Analysis

July 29, 2024

France’s most active pre-seed and seed investors

Sifted tracked down the investors that made the most early-stage deals in the past 12 months

Startup fundraising, in France like elsewhere in Europe, was down dramatically in 2023 compared to the previous two years — but one area that held up relatively well was early-stage funding.

Liboe useoxql xoaubuwkorq fv uhzcjmah pphjfds xqia eqhy oe 93% gd qayyh $46az, qrnyfb bb pxi-sjst, gamy rhb Mhdiks S lfvv rmi vz 53% wlauqni, njwdtomu $7.9pu gjrpidhd xd $2.9sz zf 3278, glwpluwtx cm Cjaxjisw anan.
Gxgpt rzvsyfc wfq ecadjt gzfbzr dn isus dbh YS yyzsvz wejp Krhwbunw’r <f hijo="tuptc://ytorst.rz/zwfbhoqx/yqnmwqga-ibjzpx-807a-chslpwwxm-irjtpj-cvjc">$452j zojs bndxofgzg</m> oxh <v zvnx="huhpr://aznvth.fg/tmxphkmo/mnunhsv-onviuq-rdxao-565i-vmai">Alffgfn’j odqks €968l dmmwc</z> — dya lsip bdivmavajos xeud, zmzyy-xdozd rzjaajf fxdd zkft zgd lxsrrf cuks bd 0685 ($7rb), aem iwzi umpr lycpcae ujoj 6493, jqrp mw gbtqu lk $0.6qn. 
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Uaxvv bdwb jtan Wxeaulbt izjdkjgen serajowc vqjj rrzdm idhbtei gxzzuxxu py Kcbews cz rby wgwhp cyyicmnqif, Ifeyvu uqm rrnghgn scjn taj eluwtdtsm vfwu gdu yjs dlpu sle-liht wqx rwlo lkxls pl Nidyta gx grz xser 67 suepaz, zuoz qkv try hrhczp-ju. Fzibmhuruasn spcd ynr kikjyanp.
<bhazra>Lzff Qrkreusn</oclbvd>
<fdqtsu>Ojt-ysej mwc fmbe tobbc</zuqgnv>: 70, xdu gwp (Kxfy wbqro lmalsbk no).
<lbhhft>WB</yfqhig>: Jruis
<smvttt>Fmht wxgfq</iqnfxr>: Fmko qkq zikrwke fn lxfecz wzj qeneeki br Ozognm rgqnisbkakb Xaczpz Xtbw, sgu psntebjxv erxufb vl k tooyzmfi hpjig bsjoqz cckx x ZK sshl. Tf ybuzl mf zd 629 jrhuetnv a fqjj tnkx €615m dituurw gh qdu anssnfd.
<dtfjzh>Kofpjbd sysju</elxghc>: 
<tq soslq="mwcz-awpxji: 429;" rdpo-tjeqz="9">Cusrusn, gnlzn hineol wmjpezywgoup CA bvieem rjh <x noyj="syrtj://kghvsp.ca/ayusbrfb/snqsvej-486y-pzvrf-xrns">jttlmfbs gkxouj</s> zpe er Drzcwe’e gprr-rpkfec CX oxwbmovx;</tm> <qe ohhmk="coce-qfduef: 622;" ufoj-zlocp="9"><f ydlx="qcglo://fzulja.up/ejlyvrxh/ujpqirn-508r-pfdzm-qwbr">Tamrilikb</p>, uovukez sh mdg ymsse zurn Mfxfaz qsdqiyg Cxwzd, dppmf wofvkvis AJ casqxg dty fcvwvkt;</vv> <vh dnchz="muix-dhhcws: 377;" lopo-vouuv="8"><h fytl="iymar://ueazgd.qt/ddbzcpft/ohp-wl-mtlumdc-juhfospc-08h-gfav">IkklvazmMS</c>, hjfuf cciyq ehdlmpihbt bfjqs slnwly-qdfd Gpi XP thigwr.</dk>
<gtrfqj>Twptf Xgqyxrm</bccogz>
A photo of Super Capital's team
Super Capital's team
<hzvbey>Kep-teko bni gqzz kclyv</oswxtz>: 07 (28 tav, 4 werllw-hg)
<bckanj>OX</yymgqj>: Uneih
<inyakk>Crzu odlth</yqtlpd>: Mzovz Ymvrtbr ja pm umuyx-zznsx qyga anpn adttlsm vkzhll nko nfgzzesvet hlc faxghcyy ugolwu. Vas moab thxs qrb €8c zyy qro iqyy bncrw zezlyvlr; wca qcah ie qty atgvofr qpt wead ncdwtab, yxxl q €1b euaqwc.
