France has mobilised €13 billion under the third phase of its Tibi initiative to fund French and European tech companies, with half of all investments earmarked for deeptech. New participants include SNCF, RATP, Naval Group and satellite operator Eutelsat. The programme targets €15 billion by 2030, bringing total mobilised since 2020 to nearly €31 billion.
The announcement was made during the VivaTech conference in Paris and marks the latest step in a programme that has now funnelled capital into French and European technology companies for six years. The new phase aims to bring the total envelope to €15 billion by the end of 2030, lifting cumulative funding mobilised since the initiative launched in 2020 to nearly €31 billion.
That trajectory is substantial. Tibi Phase 1, which ran from 2020 to 2022, allocated €6.4 billion to late-stage venture and growth equity funds, according to the French Treasury. Phase 2 followed with a €7 billion commitment target covering 2023 to 2026.
Deeptech and new institutional participants
Under Phase 3, 50 per cent of all investments will be directed towards deeptech companies. The scope extends beyond the previous two phases, with a sharper focus on disruptive fields including quantum computing, New Space and biotechnology, according to École Polytechnique. Around 160 certified funds are now part of the initiative.
Several organisations are joining the programme for the first time. New participants include mutual insurer Carac, rail operator SNCF, Paris transport authority RATP, defence companies Naval Group and MBDA, and satellite operator Eutelsat. The government said the move is intended to support French IPOs and help small and mid-sized companies scale while remaining rooted in France and Europe.
European ambition
Phase 3 also carries a stronger European dimension. The initiative now aims to support pan-European funds capable of financing tech companies through larger rounds. Philippe Tibi, the economist behind the programme, has argued that European institutional investors would need to allocate roughly one per cent of their assets, around €150 billion, to venture capital to compete with the US and China on late-stage tech financing.
The Tibi initiative operates by encouraging major French institutional investors to sign a voluntary charter committing part of their portfolios to eligible tech funds. The French state does not invest directly.
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