France Tech Update Q1 2025

An in-depth look at the France venture ecosystem's activity for Q1 2025. Historical and international benchmarks, sector trends and biggest rounds.

Key findings

• French startups raised $1.4B in Q1 2025, lower than any first quarter since 2020.
• Paris-based quantum tech startup Alice & Bob raised a $110M Series B in January 2025, the largest French venture round of the quarter.
• Health was the most funded French startup industry in Q1 2025 at $321.1M, just ahead of fintech at $311.0M.
• France ranked 7th globally for VC investment in Q1 2025, one place behind Canada, with investment down 28% from the same period in 2024.
• Paris was Europe's second-largest hub for VC investment in Q1 2025 with $870M, or 62% of all French venture capital.