Author
ARTHUR PORRé
Date
Jan. 09th, 2026
2025 confirms a continuation of the FrenchTech post-peak VC environment observed since 2023, with a fundraising ecosystem remaining broadly stable at €7.3bn across 535 transactions.
Beyond the headline figures, the market continues to reflect a sharper allocation of capital, with investors concentrating resources on fewer more mature assets.
This selectivity is also visible in pricing dynamics. Valuation multiples in VC rounds bounced back in 2025, moving closer to 2021 levels, and signaling renewed confidence in assets combining growth, differentiation and execution capacity. Enterprise Software, boosted by AI, remains a structural pillar of the ecosystem, while MedTech stands out as a key growth driver, posting a +37% increase in fundraising value compared to last year.
The year was also marked by Mistral AI’s €1.7bn landmark fundraising, which stands out as the most significant transaction ever in FrenchTech.
Exit activity reached 408 transactions, while disclosed exit value declined to €5.3bn. This decrease is largely attributable to the absence of mega-deals this year, in contrast with prior years that benefited from exceptional transactions.
Taken together, 2025 illustrates a market that remains active and functional, with liquidity driven by strategic M&A and Growth Buyout funds. The FrenchTech ecosystem continues to adapt to a more selective cycle, laying the groundwork for the next phase of value creation.
Arthur Porré, Managing Partner, January 2026