Following an exceptional September 2025 marked by a record-breaking deal, the French Tech ecosystem returned to a more typical growth pace in October. However, the momentum for fundraising remains strong. Experts from AURIS Finance, a consulting firm specializing in mergers and acquisitions, provide their analysis.
An unprecedented monthly record since early 2023
In September 2025, 66 transactions enabled French startups to raise €2.41 billion – a figure largely driven by Mistral AI’s funding round. In a round led by ASML (Advanced Semiconductor Microprocessor Lithography), the French generative AI specialist secured €1.7 billion. ASML has thus become the reference shareholder of the French unicorn, acquiring an 11% stake. This funding round propelled Mistral AI’s valuation to €11.7 billion, significantly boosting September’s overall figures.
66 transactions and €617 Million raised
In October, French Tech returned to its usual rhythm: 68 transactions allowed French startups to raise €617 million. This pace aligns with levels observed in recent months, except for the peak in September 2024, which saw nearly €1 billion raised across 75 transactions. Nevertheless, October’s total funding volume exceeds the 2025 monthly average of €493 million, placing it in the top three months – behind September (€2.4 billion) and April (€662.3 million). The average deal size in October fell from €11 million (in September, excluding Mistral AI) to €9 million. Gojob, a digital HR platform, secured the largest round of the month with €120 million from the Japanese group Persol. The top three funding rounds in October also included biotech firm Adcytherix (€105 million) and cybersecurity specialist Filigran (€50 million). The IT and AI sectors had a more modest month, raising just €38 million – only 6% of the total, far below previous levels.
Innovation and addressing societal challenges
Some sectors within French Tech are more attractive to investors than others. Most of October’s funding was concentrated in sectors driving innovation and addressing major societal issues. Digital HR, through Gojob, is benefiting from accelerated demand for AI-powered recruitment modernization. Amid the growing and increasingly sophisticated cyber threats, Filigran stands out. Meanwhile, biotechnology and medtech continue to advance, fueled by public health concerns – particularly the fight against antibiotic resistance and the industrialization of diagnostics. Primaa, a startup developing AI for diagnosing various cancers using biological samples, raised €7 million in October.
Our experts by your side
After difficult months marked by geopolitical uncertainty, investors are beginning to return. However, France’s political instability is weighing on investment decisions. Funds are therefore highly selective, targeting high-growth companies in robust markets. Now more than ever, standing out is key to a successful funding round. AURIS Finance’s experts specialize by sector. We stand by your side and support you in finding the best financial partner.
