Dealflow France #9: Alice & Bob raises €100M. Lita launches a €60M impact fund. Dataiku surpasses $300M ARR but remains unprofitable.
Welcome to the 9th edition of the Dealflow France newsletter: a weekly summary of everything that happened in the France startup and investment ecosystem.
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Startup funding news 💸
Rounds of €50M+:
Alice & Bob raises €100M to develop a fault-tolerant quantum computer by 2030. The round was led by Future French Champions, AVP (AXA Venture Partners), and Bpifrance, with participation from Elaia, Breega, Supernova Invest, and EIC.
Rounds €10M to €50M:
Swan raises €42M to expand its embedded finance platform across Europe. The round was led by Eight Roads Ventures, with participation from Lakestar, Accel, Creandum, Hexa, and Bpifrance Digital Venture.
Formance raises $21M to expand its fintech infrastructure platform. The round was co-led by PayPal Ventures and Portage, with participation from Y Combinator, Hoxton Ventures, and Axeleo. The funds will support U.S. expansion and product development.
Naboo raises €20M to expand its AI-powered corporate event planning platform. The round was led by Notion Capital and will support growth in the UK and across Europe.
Keey Aerogel raises €18M to scale production of its sustainable silica aerogel. The round was co-led by SPI 2 Fund (Bpifrance) and WIND, with participation from Capital Grand Est and NCITY. The funds will support new production sites and team expansion.
Cryptio raises an additional €15M, extending its Series A to €25M. The round was led by Alven, with participation from 1kx, Ledger Cathay Innovation, BitGo Ventures, Charlie Songhurst, Point Nine, BlueYard Capital, and Tim Draper. The funds will support product development and global expansion.
Zaion raises €11M to expand its AI-powered voice solutions for banking and insurance. The round was led by 115K, the venture fund of La Banque Postale.
Rounds €5M to €10M:
Le Fourgon raises €8.2M to expand its reusable packaging platform. The round was led by ID4 Ventures, Teampact Ventures, La Poste Ventures, Bred, Noshaq, and Future Positive Capital, with €2.5M crowdfunded via Lita.
Rounds €1M to €5M:
Hopia raises €3.5M to expand its AI-driven hospital management platform. The round was co-led by IRIS and Kurma Partners.
Laclarée raises €3.5M to develop its autofocusing eyeglasses for presbyopia. The round was led by Rimonci Capital, with participation from UI-Investissement, HTGF, and business angels.
GetVocal AI raises €2.7M to enhance its AI agent technology and scale its commercial team. The round was led by Speedinvest and Elaia.
Jay&Joy raises €2M to accelerate innovation and expand its plant-based cheese production. The round was led by Demeter and Beyond Impact, supporting scaling and international growth.
Clovis raises €2M to expand its construction management platform. The round was led by Tomcat and WeLoveFounders, supporting AI features and international growth.
OFFROAD raises €1.5M to expand its AI-powered road infrastructure management solutions. The round was led by Axeleo Capital, with participation from ISAI and Ring Capital.
Beans raises €1.4M to expand its fight against food waste. The round was led by Norrsken, with participation from Maze Impact, Waterlemon Ventures, FoodTech Founders, and business angels.
Other rounds of funding:
COFARCO secures investment from Siparex Entrepreneurs and Bpifrance to accelerate growth. The funds will support client expansion, new international offices, and potential acquisitions.
M&A transactions 🎊
Jay&Joy acquires Les Nouveaux Affineurs following its €2M funding round. The acquisition strengthens its plant-based cheese production, innovation, and international growth.
Impactiv acquires Forgerz and forms IDS Group to expand its digital transformation services. The move strengthens its European presence with plans for further acquisitions in 2025.
Magellan Partners acquires VPWhite to strengthen its ESG consulting and digitalization expertise. The move aims to accelerate international expansion and establish VPWhite as a leader in ESG Transformation.
Qwarks acquires Ouro Capital’s client portfolio, adding 60 partners and €6M in assets under management. The acquisition strengthens its position in crypto asset management and expands its presence in Paris.
Everial, through its subsidiary CEPAL DATA, acquires EDISYS to strengthen its expertise in information lifecycle management. The acquisition supports its goal of +15% growth in 2025.
Investor & accelerator news 🚀
The IPEM 2025 in Cannes highlights growing VC involvement in private equity, with 3,900 participants from 37 countries. Despite economic uncertainties, optimism prevails, driven by new capital sources and U.S. market influence. The event also introduces IPEM Wealth, marking a shift toward democratizing private equity investments.
Lita launches a €60M investment fund to support 15 impact startups, offering tickets of €5M+ to drive climate and social transition.
TotalEnergies On selects seven startups for its fifth accelerator cohort at Station F, Paris. The program will support Aevy, Werover, Veer, Silurian AI, CFEX, Enline, and Podero in renewable energy, energy distribution, and electric mobility. Over six months, they will develop and test solutions with TotalEnergies experts.
iXO Private Equity closes €220M IXO 5 fund to support PMEs and ETIs in southern France, with a strong ESG focus. Initial investments include CEE Schisler (sustainable packaging) and SPTMI (construction & marine).
At Home launches a donation fund to support sustainable and inclusive entrepreneurship in Occitanie, backed by key partners. A public fundraising campaign is planned for 2025.
Startup news 💡
Dataiku surpasses $300M in annual recurring revenue (ARR), doubling in three years. The AI startup serves 700+ clients worldwide, including 60% of the CAC 40, but remains unprofitable.
MyEasyFarm partners with Aivancity to integrate AI into its agricultural solutions. An Aivancity student joins its R&D team to enhance data-driven decision-making and sustainability.
Microsoft GenAI Studio showcased 14 French generative AI startups at Station F, concluding a three-month acceleration program. Startups pitched to VCs and corporate clients, leveraging Microsoft's tech resources, including Azure and AI tools. The program fostered business opportunities, with some solutions integrated into Microsoft Copilot. A second edition is set for March.
Big company & policy news 💡
The AI Act, Europe's first legal framework for AI, classifies systems by risk level, balancing innovation and regulation. Transparency rules may challenge competitiveness, urging solutions like regulatory sandboxes. Companies must comply with mandatory AI training by 2025. Effective governance and international leadership are key to ensuring AI regulation fosters, rather than hinders, progress.
Trifyl secures a €40M loan from the EIB to enhance waste recycling in Tarn, France. The funding supports three new facilities, enabling 80% waste reuse, a 23% CO₂ reduction, and biogas production covering 10% of Tarn’s needs. The project aligns with EU green transition goals.
BNP Paribas Personal Finance partners with Apple to offer credit solutions via Cetelem in France. Customers can finance Apple products in Apple Stores, online, and in the Apple Store app, benefiting from flexible payment options and seamless user experience.
Interesting reads 💡
🇫🇷 France Digitale and Sopra Steria Ventures released the 2025 AI startup mapping, identifying 751 startups in France. The sector has raised €13B, created 36,000 jobs, and counts 24 unicorns. The report highlights France’s leadership in European AI, with Paris as the main hub, while key challenges like data access and international scalability remain.
