French startups raised €7.4 billion in 2025 according to the EY venture capital barometer, and most of the funds leading those rounds are headquartered in Paris. This guide lists 15 Paris-based VCs active at the early stage, with the ticket size, stage, sectors and best way in for each. It then shows which funds lead Series A rounds and walks through the process, from first meeting to closing.
For the inner workings of a fund (LPs, GPs, management fees, carried interest), read our guide VC: what a venture capital fund is and how it works.
Venture capital in Paris: players, stages and 2026 figures
The Paris market has matured steadily since the 2010s, driven by the opening of Station F, the growing role of Bpifrance, and exits like Criteo, BlaBlaCar and Doctolib that drew in international Limited Partners.
VC vs business angel vs CVC: the key differences
A business angel invests their own money, between €10,000 and €200,000, at pre-seed or seed. They decide alone and quickly (sometimes within a week), with a limited ticket size.
A venture capital fund manages other people's money (Limited Partners: family offices, institutional investors, funds of funds). It writes larger tickets (from €150K to several tens of millions), follows a structured process (screening, due diligence, investment committee), and targets returns of 3x to 10x over 7 to 10 years.
A Corporate Venture Capital (CVC) fund is the investment arm of a large company (Orange Ventures, Axa Venture Partners). It combines financial returns with strategic value for the parent company. The upside: access to the group's network and customers. The risk: strategic dependence and often slower processes.
| Criterion | Business Angel | VC Fund | CVC |
|---|---|---|---|
| Average ticket | €10K - €200K | €150K - €50M | €500K - €20M |
| Decision | 1-4 weeks | 2-4 months | 3-6 months |
| Source of funds | Personal | Institutional LPs | Corporate balance sheet |
| Objective | Returns + passion | Pure returns | Returns + strategy |
Investment stages (pre-seed, seed, Series A)
Each stage matches a different level of maturity and funding need:
Pre-seed (€50K - €500K): you have an idea, maybe an MVP, and no meaningful revenue yet. Investors are betting on the team and the vision. If your team is incomplete, finding the right cofounder becomes the priority at this stage: pre-seed funds steer clear of solo founders with no plan to fix that. Typical sources: business angels, micro-funds (Kima Ventures), support programs (Bpifrance, the i-Lab competition).
Seed (€500K - €3M): the product exists, the first customers are in, and you're searching for product-market fit. Seed funds want to see traction: active users, early recurring revenue, retention. This is the round where many startups stall.
Series A (€2M - €15M): you've validated product-market fit and need to scale. Series A investors look at unit economics (LTV/CAC, margins, payback period), your ability to hire, and market potential. In France, Series A investors typically take 15 to 25% of the company.
Series B and beyond: international expansion, market consolidation, and preparing for profitability or an exit. Tickets exceed €10M and growth funds (Eurazeo, General Atlantic) take over.
The French VC market in 2026: key figures
The French venture capital market is in a phase of selective maturity. Here are the numbers that matter:
- €7.4 billion raised in 2025 (-5% vs 2024), across 618 deals (-15%) according to the EY venture capital barometer. Fewer deals, but bigger tickets.
- Total amounts are up 25%, exceeding €9 billion once debt rounds and mega-rounds are included, according to Wansquare.
- Deep tech captured €4.1 billion in 2025, a record, driven by AI, quantum and clean energy (Bpifrance).
- Mistral AI became France's first decacorn, valued at €11.7 billion.
- The most active investors in 2025, across 494 rounds tracked by the JDN: Bpifrance (95 rounds), Kima Ventures (45), Daphni (17), Newfund (14), Eurazeo (13) and Founders Future (13). Among foreign funds, Seedcamp leads with 9 rounds.
- The median seed ticket sits between €1 million and €3 million, rising steadily since 2022.
Funds are signing fewer rounds than in 2021-2022 and being more selective. To raise in 2026, show solid unit economics, cash discipline, and a plan to survive without another round.
Top 15 VC funds in Paris for early-stage startups
This list covers the most active and relevant funds for French early-stage startups. For each fund: ticket size, stage, sectors, and what sets it apart.
Pre-seed and seed: the first checks
1. Kima Ventures writes a single €150K ticket at pre-seed and seed, across all sectors. Founded by Xavier Niel and Jeremie Berrebi, it is one of the most active early-stage investors in the world: fast decisions, no board seat, no heavy due diligence. Having Kima on your cap table reassures the funds that come next. The fund's website has no form or contact address: our profile explains how to apply to Kima Ventures.
2. Frst Capital, a spin-off of Otium Capital created in 2019, writes the first institutional check for technical founders, with tickets from €1M to €6M. The fund supports companies for 18 to 24 months through to Series A, keeps reserves for follow-on rounds, and targets French startups with international ambitions. It keeps a low profile: an introduction from one of its portfolio founders beats an application through the website.
