French startups raise 4.6 billion euros

According to a barometer published by EY, French startups raised 4.6 billion euros during the first half of 2026. However, the number of operations carried out during this period was 280, compared to 311 a year earlier.

Largest deals drive funding growth

The five largest operations—AMI Labs, Alan, Pennylane, Pascal, and Bionyra Pharma—accounted for nearly 2 billion euros, or more than 40% of the total. The average deal size has increased from less than 9 to more than 16 million euros.

Investments become more concentrated

Thibaut Gimenez, co-founder of the Super Capital group, noted that while money is still present and investments are real, they are becoming increasingly concentrated and concern a smaller number of companies. He stated that there is a concentration of capital, subsidies, and public and private loans in certain sectors, and that overall, there is money, but more for fewer companies.

Financial skills become essential

Gimenez emphasized that financial management is moving up the list of skills expected of a manager. Future entrepreneurs and managers must become the first financiers of the company, having skills and a focus on financial strategy to not miss any opportunity and not be caught off guard.

Understanding financing sources is key

Gimenez explained that managers must develop skills and gain technical expertise, knowing what they are trying to finance, with what tool, what schedule, and understanding the mechanisms at play. He added that the challenge is not only to know the different sources of financing but also to know how to make them work together, including equity, bank loans, Bpifrance programs, subsidies, honor loans, or tax credits.

Investors and financiers have different goals

Gaspard de Buchet, head of Services for startups at Super Capital, noted that an investor seeks to make a deal, seeking to multiply his investment by five or ten, whereas a financier seeks to be repaid. Therefore, the analysis is not at all the same, and the language to adopt with these different interlocutors and the arguments to put forward are different.

Combining multiple funding sources

Super Capital supported a startup that raised 340,000 euros, supplemented by 150,000 euros in subsidies, 150,000 euros in Bpifrance loans, and 100,000 euros in bank loans from Super Capital. The company thus had 740,000 euros to deploy, compared to the initially planned 300,000 euros in cash flow.

Cash flow management becomes critical

Gimenez emphasized that cash must now be at the center of management discussions and board meetings, including questions about cash flow plans, payment deadlines, and different scenarios that make the company hold or not. He warned that if a manager shows a lack of focus or knowledge about cash, it no longer passes at all.

Entrepreneurs face complex trade-offs

As needs increase, and trade-offs multiply with debt management, subsidies, R&D financing, equipment, and cash flow, it is no longer always obvious for entrepreneurs to manage these aspects alone. Super Capital warned that in 2027, the most promising startups will be increasingly internationalized from the start, with structured operations between France and the international.

International structuring is essential

Super Capital noted that it is necessary to take into account, very early on, this international structuring. The role of the firm is to gather the different hats of a CFO, from the first financings up to the structuring of the finance function and the management of growth, passing through fundraising and the optimization of leverage effects in public and private financing.