France Mobilises €13 Billion in Funding to Boost Tech Sovereignty and European Scale-Ups
France's Tibi Initiative: New Funding Phase and Strategic Objectives
PARIS, June 19 (Reuters) - France has mobilised €13 billion ($14.89 billion) in additional institutional investor funding under the third phase of its Tibi initiative to finance French and European technology companies, the finance ministry said on Friday.
Expansion of Funding and Long-Term Goals
The new phase aims to bring the envelope to €15 billion by the end of 2030, taking total funding mobilised under the initiative since 2020 to nearly €31 billion, the ministry said in a statement released during the VivaTech conference in Paris.
Investment Allocation and Key Participants
- The ministry said 50% of investments under the new phase would be directed towards deeptech companies.
- New participants include mutual insurer Carac, rail operator SNCF, Paris transport group RATP, defence groups Naval Group and MBDA, and satellite operator Eutelsat.
Supporting IPOs and European Scale-Ups
- The government said the move was intended to support French IPOs and help small and mid-sized firms scale up while remaining anchored in France and Europe.
- The new phase also has a stronger European focus, to support pan-European funds able to finance technology companies through larger funding rounds.
Additional Information
($1 = 0.8728 euros)
(Reporting by Hugo Lhomedet; Editing by Makini Brice)
