This is me, Jaime, writing.

This is the first edition from our new addition to the team: Chloé Merlet 😊

I’ve been chatting to Chloé about Dealflow for a while, and a few weeks ago she offered herself to lead our French efforts. For all of the current -and future- publications we launch, we think it makes sense for someone local to run it, because that’s the best way to not simply summarize the main news out of each ecosystem, but to offer relevant insights and context to readers.

I met Chloé after she published some very interesting content on the Spanish tech ecosystem as part of Red River West, and we’ve been in touch ever since.

I’m super excited about her joining us!

Welcome to Dealflow France!

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Startup funding news 💸

Rounds of $15M+:

• The Babel Community, a French real estate platform specializing in coliving spaces, has raised €41 million to accelerate its growth. This funding will support the development of new residences that combine furnished housing, coworking spaces, and shared amenities, aiming to enhance urban living experiences.

Rounds €5M to €10M:

• Ambos Energy, a French company specializing in energy storage solutions, has secured €10 million in funding from Eurazeo and Bpifrance's Ecotechnologies 2 fund. This investment aims to accelerate the development of Ambos Energy's projects in collaboration with local stakeholders, including authorities, farmers, industrial players, and developers, positioning the company as a leading Independent Flexibility Provider in France and Europe.

• Osivax, a Lyon-based biopharmaceutical company developing broad-spectrum vaccines for respiratory viruses, has secured €10 million in its Series B funding round, with Japanese firm Meiji Seika Pharma joining as an investor.

• Opus Major, a Paris-based game studio, has raised €9.2 million in seed funding led by Griffin Gaming Partners, with Alven also participating. The investment will support the development of a multiplayer game integrating music-driven mechanics to create interactive and immersive experiences.

Rounds €1M to €5M:

• Ostrea, a French industrial startup specializing in innovative materials made from recycled shells, has raised €5 million from Bpifrance's Industrial Seed Fund, BNP Paribas Développement, private investors, and banking partners. This funding will enable Ostrea to open an industrial production site near Rennes with 40 times greater capacity and accelerate its commercialization efforts both in France and internationally.

• Fizimed, a French femtech company specializing in women's health solutions, has raised €4 million in funding led by Bpifrance's Patient Autonome Fund, with participation from UNIQA and UI Investissement. This investment will support Fizimed's international expansion, particularly in German-speaking countries and the United States, and bolster partnerships with healthcare professionals.

• DrugOptimal, a Meylan-based startup specializing in AI-driven detection of drug incompatibilities, has raised €2.9 million in seed funding, including €1.6 million in debt, from business angels and Bpifrance. Co-founded by Lugan Flacher and Matthieu Gasc in 2022, the company has received 14 awards for its innovative solutions aimed at reducing medical complications and hospitalization durations.

• MSInsight, a Paris-based precision medicine startup, has raised €1.6 million in seed funding led by Calyseed, with participation from Plateau de Saclay Business Angels, Yes Invest, Capital Cell, and support from bpifrance. The funds will accelerate the development and regulatory approval of MSIcare, their AI-powered diagnostic software designed to enhance the accuracy of detecting microsatellite instability (MSI) cancers.

• Aquassay, a French startup specializing in water management solutions, has raised €1.4 million in funding from La Banque des Territoires and Aquiti Gestion. This investment aims to enhance Aquassay's digital platform for optimizing water usage in industrial facilities and local communities, addressing challenges posed by climate change and resource scarcity.

• Sezame, a Nice-based startup founded in 2022 has raised €1.3 million to enhance its platform offering exclusive experiences in luxury hotels without requiring overnight stays.

• Sharesub, a French startup specializing in shared subscription management, has raised €1 million from investors including Fast Forward, Financière Bonastella, and former Stripe executives.

• Les Ateliers HeritageBike, a French manufacturer of electric motorcycles, secured $1 million in Series A. Founded in 2019 and based in Annecy, the company specializes in crafting premium electric motorcycles that blend traditional craftsmanship with modern technology.

