Hi everyone,

A quieter week by the numbers, as expected after the AMI Labs-fueled billion-euro spike that dominated the previous edition. The underlying picture: around €75m raised across 10 deals, 7 M&A transactions, and three major fund closings totaling nearly €600m in aggregate.

Station F has revealed the 20 startups selected for the inaugural batch of its F/AI programme, backed by OpenAI, Anthropic, Mistral AI, Lovable, Sequoia, and General Catalyst. Fifteen of the 20 are French. It is a meaningful signal that the world's top AI investors are now betting on Paris as a launchpad for global AI champions, and a direct challenge to Y Combinator's dominance at the early stage.

On the fund side, Partech closed its inaugural impact vehicle at €300m, two years in the making, and one of the largest debut impact franchise launches in Europe in recent years. On the deal side, the standout raise is Parallel's €17.3m Series A led by Index Ventures: AI agents for hospital administration, already deployed in French public and private hospitals, and backed by Arthur Mensch of Mistral AI as an angel.

Let's dive in!

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Startup funding news 💸

Rounds of €15M and above

• Cryptio has raised €39m in a Series B led by BlackFin Capital Partners, with participation from Alven, Cathay Innovation, Sentinel Global, 1kx, and BlueYard Capital, to scale its institutional crypto-accounting infrastructure. The Paris and New York-based startup consolidates cryptocurrency transactions across exchanges, wallets, and DeFi protocols in a single platform, with strategic partnerships with KPMG, Circle, and Gemini.

• Parallel has raised €17.3m (~$20m) in a Series A led by Index Ventures, with participation from Frst, Y Combinator, Hexa, and angel investors including Arthur Mensch (Mistral AI), to scale its AI agents for hospital administrative workflows. Born out of Hexa, the startup automates medical coding and billing and is already deployed across multiple French public and private hospitals.

Rounds of €5M to €15M

• Lupin & Holmes has raised €5.4m in a Seed round led by 20VC and Seedcamp, with participation from Kima Ventures, Purple Fund, and business angels, to build proactive cybersecurity solutions monitoring supply chain risks and managing vulnerabilities in real time. The Paris-based startup, founded in 2023, enables organizations to detect third-party exposure before it becomes a breach.

Rounds of €1M to €5M

• Homaio has raised €3.6m in a Seed round from Xange, Redstone, RAISE, and Eren Groupe, to expand its investment platform giving retail investors access to European Carbon Allowances and the EU Emissions Trading System. Founded in 2023 and active in 30+ countries, the platform will broaden its offering to additional energy transition assets.

• Topograph has raised €2m in a Seed round from Seedcamp, Kima Ventures, Motier Ventures, Better Angle, and Drysdale Ventures, to develop KYB data infrastructure enabling fintechs, neobanks, and compliance software providers to retrieve real-time company data and official registry documents.

• Kervalion has raised €2m in a Seed round from Capital Cell, Sofilaro, Sharpstone Capital, and business angels, to develop 3D-printed bone graft solutions for simplified dental surgery. The 2025-founded medtech company pioneers patient-specific bone regeneration using biocompatible materials.

• Jay & Joy has raised €2m in a Seed extension from Demeter, Beyond Impact, Mindstone, Vivegan, and Makesense, to scale its range of organic plant-based cheese alternatives made from almond and cashew milk. The Paris-based startup targets the growing premium vegan food segment across French and European retail.

• Blify has raised €1.8m in a Pre-seed round from Afi Ventures, Kima Ventures, Better Angle, NewSchool, Supercapital, Fair Equity, and business angels, to build a workplace learning platform integrated with Slack, Microsoft Teams, and WhatsApp. The startup was founded by alumni of Alan, JobTeaser, and 360Learning.

• Yaarz has raised €1m in a Seed round from Sony Music Entertainment France, CNM, Bpifrance, French Fair, Haut-Parleur Production, and business angels, to develop its event commerce platform enabling live entertainment professionals to digitize and maximize direct-to-fan sales.

