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Startup funding news 💸

Rounds of $15M+:

• GravitHy has raised €60 million from major industrial players including Rio Tinto, Siemens, and Marcegaglia to advance its hydrogen-based iron production, aiming to cut carbon emissions by 80% compared to coal-based methods. This funding will support engineering studies and key contracts ahead of a €2 billion investment in a 75-hectare plant in Fos-sur-Mer, marking a bold step toward decarbonizing the steel industry.

• RockFi, the French private wealth management fintech, has raised €18 million in a Series A led by Partech to scale its operations in France and prepare for European expansion. Backed by Varsity, business angels like the founders of Pennylane, and a leadership team blending tech and finance expertise, RockFi aims to reach €1 billion in assets under management by the end of 2026 through rapid hiring and nationwide rollout.

• Epsor, a fintech specializing in employee savings and retirement plans, has raised €16 million in a Series C round led by the Fonds Stratégique des Transitions (FST). This institutional backing will help Epsor accelerate its growth in the French employee savings and retirement market, with the goal of tripling its assets under management by 2027.

• DeepIP, a legaltech spin-off of Kili Technology, has raised $15 million from investors including Serena, Headline, and Balderton to accelerate the commercialization of its AI tools for patent lawyers. Its generative AI, integrated into Microsoft Word, helps draft and defend patents more efficiently - cutting time and cost - while the company expands across the US and Europe with strong early revenue traction.

Rounds €5M to €10M:

• Paris-based deeptech Siteflow has raised €7 million from LBO France and EDF Pulse Ventures to further develop its digital solution that streamlines administrative tasks in sensitive industries, particularly nuclear energy. With clients like Framatome and Orano, the company aims to boost efficiency by 10-70%, expand into aerospace and defense, and reach profitability by 2026.

Rounds €1M to €5M:

• Neold, previously known as Cyclink, has raised €1 million to scale its reconditioned electric bike business and accelerate expansion from its new 1,300 m² hub in Bordeaux.

• Jool, a Saint-Ouen-based startup offering a hybrid electric car rental model, has raised €1 million to expand its service and app.

M&A transactions 🎊

DecideOm, a French data consulting and integration firm, has acquired Eurodecision to strengthen its expertise in AI and mathematical optimization. Supported by NCI and Bpifrance, this strategic move enhances DecideOm’s end-to-end data capabilities and aims to boost its growth toward €30 million in revenue by 2025.

IQGeo, a UK-based geospatial software company, is in exclusive talks to acquire AI specialist Deepomatic to enhance its field operations solutions for telecoms and utilities. The deal would deepen their existing partnership, integrating Deepomatic’s AI-driven computer vision - used in over 20 million jobs last year - into IQGeo’s network management tools for improved asset intelligence.

Holiseum, a French cybersecurity firm, has enabled the entry of Irish company Ekco into the French market through an acquisition. This strategic move allows Ekco to expand its European footprint while giving Holiseum greater resources to strengthen its managed cybersecurity services.

CastorDoc, a French startup specializing in data cataloging and governance, is being acquired by US-based Coalesce Automation, a data transformation platform.

Investor & accelerator news 🚀

Daphni has secured €200 million for the first close of its third fund, Daphni Blue, which targets €250 million by year-end. Focused on deep science innovation across Europe - including life sciences, quantum computing, and physics—the fund is backed by major LPs like Bpifrance, Crédit Mutuel Arkéa, and the European Investment Fund, aiming to support up to 40 startups that translate cutting-edge research into market-ready breakthroughs.

Founders Future has welcomed CMA CGM into its capital alongside existing investors MACSF and the Dassault family, who now jointly hold 25% of the firm. As part of its expansion strategy, Founders Future will open a US East Coast office and launch a $250 million growth fund to support French startups entering the U.S. market and help American startups navigate Europe’s complex landscape, aiming for €1 billion in assets under management by 2030.

The Paris Saint-Germain football club has launched its startup accelerator, PSG Lab Paris, at Station F, becoming the first sports club to join the iconic French tech campus. Focused on sport-related innovation - including performance, fan engagement, AI, Web3, and sustainability - the initiative aims to support sportech startups and mirrors PSG’s broader ambition to be a leader in both sports and technology, with additional hubs planned globally after a first one in Doha.

