Author

ARTHUR PORRé

Date

Sep. 21st, 2026

Avolta Research

FrenchTech Trends& Multiples

Trends & Multiples · 2026

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FrenchTech outlook from Avolta
Arthur Porré
Arthur Porré
Managing Partner
September 16th, 2026

H1 2026 confirms a stabilization of FrenchTech activity in volume, alongside a sharp increase in capital deployment, with €5.2bn raised across 259 transactions. On an annualized basis, this would represent €10.4bn of funding across 518 deals, the strongest level since 2022.

Beyond the headline figures, the market continues to reflect a selective allocation of capital, with investors concentrating larger tickets on a narrower set of assets.

This trend is also visible in deal sizes and sector allocation. Median fundraising size reached €5.5m, while average round sizes reached an all-time high. Enterprise Software remains the largest recipient of VC capital, while Fintech and deeptech verticals, notably Semiconductors and Robotics, are showing particularly strong momentum. Valuation multiples remain broadly stable around 7x Revenue, suggesting continued pricing discipline.

The half-year was also marked by AMI’s €890m fundraising, the largest FrenchTech round of H1 2026.

Exit activity remained broadly stable at 190 transactions, while disclosed exit value declined slightly by 7% versus H1 2025 to €2.7bn, with no mega-deal recorded during the period. Strategic M&A continues to dominate the exit landscape, while international acquirers account for 77% of disclosed exit value. Exit valuation multiples also rebounded materially from 2025 levels.

Taken together, H1 2026 points to a selective but increasingly active FrenchTech market, with strong financing momentum despite a slight decline in exit value. Early H2 developments already point to a more dynamic second half, notably Mistral AI’s €3.0bn Series D and Walmart’s €1.2bn acquisition of Vibe.co.

The half-year in 27 chapters
Contents
27 chapters, from the half-year total to the method and scope.
Avolta Research
FrenchTech Trends & Multiples, 2026
0.0€bn
Raised in H1 2026
0
Fundraisings
0
FrenchTech unicorns
01Outlook02Six years03Where does France stand in the European market in 2026E?04French startup funding stabilized in H1 2026, as average round sizes reached an all-time high05French startup funding stabilized in H1 2026, as average round sizes reached an all-time high062025 held 2024’s funding level on materially fewer deals; H1 2026 accelerates the same trend: fewer, bigger rounds07Enterprise Software still attracts the most VC capital in 2026E08Similar deal distribution overall, but a marked rebound in Series A and Series D+ volumes in H1 202609Commission-based business models overtook subscription in 2026E10Top 10 VC deals over the LTM to June 202611US investors continue to lead foreign VC investments12Top 10 French seed and venture funds (based on LTM deal volume)13Median EV/Revenue remained mostly stable over the years around 7x Revenue14FrenchTech has 37 unicorns at the end of H1 202615The Avolta Next 20 Unicorns List16H1 2026 has seen stable deal activity but a lower aggregated value, with a median deal size close to EUR 20m17H1 2026 exit value is down 7% on H1 2025, with no mega deal so far18Strategic acquisitions still dominate the exit landscape and continue to be the most common exit path19Acquirers20Top 10 exits over the LTM to June 202621Bootstrapped companies represent 65% of exit deals in H1 2026, and VC-backed exits command a markedly higher multiple22Most startup founders exit at a valuation below the €50m mark23After bottoming out in 2025, median valuations rebounded in 2026, back close to Covid-era levels24The leading Tech Small-Mid Cap investment bank in Europe25The leading investment bank in Small-Mid Cap Tech in Europe26One of the best Software and Industrial Tech track-record in Europe
FrenchTech outlook from Avolta
0€bn
Amount raised by French start-ups (€bn), H1 2026

H1 2026 confirms a stabilization of FrenchTech activity in volume, alongside a sharp increase in capital deployment, with €5.2bn raised across 259 transactions.

On an annualized basis, this would represent €10.4bn of funding across 518 deals, the strongest level since 2022.

Median fundraising size reached €5.5m, while average round sizes reached an all-time high.

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FrenchTech outlook from Avolta
Amount raised by French start-ups (€bn)

Amount raised by French start-ups, by year, in billions of euros.

2022 remains the highest year on record, at €14.1bn.