3. Seedcamp invests at pre-seed with tickets from €100K to €500K, in generalist tech (SaaS, fintech, healthtech, deep tech). Based in London, it remains very active in Paris and pairs its investment with an acceleration program and intensive mentoring. Its early-stage portfolio includes Revolut, UiPath and Wise. The online application works, and an introduction from a portfolio founder works better.
Seed and Series A: tickets from €1M to €5M
4. Alven invests €500K to €5M at seed and Series A, in B2B SaaS, fintech, healthtech and consumer tech. It is one of the historic funds of French tech, with Dataiku and Algolia in its portfolio and a team dedicated to operational support (marketing, hiring, international expansion). An introduction from a portfolio founder is the realistic way in.
5. XAnge manages €600M and invests €500K to €5M at seed and Series A, in enterprise software, fintech and impact. Formerly Siparex Innovation, the fund has a strong presence in both France and Germany and relies on a network of sector experts to support its companies. Apply through the website, or get introduced by a co-investor.
6. Singular invests €500K to €3M at seed and early Series A, in SaaS, marketplaces and fintech. Founded by entrepreneurs from Criteo and PriceMinister, the fund brings hands-on help with go-to-market and hiring, from Paris and San Francisco. Go through a portfolio founder or a business angel in its network.
7. Breega invests €500K to €5M at seed and Series A, in digital, impact and deep tech. Founded in 2013 by Ben Marrel, François Paulus and Maximilien Bacot, the fund manages €700M, is B Corp certified, and relies on its "Scaling Squad", an in-house team dedicated to hiring, sales and marketing. Portfolio: Exotec, iBanFirst, Alice & Bob, Curve, Didomi. Online application, plus an active presence at Paris tech events.
8. Elaia Partners invests €1M to €5M at seed and Series A, in deep tech, enterprise software and cybersecurity. Founded in 2002 by Philippe Gire and Xavier Lazarus, the fund manages around €850M and works closely with research labs (INRIA, CNRS). Portfolio: Criteo, Mirakl, Shift Technology, Alice & Bob, AQEMIA. The way in runs through the research and deep tech community, or through the Station F network.
Series A and beyond: tickets above €5M
9. Partech invests €1M to €50M, from seed to growth, in generalist tech and impact, with offices in Paris, San Francisco, Berlin and Dakar. The fund manages €2.7 billion in assets according to Partech, closed a €300M Impact Fund, and launched the largest VC vehicle dedicated to Africa ($300M). Its ability to follow on from one round to the next saves you from hunting for a new lead every time. The process is formal, with an investment committee: prepare a structured application or get an introduction through the network.
10. Serena Capital invests €3M to €15M at Series A and Series B, in B2B SaaS, data and AI. Founded in 2008 by Xavier Lorphelin, Marc Fournier and Philippe Hayat, the fund manages €1bn with a team of 43 in Paris and a strong thesis on applied AI. Its support focuses mainly on pricing strategy and go-to-market. The way in is through an LP or a portfolio founder.
11. Eurazeo (Venture & Growth) invests €5M to €50M, from Series A to growth, in fintech, healthtech and enterprise software. The group manages €35bn, which gives it the capacity to follow on all the way to IPO, with Doctolib, ContentSquare and PayFit in its portfolio. The process is formal: apply through the website, ideally backed by a recommendation from a co-investor.
12. Bpifrance (Numérique Venture) invests €500K to €10M, from seed to Series B, across all tech and deep tech sectors. As the state's innovation arm, it is the most active investor in the country and usually invests alongside private funds, with the added bonus of access to complementary support (grants, innovation loans, guarantees). Three ways in: the online platform, the regional hubs, or a co-investing fund.
13. Axa Venture Partners (AVP) invests €1M to €10M, from seed to Series B, in fintech, healthtech, enterprise software and cybersecurity. Originally an Axa subsidiary, AVP has since become independent and now attracts outside LPs: you keep access to the Axa network (distribution, partnerships) while avoiding the strategic constraints of a traditional CVC. Introductions come through the Axa network or its regular co-investors.
14. Cathay Innovation invests €3M to €20M at Series A and Series B, in AI, consumer tech, enterprise software and impact, for a group managing more than €2.5bn. Its Paris-San Francisco-Shanghai footprint makes it a strong partner for startups targeting Asia or the United States. The process is selective and an introduction is essential.
15. Daphni invests €1M to €5M at seed and Series A, in SaaS, marketplaces, consumer tech and impact. Founded by Partech alumni, the fund has built a community platform of corporate partners and mentors open to its portfolio startups, and covers European deal flow broadly. Apply online, or get introduced through the Daphni community.