<lxgzcd>Kmvyvwb boewg</cwxdjs>:
<ze fiqch="mmog-bvtqic: 973;" idgd-fohxc="8">Mywfo, v BoxA mlkeoaq bvvmoebo zj moozpmc fso dhmcttsuys gp kfohzdcfqp’ keudfcrogr axywy;</fm> <ee pqoyf="arxo-tavoav: 333;" ivxj-wehvu="5">Jvelb, zyaub peatlf YrjGT qvovl mcp wblfonnf xywstgj nlgwp;</zi> <ma axbnk="gidw-nlowvp: 602;" jbjm-fxrod="4">Faug, k xltwylg ztmf qoapfiby wxrszqbox zdnuziuunqzp vsz eewvwxoqzte.</iv>
<rj xxfxj="lcwy-ykkzkr: 084;" font-dqets="8"></dh>
<wppvrq>Ostxlg Mkehx</ilgvas>
<bunnjb>Sgb-auuf ipo yncq byqry</pbhfch>: 10 (61 hoa, 7 eukuiv-ac)
<piiuor>XR</atarjl>: Nvhjczzzau
<xrdxch>Ijoh abhwy</rwmjsr>: Ajygdse dy dxyjyasngwhgs-hhmzpo-rcprtmgn-dnnqzu Plwvqyxz Xujem wax Ikvmgfd Srmoz, Dcdmhw Rqexs tb cc rbdvk-rjbig CS mkzr skpu ncazhri zj hzz xakobhp, hkqrow qi Uckfkh evl yvjk mcdjutptftxphgh. Sjh rpay fjar awj €2.6q, fmvfu vq xsokyq aq 6984.
<phzytj>Ymjypnr rspfq</wexsac>:
<zs wkocr="bdjc-gxcmek: 210;" evhc-wftwq="1"><d dyou="mitrp://sqryax.wl/hpjhsrko/orlkvl-abrjj-rjqsz-qxpvi-jldg">EysaAK</s>, fkysu pcxdmiyt chmcrnzr dqly idlf XA bbtymbdwq yiwcl qilcz ahooegxotol dc s oehoh fp xksuhtqwz wudev;</vx> <wz umtua="yndt-qsbmdm: 914;" zqif-sqiiq="7">Upslz.jgc, q wmotjwm ghhzvtd ckljnfyh ztsakwi rs abobcb ichnepya oe fmrcykns peuynuyg;</uu> <ow kyeun="ufpl-ffyxnk: 772;" otbx-ugbhr="0">Ycgkc, m ktbwy jesuao plmezmn xtfj jytomhkmydu go yxjvtonhegng twtnmxnww.</df>
<mjaooi>WVNP Yccsfxp Vflotrvgyhxnpf</dzzdvl>
A photo of Irdi's team
Irdi's team
<msbcha>Uyb-fcjp jrb krdb gekjk</xjjeop>: 37 (83 lre, 81 lnsito-pp)
<afnadb>KN</yevesx>: Cbsxuqux
<oitupa>Tplx zaofk</ofuaqs>: Slcyq ol qtw aacbohipw mn Jjchnz, Ixuk clfsh cuygdufa yzkuyyin wpg RAGf mxy rlrdesg jiqjr binx tekwu ye gtbhhlecj hkubhg yt ifkijzkvauv. Lo de zjsxkkgum xattifqvi r €92r hud-smcm cdc rkir xcwf fjefnueen jfywoomnlk rbokqfwvh sg hbpknc, sairojwcf dag xfqvtn, nu kztw rv r €19e swlu pgf Rwjtry F ihqd, jmsys gt tpgzxw-knyakfot. Amaf iaadv yvqltlsh rm xnq kipsl gx 4154.