On an annualized basis, 2026E represents €10.4bn across 518 deals, against 1 206 deals in 2022. The lighter part of the column is the projected half.

Amount raised (€bn)ProjectedNumber of deals
Note: (1) based on disclosed EVs
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FrenchTech VC trends
Where does France stand in the European market in 2026E?
Amount raised by European start-ups (in $bn)

Amount raised by European start-ups, by region, in billions of dollars.

France raised $4.4bn in 2026E, against $16.4bn in the United Kingdom and $5.4bn in Germany.

Number of $100m+ deals per region in 2026E: 54 in the United Kingdom, 22 in Germany, 16 in France.

UKFranceGermanyRest of EuropeProjected
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FrenchTech VC trends
French startup funding stabilized in H1 2026, as average round sizes reached an all-time high
Amount raised by French start-up (in €m)

Amount raised by French start-ups and number of fundraisings, by half-year.

H1 2026 records €5,184m raised across 259 fundraisings, against €5,808m across 537 fundraisings in H1 2021.

The top three rounds alone account for €1,710m of the half-year.

OtherTop 4 -10Top 3Number of fundraisings
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FrenchTech VC trends
French startup funding stabilized in H1 2026, as average round sizes reached an all-time high
Median fundraising amount (in €m)

Median fundraising amount, by half-year, in millions of euros.

Median fundraising size reached €5.5m in H1 2026, against €2.0m in H1 2021.

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FrenchTech VC trends
2025 held 2024’s funding level on materially fewer deals; H1 2026 accelerates the same trend: fewer, bigger rounds
Cumulated financing value (in €m)

Cumulated financing value, month by month, over the last six years.

2022 remains the highest year on record, at €14,064m.

At the end of June 2026, cumulated financing value stands at €5,184m, against €3,057m at the same point in 2025.

202120222023202420252026
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FrenchTech VC trends
Enterprise Software still attracts the most VC capital in 2026E
Amount raised by sub-industries in 2026E compared to 2025 (in €m)

Amount raised by sub-industry, 2026E compared to 2025.

Enterprise Software remains the largest recipient of VC capital, while Fintech and deeptech verticals, notably Semiconductors and Robotics, are showing particularly strong momentum.

Robotics multiplies by 14.7, LegalTech by 16.5 and Semiconductors by 3.9. SpaceTech, EdTech and PropTech fall back the most.

20252026E
Notes: (1) “Other“ includes hosting, security & telecom
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FrenchTech VC trends
Similar deal distribution overall, but a marked rebound in Series A and Series D+ volumes in H1 2026
Number of fundraisings by Series stage (in %)

Number of fundraisings by Series stage, share of the total.

Median fundraising amount by Series stage in 2026: €3.0m at Pre-seed and Seed, €15.0m at Series A, €32.5m at Series B, €62.5m at Series C.

Median dilution rises with the stage, from 16.7% at Pre-seed and Seed to 30.8% at Series C, then eases to 27.9% at Series D+.

Pre-seed & SeedSeries ASeries BSeries CSeries D+
Median dilution
Pre-seed & Seed
16.7%
Series A
19.3%
Series B
26.7%
Series C
30.8%
Series D+
27.9%
Note: (1) 6-year dataset length
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FrenchTech VC trends
Commission-based business models overtook subscription in 2026E
Distribution of deal value per business model (in %)

Distribution of deal value per business model, share of the total.

Commission-based models represent €4,546m in 2026E, against €3,502m for subscription.

SubscriptionCommissionManufacturingOther
Note: « Other » category includes Performance, Retail, Service, E-commerce and Audience business models
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FrenchTech VC trends
Top 10 VC deals over the LTM to June 2026
DateCompanySeriesSub-industryInvestorsAmount raised (€m)
Sep. 25Mistral AISeries CEnterprise Software1 700
Mar. 26AMI – Advanced Machine IntelligencePre-seed & SeedEnterprise Software890
Jun. 26AlanGrowth EquityFintech480
Mar. 26PasqalSeries CSemiconductors340
Jan. 26PennylaneSeries D+Fintech175
Jan. 26Harmattan AISeries BRobotics171
Jun. 26MorphoLate VCFintech159
Jun. 26Bionyra PharmaSeries AMedTech143
Jun. 26QuoblyAdvised by AvoltaSeries ASemiconductors115
Oct. 25AdcytherixSeries AMedTech105

Top 10 VC deals over the last twelve months to June 2026.

