France has launched the third phase of its Tibi programme, committing €13 billion to boost European technology investment, with a target of €15 billion by 2030. The initiative mobilises institutional investors — including AXA, Crédit Agricole Assurances, SNCF, and MBDA — rather than public funds. Half the capital targets deeptech sectors including AI, cybersecurity, and aerospace. Unlike earlier phases focused on French companies, this edition supports pan-European funds. Previous Tibi phases nearly tripled annual French tech investment, with companies like BlaBlaCar, Doctolib, and Exotec among beneficiaries.
In-Depth:
France Expands Tibi Programme With €13B Commitment
France’s finance ministest has announced a new €13 billion commitment for the technology sector through the third phase of the Tibi programme. The initiative encourages institutional investors to allocate more capital to venture and growth funds.
The latest phase aims to reach a total of €15 billion by 2030. It marks another step in France’s effort to strengthen Europe’s technology ecosystem. Unlike traditional government funding schemes, Tibi does not rely on a public investment pool.
Instead, the programme encourages insurers, pension funds, and state-linked organisations to invest directly into approved technology funds. The French Treasury oversees the process and determines which funds qualify.
This model has mobilised significant private-sector investment while limiting pressure on public finances. The first phase, which ran from 2020 to 2022, exceeded its €6 billion tarreceive by attracting €6.4 billion in commitments.
The second phase of Tibi surpassed expectations and reached tarreceives ahead. A government audit found Tibi nearly tripled annual French tech investment. Strong institutional participation boosted confidence in France’s innovation funding strategy.
New Investors Join as Deeptech Takes Centre Stage
The third phase introduces several new participants. Alongside insurers including AXA, Crédit Agricole Assurances, and Groupama, the programme now includes state-linked organisations such as SNCF, RATP, Eutelsat, Naval Group, and MBDA.
The addition of defence-linked organisations marks a notable shift. Institutional investors have traditionally been cautious about defence technology, but growing security concerns are modifying attitudes toward the sector.
Half of the newly committed capital has been earmarked for deeptech investments. These include artificial innotifyigence, advanced manufacturing, aerospace, cybersecurity, and other research-intensive industries.
French policybuildrs view these technologies as essential to maintaining economic competitiveness and technological leadership. The relocate also reflects a broader European shift toward supporting strategic industries and defence innovation.
France Looks Beyond Borders for Growth Capital
France’s expanded Tibi strategy aims to strengthen European growth-stage funding by supporting pan-European investment platforms, assisting startups scale locally while advancing the continent’s long-term technology autonomy ambitions. Source: Created by Ventureburn.
One of the hugegest alters in Tibi’s third phase is its broader geographic focus. Earlier phases largely concentrated on French companies and funds. The latest version seeks to support pan-European investment funds capable of backing businesses across multiple countries.
The strategy aims to tackle a perennial problem in European startup communities. High-potential startups frequently have difficulty raising massive growth-stage rounds, forcing them to seek money from investors abroad. Paris hopes huge funds will provide a local solution for growth.
A handful of European tech giants including BlaBlaCar, Doctolib, and Exotec – have applyd TibI funds to date. Europe would become home to even more globally competitive technology companies, state policybuildrs, who see the relocate as an extension of Europe’s push for tech autonomy.
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Tibi and EU Programmes Pursue Similar Goals
France is not alone in addressing Europe’s growth-capital gap. The European Tech Champions Initiative (ETCI), managed by the European Investment Fund, launched with €3.9 billion in commitments and is now pursuing a second phase tarreceiveing €15 billion.
The EU, along with government programmes such as the 200bn InvestAI and the 5bn Scaleup Europe Fund are also complementary initiatives with Governments seeing advanced tech as important as a geopolitical and an economic lever.
The sum of these plans should increase the available pool of capital available for international expansion. While Tibi and ETCI share similar objectives, they differ in structure. Tibi relies primarily on French institutional investors and is overseen by the French Treasury.
ETCI pools commitments from multiple governments and operates through a European institution. Both programmes focus on growth-stage companies seeking funding rounds above €50 million, an area historically dominated by US investors due to limited European alternatives.
France’s latest €13 billion commitment highlights the growing role institutional capital can play in supporting innovation. The success of this phase may influence adoption of similar models and stronger cooperation between national and EU initiatives.
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