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French VC fundraising rebounds as deals concentrate in biopharma
France raised €2.4 billion in VC in the first half of 2026, already topping total 2025 funding, with Jeito Capital contributing more than 40% of the amount.
French venture capital fundraising in France is tracking toward its best year since 2023, but the rebound is heavily concentrated in a small number of large biopharma funds, according to PitchBook's Q2 2026 France Market Snapshot cited by Yahoo Finance.
Through the first half of 2026, French VC raised €2.4 billion (about $2.7 billion), surpassing the €1.7 billion raised for the whole of 2025. One deal, Jeito Capital's $1.2 billion close of Jeito II in March, accounts for more than 40% of the total, Yahoo Finance reported.
Another major fundraising in the period was the €215 million close of Kurma Biofund IV in April, backed by investors including Eurazeo, CSL, the European Investment Fund, and Bpifrance. Outside those biopharma vehicles, state capital and coordinated institutional commitments helped support the rest of the market, Yahoo Finance said.
Bpifrance, the state investment bank, remained a key stakeholder, accounting for roughly 30% of seed and early stage investment in France and committing €10 billion to the AI sector in February 2025, according to PitchBook. Yahoo Finance also pointed to France's Tibi 2 program, launched in 2023, which has more than 30 French institutional investors, corporates, and family offices pledging about €7 billion through the end of 2026, alongside currently fundraising vehicles including Atlantic Vantage Point's late stage fund targeting €1.5 billion and Bpifrance's Large Venture Fund 3 targeting €750 million.