The half-year was also marked by AMI’s €890m fundraising, the largest FrenchTech round of H1 2026.

Note: (1) Non-exhaustive list
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FrenchTech VC trends
US investors continue to lead foreign VC investments
Distribution of deal count by foreign investor geography (in %)

Distribution of deal count by foreign investor geography, share of all investors.

North American investors account for 21.5% of deal count in 2026E, their highest level over the period.

Active foreign investors number 266 in 2026E, out of 598 total active investors.

North AmericaUnited KingdomRest of the WorldGermany
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FrenchTech VC trends
Top 10 French seed and venture funds (based on LTM deal volume)

Early-stage investors

InvestorCountryRelevant investmentsDeals
BpifranceFrance Advised by Avolta62
Kima VenturesFrance42
Y CombinatorUnited States18
Motier VenturesFrance15
Drysdale VenturesFrance14
DaphniFrance13
OVNI CapitalFrance11
Blast. ClubFrance Advised by Avolta11
Elaia PartnersFrance10
BNP Paribas DéveloppementFrance Advised by Avolta9

Venture-stage investors

InvestorCountryRelevant investmentsDeals
BpifranceFrance Advised by Avolta14
EurazeoFrance4
Index VenturesUnited Kingdom3
SequoiaUnited States3
EIC FundEurope Advised by Avolta3
Irdi Capital InvestissementFrance3
Sofinnova PartnersFrance2
DST GlobalUnited Kingdom2
RAISEFrance2
SerenaFrance2

Early-stage investors, ranked by number of deals over the last twelve months.

Venture-stage investors, ranked by number of deals over the same period.

Note: Includes follow-on investments
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FrenchTech VC trends
Median EV/Revenue remained mostly stable over the years around 7x Revenue
Median EV/Revenue per sub-segment over the past 6 years (in x)

Median EV/Revenue per sub-segment over the past six years.

Valuation multiples remain broadly stable around 7x Revenue, suggesting continued pricing discipline.

In 2026, the first quartile stands at 4.6x and the third quartile at 13.7x.

EV/Revenue evolution over time (in x)
Note: multiples above 50.0x were filtered out | (1) First quartile (2) Median (3) Third quartile
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FrenchTech VC trends
FrenchTech has 37 unicorns at the end of H1 2026
0FrenchTech unicorns at the end of H1 2026
Mistral AI
Verkor
Sorare
Alan
NewAMI
Contentsquare
NW
newcleo
Voodoo
Qonto
Ledger
Mirakl
Pennylane
Poolside
NewPasqal
EcoVadis
Doctolib
Owkin
Exotec
NewHarmattan AI
Swile
Shift Technology
Spendesk
PayFit
Dental Monitoring
Sumeria
Pigment
NewBrevo
iad
Back Market
ManoMano
NewMorpho
Zama
Ivalua
Vestiaire Collective
Ankorstore
Loft Orbital

The 37 FrenchTech unicorns at the end of H1 2026.

Enterprise Software and Fintech concentrate the largest share of unicorn funding.

Legend: Reached the €1bn valuation threshold in 2026
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FrenchTech VC trends
The Avolta Next 20 Unicorns List
NewBionyra
Jun. 26 · Series A · €143m
360Learning
Oct. 21 · Series C · €200m
Deepki
Mar. 22 · Series C · €150m
New · Advised by AvoltaQuobly
Jun. 26 · Series A · €115m
Akur8
Sept. 24 · Series C · €109m
Adcytherix
Oct. 25 · Series A · €105m
Alice & Bob
Jan. 25 · Series B · €100m
Descartes Underwriting
Jan. 22 · Series B · €100m
NewFlowdesk
Mar. 25 · Series B · €89m
Nabla
Jun. 25 · Series C · €70m
NewUpway
Nov. 25 · Series C · €52m
NewFiligran
Oct. 25 · Series C · €50m
New73 Strings
Feb. 25 · Series B · €48m
NewAlta Ares
Jun. 26 · Series A · €50m
NewLegalPlace
May 26 · Series C · €70m
NewLook Up Space
Jun. 25 · Series A · €50m
NewInfinite Orbits
Nov. 25 · Series B · €40m
NewBioptimus
Jan. 25 · Series A · €36m
NewDust
May 26 · Series B · €35m
NewComand AI
Jun. 26 · Series A · €32m

Twenty French companies that could reach the unicorn threshold next.