• Cleavr has raised €1m (including €0.1m in debt) in a Seed round from Kima Ventures, Better Angle, and business angels, to automate the accounts receivable cycle for SMEs, covering payment reminders, reconciliation, dispute management, and collections.

M&A transactions 🎊

Kayrros, the Paris-based developer of AI-powered energy intelligence software using satellite and geospatial analytics, has been acquired by UK-based Energy Aspects. The deal combines Energy Aspects' market intelligence expertise with Kayrros' machine learning and satellite monitoring capabilities, strengthening the combined group's offering for energy market clients.

Aro, a digital health application enabling users to monitor and improve their health, has been acquired by Alan, the French digital health insurance unicorn, broadening Alan's product scope into preventive health monitoring.

Dydu, a Bordeaux-based NLP and conversational AI software company founded in 2009, has been acquired by Zaion, the Paris-based voice AI specialist for financial services customer interactions. The acquisition consolidates two complementary NLP players.

Senef, a SaaS-based ERP provider for service companies founded in 2011, has been acquired by Oakley Capital in a buyout, entering a new phase of international growth after doubling in size under previous owner Isatis.

Investor & accelerator news 🚀

Partech has closed its inaugural impact fund at €300m, after two years of fundraising, making it one of the largest debut impact franchise launches in Europe in recent years. The fund targets growth-stage B2B companies with over €10m in revenue in decarbonation, sustainable agriculture, low-carbon construction, new mobilities, economic inclusion, and digital health. LPs include Allianz, Bpifrance, British Business Bank, EIF, Neuberger Berman, KBC, and Visa Foundation.

Initiative & Finance has completed the final closing of its PME IV fund at €240m, above its €230m target, dedicated to capital transmission on the French small cap segment with tickets of €3m to €20m.

Phitrust has closed its Phitrust Partenaires Inclusion (PPI) vehicle at €60m, above its €50m target, financing innovative European companies tackling social challenges across employment, disability inclusion, sustainable food, housing, and digital health. LPs include the EIF, Mirova, Crédit Mutuel, Malakoff Humanis, and MGEN.

Startup & ecosystem news 💡

Station F has revealed the 20 startups selected for the inaugural batch of its F/AI programme, backed by OpenAI, Anthropic, Mistral AI, Lovable, Sequoia, General Catalyst, Lightspeed, Microsoft, Meta, and Google. Fifteen of the 20 are French. The three-month programme targets early-stage AI startups globally, with the goal of reaching €1m in revenue in under six months, and the possibility of staying in residence at Station F for up to 18 additional months. Selection is by partner recommendation rather than open application, making it one of the most curated AI programmes in Europe and a direct competitor to Y Combinator for AI-native founders.

Deezer has reported its first-ever net profit of €8.5m for fiscal year 2025, nearly 20 years after its founding, versus a €26m loss in 2024. The milestone was driven by cost discipline, optimized rights agreements, and a better B2B revenue mix, even as total revenues declined slightly to €534m.

Alexandre Yazdi, CEO of Voodoo, has entered exclusive negotiations to acquire a majority stake in DC Company, the parent of digital media brands Konbini and Le Gorafi, with the stated aim of building a sustainable independent digital media group alongside co-founder Geoffrey La Rocca.

Ledger has opened a New York office and appointed John Andrews as CFO, with a Wall Street IPO targeting a valuation above $4bn as the near-term goal. The French crypto hardware wallet leader has engaged Goldman Sachs, Jefferies, and Barclays to test market appetite.

The European Commission formally presented its EU Inc. proposal, the long-awaited 28th regime designed to give European startups a single legal identity across all member states, registrable in 48 hours for under €100 with no minimum share capital. The Commission is calling on Parliament and Council to finalize the framework by end of 2026.

Alma, the French BNPL fintech, has reported its first profitable year with €114m in ARR and €2.5bn in transaction volume in 2025, both growing ~30% year-on-year, putting the company on a self-sustaining growth trajectory without the need for new external capital.

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