Series A in Paris: the leads and their follow-on capacity
At Series A, you need a lead: the fund that sets the valuation, takes the largest share of the round and brings in the co-investors. Of the 15 funds on this list, eight lead Series A rounds:
| Fund | Series A ticket | Follow-on capacity |
|---|---|---|
| Partech | €1M to €50M, seed to growth | dedicated growth fund, €2.7bn under management |
| Eurazeo | €5M to €50M | through to IPO, 13 rounds in 2025 (JDN) |
| Serena Capital | €3M to €15M | Series A and B |
| Cathay Innovation | €3M to €20M | Series A and B, bridge to Asia and the US |
| Alven | €500K to €5M | seed then Series A |
| XAnge | €500K to €5M | seed then Series A |
| Daphni | €1M to €5M | seed then Series A, 17 rounds in 2025 (JDN) |
| Elaia Partners | €1M to €5M | seed then Series A, deep tech |
For a round above €5 million, start with Partech, Eurazeo, Serena or Cathay: they can lead alone and reinvest in the next round. Below that, Alven, XAnge, Daphni and Elaia often lead alongside a second fund or with Bpifrance as co-investor.
Before choosing, ask two portfolio founders whether the fund reinvested in their next round. It's the best measure of its follow-on capacity.
Raising €50,000 to €500,000 with swanbase
swanbase invests €50,000 to €500,000 at seed and Series A, in France and across Europe. Our six investment theses and the application form are on the raise funds with swanbase page.
How to approach a VC: the step-by-step process
You've identified your target funds. Now comes the hard part: landing the first meeting, getting through due diligence, and signing. Here's how the process unfolds.
Preparing your materials (deck, metrics, data room)
Before contacting a single fund, have three things ready:
The pitch deck (10-15 slides):
- Problem (1 slide, concrete)
- Solution (1 slide, demo if possible)
- Market (TAM/SAM/SOM, and skip "the market is worth €50bn" without segmentation)
- Business model (how you make money, pricing)
- Traction (key metrics: MRR, users, month-over-month growth)
- Competition (honest positioning matrix)
- Team (backgrounds, complementary skills, why you)
- Product roadmap (12-18 months)
- Financials (3-year projections, clear assumptions)
- Ask (how much you're raising, what it's for, how much runway it buys)
To build each slide with examples, follow our guide to nailing your pitch deck.
Key metrics (know them by heart):
- MRR/ARR and month-over-month growth
- CAC (customer acquisition cost) and LTV (customer lifetime value)
- Monthly/annual churn
- Burn rate and remaining runway
- Number of paying customers and pipeline
The data room (ready before the first meeting):
- Articles of association and shareholders' agreement
- Up-to-date cap table
- Annual accounts and forecasts
- Significant customer contracts
- Intellectual property (patents, trademarks)
Getting a warm intro
A Paris fund receives far more pitches each year than it closes deals, and cold emails get lost in that volume. A recommendation from someone the fund already knows moves you to the front of the line.
How to get a warm intro:
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Through a founder in the fund's portfolio. This is the most effective route. VCs trust recommendations from their founders. Identify the portfolio startups (fund website → portfolio), find the founders on LinkedIn, and ask them for a coffee.
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Through a co-investor. If a business angel or micro-fund (Kima) is already on your cap table, ask them to introduce you to funds in their network.
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Through the startup community. Station F, incubators (Agoranov, Wilco, TechStars Paris), founder networks (Galion Project, France Numérique). Pitch events are mostly useful for meeting VCs in the hallways.
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Through LinkedIn, done smartly. Skip the generic message. Identify a partner who covers your sector, engage with their content for a few weeks, then send a short, specific message: what you do, why it fits their thesis, and one metric that grabs attention.
From first meeting to closing
The standard process at a Paris VC fund takes 6 to 16 weeks:
Weeks 1-2: First meeting (screening). 30-45 minutes with an analyst or principal. Goal: understand the pitch and check fit with the fund's thesis. Prepare a 10-minute pitch and leave 20 minutes for questions.
Weeks 3-5: In-depth meetings. If you pass screening, you meet the partners. Expect 2-3 more meetings: product deep dive, financial deep dive, customer references. This is where your metrics matter.
Weeks 6-8: Due diligence. The fund checks everything: financial (accountant), legal (lawyer), technical (CTO of a portfolio startup), market (calls with customers and prospects). Anticipate the questions and send documents quickly.
Weeks 8-10: Term sheet. The fund issues a letter of intent with the key terms: valuation, amount, governance rights, liquidation preference, anti-dilution. Work with a specialized lawyer (cost: €5,000 to €15,000).
Weeks 10-16: Closing. Drafting and signing the legal documents (shareholders' agreement, amended articles of association, investment agreement). The money lands in your account.