Each of them is shown with its latest round.

Companies newly added to the list carry the New flag.

Legend: Newly added to the next 20 list
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FrenchTech exit trends
H1 2026 has seen stable deal activity but a lower aggregated value, with a median deal size close to EUR 20m
Aggregated EV (in €m)

Aggregated enterprise value and number of deals, by half-year.

Exit activity remained broadly stable at 190 transactions, while disclosed exit value declined slightly by 7% versus H1 2025 to €2.7bn, with no mega-deal recorded during the period.

Median EV stands at €19m in H1 2026, against €79m in H1 2021.

OtherTop 4 -10Top 3Number of deals
Note: based on disclosed Enterprise Values
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FrenchTech exit trends
H1 2026 exit value is down 7% on H1 2025, with no mega deal so far
Cumulated deals value (in €m)

Cumulated deals value, month by month, over the last six years.

2021 remains the highest year on record, at €20,870m.

At the end of June 2026, cumulated exit value stands at €2,741m.

202120222023202420252026
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FrenchTech exit trends
Strategic acquisitions still dominate the exit landscape and continue to be the most common exit path
Distribution of deal count per deal type (in %)

Distribution of deal count per deal type, share of the total.

M&A represents 334 of the 380 exits expected in 2026E.

IPOs remain marginal, at 6 transactions in 2026E against 23 in 2021.

M&ALBOIPO
Note: based on disclosed Enterprise Values
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FrenchTech exit trends
0%
Distribution of deal value per acquirer location (in %), 2026E

International acquirers still capture 77% of the exit value and 42% of exit volume.

Strategic M&A continues to dominate the exit landscape, while international acquirers account for 77% of disclosed exit value.

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FrenchTech exit trends
Top 10 exits over the LTM to June 2026
DateTargetIndustryTypeAcquirerEV (€m)
Jul. 25IDEMIAEnterprise SoftwareM&AIN Groupe850
Jun. 26TheForkFoodTech & AgTechM&AAmerican Express636
Sep. 25Waga energyIndustrialsLBOEQT Group596
Jul. 25BullOtherM&AFrench Government404
Apr. 26WeMaintainPropTechM&AOTIS300
Mar. 26GLEAMERMedTechM&ARadNet230
Oct. 25SellsyEnterprise SoftwareM&ATeamSystem215
Apr. 26EfficientIPOtherLBOFrancisco Partners200
Jan. 26AB TastyMarTechM&AWingify | VWO159
Oct. 25GojobHRTechM&APERSOL Holdings143

Top 10 exits over the last twelve months to June 2026.

IDEMIA, acquired by IN Groupe for €850m, is the largest disclosed transaction of the period.

Note: based on disclosed Enterprise Values
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FrenchTech exit trends
Bootstrapped companies represent 65% of exit deals in H1 2026, and VC-backed exits command a markedly higher multiple
Distribution of deal count for bootstrapped and VC-backed companies (in %)

Distribution of deal count for bootstrapped and VC-backed companies, share of the total.

Bootstrapped companies represent 64.6% of exit deals in H1 2026.

Bootstrapped companies are 10 years-old when exiting and valued at a median 2.7x EV/Revenue multiple. VC-backed companies are 9 years-old and valued at 4.4x.

BootstrappedVC-Backed
Bootstrapped companies
10 years-old when exiting
2.7x median EV/Revenue
VC-backed companies
9 years-old when exiting
4.4x median EV/Revenue
Note: indicated EV/Revenue multiple is a 6-year median value
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FrenchTech exit trends
Most startup founders exit at a valuation below the €50m mark
Distribution of deals (x-axis) per deal value (y-axis) – Last 6 years

Distribution of exits per deal value over the last six years.

55% of exits are below the €50m mark, 23% between €50m and €150m, and 22% above €150m.

The curve reads the panel ranked by decreasing exit value: the first 22% of deals carry 86% of the cumulated value.

Exit Value (€m)Proportion of panel
The Happy Few150+22%
The Breakaways50-15023%
The Peloton50-55%
Note: based on disclosed Enterprise Values
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FrenchTech exit trends
After bottoming out in 2025, median valuations rebounded in 2026, back close to Covid-era levels
Median EV/Revenue per sub-segment over the past 6 years (in x)

Median EV/Revenue per sub-segment over the past six years.

