrastructure.
The signal: The deal led 15 French tech rounds totalling €215 million between October 12 and 16, a week weighted toward late-stage and industrial capital. French tech raised a record €4.41 billion in Q3, but Mistral AI's €3 billion round accounted for 68% of it — and seed and Series A activity stayed weak. The week's total points to selective, big-ticket bets rather than a broad recovery.
Read more: frenchtechjournal.com
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