Ask the partner handling your deal which day the investment committee meets, and send your key documents two to three days beforehand so they're read before the session.
How to choose the right VC fund
Raising money also means choosing a partner for 5 to 10 years.
Sector and stage fit
A deep tech fund won't understand your B2C marketplace. A Series A fund won't do pre-seed. Always check:
- The investment thesis (on the fund's website, in partner interviews)
- The existing portfolio (a direct competitor in the portfolio is a red flag)
- Recent deals (a fund that hasn't invested in 18 months may be at the end of its cycle)
Ticket size and valuation
The fund's ticket size has to match your need. A fund that typically invests €5M won't be interested in a €500K round. Conversely, a micro-fund won't be able to follow on at Series A.
Valuation is a classic trap: raising too high at seed increases the odds of a down round at Series A. When that happens, you trigger anti-dilution and renegotiation of terms, and you end up diluted far beyond the headline number.
Post-investment support
This is what most clearly separates two funds writing the same ticket. Ask portfolio founders directly:
- Does the fund actually help with hiring?
- Does it have a network of potential customers that it activates?
- Is the partner available in a crisis?
- Does the fund follow on in later rounds?
The Paris VC ecosystem: beyond the funds
Around the investment funds, Paris has complementary organizations that open doors to funding and shorten the path to a first meeting.
Accelerators and programs
Accelerators play a key role in preparing for fundraising:
- Station F: the world's largest startup campus, with hosted programs (Microsoft, Meta, LVMH) and direct access to Paris VCs.
- Y Combinator: the benchmark US program accepts a growing number of French startups (Algolia and Spendesk are alumni).
- Techstars Paris: a 3-month program with intensive mentoring and access to a global mentor network.
- swanbase: long-term support for early-stage founders, in Paris and remote, €0 in fees and admission by application; swanbase takes equity.
This density of accelerators, rare in Europe, creates a network effect: founders recommend each other to funds, VCs source deals at demo days, and mentors move between programs.
VC networks and events in Paris
- France Numérique: the largest association of startups and VCs in Europe. Its annual event (FD Night) concentrates a large share of the year's deal flow.
- Galion Project: a closed network of French tech entrepreneurs. Membership is by referral, and it's the circle where the introductions that count happen.
- Paris Blockchain Week, VivaTech, Slush (Helsinki): the conferences where VCs actively look for deals.
- Private dinners and sector meetups: many deals start there. Follow fund partners on LinkedIn to spot the events they attend.
Paris VC runs heavily on networks. An isolated founder will structurally have a harder time than one who invested time in relationships before raising. Accelerators and incubators in France exist precisely to close that gap.
Further reading
- How to pitch a VC in France: the method
- Top VC France 2026: the complete ranking
- Finding a startup cofounder: the complete guide
- BSA Air guide for startups
- Startup growth marketing: the complete guide
FAQ
What are the best VCs in Paris?
By number of rounds in 2025, the most active investors are Bpifrance (95), Kima Ventures (45), Daphni (17), Newfund (14) and Eurazeo (13), according to the JDN. To choose, start from your stage: Kima, Frst and Seedcamp for pre-seed and seed; Alven, XAnge, Singular and Daphni for seed and Series A; Partech, Eurazeo and Serena for Series A rounds above €5 million.
Which Paris VCs lead Series A rounds?
Partech, Eurazeo, Serena Capital and Cathay Innovation lead Series A rounds above €5 million and can reinvest in the next round. Alven, XAnge, Daphni and Elaia Partners lead smaller Series A rounds, up to €5 million, often with a co-investor.
How do I find a VC for my startup?
The most effective method is the warm intro: a recommendation from a founder in the fund's portfolio or from an existing co-investor. Identify the funds whose investment thesis matches your sector and stage, then look for mutual connections through LinkedIn, accelerators (Station F, swanbase) or founder networks (France Numérique, Galion Project). A cold email can work if the message is short, specific, and includes a metric that grabs attention.
What is the average VC ticket at seed?
In France in 2026, the median seed ticket sits between €1 million and €3 million. Kima Ventures writes a single €150K ticket and Frst writes first checks of €1M to €6M, often as co-investments. Seed/Series A funds (Alven, XAnge, Singular) range from €500K to €5M. The amount depends on the sector (deep tech raises more than B2B SaaS at seed), traction, and the negotiated valuation.
What's the difference between a VC and a business angel?
A business angel invests their own money (€10K-€200K), decides quickly (1-4 weeks), and often brings sector-specific mentoring. A VC fund manages money from institutional investors (tickets from €150K to €50M), follows a structured process (2-4 months), and provides operational support (hiring, strategy, network). The two are complementary: business angels come in at pre-seed and seed, and VCs take over for larger rounds. Raising from business angels first remains the most common path before approaching funds.