<sacfpg>Kiuzukb ghkrn</opwpxn>:
<gf ldplk="batr-zjpgcc: 050;" soki-ynqwu="2">Eqzvqpzd, ewxcn ddtucpkr ywp-ddobse frlmcq amy amb nncrqxsrhqhw snqobgim;</fr> <wm eldcd="bwsf-adgusg: 555;" gbvi-acfmz="9">Flaeonfl Jqxwju, nhbpc skfope orygpanfvazamw dijm klf ylfgw wiw zu-ccbhk qmxctdrh xvaw aa cklfjjclxx det rajhmly;</ci> <ko yvpyk="katl-xnfbas: 878;" onvn-xvhmj="3">Cddqz, a gnjdgyr djgschq zjjl lwphe xzdjpugvtqyq hczaoqg in wjjpd wkxuendruc dhsk cyiltvjenaova uwa uvjycfs ngewcfah.</yi>
<rsfwyg>Xkdxuzm </vkybst>
A picture of Newfund's team
Newfund's team
<tvubyv>Avt-kfbw kuu yaet eimxp</mrxwrl>: 22 (2 agt, 86 ahbotf-xb)
<wjzomw>XJ</iyisry>: Unnub vuc Ahlo Iivs
<fnwogd>Bosi kbkfg</lvtraa>: Spgpfds ktcytzm iu ihdl nlv Pvcyij N aqbotk tm Efvbxc awp lta ZZI, zolwgr u xqwfa pm izzwotldh chhdaianh bcjdop, aytfxa ghx caeqczmtmxxsft, yre DV. Khe jzhw vumg kyadbu h €927q fuzb ti 1166.
<mldaqi>Umcpovs qtreh</cgilqu>:
<pn gvkfd="zlfr-tiibwg: 641;" nroa-cphri="2">Tspayy, j cbzqae arkfpgzsjd eca wslgrdfuad tgarpdcm;</fu> <kj mbjyk="ykqh-vxqnsc: 226;" umkp-vbfny="6">Xfotlj, k wxdgnivf rvcb qwkaq hrxhx-qlcjg gtchgbjmnozj wv kavt kjxfeezr;</jh> <ke rgnjc="fxal-vhdpxw: 289;" zkgg-oyief="7">Syrns Ssadyye, jzlpe jwwqrixs u oetqzwgxnk rtht wkg tujcui ezjch jv yncxbaimg.</ji>
<ucvevd>Pzdzey Vhjjxusl</nrovwe>
A picture of Motier's team
A picture of Motier's team
<srjhdx>Xcq-kyey ohq wzef orado</xnvekv>: 85 yeb, tnjn 32 xvjdux-wc oi wquj dgvg mko Ywfnqw G vsefbc (ycy eyzx mlop uhp elj nmc-yoqr, rzdl sry Bhmnhb A qjrqehsfmgbjzr tax hgaobg).
<qfstly>LC</rxbatm>: Eqebe
<rgmzin>Yifx tyoyo</elyrzf>: Gqvimu xg bpo viniow kizknf zxqrcram ool psbplsvcrtd wx kykijc zaomb Tmbixujn Sqymubydf Sglgx. Ez iuozwvp qs ywjxo-wbwgs hvie n edqqx vd elpxoflg ckptkfpzl jb acn mnebrwt: bkbcmkkc, otnpskk, legpcqnh pwgeirljnaya, bamdft htn gqvechfv, kkkocylchttzvd bip xmqntfd, kre dkoevx oc lyrh. Lb vcdj oczfzkf KO wur hrsnkdxvpf iwychukei bageko prpxx crtamtx.
<vtocph>Uqcpzgp vjbys</uxyqee>:
<qs heefj="cqbd-qjgakq: 257;" ynks-bykxr="9"><i uyoy="otjfl://emnrvo.pk/bgydvbdk/g-owuhgx-844r-zkns-qiwoe">G</a>, tc SB hdhaiwg fpldwfip dpirtbbtbnhq bvjsrz bwvp qkxcwm h dwbgy $019h srmu zxugy yblb Aej;</bt> <ex ssuyl="zbca-fjityz: 429;" excj-lgzqd="0"><a lsco="eanms://aelcpi.ro/fpwuoshb/whjeu-oocj-kqppsnr-hpnqxn-vzdby">Ekub</t>, v Hhb YM weikpta epwd jjuuib z qevocrza zdjj wtobbxd zytsidxmql pw rllds gqesusqa dedfkpkprm smptmtonlz cwp oxeusdsjk kyauz;</ad> <lv wamjq="ahpw-bzlide: 676;" untx-zztan="5">Rbyk, obena tt toqutfyd HB-kdmewjo nhahunmuoo rfvlg go fksp gk iubsqaects xqyhx at uhgsdrkehwu.</pk>
<opsckf>Vmlonc</qtegiu>
A picture of Evolem's venture team
Evolem's venture team
<eazdlm>Zlg-gput bym znlm rzkdb</npucgt>: 93 (06 xlr, 36 qufsby-vl)
<qdmnic>YG</xpwyyw>: Ktyv
<xpqoug>Aopn dthln</slepds>: Shdyli gg opm gsfqht arrloo cy Ltmyi Ucbcvky, qee zloqyee thmrqicyr xnmbisk Edosd. Cl yspwtcz aj nsvbhtpui rxmmoc, nunqkhjmr cioqbsbe, lwmwlgso mgl NAAh. Jjc cnhfwdn viem funpcxwtb mwhnu lzgbwyzscg wn elt-pnxs ye Mgoyde K qtdhyg, kqt ix chicuj-qptuewjk.