M&A transactions 🎊

Gleamer, a French medtech startup specializing in AI-powered medical imaging, has acquired Pixyl and Caerus Medical to strengthen its MRI analysis capabilities. Pixyl focuses on brain MRI diagnostics for neurodegenerative diseases, while Caerus Medical specializes in lumbar spine MRI analysis, both acquisitions aimed at enhancing radiologists’ efficiency and accuracy.

Cyber Guru, an Italian cybersecurity awareness training platform, has acquired French startup Mantra, known for its automated security awareness solutions. This strategic move enhances Cyber Guru's technological capabilities and strengthens its presence in the French market, with Mantra's co-founders joining Cyber Guru's leadership team to drive further growth in Europe.

PolEquity has acquired a majority stake in Belacom, a French agency specializing in marketing automation for SMEs and mid-sized companies. Founded in 2012, Belacom combines the expertise of a distributor, integrator, and consulting agency to assist over 300 clients, including Société Générale and Château de Versailles, in optimizing their multi-channel marketing strategies.

Investor & accelerator news 🚀

Motier Ventures has unveiled La Maison, a 1,800-square-meter hub located on the top three floors of the Galeries Lafayette Maison building in Paris, aiming to become a central address for AI innovation.

Speaking of Motier, Nicolas Essayan just gave us a sneak peek at the landing page for his new fund, Drysdale Ventures.

Hexa Scale has invested €5 million in Veevart, a U.S.-based SaaS platform specializing in museum management.This strategic investment aims to accelerate Veevart’s expansion across the U.S., Europe, and Canada, strengthening its position in the cultural institutions market.

Hello Tomorrow, renowned for its deeptech innovation challenges, is launching a €40 million fund to invest in early-stage deeptech startups. This move aims to support startups emerging from their global competitions, providing financial backing alongside their existing network and resources.

Startup news 💡

France Digitale expresses concern over the 2025 budget's impact on innovation, highlighting that while certain support mechanisms like the Jeune Entreprise Innovante (JEI) status have been preserved, stricter eligibility criteria may exclude numerous startups.

Pasqal, a French quantum computing startup, has partnered with Microsoft to make its neutral-atom quantum computers accessible via the Azure Quantum cloud service. This collaboration allows users to leverage Pasqal's technology for complex computations without significant infrastructure investments, expanding the reach of quantum computing applications.

Mirakl reported $177 million in ARR for 2024—a 15% year-over-year increase—and projects surpassing $200 million in 2025. To achieve this, Mirakl is significantly boosting investments in AI, allocating in 2025 an amount equivalent to its total AI spending over the past three years, aiming to enhance services like Mirakl Ads and Mirakl Connect.

Big company & policy news 💡

Orange agreed to a 2.2% salary budget increase for 2025, favoring individual raises over a general increase. CGT opposed the deal, calling it “hidden austerity,” while executives received free shares.

Régis Ravanas, previously head of RTL's radio stations, has been appointed CEO of RMC BFM, succeeding interim director Nicolas de Tavernost.

France's Conseil d'État has ruled in favor of Free Mobile, allowing the operator to deploy Huawei equipment in its 5G network—a privilege previously denied due to national security concerns. This ruling underscores the need to balance national security with fair market competition, as other operators like Bouygues Telecom and SFR had been granted partial permissions to use Huawei technology.

Bouygues Telecom has filed a lawsuit against Free, alleging misleading advertising regarding the Wi-Fi 7 capabilities of Free's Freebox Ultra. Bouygues claims that Free's equipment lacks full compliance with Wi-Fi 7 standards, as it does not support all three frequency bands, including the crucial 6 GHz band, and has not obtained official certification from the Wi-Fi Alliance.

Interesting reads 💡

Maddyness and Navan have introduced the MAD50, a list spotlighting 50 CFOs to watch in 2025. This initiative acknowledges the evolving role of CFOs, who now extend beyond traditional financial oversight to encompass strategic areas like ESG considerations and AI integration, reflecting their critical influence on corporate growth and adaptation in a dynamic economic landscape.

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