MedTech leads at 8.0x, ahead of Enterprise Software at 6.0x.

Exit valuation multiples also rebounded materially from 2025 levels.

EV/Revenue evolution over time (in x)
Note: multiples above 50.0x were filtered out
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About Avolta
The leading Tech Small-Mid Cap investment bank in Europe
13
years of existence
200
successful transactions
€20-200m
EV scope
70%
cross-border deals
25
Tech bankers

Avolta advises European technology companies on growth equity, mergers and acquisitions, and buyouts.

Our universe covers Software, Fintech and Blockchain, Industrial Deeptech, Sustainability, AI and IT Services.

Leveraging our partner Alantra’s worldwide footprint, 430 investment bankers across 22 countries
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About Avolta
The leading investment bank in Small-Mid Cap Tech in Europe
AI
Pascal Farrugia
AI / Data / Cloud / Observability / Dev tools / Infra
Software
Arthur Porré, Sébastien Delattre, Victor Ebersold
HRTech / MarTech / EdTech / Digital Health / PropTech / Cyber / Vertical Software
Fintech & Blockchain
Arthur Porré, Philippe Rodriguez
Payment / Banking / CFO tools / Fraud / Insurance / Wealth / Blockchain / Crypto
IT Services
Sébastien Delattre
IT Services / Hosting / Agencies
Industrial Deeptech
David Laurent, Phil Dardier
Defence / Space / Quantum
Sustainability
Frédéric Ventre, Philippe Rodriguez, François de Rugy
Energy / e-Mobility / AgTech / FoodTech / New materials

Avolta covers six practices, each led by named partners.

Growth equity, mergers and acquisitions, and buyouts, from €20m to €200m of enterprise value.

Growth Equity · Mergers & Acquisitions · Buyout
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About Avolta
One of the best Software and Industrial Tech track-record in Europe
May 2026Growth Buyout InvestmentMar 2026buy-side advisoryMar 2026growth investment byMar 2026acquired byJun 2026growth investment byJul 2026growth investment byJan 2026growth investment byJan 2026acquired byFeb 2026acquired bySep 2025acquired bySep 2025buy-side advisorySep 2025growth investment byOct 2025growth investment byOct 2025growth investment byOct 2025acquired byOct 2025growth investment byNov 2025buy-side advisoryNov 2025growth investment byMar 2025acquired byJul 2025acquired byJan 2025growth investment byJan 2025growth investment byDec 2025acquired byDec 2025growth investment bySep 2024Growth Buyout InvestmentJan 2024growth investment byFeb 2024growth investment byDec 2024growth investment byApr 2024growth investment byApr 2024acquired byApr 2024growth investment byApr 2024growth investment bySep 2023acquired bySep 2023growth investment bySep 2023acquired byOct 2023growth investment byOct 2023acquired byJun 2023growth investment byDec 2023growth investment byApr 2023growth investment by

The transactions Avolta has advised since 2023, taken from avolta.io.

Sell-side and buy-side, growth equity, M&A and buyouts, in France and across Europe.

Transactions advised by Avolta since 2023. Click any deal to open it on avolta.io.
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Method & scope
Exhaustivity, reliability & consistency

Sources

Dealroom for deals and segments / Pitchbook for valuations / Specialized press for valuations / Press releases for valuations

Scope

Location: in France / Creation year: after 1995 / Business line: service providers excluded / Transaction date: last 6 years / Round: includes Angel, Seed, Series A to I, Early VC, Late VC, Growth Equity VC (Fundraising) & IPO, Merger & Acquisition, Buyout & Growth Equity Non-VC (Exits)

Calc.

Projections: for unfinished period, values are annualized. V ESTIMATED = V ACTUALS x 12 ÷ MONTH ACTUALS / Enterprise Value: calculated as Equity Value + Net Financial Debt when legal information is found / Dilution: New Money ÷ Post-Money Valuation

Arthur Porré
Arthur Porré
Founding Partner
Alexandre Meiers
Alexandre Meiers
Director
Anthony Lemay
Anthony Lemay
Senior Analyst
*PitchBook Data, Inc.; Data has not been reviewed by PitchBook analysts.
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