Startup news 💡

Pigment, the French scaleup specializing in business performance management, has launched three autonomous AI agents - an analyst, a planner, and a modeler -to help companies automate strategic planning and financial modeling. With 200 of its 500 employees focused on R&D, Pigment is positioning itself at the forefront of AI-driven enterprise software, aiming to further expand in North America and Europe while doubling its ARR and client base.

VoltR, a startup from western France, is scaling up its innovative process of reconditioning used lithium battery cells - offering an eco-friendly alternative to recycling by extending battery life across multiple uses. With plans for a 10,000 m² factory capable of reconditioning 4 million cells annually, the company aims to become a European leader in battery remanufacturing, tapping into a largely untapped market of end-of-life batteries.

Shares, the fintech known for its social investment platform, is expanding into employee savings through a strategic partnership with AXA France. Backed by investors including Valar Ventures, Singular, and Global Founders Capital, Shares will support AXA's corporate clients with a full-service digital solution for managing employee savings and retirement plans, marking a significant step in its B2B growth.

Aldebaran, the French robotics pioneer behind humanoid robots Nao and Pepper, is fighting for survival after being placed under judicial reorganization in February 2025. Following the abrupt withdrawal of majority shareholder United Robotics Group, the company is in talks with potential investors and plans to lay off nearly half of its 164 employees to secure its future.

Wyncor, the toystech startup founded by Julian Jacob, has opened its capital just 18 months after launch, with a valuation of $48 million. Partnering with Belgian family office Alcastar, the company aims to expand its global footprint and product line, including new educational toys and its popular plush brand Kwaaks!, while continuing to revolutionize toy production through digitalization and pre-sales.

Yacon&co, the French foodtech startup behind a natural alternative to sugar made from Peruvian yacon, has launched a crowdfunding campaign on Sowefund to fuel its growth. After multiplying its revenue fivefold in a year and reaching €2.5 million in 2024, the company - already present in 1,500 stores -aims to further scale its production and mission to “de-sugar” French diets with its low-calorie, high-fiber syrup.

WeWard, the app that rewards walking, has partnered with world-renowned artist Richard Orlinski to launch a 30-day interactive experience blending physical activity with art. Following its recent collaboration with Venus Williams, WeWard users can now collect exclusive digital artworks by Orlinski as they walk, reinforcing the startup’s mission to fight global sedentary lifestyles in a fun and engaging way.

Cédric Meston, co-founder of HappyVore, has taken over the French branch of iconic food storage brand Tupperware, marking his first venture into business turnaround. With ambitions to relaunch the brand across five European countries and reach €100 million in revenue by year-end, Meston plans to modernize sales channels, revive R&D, and leverage Tupperware’s vast community and influencer marketing.

Big company & policy news 💡

Thomas Reynaud, CEO of Iliad, announced the group's 2024 annual results: €10 billion in revenue, over 50 million subscribers, renewed status as Europe’s fastest-growing telecom operator, and a new milestone - entry into the European Top 5. These achievements reinforce Iliad’s ambition to be a leading force in the continent’s telecom landscape.

Interesting reads 💡

Challenges' 2025 selection of “100 start-ups to invest in” highlights a resilient French tech ecosystem, despite a third consecutive year of declining venture capital, with €7.7 billion raised in 2024 - 43% less than the 2022 peak. While large funding rounds have shrunk, early-stage investments are holding strong and AI-driven innovation is surging.

Pigment CEO Eléonore Crespo emphasizes the need for European startups to think globally, with 60% of Pigment’s revenue now coming from the US. In an interview with Sifted, she questions the practicality of European tech sovereignty, advocating instead for transatlantic collaboration and competitiveness, as Pigment continues to scale with generative and agentic AI tools at its core.

A new study highlights the French institutions that have most frequently trained founders accepted into Y Combinator, with HEC Paris leading (45 alumni), followed by INSEAD and École Polytechnique. As deeptech and AI gain prominence, engineering schools like CentraleSupélec and Polytechnique are increasingly represented, marking a shift away from traditional business backgrounds in the profiles of successful founders.

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