EY Venture Capital Barometer France, Q3 2025 (EY)

Summary

• As of 30 September 2025, French start-ups raised €5.6 billion across 433 deals, down 2% in value and 21% in volume versus the same period in 2024.p.2
• Fintechs raised €348 million (-37%) across 34 deals (-15%).p.2
• Rounds below €10 million fell 15% in value and 24% in volume.p.2
• France, with €5.6 billion, narrowly leads Germany (€5.3 billion) but is far behind the United Kingdom (€15.6 billion).p.2
• Internet services raised only €203 million (-67%), with deals down 69%.p.2
• The average deal amount is €12.9 million.p.3

Key insights

1. Rounds between €10 million and €20 million fell 10% in value and 14% in volume.p.2
2. Rounds of €20 million to €100 million show resilience, with growth of 4% to 19% in value and up to 25% in volume.p.2
3. UK growth equity rebounded spectacularly, with +102%.p.2
4. France suffers from the collapse of deals above €100 million.p.2
5. All deals above €100 million are reprocessed as Growth Equity, while Venture Capital covers all deals below €100 million.p.7