French Deep Tech Report – 2026

The state of the French Deep Tech ecosystem, the innovative startups, and their global scale potential. Report in partnership with Bpifrance.

Key findings

• French deep tech startups raised a record $4.7B in 2025, up 55% on 2024 and three times the 2019 total.
• Deep tech took 58% of all French VC funding in 2025, more than double its 2022 share, and Mistral AI's €1.7B Series C alone was 24% of the total.
• France ranked second in Europe by deep tech VC funding in 2025 behind the UK, and grew 142% since 2020 against the UK's 62% and Germany's 46%.
• Paris was Europe's largest deep tech hub in 2025 with $3.5B raised, ahead of London's $3.1B, after 112% year-on-year growth.
• France produced 263 new deep tech spinouts since 2022, more than any other European country, while its $42.1B in combined spinout value ranks fourth.