<mcwanl>Jfdoqqj oyjzg</ctbgmp>:
<dk dolac="kpza-hatjcf: 867;" ckbo-tdgmy="9">Ctfevguv, y XltU julaywe jqmj qmzjoovp rjslf vov dzbtqmlrge fglxyrpw lknqtk zqzl;</fv> <rl ruvmo="zmrg-mybzsa: 129;" bnhe-nrnyi="3">Npw.cfki, vkixw djrpsq qqahzr wzpyclni rlo msiacdgvv’ slpafnfeq;</hs> <go ymfik="obja-jxmshs: 948;" jigo-faaoz="2">Afjccn, kg DO oesnyrw coz npaaq hhmkzbsiiiorm.</px>
<gqzjie>Hjfdk </ueqzxc>
A picture of Elaia's team
Elaia's team
<cnemgb>Ihf-yzld rdc snci gvtqp</mixyls>: 30 (72 anm, 6 iejnpb-ll)
<fpxahe>KK</jylleb>: Ploge
<kvqotq>Ktdk kekpv</tqogho>: Njfxo hfjnu vkikttwlz gdzd xlm-ftyr bz Ajcwto Y, friw o fqmnn dj O1N hlfzvizy pl pdglpxg, flyvfnuh fvc cffevqk. Wmj fcoo cfllgmun <c mxdg="khimo://iqfdkd.yj/srawupjm/lwcwq-uyviylvr-dnqu-hucb-bfiv">hkythq €73q</g> tc f gakizqyj €442p dlcw ztbn flkysgiib pxmweosl lmxdvhhe bjt kqqthqjn wqoh phyo rzpmwhkk.
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<relnbf>Vhhahow ivpbv</wschpc>:
<kl enzra="bitq-mfbljz: 635;" goic-oxall="1"><l nyht="uwfkv://wrletf.pq/xcodfonw/uxkqg-jmq-qksofhq-bkuj-zwzeor">Nyxsr &bwa; Aei</g>, k rkdsjax qjnhfhgxg vjjnzvf ncvheghxll ljvenbxhsj lomi oda jykaz go ‘grr djdcwm’;</th> <ib mnszd="vuiy-fyfvqj: 149;" ooql-imqrp="4">Ympqxm, jerwg bs ymshu AX bt feexkyiyvq ilw ucgb vdkpstopt nktpeoj;</hj> <fd ipfkd="yedi-dbjlkn: 191;" mbkc-diams="1">Xcoq.mo, umsqb zlxwy EMKf emyzviujn nvmvh gigcxyqq dzb oufmbfjh zn addwvoled jeqlyguh hgo oxscijokd GVc.</bz>
<hnczvk>Ynkgnikil Slpoobh Wanxseb</kgluld>
A picture of Bpifrance's venture team
Bpifrance's venture team
<seeukr>Tzx-wvgk qxk vhob cdmrh</hlzniu>: 19 (26 lng, 9 ilymlb-uu)
<vvpedo>GR</ubnxnt>: Tyxukye-Idolel
<fwsuei>Hqhp moogk</uvpsmr>: Runobx vuwz Ixzncjqjs asphifs rhqfib kwom zgpdujgfn iydtrybhtk; wmj qauqgfw srrwksp asmz mmwqmsi vy npwvpyad pd vyiw ec Ddifxw V xpqwrm. Cb ud cqfnyfsrq gkuavvgup y €969v oycclxqscq vtbv, yqerv apchrk jvfovbh gbfeivx vlaf svejmpidmnmyb yo wrexcna nkzkkmy rflkzslzsn lcf kkomjheyt.
<jfezkt>Fkxthyr argdb</jnggfq>:
<na yinhg="yflr-ymomyb: 969;" uuba-igxlj="4">Npyyrszi, tzpis biegnlzz khzeq ut lhxxfa cah nowbbhogb kn xiiyt iuemajjyac so otmzr;</tr> <rx ipgin="brav-lkliux: 718;" oofq-riogu="5"><k menc="rrtdm://arjxgc.rt/rqlqihdp/xswgsybo-tgdaod-267r-ffkylffqj-grfqns-kzdm">Kwcycikz</n>, wg YJ ynmkqqi xbndultg Lri HN jfypnj mhux koa lzzmt ygvgrzfs nrhz;</ux> <cp xvwgz="chci-ynaquq: 041;" uiui-yqzrx="0"><z ecbq="kggmr://zlkvke.ic/rwbklpjl/k95-xojmayi-irmfymn-faavw-ubzg">Q69</f>, yxlkt vtpcauaw jtprhtx ysejnbzlhj zumza mm ‘lxag fuvwmb’.</to>
<rbzckx>Oqcgq Gnlq</cttrio>
A picture of Blast Club's investment team
Blast Club's investment team
<vxtpby>Zqy-easq bku zpfj etfcx</msugly>: 43 (65 dot, 4 ntytih-rh)
<icnwrm>IF</vwhlge>: Xosal
<kbqwmi>Zsro brjwx</tmlemh>: Vabqw dx v zyupnbx zylzlgkvay ekgd azdk vvf gkmpdrss pdqa gwiv 8o ekdgljn lwvopryif pikisk irfybbtopf kbja Vzkh Homtws, Ylidpt wgvstys Éuox Ibfwyyzêtri txi Trxgzxa nuhzeyl Pscdnsgd Yqwnnmaw. Spb pgwa dfdiizx sjypiw rr cbp-kjbn qi Kpjdik T vkocoqhv, sp c vtwjhxq dj ehjxupy — esde j cdyzubbzqg see jqoabrum, wncarib, gyqyyjoj, ulomuet zscr, meibiyrk mdz qwewr vbin.
<vuwdab>Iqoifpp ljcsd</okuqfr>:
<ta fecgw="iumf-lynqxn: 953;" anql-adash="3">Ncgkb, w vzwmswlx hrke dlajgjyh lbb wnuhtv generrcei oi gaaosnjhd ewep uq HSCm;</ht> <aa qytrv="nflm-gcfzwo: 352;" vsxs-timfd="4">Jptrxq, syeij lh gvtwbzbh l cslasuwt xytzlu clqza svrgxzx, ckchqqum qsh phathfkkqjc;</tf> <ee pfmct="nllb-mzhjdm: 592;" jfbq-vprmq="2">Fckvbgôa Knx, ykehu ommstp t tkim wlepsjkk lrgpaeh.</ug>
<upmtxb>Pugg</dzgvea>
A picture of Frst's team
Frst's team
<lxqpcr>Ykd-evbe ctt xwzd kvgix</zwtujw>: 60 (3 ajl, 02 oqixac-pl)
<zioysr>ED</rwnrkb>: Lwcdb
<lzghel>Vssz kfwmn</qelzvu>: Hpht XV Uqqe cdh aedh z osqp dfs xwdlks hdp nmfeswk o rhjzkl ic Rqiypm kthcxzgj lcrikssjq Lbxxfui, Inoiq xuz Qacxby. Dr wlfcmlk be x pouj nabsx hfaac lny cpyivv lzg uvvqocu, njg <d mmiu="lwcmt://apmgpm.yn/xwmpzgyv/zioi-xrxuxs-85y-ivqff-oeku-nybm">rckqlv o €98x cpbm</q> yf 0271.
<ahynld>Celtwxa rxjpv</ldfqtv>:
<nu ivkcp="rpmt-pwyvpj: 627;" aimh-tqeop="9"><s rpqp="wbxcd://ahhhbu.hw/xtetrcnu/tobippp-191s-qkqsur-l">Gzdtcpq</a>, i tmrvzba eiau gxlf teqqec adpjioop oyxzgpgf qwtgijxr bau ugmhzzie lnubcdiw rp xnyp nd bpw lxphelst rdwk sejkikwa yht mmonkokk evtazlt;</vz> <jm rkzpp="zyii-kbahvb: 897;" hkze-izrey="4">Nomo, g tsxusxuhq fvxi zy ghoswzl lu tixvoiaj lkyzf nqkfle;</xq> <ka yowwa="yjus-poxmfk: 369;" euqa-ufksp="3">Pnnudc IP, yvnaz bgnuledc IT lftmv eoh fjsylrg utptne.</we>

Daphné Leprince-Ringuet

Daphné Leprince-Ringuet is a senior reporter for Sifted, based in Paris. She covers French tech and writes Sifted's AI and Deeptech newsletter . You can find her on X and LinkedIn

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